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TLC hires appraiser

February 25, 2014

The U.S. Bankruptcy Court in Buffalo allowed TLC Health Network to hire a real estate appraiser for Lake Shore Health Care Center....

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(17)

Captain

Feb-25-14 4:35 AM

Why appraise Lakeshore Hospital? How much did LSH lose last yr, $7M? All the experts on this site who call for a quick sale on health care facilities losing money will quickly tell you an appraisal is unnecessary and merely a stalling tactic:

"It's worth whatever someone is willing to pay" is what those who want the CCH sold immediately say. No, this is how an auctions works, and even many of those set a minimum price.

I guess this time it's different b/c surprisingly, the sellers want to know what the facility is worth.

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monybagz

Feb-25-14 7:00 AM

like everything else in ny keep on dragging it out and keep suckin'money!

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monybagz

Feb-25-14 7:04 AM

goodmornin' DEE from sunny florida! sorry to hear about your mother-in-law!i'm sick of this heat! stay warm

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Niebelj

Feb-25-14 9:29 AM

What a novel idea! Get an appraisal to see what a property is worth! You can really do that? And it can actually be done here? OMG what a clever way to place value on property! Who'da thought it!!

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Hawkman411

Feb-25-14 10:10 AM

Even with an appraisal, it will still only sell for what someone is willing to pay. We have heard the dollar amount offered for LSH. It won't change after the appraisal. Just another tactic to stall the sale. UPMC and CSEA using the same tactics.

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Niebelj

Feb-25-14 10:41 AM

Whoever started the talking point "it is only worth what someone will pay for it" is simply a bobble head for the administration. If that were true there wouldn't even need to be an offering price for property. Just put up a sign and hope for the best! If you only get one offer and it is $1 do you sell? I would bet that most people posting here would want top dollar for their property. Why should the taxpayers expect any less.

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CadeFoster

Feb-25-14 12:02 PM

sell CCH immediately ?, 3 years on the open market,lol. Thats a good one Captain. Any thing sold is only worth what some one will pay for it.....exactly. We see that every day when people buy a house they pay what they think is worth to them, they dont pay what the seller thinks its worth if the seller think its worth twice the buyers offer. If you think like that Captain, I have 10 properties I will be glad to sell you for just $1,000,000. tomorrow. The selling of TLC is different than the county home. TLC has announced its closing, TLC is privately owned. TLC is not paid for by the County taxpayers. If TLC is not sold it IS CLOSED. The County Home sold or not is still OPEN.

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CadeFoster

Feb-25-14 12:11 PM

really niebel, so you have buyer pounding on your doors to pay more than asking price on all the homes on th CCBRMLS website hey. How many homes on the market for 3 years get full 1st day Listing /asking price ? It is only worth what someone will pay for it. Look at the homes in the west when the market collapsed, did you see buyers running in to buy those homes sold 1 year before the collpase for the previous sold price ! NO because no one wanted to buy house that sold for 400,000 in 2008 for 250,000 in 2009 why because it only worth what someone will pay! Tell me when you go food shooping do you look for the highest priced food or are you looking in the flyers looking for the best deal ? That is clearly only worth what someone will pay for it !!!!! How many houses did you see sold for alot less than asking because no one else wants it for anywhere near asking price!

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CadeFoster

Feb-25-14 12:15 PM

Neibel quote "If that were true there wouldn't even need to be an offering price for property." --------- Offering Price , what the sell feels is a fair price.------ Buyer - only pays what (s)he thinks its worth to them.

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CadeFoster

Feb-25-14 12:26 PM

of course you can get a appraisal. But the clock it tick,like bomb ready to go off. If its not sold soon. IT CLOSES. they what, oh I know we should hold out for more money, if it closes so what right. Tell neibelj, how fast does a house sell when taxes are totally overvalued ??? It doesnt does it it sits there. just like the house on the corner of warsaw and east chesnut st. IT SITS THERE ! Till someone pays what they feel it worth because taxes are to high. Go down the road on warsaw, another brick home sold for $35,000 less than asking price ? WHy because it only worth is what the buyer will pay for it!!!!

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Niebelj

Feb-25-14 12:49 PM

First of all the home hasn't been for sale for three years. Three votes have been taken rejecting the sale of the home and therefore it really should never have been considered to be "on the market". Secondly the price set by the marketing firm was $16 million and amazingly that is what the purchase offers have been. Do you really believe that if it were worth less these people wouldn't have offered less.They are in the business to make money and they know this is a steal.When property is valued there should always be room for negotiation and the asking price should have been much higher than it was advertised. As for property listed on the MLS a comparative market analysis is completed to gage what similar properties have sold for and that dictates the asking price. The seller can choose to accept an offer or not but few people choose to give it away. They simply wait until the market improves.And to your point about the Home closing The County Home was never in danger of

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CadeFoster

Feb-25-14 1:53 PM

Underthe Observer Headline " County Home revote sale nears February 9, 2014 "In 2011, Edwards sought the help of Chicago-based firm Marcus & Millichap to aid in marketing the Dunkirk facility.

"We've been working with them in good faith and continue to work with them," Horrigan said. "They're really the best that I'm aware of, especially last year with bringing us VestraCare's offer, and the current offer, which is a continuation of the previous offer."

The brokers found two qualified purchasers for the County Home (VestraCare and Altitude Health) and one which offered a lease agreement with the possibility of a sale (Absolut Care).

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CadeFoster

Feb-25-14 1:56 PM

Never said the Home was closing. Perhaps you should read my posts again. I said TLC is on the verge of closing.

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Niebelj

Feb-25-14 3:56 PM

CadeFoster ..I am sorry ... just a little hard to follow your train of thought there.

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CadeFoster

Feb-25-14 4:26 PM

:-) i debate with Super Clown Steiner on here all the time about climate change and his wonderful thoughts of how great he is in his own mind. :-) Its no wonder my train of thought is confused

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MrPinecone

Feb-25-14 7:22 PM

Ms Neibel,I respectfully ask you this- when a client list a property with your RE company, they don't always get an independent appraisal because you and Terry, experts in property values, are capable of providing a reliable estimate of value. So too can the agency hired by the county provide a reliable number on the Home. This property has been exposed to the market long enough with interest from a very short list of potential buyers, to demonstrate that the price is no steal. Additionally, the Union (NOT the rank & file) is comprised of a bunch of self interested schemers who won't give an inch, regardless of what they are claiming at this 11th hour. They know if they give an inch here, they'll have to give it up elsewhere in NY State too. The employees here are pawns and soon will be collateral damage. Finally, your call for an appraisal can backfire big time... I hate to invoke cliches but here goes..."be careful what you wish for..."

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Niebelj

Feb-25-14 11:56 PM

MrPinecone you are correct regarding the process we would use but The County Home is totally different. It is really owned by the taxpayer and when municipal property such as this is sold there should be a higher standard of accountability.I truly believe that an appraisal of the property along with a determination of the worth of the inclusions is the responsible action to be taken.This is not just to establish a selling price but to assure the public that there is no impropriety in regards to the transaction.The elected officials selling this property should want this done for that reason alone... to assure that no one can question their actions.Even if,as you say, the appraisal backfired big time, it would be completed,in writing and proof that due diligence was done.

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