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General Ohio University Discussion/Alumni Events Topic
Topic: New digs for the prez
Page: 3 of 4
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The Optimist
4/15/2015 9:11 AM
If Rod were to move, I wouldn't want to see that house knocked down. I like those old houses along that street. Adds character. The University could re-purpose it somehow like they did with that frat house next to Baker Center.

edit:
That said, it would be cool if there was a staircase/walkway down the hill right where that house is heading down to the park below. That park below will have move people walking in that area with the new dorms going up near Ping. I like that area of campus.
Last Edited: 4/15/2015 9:12:31 AM by The Optimist
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BillyTheCat
4/15/2015 5:00 PM
Ohio69 wrote:expand_more
The current house is over 8,000 square feet which is much larger than the new/old house at 4700 and change. Here's an interesting article on college presidents and their age:
http://chronicle.com/article/As-Presidents-Retire-College...]
Looks like we'll have to agree to disagree on this one. My opinion is it will be better for a president to have a nice sized, more private house. 4,700 square seems good. Gives a president and his/her family a nice place to retreat/unwind and enjoy family (kids or grandkids), friends, hobbies for the few free hours he/she has without students staring at him.

Also, I kind of like the idea of turning Park Place into a pedestrian area with more academic or student services space.

I'd even consider knocking down the current house and the houses next to it and building something much more attractive and useful.
Attractive? That is a million dollar building that is not in nearly as bad shape as some want to make you think. If they want to find space for a new home, I really don't care. I do care about grossly over paying for a house. According to real estate listings this house had a market value of $571,000 and has been listed lower than that. The back of the property has been reported to have slippage issues. And the Board has already paid $75,000 for the furniture in the house, $75,000!!!!!!
Last Edited: 4/15/2015 5:08:08 PM by BillyTheCat
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BillyTheCat
4/15/2015 5:09 PM
The Optimist wrote:expand_more
If Rod were to move, I wouldn't want to see that house knocked down. I like those old houses along that street. Adds character. The University could re-purpose it somehow like they did with that frat house next to Baker Center.

edit:
That said, it would be cool if there was a staircase/walkway down the hill right where that house is heading down to the park below. That park below will have move people walking in that area with the new dorms going up near Ping. I like that area of campus.
+1. That property would be repurposed and more than likely have some group take residence as premium housing for fellows and such.
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Alan Swank
4/16/2015 7:33 AM
After reading this timeline, all I can say is "wow1"

http://www.athensnews.com/ohio/article-44801-timeline-of-...
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Recovering Journalist
4/16/2015 8:22 AM
Agreed. As a donor to both the university and the athletic department, this whole ridiculous mess does not sit well with me.
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Recovering Journalist
4/16/2015 8:30 AM
The single highest price home right now in the city of Athens is listed at $625,000.
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Ohio69
4/16/2015 9:26 AM
Meanwhile in Toledo....

http://www.toledoblade.com/Education/2015/04/16/UT-presid...


Where this will likely pass through that community with a yawn....
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Recovering Journalist
4/16/2015 9:40 AM
Ohio69 wrote:expand_more
Meanwhile in Toledo....

http://www.toledoblade.com/Education/2015/04/16/UT-presid...


Where this will likely pass through that community with a yawn....
Apples and oranges. Toledo's foundation is paying market price and selling the existing off-campus presidential home for market price. Ohio's foundation sought to pay twice the market rate to move the president off campus -- all with a bunch of shady donor quid pro quo in the background.
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rpbobcat
4/16/2015 9:40 AM
Forgive me for being somewhat of a cynic,but the Athens News article says their Timeline shows what they deemed to be "the most relevant emails".
I'm not saying that what they present isn't accurate,but the fact that they determined what was relevant does question their objectivity,particularly when they have a clear position on this issue.

There have been a lot of posts on BA and several articles in The Post concering the issue of the Coventry Lane's house's value/cost.
The Athens News' Timeline shows that O.U.'s intention was to get an independent appraisal.
That would seem to make the cost issue moot.

From everything I've read,the issue with this house is primarily O.U. trying to avoid even the appearnce of doing something inappropriate.
I understand that,as a public institution they want to take this approach.But this could also mean that they may not pursue the most cost effective options to address the situation.

What I wonder is, wether there are any houses in Athens,suitable for a Presidential Residence, where there wouldn't be similar issues.
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The Optimist
4/16/2015 10:05 AM
Recovering Journalist wrote:expand_more
Meanwhile in Toledo....

http://www.toledoblade.com/Education/2015/04/16/UT-presid...


Where this will likely pass through that community with a yawn....
Apples and oranges. Toledo's foundation is paying market price and selling the existing off-campus presidential home for market price. Ohio's foundation sought to pay twice the market rate to move the president off campus -- all with a bunch of shady donor quid pro quo in the background.
I don't agree that Ohio's foundation sought to pay "twice the market rate" for this property.

There seems to be a complete lack of understanding between the differences in "appraised value" and "market rate." They aren't even close to the same thing and people seem to be using them interchangeably.
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Recovering Journalist
4/16/2015 10:08 AM
The Optimist wrote:expand_more
I don't agree that Ohio's foundation sought to pay "twice the market rate" for this property.

There seems to be a complete lack of understanding between the differences in "appraised value" and "market rate." They aren't even close to the same thing and people seem to be using them interchangeably.
Find me a single-family home that has sold for more than $1 million in Athens.
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OhioCatFan
4/16/2015 11:08 AM
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.
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rpbobcat
4/16/2015 11:27 AM
As I said in a previous post,based on the Athens News article,O.U.'s intention was to get an independent appraisal.

That would give you an objective "Market Value".Then you negotiate the purchase price from there.

The appraisal should be a "Public Record" so anyone who wanted could find out what its worth.
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D.A.
4/16/2015 1:06 PM
I might follow this up with a more detailed post, as I have been getting more and more disgusted by most everyone's response to this entire matter, from faculty and staff to students and both Boards.

But specific to the temporary agreement to rent the Wharton home:

-OHIO has a contract that requires it to provide housing for its President, and the President has no choice on the matter, considering the present employment contract.

-The possibility of changing to a new, OFF CAMPUS Presidential residence has been discussed by the Board of Trustees for well over a year, and has been discussed during the online broadcasts of the Trustees meetings for that entire time, so anyone expressing righteous indignation over the potential of that happening is WAY BEHIND on their current events. (this coming from random guy who lives on the east coast and is only in Athens five to six days a year)

-29 Park Place has been APPRAISED (not assessed) at I believe a value of $985,000, making the value of that benefit to the President approximately $3,649 per month EXCLUDING the cost of property taxes and insurance. (at a loan amount of $788,000 and at the average competitive rate for Athens 45701 of 3.875% for a 30 year jumbo loan)

So it seems to me the monthly amount they are paying in rent for 31 Coventry is aligned with the present contractual obligation so as not to be in breach of contract to the President.

I wonder how many homes in Athens at an APPRAISED value of $985,000 or more are owned by people that are not either employed by or a significant donor to the University, or both.
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BillyTheCat
4/16/2015 1:21 PM
The Optimist wrote:expand_more
Meanwhile in Toledo....

http://www.toledoblade.com/Education/2015/04/16/UT-presid...


Where this will likely pass through that community with a yawn....
Apples and oranges. Toledo's foundation is paying market price and selling the existing off-campus presidential home for market price. Ohio's foundation sought to pay twice the market rate to move the president off campus -- all with a bunch of shady donor quid pro quo in the background.
I don't agree that Ohio's foundation sought to pay "twice the market rate" for this property.

There seems to be a complete lack of understanding between the differences in "appraised value" and "market rate." They aren't even close to the same thing and people seem to be using them interchangeably.

This house has been on the market for a couple of years, do a little research and see how much this home was listed for and then tell me this isn't twice market value.
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BillyTheCat
4/16/2015 1:24 PM
OhioCatFan wrote:expand_more
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.
Yeah and in Seattle my house would be worth 1.5million. Your house is not in Bexley and neither is 31 Coventry Lane. And if the price the house has been listed at is 60% less than what the university contracted tell me that is a market value deal.
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BillyTheCat
4/16/2015 1:33 PM
D.A. wrote:expand_more
I might follow this up with a more detailed post, as I have been getting more and more disgusted by most everyone's response to this entire matter, from faculty and staff to students and both Boards.

But specific to the temporary agreement to rent the Wharton home:

-OHIO has a contract that requires it to provide housing for its President, and the President has no choice on the matter, considering the present employment contract.

-The possibility of changing to a new, OFF CAMPUS Presidential residence has been discussed by the Board of Trustees for well over a year, and has been discussed during the online broadcasts of the Trustees meetings for that entire time, so anyone expressing righteous indignation over the potential of that happening is WAY BEHIND on their current events. (this coming from random guy who lives on the east coast and is only in Athens five to six days a year)

-29 Park Place has been APPRAISED (not assessed) at I believe a value of $985,000, making the value of that benefit to the President approximately $3,649 per month EXCLUDING the cost of property taxes and insurance. (at a loan amount of $788,000 and at the average competitive rate for Athens 45701 of 3.875% for a 30 year jumbo loan)

So it seems to me the monthly amount they are paying in rent for 31 Coventry is aligned with the present contractual obligation so as not to be in breach of contract to the President.

I wonder how many homes in Athens at an APPRAISED value of $985,000 or more are owned by people that are not either employed by or a significant donor to the University, or both.
The appraised value of 31 Coventry is not near the 29 Park Place, so where are you getting an extra $1,200 a month as being in line?

And did you really state that the President has zero say in where he lives? If that is so why did he go look at the house? I mean if he gets no say as you stated why would he go give his opinion?

It does not matter to me where the president lives, that benefit is within the industry standards and is a good thing. I do have a problem with a house being sold for more than the value that it was listed at.
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Recovering Journalist
4/16/2015 1:49 PM
OhioCatFan wrote:expand_more
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.
I don't know why anyone is contorting themselves to defend this.

30 Utah Place sold for $1,075,000 last year.

http://www.zillow.com/homedetails/30-Utah-Pl-Athens-OH-45.../

It is significantly bigger than the Coventry Lane house at 7,428 square feet vs. 4,586 square feet. It also has more bedrooms (7 vs. 4), bathrooms (7 vs. 3.5) and more garage space (1,000 square feet vs. three-car). Both have pools.

You can get a similarly sized house (4 bed, 3.5 bath, 3,566 square feet) on the same damn street for less than $300,000. Forgive me for questioning that $1.2 million is fair market value for a slightly bigger home on the same street.

http://www.zillow.com/homedetails/99-Coventry-Ln-Athens-O.../

Edited for my overzealous use of zeros.
Last Edited: 4/16/2015 3:55:39 PM by Recovering Journalist
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D.A.
4/16/2015 1:57 PM
BillyTheCat wrote:expand_more
I might follow this up with a more detailed post, as I have been getting more and more disgusted by most everyone's response to this entire matter, from faculty and staff to students and both Boards.

But specific to the temporary agreement to rent the Wharton home:

-OHIO has a contract that requires it to provide housing for its President, and the President has no choice on the matter, considering the present employment contract.

-The possibility of changing to a new, OFF CAMPUS Presidential residence has been discussed by the Board of Trustees for well over a year, and has been discussed during the online broadcasts of the Trustees meetings for that entire time, so anyone expressing righteous indignation over the potential of that happening is WAY BEHIND on their current events. (this coming from random guy who lives on the east coast and is only in Athens five to six days a year)

-29 Park Place has been APPRAISED (not assessed) at I believe a value of $985,000, making the value of that benefit to the President approximately $3,649 per month EXCLUDING the cost of property taxes and insurance. (at a loan amount of $788,000 and at the average competitive rate for Athens 45701 of 3.875% for a 30 year jumbo loan)

So it seems to me the monthly amount they are paying in rent for 31 Coventry is aligned with the present contractual obligation so as not to be in breach of contract to the President.

I wonder how many homes in Athens at an APPRAISED value of $985,000 or more are owned by people that are not either employed by or a significant donor to the University, or both.
The appraised value of 31 Coventry is not near the 29 Park Place, so where are you getting an extra $1,200 a month as being in line?

And did you really state that the President has zero say in where he lives? If that is so why did he go look at the house? I mean if he gets no say as you stated why would he go give his opinion?

It does not matter to me where the president lives, that benefit is within the industry standards and is a good thing. I do have a problem with a house being sold for more than the value that it was listed at.
Please cite a source for the present APPRAISED VALUE of 31 Coventry. To my knowledge only the ASSESSED value has been cited in any of the articles. And the News article notes that the purchase price was due to be determined via an independent appraisal, and was only estimated on the lease and purchase option, not agreed upon.
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The Optimist
4/16/2015 1:57 PM
Recovering Journalist wrote:expand_more
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.

30 Utah Place sold for $1,075,000,000 last year.
You may want to check your zeros... ;)
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Alan Swank
4/16/2015 2:20 PM
D.A. wrote:expand_more
I might follow this up with a more detailed post, as I have been getting more and more disgusted by most everyone's response to this entire matter, from faculty and staff to students and both Boards.

But specific to the temporary agreement to rent the Wharton home:

-OHIO has a contract that requires it to provide housing for its President, and the President has no choice on the matter, considering the present employment contract.

-The possibility of changing to a new, OFF CAMPUS Presidential residence has been discussed by the Board of Trustees for well over a year, and has been discussed during the online broadcasts of the Trustees meetings for that entire time, so anyone expressing righteous indignation over the potential of that happening is WAY BEHIND on their current events. (this coming from random guy who lives on the east coast and is only in Athens five to six days a year)

-29 Park Place has been APPRAISED (not assessed) at I believe a value of $985,000, making the value of that benefit to the President approximately $3,649 per month EXCLUDING the cost of property taxes and insurance. (at a loan amount of $788,000 and at the average competitive rate for Athens 45701 of 3.875% for a 30 year jumbo loan)

So it seems to me the monthly amount they are paying in rent for 31 Coventry is aligned with the present contractual obligation so as not to be in breach of contract to the President.

I wonder how many homes in Athens at an APPRAISED value of $985,000 or more are owned by people that are not either employed by or a significant donor to the University, or both.
The appraised value of 31 Coventry is not near the 29 Park Place, so where are you getting an extra $1,200 a month as being in line?

And did you really state that the President has zero say in where he lives? If that is so why did he go look at the house? I mean if he gets no say as you stated why would he go give his opinion?

It does not matter to me where the president lives, that benefit is within the industry standards and is a good thing. I do have a problem with a house being sold for more than the value that it was listed at.
Please cite a source for the present APPRAISED VALUE of 31 Coventry. To my knowledge only the ASSESSED value has been cited in any of the articles. And the News article notes that the purchase price was due to be determined via an independent appraisal, and was only estimated on the lease and purchase option, not agreed upon.
Parcel: A029110007001
Owner: WHARTON JOHN A & S JOYCE
Address: 31 COVENTRY LANE
[+] Map this property.
Mailing Address
Mailing Name: WHARTON JOHN A & S JOYCE
Address: PO BOX 761
City State Zip: ATHENS OH 45701
Geographic
City: ATHENS CITY
Township: ATHENS TOWNSHIP
School District: ATHENS CITY SCHOOL DISTRICT
Legal
Neighborhood: 00031000 Legal Acres: 0
Legal Description: SYCAMORE HILLS SD Land Use: (511) R - SINGLE FAMILY, O-9.999 AC
LOT 3956 SEC 8 FRA 4 BB-29 Property Class: RESIDENTIAL
Map Number: 0-0-0-0 Range Township Section: 0-0-0
Valuation
Appraised Assessed (35%)
Land Value: $55,220.00 $19,330.00
Building Value: $526,470.00 $184,260.00
Total Value: $581,690.00 $203,590.00
CAUV Value: $0.00
Taxable Value: $203,590.00

These numbers are from the Athens County auditor's website. The total appraised value as you can see is $581,690. If you don't believe it stop by the auditor's office on one of those five or six days that you are in town each year and Jill will be happy to show you.
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Recovering Journalist
4/16/2015 2:34 PM
The Optimist wrote:expand_more
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.

30 Utah Place sold for $1,075,000,000 last year.
You may want to check your zeros... ;)
Working for too many private equity clients. :-)
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BillyTheCat
4/16/2015 2:44 PM
Alan Swank wrote:expand_more
I might follow this up with a more detailed post, as I have been getting more and more disgusted by most everyone's response to this entire matter, from faculty and staff to students and both Boards.

But specific to the temporary agreement to rent the Wharton home:

-OHIO has a contract that requires it to provide housing for its President, and the President has no choice on the matter, considering the present employment contract.

-The possibility of changing to a new, OFF CAMPUS Presidential residence has been discussed by the Board of Trustees for well over a year, and has been discussed during the online broadcasts of the Trustees meetings for that entire time, so anyone expressing righteous indignation over the potential of that happening is WAY BEHIND on their current events. (this coming from random guy who lives on the east coast and is only in Athens five to six days a year)

-29 Park Place has been APPRAISED (not assessed) at I believe a value of $985,000, making the value of that benefit to the President approximately $3,649 per month EXCLUDING the cost of property taxes and insurance. (at a loan amount of $788,000 and at the average competitive rate for Athens 45701 of 3.875% for a 30 year jumbo loan)

So it seems to me the monthly amount they are paying in rent for 31 Coventry is aligned with the present contractual obligation so as not to be in breach of contract to the President.

I wonder how many homes in Athens at an APPRAISED value of $985,000 or more are owned by people that are not either employed by or a significant donor to the University, or both.
The appraised value of 31 Coventry is not near the 29 Park Place, so where are you getting an extra $1,200 a month as being in line?

And did you really state that the President has zero say in where he lives? If that is so why did he go look at the house? I mean if he gets no say as you stated why would he go give his opinion?

It does not matter to me where the president lives, that benefit is within the industry standards and is a good thing. I do have a problem with a house being sold for more than the value that it was listed at.
Please cite a source for the present APPRAISED VALUE of 31 Coventry. To my knowledge only the ASSESSED value has been cited in any of the articles. And the News article notes that the purchase price was due to be determined via an independent appraisal, and was only estimated on the lease and purchase option, not agreed upon.
Parcel: A029110007001
Owner: WHARTON JOHN A & S JOYCE
Address: 31 COVENTRY LANE
[+] Map this property.
Mailing Address
Mailing Name: WHARTON JOHN A & S JOYCE
Address: PO BOX 761
City State Zip: ATHENS OH 45701
Geographic
City: ATHENS CITY
Township: ATHENS TOWNSHIP
School District: ATHENS CITY SCHOOL DISTRICT
Legal
Neighborhood: 00031000 Legal Acres: 0
Legal Description: SYCAMORE HILLS SD Land Use: (511) R - SINGLE FAMILY, O-9.999 AC
LOT 3956 SEC 8 FRA 4 BB-29 Property Class: RESIDENTIAL
Map Number: 0-0-0-0 Range Township Section: 0-0-0
Valuation
Appraised Assessed (35%)
Land Value: $55,220.00 $19,330.00
Building Value: $526,470.00 $184,260.00
Total Value: $581,690.00 $203,590.00
CAUV Value: $0.00
Taxable Value: $203,590.00

These numbers are from the Athens County auditor's website. The total appraised value as you can see is $581,690. If you don't believe it stop by the auditor's office on one of those five or six days that you are in town each year and Jill will be happy to show you.
To add to Mr Swank's comments, a simple search of the web pages of Athens realtor sites show a market analysis of this property based on comparable homes and what they have sold and are listed at. So the question to you is where are your facts that show this home has a market value of 1.2 Million. You've already stated that you come to town 5-7 times a year, so how are you so intone with the Athens real estate market?

Again I could care less about anything other than the gross overpayment of this deal. And don't even get me started on the $75,000 purchase price for the furniture. All of which is used.
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MedinaCat
4/16/2015 2:51 PM
[QUOTE=Alan Swank]After reading this timeline, all I can say is "wow1"

http://www.athensnews.com/ohio/article-44801-timeline-of-...]

I agree...when I read that Solich is renting...I said WOW!
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Deciduous Forest Cat
4/16/2015 3:38 PM
Recovering Journalist wrote:expand_more
On the open market that house would easily sell for over a million dollars. I live on the same street and my home would sell for something in the neighborhood of $350,000 and it is much smaller and not as well-built as Wharton home. Please go take a look at that house with your own eyes, and then tell me it's not worth a million dollars. My wife is from Bexley. That house in Bexley would be worth three or four million dollars. The big house on Utah place (Old Zenner/McBee home) sold for close to a million dollars a number of years ago and probably has a market value of over a million by now. There are a number of homes in the $750,000 range outside The Plains, several coaches (including Grobe) have lived out in that area.
I don't know why anyone is contorting themselves to defend this.

30 Utah Place sold for $1,075,000,000 last year.
That would make that the most expensive single home in all of recorded history, no?
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