http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/ Luxist Comments for Ambleside, Estate of the Day http://www.luxist.com/media/feedlogo.gif http://www.luxist.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/Jul 13th 2009 1:19PMhttp://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/Check out Your Mama's outrageous blog at Realestalker @yahoo.com by clicking on the "on the market at 5.4 million" in the 1st sentence of the text above for more details and some interesting comments. ]]>Jul 13th 2009 9:47PMhttp://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/
I hope the right buyer comes along to be the next caretaker of this gem.]]>Jul 14th 2009 1:58AMhttp://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/
I presume that logical restoring and updating the property (such as a modern kitchen, baths, etc) won't run afoul of any local laws. Typically the historical associations will get involved when the facade is changed. So provided the new owners don't redically alter the exterior; e.g. decide to raze the garage court, they'd be fine.

While I don't buy into the overused hyperbole of "you couldn't build this today" rather it is that the expense to do so in 2009 from scratch with the necessary skilled labor, top quality materials, et al would far exceed 2 or even 3 times this 12,000 sq ft home's asking price.

The core property was last year was being pitched on just 10-acres and a buyer expressed interest in it on 15-acres. That seemingly fell through but the Schott Foundation which holds it appears to have agreed to the logic and has officially marketed it on 15-acres. The balance of the 62-acre estate is being subdivided by HPA Development Group of Montgomery for development. The zoning is such that the minimum acreage is 5-acres.

[ I hope the development is similar to Tangley Oaks in Lake Bluff, IL ( http://tangleyoaks.org/ ) which at its core is the 26,000 sq ft tudor mansion built by Harrie T. Lindeberg for the Armour family. The mansion is still the centerpiece of the divided up estate with the new homes tucked away on very wooded lots and driving into the community you initially think its still one big estate. ]

Per the Business Courier of Cincinnati (7-11-09) ...:"According to the Hamilton County Auditor’s Web site, the undivided 62-acre Schott property, including the house and other improvements, was worth $13.5 million based on a 2008 reappraisal. The site lists the value of the house and other improvements as $12 million. Annual property taxes are $168,000."

Hence another example of a lovely old estate that is always going to be crippled by taxes. The purchase price may be "reasonable" compared to other affluent areas of the country and the quality of the home, however after the additional cost of restoration, likely an increase in the appraisal and property taxes, not to mention the annual heating/cooling/power and other upkeep costs - plus the insurance premiums - you're talking some very serious annual expenditures.]]>Jul 14th 2009 10:38AMhttp://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/http://www.luxist.com/2009/07/13/ambleside-estate-of-the-day/Jul 15th 2009 8:43AM