Recordpub.com - Historic Ravenna building sells for $75,000: Structure's tax value: $227,000

Dave Wehr, a Uniontown resident, came to the Kane auction to find general antiques that he might consider purchasing. He is pictured with an antique 'Luxor' Radio that is up for auction.

By Diane Smith

Record-Courier staff writer

For a mere $75,000, lawyer Ralph Megargel purchased a piece of Ravennahistory Wednesday.

Megargel placed the winning $75,000 bid on the landmark Phenix building at the corner of Main and Chestnut streets. Terry Kane, the last lawyer in practice at the building, is relocating his practice to a third floor location that once housed Bohecker’s Business College.

County tax records list the value of the 9,000-square-foot structure at about $227,000.

Kane had once shared the building with his father, Herbert, who died in 2001, his uncle, Ron, who died in 2005, and numerous other lawyers, a doctor, a title company and the offices of White Rubber. He said he wanted to auction the building because he thought it was silly to occupy the sprawling structure all by himself.

The new owner has a law practice located a few blocks away on South Chestnut Street, which he shares with three other lawyers and two secretaries.

He plans to relocate his law practice there, once he completes some repairs to the building.

“It’s a beautiful town, and it’s nice to be on the square,” Megargel said. “It’s nice to own a piece of history .... it’s a beautiful building and I’m very proud to own it.”

Auctioneer Gene Kiko started the bidding for the building at $300,000. As he dropped the price to $200,000 and $100,000, one of the bidders made an offer for $40,000.

In an effort to bring up the bids, Kiko talked about how the building was an “investment opportunity” and assured potential buyers that they’d probably be offered a profit on the building before they close on the deal.

“There’s more of an opportunity to make money on real estate than any time in the last 39 years,” he said.

Slowly, the bids went up to $50,000, $60,000, $70,000 and finally Megargel’s bid of $75,000.

The sale of the property is expected to close by Aug. 24.

Kane, who did not attend the auction, said he was happy to see the building go to Megargel, who he described as a friend. He said the new owner assured him that he would continue to leave food outside for the birds.

“It just worked out really well,” he said.

He was also pleased to see that several items in the building would see a new life. The old sign for his practice was purchased by a sign shop owner, and his collection of law books was purchased by a young lawyer from Mantua.

Several fixtures in the building sold quickly, including a collection of beer steins for $7.50 each, a leather couch for $350 and a collection of cigar bands for $275.

Mary Kay Darling of Brimfield paid $25 for a bust of Abraham Lincoln. It was a gift for her 11-year-old son, Luke, who also persuaded her to pay $4 for a flag holder.

“I can’t believe it,” the boy said as he clutched the Lincoln statue.

Dr. Susan Seman of Hartville Veterinary Clinic paid $200 each for drawings of the horses Sun Beau and Happy Landing with Smitty. She bought them on behalf of her father, Ravenna Councilman Frank Seman, who was on vacation. She said her father knew Sterling Smith, owner of Sun Beau the show horse and White Rubber, and her family owns show horses.

The doctor also paid $40 for a painting of puppies, which she planned to hang in her veterinary clinic.

“It’s a sentimental thing,” she said of the horse painting purchase.

The Phenix Block, located on the north side of Main Street from Chestnut Street to Hickory Way, is one of the oldest buildings in downtown Ravenna. Construction began in April 1853, and the first tenant, John H. Bostwick & Co., a dry goods emporium, began moving in as 1853 was drawing to a close.

The original tenant of Kane’s portion of the block was Rowell, Witter and Co. The Second National Bank later was a mainstay of the property for many years before the site was sold to the Kane family.

1.	Posted by DoWhatsRight July 9, 2009
	Well well, just look at the difference between the County's appraised price and the actual sale price of this building. This is being done throughout the county, over evaluated price so as to get more property tax. The value of the property is only what someone is willing to give for it, not what some crony that the county hires to up the tax revenue says it is worth. This is one of the leading reason we have so many foreclosures. You purchase a house, look at the taxes and say I can afford this. Two years later some company, that knows if they don't increase the valuation they will not be hired the next time, said your house on Prospect St has 2000 square feet. Since the house in Oak Knolls with 2000 square feet sold for $200,000, your house is worth $200,000. (This is how they justify it.) Your taxes jump substantially and the bank tells you your monthly payments no longer cover the cost of the house and the increase in taxes. You have to add the increase taxes to you mortgage. This makes the principal higher and your pay interest on the higher principal. Your monthly payments go up. Two years later the same thing happens. You can no longer make the monthly payments. You loose your home and still owe a debt on it. Thanks to the greed of your local tax department.