And ya wonder why government always wants more money

by SamCogar Sun Jun 06, 2010 9:47 am

CHARLESTON, W.Va. -- The West Virginia Lottery agreed last week to pay $21.5 million for a new headquarters building in Charleston, even though the agency had an appraiser's report in hand that valued the property at $5.5 million less.

Last October, Charleston appraiser Kent Woodruff of The Appraisal Group determined the market value of the City Center West office tower at full occupancy was $16 million, according to records released Friday.

http://www.wvgazette.com/News/Business/201006040758

by ziggy Sun Jun 06, 2010 1:51 pm

"Market value" is the price a willing seller and willing buyer agree upon. In this case the market value appears to be $ 21.5 million dollars.

by **ohio county** Sun Jun 06, 2010 1:55 pm

Ziggy, that's rich. There's market value and then there's a stupid, bumbling bureaucracy that has no regard for the public or their money. Government is not the solution to our problems - government is the source of our problems.

by **Stephanie** Sun Jun 06, 2010 2:49 pm

Government is not the solution to our problems - government is the source of our problems.

The gentleman from Ohio County continues to speak truth.

by Cato Mon Jun 07, 2010 7:21 am

I hate to say this, but Ziggy is right in many ways. The market value of a parcel of property is the price a willing buyer and willing seller agree on. The appraised value of a parcel of land is subjective at best. It is based on property sales considered equilvent to the property in question. It really comes down to value in the eyes of the beholder. I have seen appraisals that differed by tens of thousand on the same peice of property, when they were done at nearly the same time. So, far as I'm concerned appraisers, real estate agents, and morgage lenders are just one more group that when to the legislature and whined to have laws made that requiring appraisals, licensing appraisers, and so forth and then subjecting the public to their opinions and best quesses. But that's my opinion.

All that being said, I agree with Stephanie and Ohio, what in the world is the lattery commission doing spending that kind of money for a building anyways. I agree with the statement that government is not the solution it is the problem.

That being said

by **Stephanie** Mon Jun 07, 2010 1:46 pm

That property is only worth $21.5 million dollars because agents of the government are willing to waste millions of taxpayer dollars to get precisely the site they want, when they want it and couldn't care less about the cost to taxpayers.

Government is not the solution to our problems - government is the source of our problems.

by SamCogar Mon Jun 07, 2010 4:09 pm

And don't be fergettin, they will surely spend another $7 to $12 million renovating it.

by Cato Mon Jun 07, 2010 7:19 pm

SamCogar wrote:And don't be fergettin, they will surely spend another $7 to $12 million renovating it.

You think they can do it that cheap

by SamCogar Wed Jun 09, 2010 9:17 am

Cato wrote:
SamCogar wrote:And don't be fergettin, they will surely spend another $7 to $12 million renovating it.

You think they can do it that cheap

I guessed pretty good .......... so far. And ya wonder why government always wants more money 197570

CHARLESTON, W.Va. -- The Lottery Commission will spend an estimated $7.5 million to $8.5 million remodeling City Center West, which it is purchasing for $21.5 million.

http://www.dailymail.com/News/201006080980

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