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Mind blown

MarcB

MarcB

I was looking at the Real Estate transfers in today's paper and saw something that blew my mind.

A transfer for i-Heart Media's antenna on West Peak Mountain in Meriden, CT - Capstar Radio Operations to iHeartMedia Tower Company $1,645,200.00

Then in the town of Wolcott, CT the building housing Dollar General also sold for just over $1.6 milion.

It just blew my mind that a small retail building (around 8,000 Square Feet I believe) went for the same price as i-Heart's antenna.
 
Maybe it has less to do with the building or tower on the site and more with the site itself: zoning, income generation, highest and best use, financial feasibility, or any other number of factors. I guess I could provide a definition that lies in my memory banks from way back:

"That use of vacant land that is physically possible, appropriately supported, financially feasible, and that supports the highest value. The four criteria the highest and best use must meet are legal use, physically possible, financially feasible, and maximum productivity. Alternatively, the probable use of vacant land that is adequately supported and supports the highest present value."

These days I don't know whether the land has to be considered as vacant and ready to be put to its highest and best use, but there are those occasions when that is where you find the value; in fact without first analyzing the highest and best use, one would be hard pressed to estimate value. Today it might be a matter of whatever number from a list some bank thinks should be used without any real skill.
 
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