The I Love CVille Show With Jerry Miller! - Callsen & Deeds Write Letter Slamming UVA Leadership; Katrina Callsen Rips Interim UVA President

Episode Date: October 24, 2025

The I Love CVille Show headlines: Callsen & Deeds Write Letter Slamming UVA Leadership Katrina Callsen Rips Interim UVA President Was UVA Interim Pres Wrong To Sign Deal W/ Trump Will $7.4M Violet Crown Deal Uptick Tax Assessments? City Median Home Values Down 6.1% YTD (2024 v 2025) City Council Should DORA The Downtown Mall #16 UVA (-10.5) At UNC (2-4,0-2), 12PM, SAT ACCN If You Need CVille Office Space, Contact Jerry Miller Read Viewer & Listener Comments Live On-Air The I Love CVille Show airs live Monday – Friday from 12:30 pm – 1:30 pm on The I Love CVille Network. Watch and listen to The I Love CVille Show on Facebook, Instagram, Twitter, LinkedIn, iTunes, Apple Podcast, YouTube, Spotify, Fountain, Amazon Music, Audible, Rumble and iLoveCVille.com.

Welcome to the I Love Seville Show, guys. My name is Jerry Miller. Thank you kindly for joining us on a Friday in downtown Charlottesville. Last piece of content for the week from the water cooler of content and conversation in Charlottesville, Amarro County, and Central Virginia, the I Love Seaville show. A lot I want to cover on today's program, including a new letter. authored and John Hancocked by delegate Katrina Coulson and state senator creedes.

This letter, which you can find online, released in the last 24 hours with a stamp of October 23rd, 2025, right after the I Love Seville show yesterday aired, this letter was released. We know these folks watch the program. is one, two, four paragraphs long. I will highlight the letter for you on today's show.

They are chastising, they are rebuking, they are reprimanding, they are downright scolding interim president Paul Mahoney and members of the UVA Board of Visitors to express their extreme disappointment and interim President Paul Mahoney's decision. decision to enter into an agreement with the Trump administration in an attempt to suspend federal investigations and preserve federal funding. Katrina Colson and Senator Creedits are of the mindset that an interim president should not enter into a three-year agreement and offer unprecedented access, intel, and data, basically open the books on UVA from a quarterly standpoint

every 90 days, they're going to provide reporting and data and intel to the Trump administration to make sure Donald Trump has his influence and control over this 36-year period of time, 36-month period of time, 36 months, basically his term, his second term in office. And Calsin and Deeds are saying, you should have done this, dude. There's an election where Spanberger is a double-digit favorite

to win the governor's mansion, and when she does win the governor's, mansion. There's going to be a brand new board of visitors, and you, Paul Mahoney, won't even be in Carr's Hill. One of them be in the president's mansion. You're not going to be in a position of power. What are you doing, dog? That's what they're saying. They're like, what are you doing, dude?

You're getting into a three-year agreement with Trump, and you got the interim tag? You've got no business doing that. And they're scolding him. They're reprimanding him. The reality is, Carlson and deeds

have very little influence over the University of Virginia. And we saw that when Cree Deeds put his fist on the table and said, UVA and the Board of Visitors, the Rector and the Vice Rector, you're going to answer these 46 questions. They ignored him. They weren't going to answer the 46 questions. Cree Dides demanded that the Rector and vice rector answer. They ignored his deadline. They basically cock-blocked them and said, we're not going to talk to you, dude. We're going to unpack this letter from Katrina Coulson. It's her letterhead. Cree Deeds co-signed it

on today's edition of the I Love Seaville Show. We're going to also highlight the fact that city home values are down 6.1% year-to-date, median home values, new construction and existing construction,

single-family detached homes only year-to-date. This period of time, January 1 to October 24, this year versus last year, city values are down 6.1%. We're going to unpack a direct message I received from a very smart fellow. He's watching the program right now.

I hope he thinks that he's a very smart. He knows that I think he's a very smart fellow. He's asked for some anonymity. No, it's not deep throat. And he said, the true impact of violent crown sale is much more significant and resonates much longer than a rescue of the arts. instead the true impact is the overpayment to the tune of 7.4 million

assessment is basically 6-2 and overpayment of $1.2 million and the impact that's going to have on assessments around the downtown mall in about 18 months and how that will be passed down to small business owners

who are leasing space in Charlottesville and impacted in the form of triple net leases or escalating rents as the landlords try to try to recover some of that tax exposure or tax base. We'll talk about that on today's program. I want to revisit the designated outdoor refreshment area. I mean, goodness gracious, now that that 27,000 square foot shelter is about to be purchased that building on holiday drive, right? They're going to spend $6.2 million on that, J. Dobs. Yep. They're going to spend at least at 6.2 million just to purchase.

You're right. And millions more, Judah. No doubt. To retrofit and outfit it to turn it into a campus. So you're going to be on the hook minimum. Minimum you're going to be on the hook $10 million. And then they need to find somebody to operate the shelter. Paying them $500,000 to a million dollars in perpetuity.

Once you're on the hook, 10 million plus and then have a contract in place in perpetuity to fund some kind of non-profit or for-profit operator for this homeless campus, this homeless shelter, you better have a plan in place to better your community because you've created a significant commitment for taxpayers. And that plan in place, ladies and gentlemen, needs to be banning public camping and the implementation of a designated outdoor refreshment area for downtown Charlottesville, Adora, from the Omni Hotel to the Ting Pavilion. year-round. I'm not just talking to TomTom Festival. I'm talking year-round. We'll talk about that on today's program. I also want to unpack the $107 million sale of the flats a little bit further.

$107 million sale for the flats. This is a pretty significant sale, ladies and gentlemen. This building traded, was it in 2016, Judah, for 77.5. million to peak campus development the price has increased drastically over a very short amount of time from 2016 to 2025 that's not even 10 year period of time it goes from 77 million five hundred thousand dollars to a hundred and seven million dollars the tax bill for the flats ladies and gentlemen, back of the napkin is a million dollars. The exact number is 903,258. We'll call it a million. Remember, that's based on a 2025 assessment of 92 million. This is an arm's length transaction now for the flats, $107 million. So we know that assessment of 2025 at $92 million

is going to jump to 107 because it just traded. The impact that this is going to have is very similar to the impact that the violent crown deal is going to have is it's going to make the uh the tax bases the tax bills that are due for all those student towers even more costly which is then going to force the reits that own the student towers the real estate firms that own the the student towers to uptick their rents how much they charge per bedroom that's going to then force more students into working class neighborhoods because not everyone can afford

$1,500 a month rents, $2,000 a month rents at these luxury student towers that are for rent. So much to unpack on the program. Like and share the show. We work hard for you. The only thing we ask in return is that you like and share the show.

Judah Wickhauer, I would like for you to go to the studio camera, please. And then I'm going to weave you, my friend, in on a two-shot. William McChesney, hello. Philip Dow, hello. Let us know what you're doing this weekend. pound that like button and subscribe to our YouTube channel, the I Love Seville Network.

Judah, I'm going to ask you a riddle. My wife called this a dad joke. I thought it was a riddle. She said this is a dad joke. What is a three-letter word that starts with gas? Can't use the word gas is your answer. Three-letter word that starts with gas. what is a three-letter word that starts with gas

viewers and listeners what is a three-letter word that starts with gas Judah Wickhauer is very good at solving riddles viewers and listeners do you know the answer don't Google it William McChesney Spencer Bushard Kate Sharts 17 Wells Roads James Callan George Gillner Kevin Yancy

Carr bad Judah Wickcower is so good I had no doubt that you're going A three-letter word that starts with gas is car. I had no doubt in my mind that you were going to get that. It wasn't easy. No doubt of my mind. Let me ask you, if I asked that riddle, my wife answered gas. I said, what's a three-letter word that starts with gas?

And she said, gas, Jerry, duh. And then walked away and grabbed her coffee and said, put the boys in the Ford Explorer, let's go. Stupid dad joke. That's why I caveated it with you. you can't answer the word gas. Yeah. She said it's gas, duh.

Got the coffee and said, go put the kids in the Ford Explorer. Get your kids backpack on. You're late for school. I mean, it's implied that it doesn't have the word gas in it, but it does help to specify. To caveat. That's a little dad joke or riddle for your cocktail

and charcutory party this weekend. What's a three-letter word that starts with gas? Car. Mm-hmm. Well, that we're going to cover on the broadcast today. We'll give some love to John Vermillion and Andrew Vermillion at Charlottesville Sanitary Supply. They've been in business for 61 consecutive years. Sixty-one years in business, ladies and gentlemen, Charlestful Sanitary Supply.

They're located on East High Street, and you can find them at Charlottesville Sanitary Supply.com. Anything sanitary related, you can buy at Charlestful Sanitary Supply, and they will same-day delivery for free to you your sanitary supply purchase. They also sell meal of vacuums that are the best. vacuums possible. They have a mechanic on site that can repair vacuums and pool cleaning robots, and they do water and swimming pool testing. Charlottal Sanitaries apply. A plus people. A, A plus people. Judah Wickhauer, so much I want to cover on the broadcast today. Where do you want to begin? Do you want to begin with Katrina Coulson's letterhead? Sure. A letter co-signed by Senator Creed's.

Have you ever seen the movie Mr. Deeds? Mr. Deed, is that with... Adam Sandler, yes. I don't think I've seen that. Change your socks. Change your socks. That's the butler, John Totoro, who always shows up when Adam Sandler needs something.

He's always like, change your socks. Every time we say Cree, change your socks, deeds. I think to have some fun on a Friday. Here's the letter, okay? The letterhead is Katrina Coulson. It's co-signed by CREEDs and Katrina Coulson. They addressed the letter to interim president Paul Mahoney and members of the UVA Board of Visitors. I'll just read the letters since it's so short.

We write to express our extreme disappointment and interim President Paul Mahoney's decision supported by the rector and board of visitors to sign a settlement agreement with the Trump administration in an attempt to suspend federal investigations. This action makes the University of Virginia the first. public university to enter into such a far-reaching agreement, calling into grave question your ability to adequately protect the interests and resources entrusted to you by the Virginia General Assembly. Contrary to your claim that the deal preserves the academic freedom of our great state university and does not involve external monitoring, the agreement actually subjects the university to

unprecedented federal control. You have pledged to personally report to the assistant attorney general each quarter and granted the federal government the broad right to make such inquiries as it deems necessary to verify the accuracy of those reports. Unfettered, external review and access is absolutely a form of monitoring. The agreement further allows the federal government and its sole discretion to decide if UBA's progress is insufficient according to ideological and interpretation, and then to pursue enforcement actions, monetary fines, or grant funding termination as it deems appropriate. Two more paragraphs left.

In your letter, you pledged to uphold the Jeffersonian ideal of unyielding pursuit of truth wherever it may lead. You do not provide the entire quote. It is etched on an interest to new Cabell Hall and reads, for here we are not afraid to follow truth wherever it may lead, nor to tolerate any error so long as it as reason is left free to combat it. Last paragraph. We cannot imagine

Mr. Jefferson would find any comfort in your correspondence. Your actions fail to leave the university free and afraid to combat that wish is untrue or an error. By agreeing to these terms, UVA at risk betraying the very principles you espouse in your letter, academic freedom, diversity,

and free expression. For these reasons, we call for immediate action to reverse the surrender of institutional autonomy and reject further federal interference and letter signed by Katrina Colson and Cree change your socks deeds Judah Wickhauer Katrina Coulson her letterhead creed deeds also John Hanking John Hancocking are reprimanding scolding rebuking calling into question the

decision-making of an interim president who's been on the job for a New York Minute. Furthermore, Katrina Coulson, in quotes on the record to local media, has said it is absolutely horrible judgment for someone who has an interim tag to enter into a three-year agreement with the federal administration, with the Trump administration, with the federal government, when an election is right around the corner and it is obvious that a Democrat Spamberger is going to win by a landslide and likely change the complexion of the Board of Visitors and who will hire you, who will replace you in the President's Mansion at UVA.

Goodness gracious. Where, my friend, would you like to begin? Well, first of all, I'm curious about Mahoney's political standing. There seems to be a lot of the opposite feelings on this deal from the right side of the aisle, from Glenn Yonkin to Jason Mayaris, to, you know, members of the Jefferson Council. Joel Garder. And so as you mentioned Spanberger, I wonder if this was, you know, a preface to the assumed taking of the governor's seat by Abigail Spanberger. You have to ask the question.

Now, when interim president Paul Mahoney was announced as the Band-Aid with Jim Ryan's surprising resignation, the positioning of Paul Mahoney as interim president was one that was championed by people in positions of power because of his neutrality and his experience as a

department leader as an academic visionary as a leader of academics and someone who could navigate many constituencies student bodies, faculties, board of visitors, politicians, fundraising,

donors. That's how they champion him. I also ask the question, does Paul Mahoney make this decision knowing that in January or February, the Board of Visitors is completely different in its look with Spamberger appearing to win in a landslide in November over Winsome Earl Sears who's run an absolutely blunderous and horrendous campaign? But that's not necessarily true though about the board of visitors they're not she's i mean has has a governor ever completely wiped the slate on the uva board of visitors no you're right no they have not but what's a glen yon can do right what did glen yonkin do i know he set the precedent for uh for you know what canning a uh a board of visitor member through through through utilizing something that only a governor can do

malfeasance and malpractice, which is extremely up to the interpretation of one person, the governor. I mean, he's also the person, the governor is also the person that puts them in that seat. Not always. Spamberger is going to be inheriting the B.O.B. But I mean, nobody else puts them in, puts them in place. So, yeah, you're right. It could be a different governor enacting, you know, their vision of what the BOV should be. But in the case of, in the case of Yonkin, he was the one that put him there, he's the one that took him out. Yes, he sets the precedent that Spanberger, if she takes the seat, which is likely, that she could, you know, she could call something malfeasance or, you know, come up with some excuse to, but would she, what would be the,

What would be the kickback? Not the kickback. What would be the leverage for the Spamberger to change the B-O-V? Is that what you're looking for? What would be the look if she completely wiped the B-O-V? This would be the look. The Board of Visitors, one of the most powerful boards in the Commonwealth, has been fully appointed by Glenn Yonkin,

a radical Republican. This is how she would spin it, a radical Republican who has allowed the Trump administration, the fox in the hen house Trump at UVA and I Abigail Spanberger am going to make a stand

for the top public university in the country and my stand darn it is going to be on the board of visitors and replacing all the people in positions of power that allowed an interim president to negotiate a three-year

deal with a dictator president and Donald Trump and offered him unfiltered and unprecedented access into Thomas Jefferson's University. That's how Abigail Spanberger, your office should listen to this show. This is what you're going to do. I'm predicting the future here on the program. You push back. O'Contraire, Montre.

I would say that she's got to be very careful in doing that. Why? What happens if there are, what happens if there's no B-O-V? What do you mean? What happens if there's nobody on the board? She would appoint people on the board. I know. But as Yonkin has set precedent in getting rid of board members...

You're saying why would someone take the job? No, no. As he set precedent in getting rid of board members, the Democrats have set precedent in not allowing any new board members. The Democrats control the General Assembly. Then they'll have a Democrat in office as governor. She won't have anybody blocking these appointments. So that argument does not carry water.

We don't carry weight here. She's got the backing of Richmond. Then it's a Democrat in office. Philip Dowell thinks that Winsome Earl Sears is going to win. Philip Dow, I'll bet you a bottle of 10-year-old Scotch. Let's take this bet. Philip, you're a man of your word. You live in Scottsville.

My studio is in downtown Charlottesville. Can we bet a bottle of McCallon aged at least 10 years, please? You got Winsome Earl Sears winning. I'll take Abigail Spamberger on this. I'm not saying I'm voting for Abigail Spamberger. I'm not saying I'm voting for Wintermorel Sears. I'm just making a proposition bet with you. You want to bet a 750 milliliter bottle,

Philip Dow, on this governor's race? Put it in the feed. If you say yes in the comment section, that's a gentleman's agreement. I'll take you as a man of your word. You know I'm a man of my word. I prefer McCallon, age 10 years or older, please. Do you want to do that bet?

this is what I'm saying. Are you ready, Judah Wickhauer? Spamberger wins in a landslide. I don't know about that. Spamberger is going to win by more than eight points. Mark it down. Okay. Not even Jay Jones's Ninkum Poop text messages

that are scandalous and dangerous and concerning is going to keep Spamberger from not winning in a landslide. She wins in a landslide. You heard it here, folks. She gets on the board, remakes the board. When a board is remade, that new remade board

hires the next president of the University of Virginia. That next president of the University of Virginia is going to inherit a contract that an interim president, Paul Mahoney, signed with Trump that is going to offer Trump and his administration access to the University of Virginia that's so unprecedented over the next. next three years that UVA is going to have to file literally data and offer intel open up the

books with Trump to make sure he's happy or risk a further more investigation and federal money which is the most important thing John Blair makes this point Judah Wickhauer is not making not taking the bet he's not a betting man you mean Philip Dahl's not taking the bet But John Blair has this comment. It's a good comment. John Blair's smart man. He knows this stuff better than I do. Have I not been saying that UVA would ignore Cree Deeds and Katrina Coulson the entire time?

The fact is this. The General Assembly gave up its leverage over UVA long ago. The General Assembly is only funding 7 to 8% of UVA's operations per year. The Commonwealth has very little leverage over UVA at this point by continuously defunding UVA's operations. Here's a question for you. Are there more than a few billionaires waiting in the wings to make up any cuts the General Assembly might make?

I think you know the answer to that. That's called a rhetorical question. He knows we know the answer to that. And yes, UVA's got plenty of billionaires that would fund any budget cuts should the General Assembly try to leverage some money against the University of Virginia.

Even if the federal government tries to leverage some money against the University of Virginia, the alumni base is so wealthy that it can make up that deficit. The federal funding that's coming from, the money that's coming from the feds, way more significant than money that's coming from the Commonwealth. Actually, put that in perspective for me, John. The operating budget for UVA is, what, about $5 billion?

Put in perspective, John, for me, the back-of-the-napkin contribution from the feds to UVA and from the Commonwealth to UVA. Back of the napkin number in the comment section of LinkedIn. If you could do that, that would be make this program better, and I will forever give you proverbial chest bumps on this talk show. The Carlson, Cree Deeds letter, this is what I, did Coulson not learn something from Cree deeds and his 46 questions? She's basically demanding that Paul Mahoney, the interim UVA president and the UVA Board of Visitors,

reverse this agreement they got into. with the Trump administration to eradicate DEI and to open up UVA's books at a quarterly standpoint to the federal government. Coulson and Cree Deeds, they're not even going to get a response from the Board of Visitors in Paul Mahoney. This is going to make Coulson and Cree Deds

look amasculated of power twice for Cree Deds, change your socks, now Katrina Coulson. They're not even going to get a response from this. They may document the trail now and be able to tout come January or February or March when Spamberger changes the B-O-V altogether, maybe that's their way of saying

we were the momentum behind this, but we all know that's not true. I don't see the play here for Colson and Changer Sox deeds. Yeah. They just lose perception. They lose perceived equity, perceived, perceived influence here. Am I wrong in reading this?

No, I think you're right. This is change your socks deeds missing twice. Like missing the chess game of perception and perceived influence misstepping twice for change your sock deeds here. Yeah.

No doubt. I mean, I wonder. I wonder if, I wonder about Mahoney. If he really is neutral, did he think this was the best play? Did he think this was a way to protect UVA from the

presidency, from the DOJ? Obviously, that's why he did it. But you just said that there are plenty of money pouring out of the pockets donors that could make up any shortfall

from either the general I did say that. I also know that that's a federal. That's going to require some fundraising efforts. And the money from the feds is every year. And how much fundraising can you do on a yearly basis if you turn your back on the feds? Isn't it, John, somewhere between $500 and a billion a year there? I sincerely would love to know that.

Janice Boyce Trevillian, her photo on the screen, says if Spamberg comes in and cleans house on the board of visitors, that's just going to bring the raft of the DOJ and the administration onto the University of Virginia. Oh, no doubt. This is the early stanzas, the early chapters of the... A salvo? The what? A salvo. Yeah.

The politicization of academics in higher education. I mean... Politicizing higher education... Could it be said that... it's already been politicized? Yeah, but it's going to a completely different level now, a completely different level now. And the only folks that lose in that scenario

are financially marginalized students on resource students and families. The wealthy don't care. They don't care. Let's strip the, let's leverage the federal funding and let's leverage the Commonwealth funding. Who's going to get impacted by that? The people that need the funding.

I mean, that's always the case everywhere, in every situation. You know who's not impacted by stripping financial contributions? People that have finances and money. But that's the case everywhere. So you're saying such is life? Essentially. That's what you're saying? We don't have to like it, but that's the way of things.

Yeah. The way it is. You're right. I mean, look around, whether it's, whether it's SNAP benefits. Yeah, that's a crazy story. Insecurity about SNAP benefits, whether it's, you know. Yonkin has to declare a state of emergency to preserve SNAP benefits. Did you see that?

Yeah. I mean, that's just, Republicans and Democrats can't get along at a federal level. Yeah. The government's been closed for weeks. People are missing a payday Friday today. today's a payday Friday paychecks missed poor people don't have snap benefits

potentially I believe they're getting filled for now a state of emergency to try to figure it out yeah it's crazy it's sad I mean that's a perfect segue into our next headline on the show what's the next

headline on the show that we have on there let's see will 7.4 million Violet Crown deal uptick tax assessments? Perfect headline into that. Perfect segue into the next one. We'll give some love to Oak Valley Custom Hartscapes. Oak Valley Custom Hartscapes, ladies and gentlemen,

is who you should contact for anything Hartscape-related at your house or your place of business. They are fantastic at building like fire pits, bluestone patios, and outdoor experiences around your home. The return on investment on hardscapes at your house is not just financial, but its quality of life experiences, moments where families can forever enjoy in real life and through their memory bank. Oak Valley Custom Heartscapes, some of the best of the best, ladies gentlemen. Here's the next question that someone in a position of intelligence, he asked for anonymity, not deep throat. suggested that we talk about on the show.

And this is a perfect dovetail into the Flats transaction. Violent Crown, the movie theater, sold for $7.4 million. The buyers of Violent Crown, a paper trail uncovered by Deep Throat online through some quick investigation. He's very thorough with his investigative tactics. No doubt. tie the money to an out-of-market family foundation, just called a nonprofit, that has a Scrooge McDuck bag of gold coins at its disposal. They're out of market, they're filthy

rich, they want to preserve the arts, there's someone in market that asked them to contribute to this purchase. They did it for $7.4 million. Despite market value on this, I mean, first, the assessments around 6.2. So they overpaid by back of the napkin 1.2 million. Those that are in this business see the actual value of this as the dirt because a movie theater structure has very little utility outside of movie theater. The value of the dirt, according to the city, appraised, assessed value is 3.6 million. Let's call it 5 million. Let's say they overpaid for this by $2.4 million. Okay? They overpaid by $2.4 million. I'm just talking I know. I just want to say

they didn't just pay for the dirt. We're not going to go down the rabbit hole from yesterday. That was on yesterday show. They overpaid if you're a real estate person, 2.4 million. This intelligent person said what you should also talk about

is how in 18 months this will be used as a comp to drive the assessed values of the buildings around violent crown. And as those tax bills that are due in June and December increase in the next 12 to 18 months, the landlords who own these buildings are going to pass that tax exposure down to tenants

in the form of triple net leases. And if it's just a net or gross lease, standard lease, they're just going to raise their rents. And the folks that truly get impacted by this are the shop owners. the small business owners, the average Joe's and the average Jennifer's. So much like the leveraging of federal funding, the leveraging of commonwealth funding with the University of Virginia and how that impacts students on the financial margin, not the wealthy, much

like federal Democrats and federal Republicans squabbling and fighting to the tune of shutting down the government for weeks which is keeping not just government employees from getting their paychecks today, but impacting SNAP benefits, hurting the poor. This 7.4 million transaction down the road is going to impact tax exposure for property owners who have the leverage and sophistication

to pass on those bills to their tenants. I don't know if that takes sophistication. Do you own a building on the downtown bill? What does that have to do with it? Take some sophistication to get there. Okay. Does it not? Yeah, that still doesn't mean

it takes sophistication to pass on costs. Triple net lease. Do you have any triple net leases? Okay. A few people are in a position to get other people

to sign triple net leases. Okay, maybe sophistication's not the right word. They've used standards and protocols that have been placed forever. Is that a better description? Yeah, it's a little better. Okay. And because they've been in place forever, perhaps it's not sophistication to your point. Perhaps they're just following the norm.

Okay. Maybe that's better. Thank you for holding me accountable. You're right. I appreciate that. That's a perfect segue into the flats conversation. We talk this week about how the flats, the apartment tower on West Main Street, where Mexicale is located, sold for $107 million. The buyer of this apartment, the student apartment tower, is a REIT, a real estate group out of Illinois, Oak Brook, Illinois. The 107 million they purchased, in 2016, it was sold to peak campus development for 77.5 million. The value of the land and the building started at 6.77 million in 2014. So we're talking about 11 years.

It's gone from just under $7 million to, what do you say, being assessed at... It went from $6.77 million in 2014. I believe that's when Corrin owned it. He sold it a year later at $35.6 million. What a return for Corrin right there. And then a year after that, it doubled. Nearly 7x return right there, 5x return for Corrin from 2014 to 25. then Corrin's buyer, who bought it for 35.6, sold it the year later for over twice as much, 77.5 million.

Sold it for 77.5 million. Pete Campus bought it. Now Pink Campus is exited at 107 million. This is the question I have to ask you. We know the 2025 assessment that I'm going to you, Deep Throat. We know the 2025 assessment, Judah. Yeah, 92.2 million. So it's $92.2 million, the city assessment for the flats in 2025. This is an arm's length transaction, which means the assessment's now going to be $107 million. Yeah, because that's what someone paid for it. I saw that first aid with my house. Bought a home in June of 2024.

The tax bill that I got in December of 2024, Six months later was the same as June's tax bill, but then the tax bill in June of 2025, the one I just paid, was 25% higher. And it was 25% higher because my arm's length transaction justified an assessment increase and a 25% uptick in my tax bill. This arm's length transaction is going to mean

in an assessment right around 107 and every apartment tower that's on West Main including the one across the street, the standard. Isn't there a, the Lark is on here as well? On the Lark on West Main? All of those tax bills are going to increase as well. As though, to put in perspective how much the flats are playing, their tax bill is $903,000.

And that $903,000 was based on the $92 million assessment. So at the 107 assessment, it's going to be well over a million dollar in tax bill. That's going to be passed on to the students with escalated rents. The students are already paying 1,500 a bedroom to rent in the flats on West Main, $1,500 a month for a bedroom. It's nuts. The only people that are affording $1,500 a month bedroom and UVA students are wealthy families.

That's $18,000 a year just to live in a bedroom. And that does not include the tuition, the money you need to actually eat, your books, your travel, anything else that goes with being a student. Yeah. That means students who cannot afford in $1,500 a month rents are going to have to go hunt and hustle for housing affordability that they can actually, their parents can afford. It's not the students paying it in most cases, which means the students will start infiltrating working class neighborhoods even more. especially with what we've heard about the locations near the university where, you know, students are not looking anymore to, you know, bunk up 10, 15 people to a house around the grounds anymore like they used to. They're spreading out further. They're going to places like the flats. They're looking for, you know, individual housing in some cases. Deep Throat offering more color to this.

Thank you, Deep Throat on that. He says the, do you have the GIS in front of you, Deep Throat? I should have the GIS in front of me. He says, Capshaw exited to Peak Campus at 77.5 million. That Koran's the real winner. Confirm that with the GIS. If you could for me, deep throat. And then he highlights that from 2016 to 2025,

the appreciation on the flats was 3.8% a year, which is not that great. The SMP returned 14% annualized over that period. ZHVI, Charlottesville, went up 6.2% annualized in the same period. He says the real winner was Capshaw with that sale at 77. 75 million and yes he's confirmed it is who sold at 77.5 to peak that's crazy

whatever no doubt the man crushes it the man's I know his I have not been told that Corrin watches or listens to the show I have been told that his lieutenants watch and listen to the show his lieutenants that watch and listen to this show please pass on to Corrin that your boss has the Midas touch

he has the mightest touch and so much. Deep Throat says on the tax question, I thought that the assessor looks at the rent role more than the sales when it comes to commercial properties, but maybe they only do that when the sales price mythology shows a lower price than the rent roll one. It's both. I can answer that one. It's both. And the arms length transaction, I can also answer this one. As someone who owns commercial real estate downtown, albeit at a significantly smaller scale, as you know, Deep Throat, but for the knowledge of the viewers and listeners that don't know. It is both the rent role and arm's length transactions.

And I do know this because I sold one in January of last year. All right. Jody Carbell in watching the program. She says, as insanely as Winsham Earl Sears presented herself in the debate and as insane as the voters are these days, you might be right. I think she's talking about that Spamberger's going to win in a landslide.

And Winsom Earl Sears came across as a crazy woman in that debate with Spamberger. I don't think either of them did very well. Winsom Earl Sears was... I know. Did you watch the debate? Spanberger was robotic. I mean, did you see her staring straight ahead refusing to interact? or answer questions.

All Abigail Spamberger has to do is keep her head down now until November. That's fair. That's all she has to do. Winston-Meryl Sears, how would you describe her performance in that debate? That was the wavy TV-10 debate. That was, I mean...

How would you characterize, Winston, in a nutshell, succinctly? She was trying to... She was trying to... Antagonize. Illicit Trump. Yeah, right. That's what she was doing.

doing. That's what exactly what she was doing. 100% what she was doing. I don't think the blueprint of Trumponian tactics in this election cycle is an effective strategy. Not with a

government shutdown. It also doesn't work for everyone. He has a way of... He has the Genese Qua to do it. The air... He's got what he does down. Yeah.

that's you can't duplicate that right to your point wild times what other headlines that we have on today's show at the 121 marker of today's program getting multiple phone calls home values you see you see the the text message here about picking up the uh the signed lease and the first month's rent the security deposit the tenant has confirmed yeah i saw the thumbs up 2.30 to 3 o'clock for picking up the first month's rent of the security deposit, the sign lease, please. What was the other one? Oh, yeah. This is just a nutshell. Meeting home values, Dora. I feel like we should keep, oh, John, I hope John's giving me that answer to John. John says, just to be clear, I'm not taking anyone's side in the UVA debate. I've just been pointing

out that UVA has grown to be so large and so powerful with so many powerful alums, donors that the state legislator really doesn't have much leverage left. That's just the reality. Conan wants to know, maybe you can find this in the Seville Weekly article that Sean did. He wants to know how many beds at the flats versus the current rent per bed. Let's see. I think the bed number is in that story. Bed number of the flats. Now the bad number they have is 95,000, but that's what the group in totality owns in 146 countries, 82 colleges and universities, and universities, and universities, markets across 35 states. God, this company has 95,000 beds under their ownership. 95,000 times 1,500 is my calculator even going to go that high? That's monthly rent of 142,500,000. If I just

take 1,500 and I times it, and I'm not saying that's the number. I know that's the number for Charleston. What's that? Especially not across 146 countries. Right. But I, the only knowledge that I have on this company is the flats. And I know that, because I play squash with a fourth year student that lives in the flats. He's very good. Was on the UVA squash team, he is going to be, his name is Bez. I think he's going to be an ambassador. He speaks five language, students off the charts, smarts, hell of a squash player from California. He's paying $1,500 a month. So $1,500 times 95,000 beds is monthly rent of $142,500,000. That's insane. times 12

my calculator refuses to do that do we have the beds on the flats it's not in that article hmm you might be able to find it with a civil pedia search uh

let's see found something called maple tree that says the flats at West Village is a 622 bed student to accommodate accommodation asset. Deep Throat just said 600. You have 622?

Yeah. All right. Deep Throat. So, okay, so 622 times 1,500. 933,000 a month times 12. 11 million 11 million plus. That does not include the retail storefronts.

That does not include the retail storefronts. So rent roll just on the bedrooms to answer your question. Owen is 11.2 million and Conan we should let's lock in that deal we're working on Conan I got some more some more in the pipeline here let's lock that deal

in Conan I'm ready to rock and roll he also adds I really appreciate the color that you add on these deals that we talk about deep throat he said I said yesterday the gross cap rate is very good because you should knock off $10 million from the purchase price for the retail space, for the retail space.

But it also tells you why student housing is what everyone is building. Yeah, 100% because it's mommy and daddy's credit card, and mommy and daddy will pay whatever little Johnny and little Jennifer wants in this four-year period of time we call college that is a right of passage, where it appears that parents are willing to go,

quarter a million to $500,000 in debt for little Johnny and Little Jennifer to pursue art history majors only to have to go to a graduate school or get into social work because that's all art history degrees yield. It's a wild time we live in where millennial parents.

What generation are you? Let's see. Let's pull up the generation chart. Let's see. I am Gen X. It's a crazy time we live in. Gen X parents. What's the generational chart?

Put it on screen? It's up there. What's Gen X? The year range? $65. 80. Crazy time, 1965 to 1980, the year you were born, Gen X, to

old millennials, have kids in college. And this crazy time we live in, these parents who have kids in college now, for a four-year right of passage we call college, are willing to go a quarter of a million to half a million dollars in debt to give little Johnny or little Jennifer

an experience. An experience that unless they pursue certain degrees, stem most applicable is going to yield very little upside and will also yield political brainwashing that won't be erased from their psyche until they reach middle age status if ever welcome to college your parents are going to be half a million dollars in debt your kid's going to be brainwashed by radical professors.

It's going to skew... But not a UVA. It's going to skew your future forever at least until middle age when you realize you actually have to work to make your money. He can't just protest your stances all the time. I don't know. I hear protesters get paid quite well.

Is that George Soros is doing that? I'm sure he's bankrolling a lot of it. I don't know. I don't have any actual information or number. James Watson, I 100% agree. 1,500 a room. There's no way I could have went to the University of Virginia now unless I lived in Buckingham

County and commuted to Charlottesville. 100%, James. I'm with you, James. I lived on 14th Street where I paid like 250 a room. When I lived on little graves out of college, two years removed from UVA,

I was paying like 275 a room. When I first started renting the condo with the billows at Southern Ridge, it was renting for $800 a month. That condo is renting for $2,800 a month now. That's been a period of 11 years. And I'm doing nothing different except have no debt on it. Wow. All times.

all right we gotta make some money here what other headlines do we have on the show there is the Philip Dow you sure you don't want to make that bet median home values

and door I'm just going to keep saying this I think we're the only platform saying this I don't even care call what I do this is not journalism this is more entertainment

than journalism our show is about reading the news and passing it on to you through our perspective. It's commentary. It's focused on business and real estate because that's how we make our living. We are the only platform locally that is passing on to people in this community,

in particular city homeowners, that the median values of the transactions in the city of Charlott's, I have the data in front of me. This is straight from Paragon, crunched by Keith Smith himself. In 2025, there's been 240 homes sold, single-family detached, new construction, and existing construction. 2025, 240 homes sold. They have a median value, those transactions, of $563,000, and a days on market of 25 days. In 2024, there were 225 units sold from Jan 1 to October 24. So that's 15 less.

But those homes sold for $600,000 median value and five shorter days on market, 20-20-25. That means median values in the city of Charlottesville in 2025 versus 2024 are down 6.1%, 6.1% Judah. And to use Almoreau County as a comp, because it's the neighboring jurisdiction, county homes in that same period, 2024 versus 2025, are up 4.3%. Does anyone in the city of Charlottesville or local government or city hall care that the homes that are trading in 2025 are down 6.1% versus last year? Does anyone care about this? I think this is significant.

Do you think this is significant? Yeah. When Alamara County, the neighboring jurisdiction, is up 4.3%? I mean, could this be reaction to how much, how quickly property values have risen in the last few years in the city? This is a reaction to piss poor policy and piss poor leadership. One party control and the positioning of activists, ideology, and intentions above common sets and what's best for the population as a whole. That's what this is in reaction to.

When you allow a homeless population of 200 people to impact the brand identity of a city and call to question safety whether true or perceived, you have a problem. just a few years ago people were sprinting to the city to live because of live work play and convenience and dining and shopping and music quality of life walkability, bikeability

all right John Blair John Blair he makes the program better from a quick search UVA received 600 million in federal funds in 2024 200 million came from the Commonwealth. Think about that.

John, you made the program better. Say it again? UVA received in 2024 more than 600 million in federal funding and just 200 million from the Commonwealth of Virginia. That, ladies and gentlemen, is 3x more federal funding

from the feds than the Commonwealth. I can assure you that UVA can fundraise $200 million. They could probably fundraise $600 million. But I don't know if they can fundraise $600 million every year by turning their back on the feds. Eventually those people that are given the money are going to be like, stop turning your back on the feds.

But a 3x disparity, No wonder they're not returning the text messages of Katrina Coulson and Change Your Sox Deeds. Right? Yeah. It's two people. It's not like, it's not the entire, it's not a. The entire General Assembly? Yeah.

All right. Last topic on the show. There's a football game tomorrow. I'm going to a fall festival. You don't want to talk about the door? I got to talk about the door. I have to give the Dora more time. Save the Dora for Monday.

City Council, I'll just touch on the Dora briefly. You want to return vitalization and simulate the economy of Charlottesville City Council. This is what you do. You finalize your deal for the homeless shelter, 27,000 square feet, the 6.2 million. It's under study period now. Then you invest what is probably going to be $5 million or more to retrofit the building so you turn it into a homeless shelter and a campus with wrap-around services showers and laundry and drug counseling and alcohol counseling computer labs and beds and in hangout

areas and other amenities make it a campus a library make it a campus okay and then once you have this 27 000 square foot homeless campus campus you ban public camping with an eye toward the downtown mall when you do that it offers the police the opportunity to enforce no sleeping on the mall, no camping on the mall, no storing your belongings on the mall. Obviously, that should be the case. Once you've done that, then it's a very looking downtown. Then city council needs to rubber stamp a designated outdoor refreshment area where you can walk from the Omni Hotel to the Ting Pavilion with an alcoholic beverage that you've purchased at the businesses on the mall, which will generate meals tax revenue and

increase foot traffic on the downtown mall. This is a way to stimulate downtown Charlottesville, draw momentum to downtown Charlottesville, which will then splinter into, spill over into the neighborhoods around downtown Charlestville, which will fix this median value home situation where homes are downtrending, because then people are going to be like, you mean I can walk from Belmont or North Downtown, or I can walk from Hogwaller,

I can walk from Midtown I can walk from Preston from rugby to the downtown mall with my family and we can walk up and down the mall with a beer or a wine or a cocktail on our hands that will get people, if you build it they will come. Field of Dream. Shueless Joe Jackson

Kevin Koster James Roll Jones My biggest worry about this whole venture is that either the houseless population will issue the use of the shelter because they don't like the, uh, uh, uh, the location. Or they'll use it as an overnight and then they'll head

back to the downtown mall. But you're not going to be able to camp or store your possessions on the mall. And if they start coming back to the downtown mall in enough numbers, they're going to be drinking coal 45s on the mall? When the, when the, when the ordinance again gets brought before the city council, that it will be cold feet just as we've seen, uh, recently. And it will again be tabled indefinitely and we'll be back in the same situation except we'll have spent millions of dollars on a shelter that is certainly hopefully a help to the houseless population but we'll do little to ease what's going on downtown that's a valid and fair concern that's why if they spend 6.2 on the purchase and 5 million plus to retrofit it if they don't dovetail that with

that prevents panhandling, loitering, camping, and storing of possessions on the mall, then they've spent $10 million plus dollars for nothing. I mean, it's not for nothing. Hopefully it will help people, but in terms of assisting the city, yeah, they need to. One of my friends who's in a position of clout and influence thinks that this homeless campus will be an epicenter for Mid-Atlantic houseless. So instead of the 200, give or take, that we have now, we'll have double, triple.

Yeah. If you build it, they will come. That's what he thinks. And he said that to me, and, like, we were playing, we were playing Padell, and he said that to me. And I just did, like, one of those hard throats, wallows. I mean, that is always the balancing act of, of building

shelters, of reaching out to help the houseless, if you're doing it in other and other localities are not, it makes... Almore County's not doing it.

No. Almore County better be worried, though, that there's 27,000 square foot homeless shelter right on the Almore County line, though. deep throat says juda makes a very good point that this is a test of the sincerity of activists they said we can't enforce rules unless we have a shelter okay we get a shelter are you okay with enforcing the rules on the mall now i'm genuinely curious yeah he also says i get the sense that the sweeps at dc are setting more homeless our way 100% trump's ban homeless in dc keith went to dc for a real estate conference of ceos national conference in dc he said it on real talk i'm not speaking out of turn yeah last year they were walking in this area around their hotel and he said i didn't even feel safe keith's talking here and he's a marine yeah he says yona did definitely did not feel safe

then they walk this year at the real estate conference he said not a speck of unsafeness or uncertainty and the entire time they were there completely different experience completely cleaned up completely clean completely safe he said in a 12 month period it's completely nine a day. Yeah. And that doesn't mean that they're, that just means they've moved somewhere else.

Yeah, he just said that I was in D.C. all last week. Crazy how much cleaner it was three months ago. Exactly what Keith Smith said. All right, we gotta, we gotta make some money. It's 140. We got to make some money.

You got a lease, you got first month on security deposit to pick up. I got to, we got to make some money. All right, that's the show. It's 140. There's a football game tomorrow at 12 o'clock.

It's on ACC network. UVA is a what, 10 and a half point favorite? Yeah, that's what you've got. The line open at 9.5 points. Just don't do your betting with Chauncey Billups and Terry Rozier. Don't do your betting with those guys.

Goodness gracious, those guys are in a world of trouble. That's the show. My name is Jerry Miller. It's the I Love Seville show. It's 142. It's 142. Thank you kindly for joining us so long, everybody. Thank you.