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Appraisers: Oaky Woods sellers got sweet deal in 2004

Appraisers: Oaky Woods sellers got sweet deal in 2004
January 5, 2011 --

The site of the Oaky Woods wildlife area sold for such a sweet price in 2004 that the sale cannot be used to determine a value today, state appraisers say. The state last week forked over $2,860 an acre — 75 percent more than the ’04 price — for a portion of the tract. A subsidiary of Synovus Financial, the Columbus-based banking giant that’s lost a pile on bad real-estate loans, pocketed about a third of the proceeds.

$28.7M Oaky Woods deal OK’d; appraisals remain secret

$28.7M Oaky Woods deal OK’d; appraisals remain secret
December 13, 2010 --

State officials today agreed to pay $28.7 million for a 10,000-acre bear habitat in middle Georgia but still won’t release the appraisals used to determine that value. Houston County values the land at $1,165 an acre for tax purposes. The sellers, who paid $1,600 an acre six years ago before the real estate market collapsed, are selling it to the state for $2,875 an acre. Officials released appraisal summaries that say the property is worth that much, but declined to disclose the full appraisals until the deal is closed.