sig ep losing their house

by: importantJan 28, 2018 12:59:33 AM

Sig Ep nationals is reclaiming Sig Ep's house and they are about to have no chapter house, are they cooked?

Posted By: importantJan 28, 2018 12:59:33 AM

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#11 by: pink Jan 30, 2018 12:07:33 PM

#11

Need a bigger frat or sorority to fill that house - 40+ bedrooms

By: pinkJan 30, 2018 12:07:33 PM

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#12 by: tide Jan 31, 2018 1:47:57 PM

#12

Should merge with a frat that isn't dry

By: tideJan 31, 2018 1:47:57 PM

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#13 by: Fessler Jan 31, 2018 3:35:48 PM

#13

When will this property be sold? Is an auction being planned? Will you consider offers now, before the formal listing? The greek letter group we represent are prepared to make an all cash offer with the shortest escrow period allowable by law.

By: FesslerJan 31, 2018 3:35:48 PM

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#14 by: alum broker Feb 1, 2018 8:29:16 PM

#14

I’m a real estate broker specializing in multifamily properties. I have not been inside the property but I can do a quick analysis of the property value. According to public records, the building and land are worth about $917,000 for tax purposes. However, they aren’t making any more land on Tappan so you will need come up with a fair market offer on the property. Given the demand for similar lower tier properties, somewhere around $1.5m would be a reasonable offer. This range assumes the interior is poor condition.

By: alum brokerFeb 1, 2018 8:29:16 PM

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#15 by: Welp Feb 2, 2018 1:51:42 AM

#15

So we’ll have a house

By: WelpFeb 2, 2018 1:51:42 AM

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#16 by: alum broker Feb 2, 2018 12:07:31 PM

#16

Let me add that at 6.5% on $1.5m (high but this is non-recourse rate) your payment would be $13k/month on a 15 year fixed. I would factor in another $3k a month for property taxes and other similar expenses. I know people are going to argue the rate but I have experience in this area and no lender is going to give 4% on a frat. Too much risk! Obviously!

By: alum brokerFeb 2, 2018 12:07:31 PM

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#17 by: Guest Feb 2, 2018 1:40:14 PM

#17

It'll probably become yet another co-op for girls with blue hair

By: GuestFeb 2, 2018 1:40:14 PM

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#18 by: best Feb 2, 2018 8:28:09 PM

#18

Given Sig Eps situation a merger is probably their best option and DU is probably their best option to merge with (good house and some cool guys). If I’m in Sig Ep I would merge before nationals ruins them.

By: bestFeb 2, 2018 8:28:09 PM