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Downtown Restaurant Changes Hands
Have You Heard? 
Greetings!
The Grapevine has learned that the Downtown Roanoke restaurant known as Arzu's has been sold to Vincenzo Montuori. If that name sounds familiar, you may recall that Vinny and his late brother Tony opened the very successful New York Pizza in Vinton in 1982.
The rumor is that Vinny plans to renovate the building and open a new restaurant there soon. There is no word yet on the extent of the renovations or what kind of restaurant is in the works. However, The Grapevine hopes that it will be just as successful as its Vinton counterpart.
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Featured Property:
Long-Term NNN Industrial Lease
FOR SALE - Sale-leaseback opportunity on flexible manufacturing building with on over-sized 9.68 acre lot. 34,800 sprinkled square feet (only 2,000 of which is office), 20ft ceilings, radiant gas heat, and energy-efficient lighting. 4 dock doors plus drive-in doors at each end. Tenant in business for over 40 years.
Call Bryan or Richard for more information.
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Sell Now to Save 10%
Effect of Expiring Tax Cuts on Real Estate
It is becoming clear that no matter who wins today's election, the tax treatment for investment real estate likely will be quite different in 2013.
The Wall Street Journal says, "Mr. Obama and Congress agreed in late 2010 to extend the current 15% capital-gains tax rate through this year. Absent further action, the top capital gains tax rate will rise to 20% on Jan. 1. After adding the extra charge from the health-care law for higher-income households, the maximum tax on investment income would be 23.8%. When combined with the scheduled expiration of some other tax breaks for high earners, the maximum tax on investment income would be as high as 25%."
So, depending on your income level, the difference between selling your property by the end of 2012 versus selling it in 2013 could be as much as 10%. Calling it "Taxmageddon", SmartMoney Magazine has the best example of what this might mean to investors.
Both parties have expressed a desire to extend the current capital gains tax rates. You can decide for yourself whether you trust the rhetoric. However, my advice to sellers is to make deals NOW and not to haggle over a few dollars. If you delay, you could be shipping an additional 10% of your profit to Uncle Sam.
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What did it sell for?
3435 Chip Drive
Roanoke, VA
Last month, the former Vitramon plant sold to a developer who will build a new FedEx distribution center. Since the building was razed, the price (plus the cost of demolition) reflects the buyer's opinion of land value. Based on the sales price plus a conservative demolition estimate of $500k, the "dirt" sold for approximately $145,000 per acre. The CIty of Roanoke assessed the land at about $72,000 per acre.
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