San Marcos Mercury | Local News from San Marcos and Hays County, Texas

November 11th, 2014
San Marcos CISD trustees reduce sale price for Lamar Annex

by BRAD ROLLINS

San Marcos school district trustees voted on Monday to knock $222,950 off the sale price of the Lamar Annex property after an updated land survey determined the property is smaller than advertised.

Occupying a tract at Old Ranch Road 12 and Hutchison Street within a half-mile of both the Old Hays County Courthouse square and Texas State University, the Lamar Annex sits on property where the Coronal Institute, a Methodist private school, was built in 1868. The property was sold to the public school district in 1925 which built a new high school there in 1951.

In July, a holding company controlled by Philadelphia real estate investor David Lerman bid $3,185,000 for the property based on existing land surveys that calculated the tract at 5.2 acres, about 226,512 square feet. A new survey commissioned by the prospective buyer later determined that the property is only about 4.8 acres, a difference of 17,000 square feet.

For MercuryPro Members Only

Read the full story + download documents and explore maps related to the Lamar Annex property.
Join MercuryPro today. Click here.
Already a member? Log-in here.

Email Email | Print Print

--

2 thoughts on “San Marcos CISD trustees reduce sale price for Lamar Annex

  1. As a homeowner, I’d love to believe this sets the price of .4 acres of land in San Marcos at $223K, but something tells me this won’t translate to residential lots — even if they aren’t filled with tear-down properties like the annex is.

    I guess it’s all for the best. I wouldn’t want to have to pay taxes on a lot worth a quarter million bucks anyway.

Leave a Reply to SMsince95 Cancel reply

Your email address will not be published. Required fields are marked *

:)