The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1947-07-14
PROPOSED pooRHoUsE PURCHASE

against the Monroe county cONilhiSoioneAo
proposal to buy the old Santaella factory
for use as a poorhouse.
Let us assume that the owners offered
it to the county for the $4,000 that they
paid for it, of what use would it be as
poorhouse?
The building has three stories. Is it
proposed to have the inmates of the pres
ent home, at least one of whom is 81 years
of age, climb up stairs to the first and sec
ond floors?
But let us say that the inmates will be
kept on the first floOr-what is to be done
with the other two floors? Not a poorhouse
in the country has other activities connect
ed with it. A home for old persons is home
for old persons alone. Evidently, it would
be waste of taxpayers money to use
only one of three floors in taking care of
old, needy folks in the county. Or do the
commissioners intend to install elevators?
But-and this is the but that residents
of Key West have built into skyscraper
letters, why should the commissioners
pay two and one-half times as much for
the building as the present owners paid for
it in 1914? Movement of real estate in
Key West was far more active at that time
than what it is now, so why should the
price now be higher when the activity in
local realty is on the downtrend?
That is a question that the county COM
missiOners should try to answer satisfac-
tOriy. One commissioner has been telling
everybody who has protested to him
oh n ha nfx-'c nf ho
factory for $35, 1000. when the present own
ers paid only $4,000 for it, that it can
not be replaced for $4,000.
That commissioner should know that
realty values are not based OH replace
ment values. A man who buys what is call
ed improved realty, bases his purchase
price Oh the income that property pro-
duces, not on what the replacement would
cost What has been the income on the
factory since it was bought three years
ago by it's present owners? Here is a case
in point:
Gato's factory and land cost S176, 900.
Government appraisers, on an income
producing basis, fixed it's value at $32, 900
The Cato heirs refused that amount, and
instituted proceedings against the govern
ment. Many testified at the jury trial ex-
perts in all phases of realty values. and
the jury awarded the Cato heirs 1000
more than the price fixed by government
appraisers.
The replacement value of the building.
which cost S150, 000,, would have been far
in excess of that amount, because it was
constructed when both material and labor
were much lower. But the appraisal did
not take into consideration that circum-
stance, nor is it taken into consideration
in any sale of realty.
If the commissioners, despite the fact
that the factory is not the right type of
building for a poorhouse, insist on buying
it, let them institute condemnation pro-
ceedings, which they have the legal power
to do, and leave it to jury in court Of
law to fix the price for building and land
Finally Florida law requires that
real estate be assessed on 100 per cent
valuation. Monroe county's assessor and
chief assistant know that law and are
guided by it. They are expert appraisers,
and they have placed the value of the
Santaella property at $13,55O, as COM
pared with the $4,000 the owners are
asking the county for it.