Editor:

[Ed’s note:  The following letter references the graphic showing Town Center is failing to pay back its debt to taxpayers.]

Please take a look at the annual Assessor's Reports, which separate out "high-rise condos/co-ops".  In the FY2008-09 Report, the average assessment for these condos city-wide was $398,400. 

The most recent 2016-17 Report lists the average for all high-rise condos at $299,700.  So, high-rise condos, city-wide, are still down over -24.7% since 2008.  That's all condos, city-wide, including the Town Center Condos.   

At current values off -40%, -50% and more, your sample chart more than suggests that the Town Center condos have done far, far worse, than high-rise condos city-wide, and in fact are at least partially responsible for dragging down the City-wide average. [Click Read More below for rest of the story]

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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