Home Letters To The Editor Town Center not paying off debt to taxpayers

The corollary is that high-rise condos OUTSIDE of Town Center have fared better than the -24%.

As a matter of fact, your sample chart may be inadequate in describing the true picture here.  

As you go up the Westin into the more expensive units, you see even greater losses.  

For example, the penthouse, Unit 3701, "sold" for $4,120,320.  Today, it is valued at $1,713,400, a whopping loss in value of -58%.  Unit 3204 sold for $950,000 as recently as 2013.  It's current value is listed at $428,600, down nearly -55% in just a few years!(?).  

That's just two examples.

The concept that Town Center will "pay for itself" by using its own real estate tax revenues to pay off the City debt for the parking garages is in serious jeopardy, when the "jewel" of Town Center, the Westin condos, are doing so poorly.

Beth Allen - Virginia Beach

 

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