City of Orlando buys Pulse Nightclub for $2.25 Million

[Knight_Light]

From link below:


The city of Orlando has reached a deal to buy the Pulse nightclub for $2.25 million and plans to eventually transform the site of the deadliest mass shooting in U.S. history into a memorial.

Orlando Mayor Buddy Dyer told the Orlando Sentinel on Monday that the city won't rush to change the club, once a mainstay in the gay community that has become a gathering place for visiting and local mourners alike.

.....The price negotiated by city staff is more than the $1.65 million appraised value of the nightclub, a 4,500-square-foot building occupying a third of an acre at South Orange Avenue and West Esther Street.

http://www.orlandosentinel.com/news...-nightclub-orlando-update-20161107-story.html

 

[Happy Hands]

They bought a building at well over market value to create a monument that will produce no income for the city. Stellar use of taxpayer dollars.

 

[CommuterBob]

They bought a building at well over market value to create a monument that will produce no income for the city. Stellar use of taxpayer dollars.

I don't think it was "well over market value."

The price negotiated by city staff is more than the $1.65 million appraised value of the nightclub, a 4,500-square-foot building occupying a third of an acre at South Orange Avenue and West Esther Street

Tax Appraiser values are often low, sometimes by as much as 30% below actual market value. Adding back in that 30%, it's about $2.3M.

 

[UCF11and1]

I don't think it was "well over market value."



Tax Appraiser values are often low, sometimes by as much as 30% below actual market value. Adding back in that 30%, it's about $2.3M.

somebody may argue that the market value of a place where 59 people were killed is probably lower than the previous appraisal. Some people may say that it actually goes up. Who knows?

 

[Sir Galahad]

I don't think it was "well over market value."



Tax Appraiser values are often low, sometimes by as much as 30% below actual market value. Adding back in that 30%, it's about $2.3M.

Yes it was, that area of town is not worth $2,000,000 an acre, sorry, not even close.

 

[cnsaguy]

Cue Jesse Ventura to investigate whether the Pulse owners hired Mateen so they could get the payout.

 

[UCFWayne]

Seems like a very high price just to put in a memorial.

 

[CommuterBob]

Yes it was, that area of town is not worth $2,000,000 an acre, sorry, not even close.

Just looked at the property appraiser's site. Tax appraised value is $128K. I stand corrected. The $1.65M must have been the market appraisal value.

However, similar sized corner lot parcels, just two blocks away next to SoDo have a tax appraised value of $1.4M.

 

[1ofTheseKnights]

Cue Jesse Ventura to investigate whether the Pulse owners hired Mateen so they could get the payout.

Never ask questions ever. The official stories as reported are always exactly what happened.

 

[chemmie]

Yes it was, that area of town is not worth $2,000,000 an acre, sorry, not even close.

It is one of the best areas in all of Orlando and is being gentrified at a blistering pace. There are million dollar homes directly across Orange Ave. from Pulse, sitting on less than a half acre.

 

[Bob the Citronaut]

I'm sure the insurance company was involved in the sale, they already paid off the owners and they were trying to get top dollar for it. Orlando paid a premium to make sure it wouldn't just fall into the hands of a developer and end up being a 7-11.

 

[Sir Galahad]

Just looked at the property appraiser's site. Tax appraised value is $128K. I stand corrected. The $1.65M must have been the market appraisal value.

However, similar sized corner lot parcels, just two blocks away next to SoDo have a tax appraised value of $1.4M.

Ever heard the saying location, location, location? Property is only worth the ground, building is useless that is he way commercial property works. That land is not worth half of what they paid.

 

[Colbourns Dream]

I don't think it was "well over market value."



Tax Appraiser values are often low, sometimes by as much as 30% below actual market value. Adding back in that 30%, it's about $2.3M.

$600K over appraised value is a lot in my book.

 

[Colbourns Dream]

I'm sure the insurance company was involved in the sale, they already paid off the owners and they were trying to get top dollar for it. Orlando paid a premium to make sure it wouldn't just fall into the hands of a developer and end up being a 7-11.

Would that be a bad thing if it was the highest and best use of the property?

 

[bqknight]

Would that be a bad thing if it was the highest and best use of the property?

Yes, that would be a horrible thing.

 

[Sir Galahad]

Would that be a bad thing if it was the highest and best use of the property?

And who determines that, I'm sure the tax payers didn't get a voice in the matter.

 

[chemmie]

I don't want my tax dollars going to monuments for dead queers.

Fixed.

 

[Sir Galahad]

Fixed.

Nice try but I don't live in Florida and I own no property in the City of Orlando or Orange County not my money.

 

[chemmie]

Nice try but I don't live in Florida and I own no property in the City of Orlando or Orange County not my money.

That is outrageous given your utmost knowledge of our real estate prices.

 

[Sir Galahad]

That is outrageous given your utmost knowledge of our real estate prices.

That is because I spend a lot of other people's money there, apparently just like the City does.

 

[CommuterBob]

Not so fast. Pulse's owner now not willing to sell.

 

[cnsaguy]

That's a lot of money to turn down for pride or emotion. She must be getting her cash from another source.

 

[UCFWayne]

just trying to push that sale up to $2.5M