Pegulas Buying More Downtown Property

[dollars 2 donuts]

I still wish he would have bought the team for 1.2 billion.

 

I know he is a billionaire, but for all the plans he may have in place for downtown Buffalo, or a new stadium elsewhere, I wish he had an extra 200 million in his pocket.

 

Edit: 1.2 being a seemingly sufficient amount ahead of the other bidders.

Edited May 26, 2016 by dollars 2 donuts

[What a Tuel]

Assessed value is a different value than market value. Assessment if for tax computation.

 

This exactly. The assessed values of your homes are less than the market values (usually). The Market value is usually what people are willing to pay for your property. This can usually change a lot, while assessed values are relatively constant until the City decides to reassess which citizens fight tooth and nail every time.

[aristocrat]

4 mil for a building assessed at 250k? Jeez I hope Pegula doesn't try and get involved in the Gilmore negotiations

 

don't ever buy real estate.

[sodbuster]

I still wish he would have bought the team for 1.2 billion.

 

I know he is a billionaire, but for all the plans he may have in place for downtown Buffalo, or a new stadium elsewhere, I wish he had an extra 200 million in his pocket.

 

Edit: 1.2 being a seemingly sufficient amount ahead of the other bidders.

I believe the amount he paid had something to do with capital gains taxes or something.

[K-9]

This exactly. The assessed values of your homes are less than the market values (usually). The Market value is usually what people are willing to pay for your property. This can usually change a lot, while assessed values are relatively constant until the City decides to reassess which citizens fight tooth and nail every time.

Assessed value is also different than appraised value as a well. Comparitive property sale prices can help to put a market value on real estate, but as you say, the market price is what somebody is willing to pay. That simple, really.

 

GO BILLS!!!

[bowery4]

This building that they bought is home to some companies and artists studios and a gallery. I know an artist who has to move his studio out of there now (Charles Clough, one of the founders of Hallwalls in the late 70s early 80s) this is kind of a big deal in some ways fro the art community.

[stony]

 

don't ever buy real estate.

 

I would disagree with this.

Assessed value is also different than appraised value as a well. Comparitive property sale prices can help to put a market value on real estate, but as you say, the market price is what somebody is willing to pay. That simple, really.

 

GO BILLS!!!

 

Mostly, yes. And by definition, you're correct. But a smart appraiser would realize a dumbass who overpaid for a property and consider it an outlier. Other real estate investors would most likely realize this, which would reestablish what is considered "market."

[Augie]

 

Mostly, yes. And by definition, you're correct. But a smart appraiser would realize a dumbass who overpaid for a property and consider it an outlier. Other real estate investors would most likely realize this, which would reestablish what is considered "market."

One sale does not make the market.

[stony]

One sale does not make the market.

Correct.

[Augie]

Correct.

Unless mortgage fraud is your thing, then.......

[iinii]

This building that they bought is home to some companies and artists studios and a gallery. I know an artist who has to move his studio out of there now (Charles Clough, one of the founders of Hallwalls in the late 70s early 80s) this is kind of a big deal in some ways fro the art community.

Pegs has shown he doesn't care all that much about the environment. What makes you think he cares about a few businesses, an art gallery and an artist?

[Augie]

 

 

 

There was a Realtor where I used to live who was up to funny business. We all knew it. His deals were almost all sketchy and rarely made sense. He had mortgage brokers, title insurance companies and appraisers in on his shenanigans. When the newspaper called the appraiser and told her the Realtor was rolling over for the FBI, her only quote was "I think I'm going to be sick." Classic.

[stony]

Unless mortgage fraud is your thing, then.......

So true. I always loved a quote from the Sopranos..."we've got an appraiser willing to play ball."

 

On a side note...If there were other offers for the property as was reported, one would make an educated guess that the TP paid close to what was being offered. These deals get done with lots of inside knowledge, so I don't think this was a gross overpayment. What this means is anyones guess. But paying 4 mil for a shell building in this market doesn't make sense. Unless, somebody knows something about something being built downtown in the years to come...

[beerme1]

I don't care what he paid personally. I expect it will benefit all of us in someway or another.

 

Zillow can do a fairly good job on market value of houses at least in Cheektowaga and Florida when I've used it. Perfect? Of course not but it does give you an idea. Tax rates should always be accurate on there but the sale prices can be funky. I don't know if that's due to re fi's maybe? Because lots of times you can look and know that aint right!

[K-9]

 

I would disagree with this.

 

Mostly, yes. And by definition, you're correct. But a smart appraiser would realize a dumbass who overpaid for a property and consider it an outlier. Other real estate investors would most likely realize this, which would reestablish what is considered "market."

Spot on. My only point was that assessed values aren't the same as appraised values. Appraisers work in very tight confines, as they should.

[bbb]

I have ZERO idea about this site, or the area, but I know assessed values and Zillow have almost NOTHING to do with reality.

 

Must be where Bucky Gleason got his info from in one of his tear down the Bills articles in the past week. Talking about what a ripoff Mario was and lazily doing the "dollars per sack" and all that crap - he said Mario paid 400K and is trying to get 3M for it. I'm like something is off here - that doesn't happen in four years!

[Augie]

Sounds like Mario has a one house bubble! He probably thinks it's Florida or Vegas back in the day....

[Wacka]

Mario paid $2 mil for his house... Much of the $$ going to those who were swindled by the owner

The guy he bought the house from was a lawyer sentenced to 8 years for swindling his clients out of $2.8 million. The $ Mario paid went to the clients. I went to HS with the crooked lawyer. He was let out on work release after 2 years and last I heard, he was wiping cars at DeltaSonic car wash.

[Augie]

The guy he bought the house from was a lawyer sentenced to 8 years for swindling his clients out of $2.8 million. The $ Mario paid went to the clients. I went to HS with the crooked lawyer. He was let out on work release after 2 years and last I heard, he was wiping cars at DeltaSonic car wash.

So, probably not living in a $2 mil house then? But better than a jail cell.

 

We sold our first house to husband and wife attorneys. They wanted to do some funny stuff with the contract, but we didn't do anything that could get us in trouble on our end. Years later he got in trouble for using client funds from an escrow account. I was only mildly surprised. I hope I never learn what it's like to be that desperate or crazy.

[beerme1]

Spot on. My only point was that assessed values aren't the same as appraised values. Appraisers work in very tight confines, as they should.

 

 

Yes but other property owners are going to be pissed because as a result of the sale price the assessed value of neighboring properties will go up. Well, on a residential street like mine at least. What's that saying about a sinking ship, no wait a rising tide lifts all boats.