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2007-01-29 Home Front: Politix

Senator Reid gets another Real Estate Deal

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Posted by mhw 2007-01-29 08:30|| || Front Page|| [11130 views since 2007-05-07] Top

#1 Best Government money can buy.

Posted by Redneck Jim 2007-01-29 08:46|| 2007-01-29 08:46|| Front Page Top

#2 one-tenth of the value the assessor placed on it at the time.

Right now I'm sitting in an appraiser's office (not assessor's) which was founded in 1940's. These guys are good and with that experience comes some observations.

The assessor's value is a red herring. What were comparable sales going for at the time? Anyone who wants to value their property based on an assessor's value is not coming to the party fully armed. Typically they are off by 20% (well below what we are talking about here). But what does undeveloped desert go for then and now? Just the facts Dan-o. It is entirely possible this was above board but it is also possible that the deal was even hotter.

That being said, if this was a sweet deal then Reid was part of a pension fund fraud scam. Would this be a Federal case? Could be but I'll let the lawyers on the board comment on this. Ether way it sounds like Harry got his cake.

Posted by Icerigger 2007-01-29 08:57|| 2007-01-29 08:57|| Front Page Top

#3 I'm soo surprised.

Posted by Mike N. 2007-01-29 08:57|| 2007-01-29 08:57|| Front Page Top

#4 "The Culture of Corruption". Now under new management...

Posted by tu3031 2007-01-29 09:26|| 2007-01-29 09:26|| Front Page Top

#5 Good point, Icerigger. When we were small-time real estate magnates (very, very small time, but I learnt to use tools, and even got my very own hammer!) we valued properties based on "comparables sold", not comparable list prices. Generally comps sold were 10-20% lower than the list prices, which were often enough based on pride, need, and hope.

Posted by trailing wife 2007-01-29 13:33|| 2007-01-29 13:33|| Front Page Top

#6 Icerigger, we might be able to figure this out. Get the address of the property and try zillow.com for the comparables. I know you can do houses this way, wonder if you can do undeveloped property?

Posted by Steve White">Steve White 2007-01-29 14:19|| 2007-01-29 14:19|| Front Page Top

#7 How come this kind of thing never falls into my lap, yet it falls into his twice?

Posted by gorb 2007-01-29 14:28|| 2007-01-29 14:28|| Front Page Top

#8 Yeah, gorb. How come?
You'd almost think that...Reid is crooked or corrupt or can be bought or something...

Posted by tu3031 2007-01-29 14:47|| 2007-01-29 14:47|| Front Page Top

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