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Flinn's Journal
F L I N T O I D
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| That's what the arbitrator stated. A quick look at Genesee Towers' present condition shows that it's not even worth $100,000! I expect the city of Flint to appeal. |
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I HAVE SEVERED MY TIES WITH FLINTTALK.COM BECAUSE TROLLS CANNOT BE CONTROLLED ON THIS BOARD. |
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Wed Dec 19, 2007 7:12 pm |
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Ryan Eashoo
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Not worth $100,000??? What?? Come on! I will give him $100,000 cash right now for it....
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Wed Dec 19, 2007 7:48 pm |
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Ryan Eashoo
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Why does it matter what someone paid for a property? Property isn't valued by how much a person pays for it, but rather what someone is willing to pay for it. This structure needs to be saved and I know there are people out there that would buy it and renovate it. The potential there is amazing and it could be a very lucratuve business proposal to develop.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Wed Dec 19, 2007 8:16 pm |
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Ryan Eashoo
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Good Luck appealing this, it was binding arbitration that the city and Kumar went through..I have always said Kumar is a bad landlord, he doesn't take care of that building. However, I believe the building should be saved! I believe the Mayor will do the right thing.
quote:
Flinn's Journal schreef:
That's what the arbitrator stated. A quick look at Genesee Towers' present condition shows that it's not even worth $100,000! I expect the city of Flint to appeal.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Wed Dec 19, 2007 8:19 pm |
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last time here
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did that gentleman walk inside??? jeeez!!   |
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Wed Dec 19, 2007 10:16 pm |
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FlintConservative
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quote:
Ryan Eashoo schreef:
Why does it matter what someone paid for a property? Property isn't valued by how much a person pays for it, but rather what someone is willing to pay for it. This structure needs to be saved and I know there are people out there that would buy it and renovate it. The potential there is amazing and it could be a very lucratuve business proposal to develop.
I'm the last one to be a fan of eminent domain, but if you've got a slumlord who won't do a thing to fix the property and it's a danger, well, there aren't many other alternatives.
What he paid for it does matter, because at that time what he paid for it WAS the willing buyer/willing seller, which set the market. (I would also note that at the time he paid $500,000 for it, it was probably 80% occupied vs 0% and condemned today)
Having said that, what has he (or the market, for that matter) done since that time to improve the value? Nothing. Less than nothing, in fact. It's been negative on all counts since he bought it. Market down. No improvements. No maintenance. Just deterioration.
Can anyone show me any property in the City of Flint that has gone up 1,100% in the last 10 years? I'd be willing to bet that any licensed real estate appraiser that pegged that building at $6,000,000 would probably lose his license.
If the value is what someone is willing to pay, then show me someone willing to pay $6,000,000 for it. And if you know people who would buy it and renovate it why haven't you written an offer? |
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Wed Dec 19, 2007 10:34 pm |
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last time here
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my god!!!! thats 2 times i've agreed with FC!!!!!
my heart!! wheres my nitro!!!  |
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Wed Dec 19, 2007 11:20 pm |
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00SL2
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quote:
FlintConservative schreef:
What he paid for it does matter, because at that time what he paid for it WAS the willing buyer/willing seller, which set the market. (I would also note that at the time he paid $500,000 for it, it was probably 80% occupied vs 0% and condemned today)
Kumar's bid at auction was the ONLY bid, that's why he got it for that price. I worked for one of the tenants then who had just moved there from the old Genesee Bank building he owned. He took care of that building the same way.  |
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Thu Dec 20, 2007 12:16 am |
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hmmm
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Let's see, so the
city leaders
are now committed to spending $10M (7M for the building plus 3M for demo)
to create a parking lot?!?!
WTF. I guess nevermind the City and Flint school system is facing huge budget shortfalls and having to close schools, or the declining tax base.
Without a doubt it'll be the most expensive parking lot in the state, if not the country  . Poor Flint, this type of leadership is a classic example of why so many have and will continue to leave. Oh yeah, the reason the GT building was appraised at $6M is because theres no way you can build the same building today for less than $30-$40M. It has nothing to do with how much the current owner paid. Heres a thought for the City: invest the $10M into additional repairs of the building and/or downtown attractions?? (nah, it probably makes to much sense)
And you wonder why the rest of the country laughs at you??... |
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Thu Dec 20, 2007 2:44 pm |
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last time here
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wellllllll. it ain't over yet buddy. the fat lady ain't sang nuthin.
you and the rest of the "laughing ones" can STAY OUT!! |
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Thu Dec 20, 2007 8:33 pm |
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Pachuco
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It'll happen. I must say, "Hmm" you are not that informed about what is currently going on downtown or the agencies/private developers involved. What'll happen is the city will buy the building, sell it to the Land Bank, they'll use grant, Brownfield, and money from properties they own such as the Land Bank Center, demolish it and save the land for a developement.
The Land Bank and the city have already done things like this, on a smaller scale. They worked together to bring new and rehab housing bringing 21 market rate homes in Carriage Town, now under construction; they worked together on the 6.2 million dollar Berridge place project, 21 market ratr condos and townhouses, plus 2 commercial spaces, now under construction; they worked together for federal and state money for the Durant, now in a joint partnership with the land bank and a Lansing developer. Also the land bank worked with the GRCC to save the Great Lakes Tec Center, with new businesses such as Parking Carma and temporarily Rowe engineering; with the Land Bank Center, home to their offices, the new Crim offices, several attorney offices and seven market rate loft apartments.
I strongly believe, no know the property will be developed into a mixed development. In downtown, vacant parking lots are being filled with development and parking garages, two examples: um Flint is building dorms on one of its parking lots and this spring DDA is building a 4 story parking deck on a parking lot in the 400 block of downtown.
One more example is Kettering University, who has broken ground and will begin construction on a 2.7 million incubatior space for research companies on a former parking lot for chevy in the hole, which part of it wil be developed into a 17 acre research park after this building is built.
Last edited by Pachuco on Thu Dec 20, 2007 8:45 pm; edited 1 time in total |
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Thu Dec 20, 2007 8:41 pm |
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twotap
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quote:
the fat lady ain't sang nuthin.
Wanna bet. 
http://www.youtube.com/watch?v=761DyJCRcsk
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"If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times. |
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Thu Dec 20, 2007 8:48 pm |
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last time here
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lester and ray-ray will be out to see you 2tap!!!! |
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Thu Dec 20, 2007 9:02 pm |
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twotap
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Ya might remind Lester and Ray Ray that before they can get to Twotap they gotta get past my big stick carrying attack dog. Run Ray Ray run. Feets do your stuff:shock:
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"If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times. |
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Fri Dec 21, 2007 12:09 pm |
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last time here
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| uhhhhh.heh heh heh....sorry 2tap, i've got something ELSE to do!! |
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Fri Dec 21, 2007 1:23 pm |
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