Appraisals show old Watauga High School's Plunging value
The market value of the former Watauga High School property has fallen about 50 percent since 2006, according to two appraisals released Friday following verbal and written public record requests by the Watauga Democrat and others.An appraisal conducted on the roughly 74-acre property by Tennille & Associates determined the market value was $15.581 million as of March 6, 2006.
As of June 11, 2011, the value had fallen to $7.87 million, according to Charlotte-based Integra Realty Resources. That appraisal assumes that the property could be rezoned to allow mixed uses and subtracts $1.2 million from the value for demolition of the old school.
The appraisal is in line with the $7 million offer the county received in late April from Lincoln Harris, a Charlotte-based development company, and a $10 million offer from Boone-based Miller Properties Inc. submitted in June.
County commissioners are already casting doubt on the new value, saying the land’s rarity justifies their decision this week to make counteroffers of $20 million to the two companies.
”It’s a unique piece of property,” Commissioner Vince Gable said Friday. “It has its own intrinsic value, and we’re not going to give it away, but I certainly would vote for a reasonable amount, and I think we’ve countered in the right direction.”
TODAY’S VALUE
The new appraisal separates the property into two tracts: a 67.8-acre main tract and a 6.8-acre corner tract at the intersection of N.C. 105 and Wilson Drive, which the county purchased in June 2005 for $2.5 million. That land was originally slated for a second entrance to the school when the plan was to renovate rather than build new.
The appraisal estimates the smaller corner tract at $2.97 million and the larger tract — 10 times its size — at $6.1 million.
Appraisers M. Kyle Winters and John Scott Jr. then took that $9.07 million value and subtracted $1.2 million for the estimated cost of demolishing the old high school.
The appraisal explained that the dramatically higher value per acre of the corner lot was due to its accessibility and road frontage, but also noted that the plot’s viability would be hurt because it was in a floodplain and because Hodges Creek flows through it.
The tax value of the property at the last revaluation on Jan.
Nc Appraisal Board - News
David Roberts and Pattie Tennille were among three appraisers called into question in fall 2009 by the NC Appraisal Board. The board determined that each had erred in several appraisals conducted for Watauga County in 2006, and Roberts and Tennille's
The taxpayer appealed to the Commission, sitting as the State Board of Equalization and Review, and the matter was heard in December 2009. Before the Commission, the taxpayer offered into evidence an appraisal report prepared by Paul G. Carter Jr.,
WATAUGA COUNTY, NC -- The Watauga County Board of Commissioners voted 3-1 Wednesday to counter two offers for the former Watauga High School property at $20 million. The decision came after deliberation among the board members, who agreed that a
be accepted by the Board of Commissioners. That same day, Alamance County filed a separate motion to add a fifth and sixth claim against McCarthy and Horton (asserting that the contract was void due to fraud and that the contract violated NC Gen.
It's been approved, but not sponsored by, the North Carolina State Board of Examiners of Plumbing, Heating, and Fire Sprinkler Contractors for continuing education credit toward license renewal in the amount of six hours. It will review major changes
BPO Issue In Commission's Update Course
Today the NC Real Estate Commission is holding a training for instructors of the required Update Course. Broker Price Opinions are addressed in Section 4 of the 6 sections. Although only 3 of the total of 85 pages, the course directs anyone who obtains a copy of an illegal BPS may send a complaint to the NC Appraisal Board and the NC Real Estate Commission. Both agencies “will open and investigate the complaint and take whatever action is deemed necessary.”
We were able to ask Real Estate instructors how often illegal BPOs wer being performed. They overwhelmingly said that it was a rampant practice. With this course being required for EVERY real estate broker in North Carolina, lets hope we see an impact.
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