Does Anyone Know About Commercial Property In Pennsylvania?
Without getting an appraisal, how can one determine commercial Property Value.
My Father has a Public swimming pool, and he is on his deathbed. We are trying(my brother and sister) to determine value of the property(almost 8 acres).
The tax assessed value is approx. $670,000.
However a property about two blocks away went for 1.25 million dollars. They built a Gas station on the lot. The lot is flat, and is just a little over an acre.
The land where the pool sits is downhill from the street. The parking lot is mostly flat...with a slight downhill slope.
We feel that if we sell it for under $900,000, we may be making an error.
Our Dad does not want an appraisal while he is still alive.
Any suggestions?
Hello,
Let me say I am sorry to hear your father is in bad health. My prayers will be with him and your family.
What do you need an appraisal for?
Will you be selling it while he is still alive? IF no then just wait and get an appraisal later. No reason to save a couple hundred dollars and possibly lose a couple hundred THOUSAND dollars.
If you will be selling while he is alive then you should abide by his wish no matter the reason, and not get an appraisal.
I am not understanding when you say that it is a public pool with a parking lot.[ Edited by MrMike on Date 11/26/2003 ]
Hi Mr. Mike
Thanks for the reply! Thank you for your condolences also.
My father does want to sell, and the pool is up for sale. We are selling to help defray medical expenses and nursing home care. obviously we want to obey his wishes, but we do not want to lose money for him....just in case!
This is a public swimming pool that has been in existence since 1955. It is opened during the summer months and people pay just to swim. The parking lot for pool patrons is separated from the pool and we believe can be sub-divided.
Thanks,
Poolman
Have you retained a licensed appraiser? If not, you should. They don't cost much.
Poolman,
I sent you a PM. As I say my sister lives in PA. Her husband is a director of a YMCA. There might be a solution here for you and your family.
Give me a shout/PM with your email addy if you like.
Depending on your location in PA, I have a very good friend that can do an appraisal that will be very beneficial for you. He's very thorough and works for YOU, his customer.
Private message me for more details.
Also, I am a bit confused. He "wants to sell" but doesn't want an appraisal? That makes no sense at all. [ Edited by diatribe on Date 11/27/2003 ]
Hello. I too am very sorry to hear about your father. Depending upon where the property is located, the assessment may be as little as half the full market value. It's market value will depend upon the market and comparable properties near where you are. Anything resembling that property that was sold recently will give you an idea of what your property is worth. I finance commercial properties all through Pennsylvania and will tell you that loan to value of the house is vital when financing commercial properties. Make sure potential buyers have money down and decent credit once you set the sale price.
Regards,
Jason Sardi
**Please See My Profile**