Chickenwing

I wonder if there are any formal market studies to show what the demand would be for some midrange condos. I would think that if you could put in something in the $150K-under$200K, there would be some real demand. I know that if there had been something in that range, I would have jumped at the chance a couple of years ago. Maybe it would have to be built a couple blocks off Main to keep the price down, but it would still be within walking distance of everything. Maybe the reason this hasn't been explored is that the high end stuff has just been more profitable. Could be now that the high end has stalled, that someone will try something mid range.

This place is really starting to look amazing.

And if the stock drops a quarter, you just doubled your losses? Yes, it can be good for someone who has stock in the company, and it is usually an indicator of a stock that is performing well. The split brings the stock price down so new people who are scared to spend $100 on a share will get in at $50, or even $51 or $52. Yes, that can help the person who has already invested, but its helping the investor by enticing people who have absolutely no idea how to value a stock. They have no idea that 100 shares of $50 split stock is more diluted than it was when it was 100 shares $100. They are actually buying LESS of the company than before. It is still just psychology. Not saying anyone is perfect, but there has to be a reason that Berkshire Hathaway doesn't split their stock. I am reminded of a story my dad tells. He used to work in a grocery store, and in the bakery department, they sold pies. These particular pies were regularly priced at $.25. However, they would put them on "Special" from time to time at "3 for $1.00". He said when they were on "special", they would sell more than double the amount at the regular price. Just a little psychology.

Exactly, its a psychological thing only. The valuation of the company doesn't change. It's price/earnings doesn't change. Smoke and mirrors.

Having the stock split doesn't really mean anything. A shareholder's stake in the company will remain the same. It's more of a psychological game than anything.

I have a friend who was looking at buying a lot in the Preserve. When he told me the lots were $100K, I almost threw up in my mouth.

So an 11 mile trip could take over 2 hours? Why bother.

I rode by Joe Jackson's home this morning. They were just getting started with the work, because they did not close on the property until late yesterday. Met Ginger with Trademark Properties. She said they would have it ready by Thursday. Will be neat to see them pull it off really. This episode will be the first for their new show on TLC.

Whether Trout is right or wrong, he does seem to have a genuine concern for the county and its citizens. I think he really takes the job seriously, and I do applaud him for that.

Thanks for the link. Great read.

The verdict is in, and the price has been set at $738,000. http://greenvilleonline.com/apps/pbcs.dll/.../LINK/603170346

Unbelievable.

Am I missing something here? The article said that the law would protect property owners from the government taking their property to give to someone else. How could that possibly be a bad thing? Frankly, I thought the Supreme Court got it badly wrong last year, and apparently, so do alot of other people. There are a number of states who are working on similiar laws.

If that is really in the works for the Winn Dixie warehouse property, that is great news. I work pretty close by there, and think that is exactly what is needed (refering to the Greenridge style development). I know initally they have marketed it as warehouse space, but that certainly would not be the best use for that property. I think there around 60 acres there. As a side note(because the Winn Dixie property is right next door), when Wal-Mart decides to change from a regular store to a SuperCenter, they move. The Taylors one, just remodeled, instead of moving. Must be something to the location for them.

I am ok with the DPC's decision, under one condition. They come up with the money, personally, to buy the property for the amount the developer was going to pay pending approval.

I like how it shows the bridge built using natural elements contrasted against the bridge using the man made elements. Then how the falls brings it all together in the middle. It is an excellent representation of the city itself, a seamless blending of the modern and the historic.

Being essential to the plans for the long-term success, makes the property inherently more valuable, than a like kind appraisal would suggest. There were so many intangibles involved in the value of this property, that a normal appraisal, which is just an educated guess, could not be used in this paticular case. It is kind of like when a rare automobile or painting is sold at auction. Generally, there are presale estimates (appraisals), that are often little more than a starting point for the actual price. Maybe they should have had a court case prior to taking the property to determine the value? I don't know if it could work this way or not.

I think my major aversion to the whole thing is that the city did not need the property. They simply wanted it. Eminent domain should be last resort, used for necessities, like roads, schools, etc. It should not be used for beautification projects like in this case. To say that the owners were clearly standing in the way of progression and needed to be removed by force, well, that just opens up a whole other can of worms. Scary.

My initial reaction was that 4 stories seems like too much. I would rather see 2 stories with a recessed 3rd story/open air rooftop space. The thing about the West End as opposed to N Main is that it is on a more human scale. The buildings don't feel like they tower over you and block out the sunlight. I think it should have a different feel than the upper part of Main to keep it unique.

Now that is stunning!

That's exactly what the city did. They initially got a low appraisal for the the buildings, and that is what they based taking the properties on. Only later did they raise their offer, after it was headed to court.

Apparently the city did not do a very good job of presenting its case, as on the surface, it looks like the properties were taken to enhance the Riverplace development. Didn't Riverplace unsuccessfully try to buy these properties to incorporate into the development? It just looks bad that when they were unsuccessful, that the city decided then to use eminent domain. (I am not saying this is what happened, but it sure looks that way.) Valuation of these properties would be extremely difficult. They just happened to be in the perfect spot. On Main St and on the Reedy River. Not many other properties can claim this distinction. These facts make the property more valuable than other things up and down Main or anywhere else along the Redy. The only truly fair way to value them would be to have an auction and let them go to the highest bidder. But that would have been impossible in this case. I think the jurors wanted to send a message, regardless of whether they should or not, that taking property should be difficult, and not for the benefit of private development. That being said, I think in the long run, it is better for the city of Greenville to own these properties than to have left them as they were.

Vintage VWs used to be the name of it.

It seemed high to me as well, considering you can go downtown in that price range. I think around 145-175 would be more like it.

Listening to the news tonight, they said the condos would be in the 200-400K range.