Have Any Idea What All the Property in the Ladue School District is Worth?
Several hundred million, but none of it is for sale other than the old Wright School property.
If someone was to sell their house, they would get a real estate agent or an assessor to put a valuation on that particular piece of property. The agent would add up the square footage, count the number of rooms, fixtures and value of the property and come up with a given figure.
The Ladue School District is no different. Though no buildings will be up for sale (other than the location of the old Early Childhood Center), millions of dollars are wrapped up in value to the district.
Here’s a look at the school buildings in the district, their founding years and current assessed valuations.
Reed School, built in 1938. 60,565 square feet. Replacement Costs: building $12 million, $114 thousand. Contents: $3 million, $430 thousand; total $15 million, $544 thousand.
Wright School, built in 1939. (old LEEC) still on the books until sold. 36,587 square feet. Building: $6 million, $452 thousand. Contents: $2 million, $484 thousand; total: $8 million, $936 thousand.
Ladue Horton Watkins High School, open in 1952. 368,054 square feet. Building: $54 million, $974 thousand. Contents: $18 million, $578 thousand. Total: $73 million, $553 thousand.
Conway Elementary, open in 1952. 62,959 square feet. Building $14 million, $490 thousand. Contents: $3 million, $391 thousand; total $17 million, $881 thousand.
Spoede School, open in 1952. 63,782 square feet. Building: $13 million, $074. Contents: $3 million, $309 thousand. Total: $16 million, $383.
Old Bonhomme School, open in 1954. 53,571 square feet. Building: $10 million, $229 thousand. Contents: $2 million, $931 thousand. Total: $13 million, $160 thousand.
Ladue Middle School, open in 1959. 129, 767 square feet. Building: $27 million, $694 thousand. Contents: $7 million, $935 thousand. Total: $35 million, $629 thousand.
Administration Center, built in 1965. 11,520 square feet. Building: $2 million, $276 thousand. Contents: $534 thousand. Total: $2 million, $810 thousand.
Ladue Early Childhood Center, open in 2011. 54,554 square feet. Building, $10 million, $498 thousand. Contents: $2 million, $428 thousand. Total: $12, million, $926 thousand.
West Campus Fifth grade Center, built in 1960. Rebuilt in 2012-13. Building: $16 million, $332 thousand. Contents. $500,000 (to date); Total: $16 million, $832 thousand.
For a couple hundred million, someone could purchase all the property in the Ladue School District. However, other than the old LEEC property, none of it is for sale.
flyoverland
6:58 am on Monday, February 4, 2013
Didn't we just pay more for the "West Campus" than it is estimated here?
James Baer
9:07 am on Monday, February 4, 2013
don't think so. That estimate is for work done so far to date.
TOM CORI
11:10 am on Monday, February 4, 2013
The debt in the Ladue School District is about $126,000,000! It will take 20 years to pay off. The school tax rate increased $0.54/100. The school board wants to spend more. When will it be enough?
Sam Goodman
8:23 am on Tuesday, February 5, 2013
Mr.Cori, vote for me for more fiscal responsibility. Don't just complain, do something about it. Be positive and strive for excellence. We can make a difference if we elect the right candidates for the school board. Look forward and don't let the past get the best of you.
flyoverland
8:25 am on Tuesday, February 5, 2013
Hey, Sam. No one has done more than Dr. Cori in trying to rein-in this school board.
CreveCoeurDad
11:07 am on Tuesday, February 5, 2013
Try "burn the school district to the ground" and you might be closer to the truth.
flyoverland
12:44 pm on Tuesday, February 5, 2013
That is an absurd comment. Totally irresponsible. Absolutely wrong.
CreveCoeurDad
5:42 pm on Tuesday, February 5, 2013
You lie down with dogs, you get up with fleas.
flyoverland
6:35 pm on Tuesday, February 5, 2013
Totally absurd.
flyoverland
5:24 pm on Monday, February 4, 2013
I thought we paid $18 million for the Westminster campus and then spent millions more tearing part of it down and building it again. Pretty sure I am correct on that.
Sam Goodman
8:36 am on Tuesday, February 5, 2013
Thanks flyoverland and I agree. We must make a new start and go forward. Little steps bring big results, and electing the right board members is the only way to achieve this. If we keep looking in the past, the future gets less attainable. New beginnings start now.
St. Louis is a destination
8:19 pm on Monday, February 4, 2013
West Campus Fifth grade Center, built in 1960. Rebuilt in 2012-13. Building: $16 million, $332 thousand. Contents. $500,000 (to date); Total: $16 million, $832 thousand.
Ladue Early Childhood Center, open in 2011. 54,554 square feet. Building, $10 million, $498 thousand. Contents: $2 million, $428 thousand. Total: $12, million, $926 thousand.
St. Louis is a destination
8:21 pm on Monday, February 4, 2013
Assessed valuations are typically lower than market. In addition, St. Louis County does not spend at great deal of time assessing not taxable property.
flyoverland
8:23 am on Tuesday, February 5, 2013
That hasn't been my experience, or the experience of the thousands of people who have to appeal their assessments every year because they are too high. I think everyone can agree, in retrospect, we overpaid for Westminster. The board jumped to buy it before it even knew what it would do with it. Why? Because it was there. Who else was going to buy it? No one. It could have been had for millions less, assuming it was needed at all.
CreveCoeurDad
10:56 am on Tuesday, February 5, 2013
Did we overpay? The site is 30 acres and zoned residential. The district paid $17.6 million. If we value the buildings at zero, that's $586K per acre. It would be entirely possible for a developer to subdivide it into 90 home-sites at $200K per site ($600K/acre). Many other residential development possibilities are available that make economic sense.
One can quibble about a few million here or there or what the buildings were actually worth, but the number is not impossible. Whether we needed it is another question entirely, but if you assume we did, the number can be justified.
flyoverland
12:43 pm on Tuesday, February 5, 2013
At least new homes would have added to the tax rolls. This adds to the tax bill. Here's the facts: you had a seller that had already built a new campus. They desperately wanted to sell. We paid their price. We could have waited and picked it up a lot cheaper.
CreveCoeurDad
1:06 pm on Tuesday, February 5, 2013
I don't believe the new campus was built, but they had bought the property.
You also assume no other buyer would have emerged. But that's beside the point, you wouldn't have wanted to buy it for $1 because you thought and still think it unnecessary.
flyoverland
1:14 pm on Tuesday, February 5, 2013
No, I would have taken it for a dollar. Their campus was under construction. You will recall, we rented it back to them for a year for approximately less than you could rent warehouse space in North City. Meanwhile, our interest clock began ticking adding to the real cost.