It’s been a little more than a year since I took a look at what downtown is worth, or some of downtown. 12 months later I wonder if there has been a significant change in the valuation of prime downtown real estate. We all have heard of the Mills/Plaza Hotel redevelopment, so I expect a jump in those valuations, but what about the others? Let’s take a look:

Caples Building – 300 East San Antonio
2007
Imp. Value $513,765 Land Value $366,100 Total App. Value $879,865
2008
Imp. Value $556,351 Land Value $387,020 Total App. Value $943,371
7% Increase – To be expected. This is probably my favorite of the Trost buildings, based on location alone.

Camino Real Hotel – 101 South El Paso
2007
Imp. Value $9,099,780 Land Value $2,626,260 Total App. Value $11,726,040
2008
Imp. Value $11,279,010 Land Value $3,001,440 Total App. Value $14,280,450
21% Increase – pretty excessive, but a bit believable

Mills Building – 303 Oregon
2007
Imp. Value $705,811 Land Value $294,446 Total App. Value $1,000,257
2008
Imp. Value $817,041 Land Value $736,116 Total App. Value $1,553,157
55% Increase – If its the future home to a world class steakhouse, then this seems to be on the right track. I want to see what this will be worth once Paul is done with the renovations.

Basset Building - 301 Texas Ave.
2007
Imp. Value $178,837 Land Value $696,163 Total App. Value $875,000
2008
Imp. Value $575,675 Land Value $895,067 Total App. Value $1,470,742
68% Increase – That’s a big increase. But considering this is one of the few Trost buildings that has always remained in use, i can’t help but feel that the taxes on this have always been undervalued. I wonder what it is really worth, cause $1.4 still seems quite low.

Plaza Hotel – Oregon & Mills
2007
Imp. Value $169,565 Land Value $507,780 Total App. Value $677,345
2008
Imp. Value $740,742 Land Value $580,320 Total App. Value $1,321,062
95% Increase – This one is kind of outrageous. Not this year’s valuation, which seems to be approaching what this prime locale is worth. Another that has been grossly undervalued for years.

The Mistaken Hotel Cortez – 300 S Mesa
2007
Imp. Value $6,223 Land Value $88,704 Total App. Value $94,927
2008
Imp. Value $105,732 Land Value $147,840 Total App. Value $253,572
167% Increase - Last year I mistakenly listed this one as the Hotel Cortez, which it is not. I am now wondering what the heck it is. But damn, a 167% increase in value!! This one is almost as shocking as the Chase Building.

These 3 were listed last year by cjnance.

Chase Building – 215 Main Street
2007 - $10,889,430
2008 - $9,625,835
Imp. Value $6,975,454 Land Value $2,650,381 Total App. Value $9,625,835
11% Decrease – Is this even possible? Unless it was grossly overvalued last year I can’t see one reason why this is worth less than it was a year ago

One Paul Kayser Center – 112 Stanton
2007 - $7,158,809
2008 - $12,909,517
Imp. Value $10,687,117 Land Value $2,222,400 Total App. Value $12,909,517
80% Increase

Wells Fargo Building — 221 Kansas
2007 - $4,925,174
2008 - $10,530,968
Imp. Value $7,903,272 Land Value $2,627,696 Total App. Value $10,530,968
113% increase

Looking at the numbers a year later, what do you think about this?
I wonder what this stuff is going to be worth in 2015 after “the Plan” is in full effect.
I really really wish I had a couple of million dollars or knew a few millionaires in this city, because it’s looking like the last years of bargain prices for Downtown.

-chesswithdeath