4.6M investment opportunity

[Maroon13]

Not sure what how many apartments or what business you could put on 1.35 acres.... but prime real estate none the less.

https://www.realtor.com/realestatea...ille_MS_39759_M89352-20275?from=srp-list-card

 

[StateCollege]

Most likely buyer is the University/MSU Foundation - but no one is paying anywhere near that price.

 

[Pilgrimdawg]

I thought this was going to be an NIL request. ****

 

[johnson86-1]

Most likely buyer is the University/MSU Foundation - but no one is paying anywhere near that price.

This is why we need a georgian land tax. Sitting on prime undeveloped real estate is great, but you shouldn't penalize people that develop property with higher taxes than the ones that just sit on it and leave it relatively unproductive.

They want to make more money than the people that would actually develop the property, more power to them. But don't encourage them to sit on it rather than develop it.

 

[Leeshouldveflanked]

You could have bought it 2 years ago for a whole lot less… like way less than $1mill

 

[Darryl Steight]

You could have bought it 2 years ago for a whole lot less… like way less than $1mill

I don't think that's right. It's been too high for years that I know of.

 

[BulldogBlitz]

You could have bought it 2 years ago for a whole lot less… like way less than $1mill

Was it listed then?

 

[mcdawg22]

So 4 million for that or this? I know what I’m picking.

https://www.realtor.com/realestateandhomes-detail/7439-Gulf-Blvd_Navarre_FL_32566_M51926-77003?from=srp-list-card

 

[BIGDAWG44]

I hope MSU buys it and builds a skyscraper hotel so I can actually have a place to stay for games

 

[dudehead]

So 4 million for that or this? I know what I’m picking.

https://www.realtor.com/realestateandhomes-detail/7439-Gulf-Blvd_Navarre_FL_32566_M51926-77003?from=srp-list-card

No doubt.

 

[57stratdawg]

Doesn’t MSU already own the Hampton and a couple other hotels around town?

I use the term ‘own’ loosely because I think the for-profit arm of MSU is involved.

 

[VegasDawg13]

This is why we need a georgian land tax. Sitting on prime undeveloped real estate is great, but you shouldn't penalize people that develop property with higher taxes than the ones that just sit on it and leave it relatively unproductive.

They want to make more money than the people that would actually develop the property, more power to them. But don't encourage them to sit on it rather than develop it.

What am I missing here? How is a house "undeveloped real estate?"

 

[johnson86-1]

What am I missing here? How is a house "undeveloped real estate?"

Sorry. Make that "undeveloped or underdeveloped".

 

[ronpolk]

What am I missing here? How is a house "undeveloped real estate?"

The house is definitely not the highest and best use of that land anymore.

Not sure the land is worth $4 million but it’s probably fairly valuable.

 

[BulldogBlitz]

Need a cheetah club right there

 

[grimedawg1]

Not sure what how many apartments or what business you could put on 1.35 acres.... but prime real estate none the less.

https://www.realtor.com/realestatea...ille_MS_39759_M89352-20275?from=srp-list-card

The assessed value is currently $21k with taxes of $1,893 per realtor.com. This tax assessor definitely needs to change that valuation.

 

[grimedawg1]

How in the world could the math work on any investment there at $4.6 million? Any developers on here that can provide a rough picture for us?

 

[Dawghouse]

How in the world could the math work on any investment there at $4.6 million? Any developers on here that can provide a rough picture for us?

It won't. That pricing is absurd (until some moron pays for it).

we have a similarly priced lot where I live. My only guess is the owners are currently comfortable with their income and just looking to retire on the sale.

my estimate on the property was max 400k. They want 1.7 mil. Maybe in a decade.

 

[johnson86-1]

How in the world could the math work on any investment there at $4.6 million? Any developers on here that can provide a rough picture for us?

Not a developer but looks like there is new construction nearby listed at over $500 per sq ft. I have no clue if they'll get close to that, but if you can actually sell a condo for $500 per sq ft, and that lot is zoned to allow dense development, you can probably make that purchase price work. Still would probably result in somebody taking a ton of risk on for relatively little upside.

 

[dudehead]

Too damn much money chasing too little stuff.

 

[The Peeper]

I think maybe that was Dan Camp's mothers house and Dan made all the money he needed while alive so they've probably thrown out that astronomical figure thinking if they get it great, if not today, somebody will buy it one day at a premium to add to his estate he left for the rest of the family.

 

[ronpolk]

I think maybe that was Dan Camp's mothers house and Dan made all the money he needed while alive so they've probably thrown out that astronomical figure thinking if they get it great, if not today, somebody will buy it one day at a premium to add to his estate he left for the rest of the family.

Onx (which can definitely be wrong) says last name Gilmer owns it. I do think that is likely correct or was in the past. Pretty sure one of my finance professors lived there. He also owned the pool hall… RH Gilmer was his name I think.

 

[aTotal360]

Still would probably result in somebody taking a ton of risk on for relatively little upside.

Fortunately that is not how developers think.