Baggett's facility for sale

Presley155
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Presley155
Edited Date/Time 2/12/2022 12:33pm
Saw this is up for sale;

https://www.bexrealty.com/Florida/Groveland/1100-County-Road-48/land/
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mx 219
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mx 219 1/31/2022 3:51pm
1/31/2022 3:51pm
Lol better drop at least 3 mil if he wants it to sell.
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DonM
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DonM 1/31/2022 4:25pm
1/31/2022 4:25pm
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
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APLMAN99
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APLMAN99 1/31/2022 4:51pm
1/31/2022 4:51pm
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like a pretty big gap.

Be interesting to see how quickly and for how much it actually sells for. I have a feeling that it probably won’t be one of those properties with multiple competing offers over asking price like we hear so much about these days!!!!!
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The Shop

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JustMX
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JustMX 1/31/2022 4:56pm
1/31/2022 4:56pm
I never thought the assessor appraised value was much of a marker to go by.

I have bought land that the bank required appraisal was 5 times the assessor value. And this was pre-pandemic.
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yak651
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yak651 1/31/2022 5:08pm
1/31/2022 5:08pm
JustMX wrote:
I never thought the assessor appraised value was much of a marker to go by. I have bought land that the bank required appraisal was 5...
I never thought the assessor appraised value was much of a marker to go by.

I have bought land that the bank required appraisal was 5 times the assessor value. And this was pre-pandemic.
Agree accessed value doesn’t mean anything but $5M seems pretty pricey for that property.
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APLMAN99
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APLMAN99 1/31/2022 5:23pm
1/31/2022 5:23pm
JustMX wrote:
I never thought the assessor appraised value was much of a marker to go by. I have bought land that the bank required appraisal was 5...
I never thought the assessor appraised value was much of a marker to go by.

I have bought land that the bank required appraisal was 5 times the assessor value. And this was pre-pandemic.
I’ve never thought that it was absolutely accurate, but 48X is a pretty big factor. Most counties want to get their funds, eventually!
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Matt414
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Matt414 1/31/2022 5:49pm
1/31/2022 5:49pm
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
APLMAN99 wrote:
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like...
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like a pretty big gap.

Be interesting to see how quickly and for how much it actually sells for. I have a feeling that it probably won’t be one of those properties with multiple competing offers over asking price like we hear so much about these days!!!!!
Property appraiser value means nothing there. And you’d be shocked. My folks just sold a huge piece of property in north Florida that I thought wouldn’t have an offer on it for months. It was shown 10 times in 2 weeks and they had 3 offers the first week. For hunting/timber land in the middle of no where. That place could easily go for close to that and I wouldn’t be shocked at all.
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Grouper
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Grouper 1/31/2022 6:00pm
1/31/2022 6:00pm
“First I smoke the crack, then I price the property.”
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sandman768
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sandman768 1/31/2022 6:07pm
1/31/2022 6:07pm
Can’t fault a guy for trying to hit a home run in todays market…. There has to be a rich family somewhere that is prepping little Johnny for a Loretta’s C class championship 👌
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FlickitFlat 1/31/2022 6:10pm
1/31/2022 6:10pm
JustMX wrote:
I never thought the assessor appraised value was much of a marker to go by. I have bought land that the bank required appraisal was 5...
I never thought the assessor appraised value was much of a marker to go by.

I have bought land that the bank required appraisal was 5 times the assessor value. And this was pre-pandemic.
yak651 wrote:
Agree accessed value doesn’t mean anything but $5M seems pretty pricey for that property.
My guess is to buy it for 5M and then see what the accessor appraises it at. I'm betting it would be 5M. I also bet the current accessor appraisal price is probably what Baggett paid for it. IDK but that is kind of how it works here. They wouldn't raise his appraised value (taxes) until 5 properties adjacent to his sold for a higher per acre value than on his appraisal.
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Sully
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Sully 1/31/2022 6:12pm
1/31/2022 6:12pm
Everyone's assuming it'll stay a moto facility, but apparently you didn't notice the part of the listing that says "this property is also platted for a subdivision, single family dwelling up to 2 acres each." $4.8 million for a minimum 37 single family homes (assuming they're all 2 acres ea.) seems like a pretty good price...
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WhipMeister
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WhipMeister 1/31/2022 6:58pm
1/31/2022 6:58pm
Sully wrote:
Everyone's assuming it'll stay a moto facility, but apparently you didn't notice the part of the listing that says [i]"this property is also platted for a...
Everyone's assuming it'll stay a moto facility, but apparently you didn't notice the part of the listing that says "this property is also platted for a subdivision, single family dwelling up to 2 acres each." $4.8 million for a minimum 37 single family homes (assuming they're all 2 acres ea.) seems like a pretty good price...
Installing utilities, pavement, re-platting, marketing,
and amenities ain't free.
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RalphS
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RalphS 1/31/2022 7:02pm
1/31/2022 7:02pm
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
Blake hijacked DonM account.
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Looby321
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Looby321 1/31/2022 7:03pm
1/31/2022 7:03pm
Florida property is insane right now.
DonM
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DonM 1/31/2022 7:07pm
1/31/2022 7:07pm
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
APLMAN99 wrote:
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like...
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like a pretty big gap.

Be interesting to see how quickly and for how much it actually sells for. I have a feeling that it probably won’t be one of those properties with multiple competing offers over asking price like we hear so much about these days!!!!!
Assessed value for tax purposes is completely different than an appraisal…whether it’s 48x or 100x has no baring…One of the largest developments in Florida, The Villiages, just purchased a neighboring parcel…things like that do crazy things to property values in the area…
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enketchum
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enketchum 1/31/2022 7:20pm
1/31/2022 7:20pm
I wish him luck. Sad to see it go
Gilby122
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Gilby122 1/31/2022 7:22pm
1/31/2022 7:22pm
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
APLMAN99 wrote:
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like...
I certainly don’t, but it’s priced at about 10X the ‘market value’ and 48X the ‘appraised value’ on the county assessor site, which definitely seems like a pretty big gap.

Be interesting to see how quickly and for how much it actually sells for. I have a feeling that it probably won’t be one of those properties with multiple competing offers over asking price like we hear so much about these days!!!!!
DonM wrote:
Assessed value for tax purposes is completely different than an appraisal…whether it’s 48x or 100x has no baring…One of the largest developments in Florida, The Villiages...
Assessed value for tax purposes is completely different than an appraisal…whether it’s 48x or 100x has no baring…One of the largest developments in Florida, The Villiages, just purchased a neighboring parcel…things like that do crazy things to property values in the area…
I wonder if someone were to buy it and want to keep it as a riding facility…..would/could the homeowners at the villages (or the villages themselves) raise enough stink to get that property changed and shut it down? Seems the squeaky wheels (or the wheels with the money) get the most grease these days!!

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miserablebear 1/31/2022 7:29pm
1/31/2022 7:29pm
Florida real estate is what I do. Yes this market is insane, but that property is way overpriced for what it is and the location.
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DonM
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DonM 1/31/2022 7:58pm
1/31/2022 7:58pm
miserablebear wrote:
Florida real estate is what I do. Yes this market is insane, but that property is way overpriced for what it is and the location.
It’s also what I do and I agree if you just look at the property, but with The Villiages purchasing large blocks of property around his property can and will cause the values due crazy things…
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miserablebear 1/31/2022 8:04pm
1/31/2022 8:04pm
miserablebear wrote:
Florida real estate is what I do. Yes this market is insane, but that property is way overpriced for what it is and the location.
DonM wrote:
It’s also what I do and I agree if you just look at the property, but with The Villiages purchasing large blocks of property around his...
It’s also what I do and I agree if you just look at the property, but with The Villiages purchasing large blocks of property around his property can and will cause the values due crazy things…
I would have to dig further into it to see what and where the villages are purchasing. Still, that's a long shot if that's what the seller/agent are hoping for. There's a 66 acre private airport for sale about 20 minutes away for $2.9m. On the market for 200 days.
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NorCal1975
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NorCal1975 1/31/2022 9:58pm
1/31/2022 9:58pm
According to Zillow it last sold in 2013 for $320K. I am guessing the moto amenities mean little to most prospective buyers, but the shop and apartment of course add some value to the right person, but not to a developer who would probably tear them down anyway. So if a developer buys it they are going to make the property bare land again which is what it was when Baggett bought it for $320K. Then they would still have infrastructure costs, roads, etc. Makes it very expensive to develop if someone paid that much for bare land.
mx 219
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mx 219 2/1/2022 4:58am
2/1/2022 4:58am
mx 219 wrote:
Lol better drop at least 3 mil if he wants it to sell.
DonM wrote:
Do you make a living appraising Florida real estate or just do it on message boards as a hobby….
If he clears 2.5 mill I will be shocked. Even if a developer is looking to buy the land they aren't going to want to drop that kind of money unless they have to.
EngIceDave
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EngIceDave 2/1/2022 5:04am
2/1/2022 5:04am Edited Date/Time 2/1/2022 5:17am
I know that the land there is unusual, it's why Blake bought that exact spot. Almost half of it is a deep vein of clay. Hard firm ground, no sugar sand. He never trucked in any of that clay to build the track, it was all on the property and there's a shit ton of more. They did a ton of land surveys and tests before buying.

IMO, they are looking for the Villages to swallow it up at some point. I don't think they're in a rush.

The realtor is long time racer and florida moto family alum, April Hodges-Stephenson (Dad is Jimmy Hodges from long ago).

Her husband is Payton

He is KR92's practice mechanic and when he won a few weeks ago, was his mechanic that night.

I think their play here is not to sell to another moto group, unless they want to hold for a while, but eventually sell to a developer for whatever they may want.
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SFellure33
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SFellure33 2/1/2022 5:29am
2/1/2022 5:29am
I still cant get over the fact that he literally lived in a garage....That is so awesome!
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mx 219
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mx 219 2/1/2022 5:30am
2/1/2022 5:30am
EngIceDave wrote:
I know that the land there is unusual, it's why Blake bought that exact spot. Almost half of it is a deep vein of clay. Hard...
I know that the land there is unusual, it's why Blake bought that exact spot. Almost half of it is a deep vein of clay. Hard firm ground, no sugar sand. He never trucked in any of that clay to build the track, it was all on the property and there's a shit ton of more. They did a ton of land surveys and tests before buying.

IMO, they are looking for the Villages to swallow it up at some point. I don't think they're in a rush.

The realtor is long time racer and florida moto family alum, April Hodges-Stephenson (Dad is Jimmy Hodges from long ago).

Her husband is Payton

He is KR92's practice mechanic and when he won a few weeks ago, was his mechanic that night.

I think their play here is not to sell to another moto group, unless they want to hold for a while, but eventually sell to a developer for whatever they may want.
Maybe, but I still don't see why someone would drop almost 5 mil to develop 74 acres. That's almost $66k per acre just for the land.

Once again, maybe someone will pay that, but isn't there a good chance they can find a property for less money to develop first?
Rupert X
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Rupert X 2/1/2022 5:30am
2/1/2022 5:30am
Too much ado about the Water-Truck building. Decided not to speak with my wife’s purse, I’m baggetting out of this deal. Bought me some swampland in Florida. * Oh, Here’s an old Moto pic to piss someone off…..
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JTM5427
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JTM5427 2/1/2022 6:34am
2/1/2022 6:34am
SFellure33 wrote:
I still cant get over the fact that he literally lived in a garage....That is so awesome!
Before that he literally lived in an old fifth wheel for a few years and had an old storage container as a shop
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Iridereallyslow 2/1/2022 6:48am
2/1/2022 6:48am
https://www.villages-news.com/2019/11/12/villages-adds-more-than-1200-a…

This is an old article and there's been progress since the article was written, but maybe this will give perspective for some of the experts talking about values that live thousands of miles away. If you're not familiar with The Villages, they're basically the real life version of Market Equities from Yellowstone.


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early
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early 2/1/2022 7:10am
2/1/2022 7:10am
The center check is Baggett s property he has listed at $67k per acre. The rest of the checks are properties over 15 acres ranging from $10k-$25k per acre. His price is significantly over the surrounding vacant land values. Whether or not the mx facility or particular location is worth the extra will be up to a special buyer.
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