What was it I said last week? It's going to get worse, much worse?
Tammy "something extra" has now listed all but one of PATH's River's Edge properties in Loudoun County for sale. Here's how much these deals will cost you, assuming PATH receives full list price for the properties (which is never going to happen).
PATH purchased this property in February 2009 for $689,000, 98% of Loudoun County's assessed fair market value at that time. It's on sale today for only $630,000.
PATH purchased this property in April of 2009 for $418,000, 102% of Loudoun County's assessed fair market value at that time. It's on sale today for only $400,000.
PATH purchased this property in April of 2009 for $910,000, 110% of Loudoun County's assessed fair market value at that time. It's on sale today for only $735,900.
And the big, big loser is this property that PATH purchased in March 2009 for $1,175,000, 246% of Loudoun County's assessed fair market value at that time. It's on sale today for only $459,000.
Looks like Loudoun County's assessor was a lot more accurate about fair market values than PATH's appraiser back in 2009. But yet PATH expects ratepayers to pay the difference between purchase and sale price and make the company whole. Right now, the difference between PATH's purchase prices in River's Edge and their current list prices amounts to $1,021,300. That's over a million dollars that ratepayers stand to lose on PATH's unnecessary and premature "investment" in real estate, and there's still one PATH-owned River's Edge property that has yet to hit the market, for which PATH paid 123% of market value in 2009. Ouchies, little ratepayers, ouchies!!!
Let's take a look back at PATH's antics in River's Edge. Now PATH adds insult to injury of these homeowners and dumps a whole bunch of real estate in their neighborhood at bargain basement prices, which is going to have a significant effect on their own home value and equity. PATH -- the gift that just keeps on giving.
And PATH is so not done yet... they've still got to unload those substation properties they purchased for millions more than fair market value. Get out your wallet, little ratepayer...
Tammy "something extra" has now listed all but one of PATH's River's Edge properties in Loudoun County for sale. Here's how much these deals will cost you, assuming PATH receives full list price for the properties (which is never going to happen).
PATH purchased this property in February 2009 for $689,000, 98% of Loudoun County's assessed fair market value at that time. It's on sale today for only $630,000.
PATH purchased this property in April of 2009 for $418,000, 102% of Loudoun County's assessed fair market value at that time. It's on sale today for only $400,000.
PATH purchased this property in April of 2009 for $910,000, 110% of Loudoun County's assessed fair market value at that time. It's on sale today for only $735,900.
And the big, big loser is this property that PATH purchased in March 2009 for $1,175,000, 246% of Loudoun County's assessed fair market value at that time. It's on sale today for only $459,000.
Looks like Loudoun County's assessor was a lot more accurate about fair market values than PATH's appraiser back in 2009. But yet PATH expects ratepayers to pay the difference between purchase and sale price and make the company whole. Right now, the difference between PATH's purchase prices in River's Edge and their current list prices amounts to $1,021,300. That's over a million dollars that ratepayers stand to lose on PATH's unnecessary and premature "investment" in real estate, and there's still one PATH-owned River's Edge property that has yet to hit the market, for which PATH paid 123% of market value in 2009. Ouchies, little ratepayers, ouchies!!!
Let's take a look back at PATH's antics in River's Edge. Now PATH adds insult to injury of these homeowners and dumps a whole bunch of real estate in their neighborhood at bargain basement prices, which is going to have a significant effect on their own home value and equity. PATH -- the gift that just keeps on giving.
And PATH is so not done yet... they've still got to unload those substation properties they purchased for millions more than fair market value. Get out your wallet, little ratepayer...
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