Interested in the home for sale?

[Gman544]

Ryan Walter's home is available.

2425 Gatten Farm Way, West Lafayette, IN 47906 | MLS# 202502409 | @properties Indy

This stunning 5-bedroom, mid-century modern home spans nearly 11,000 sq. ft. on a private 5-acre lot. Highlights, too numerous to list here, include 10-ft ceilings, a dramatic three-story floating staircase, a gourmet kitchen plus private catering kitchen, and multiple entertainment spaces...

www.atproperties.com

 

[HUD628]

Ryan Walter's home is available.

2425 Gatten Farm Way, West Lafayette, IN 47906 | MLS# 202502409 | @properties Indy

This stunning 5-bedroom, mid-century modern home spans nearly 11,000 sq. ft. on a private 5-acre lot. Highlights, too numerous to list here, include 10-ft ceilings, a dramatic three-story floating staircase, a gourmet kitchen plus private catering kitchen, and multiple entertainment spaces...

www.atproperties.com

I don't think he ever even moved into the place did he? lol

 

[Tommaker]

Ryan Walter's home is available.

2425 Gatten Farm Way, West Lafayette, IN 47906 | MLS# 202502409 | @properties Indy

This stunning 5-bedroom, mid-century modern home spans nearly 11,000 sq. ft. on a private 5-acre lot. Highlights, too numerous to list here, include 10-ft ceilings, a dramatic three-story floating staircase, a gourmet kitchen plus private catering kitchen, and multiple entertainment spaces...

www.atproperties.com

Interesting the stat sheet says 10,223 sqr ft and the description says almost 11K. Math.

 

[Wheels Of Steel]

What you're looking at is a rendering; the house is still under construction, and will be for some time.

 

[Wolegib]

That seems like an awfully expensive house for a football coach.

 

[*Shockerrr*]

That's some pretty impressive confidence or stupidity to build something like that after just taking the job…

 

[PaBoiler78]

That seems like an awfully expensive house for a football coach.

eh, Schiano has a $7 Mil one

 

[Bippus33]

That's some pretty impressive confidence or stupidity to build something like that after just taking the job…

I think I see a pattern here..........

 

[pboiler18]

I think I see a pattern here..........

The guy was COMPLETELY detached from reality.

And we wonder why he failed…

But he’d tell you it’s because it’s Purdue.

 

[HUD628]

The guy was COMPLETELY detached from reality.

And we wonder why he failed…

But he’d tell you it’s because it’s Purdue.

Really? I don't think he'd say that at all. I mean he was gracious enough to do an interview on his way out and said he believed they had what was necessary to win here. He pretty clearly came in with some serious hubris and fell flat on his face. I'm betting he learned quite a bit from it, and he did actually land on his feet. But I'm talking to the guy who said it would be years before her ever got another job as a DC. lol

 

[Boileratthebeach]

The guy was COMPLETELY detached from reality.

And we wonder why he failed…

But he’d tell you it’s because it’s Purdue.

$5MM house??? Talk about mismanagement - he clearly had confidence in himself.

 

[Wolegib]

I recall when Painter got his first head coaching job at SIU. He bought a house and lived in Carterville, Illinois. The house had a value of about $250,000. Admittedly, his job at SIU didn’t pay very much. But he knew his time at SIU would be limited. So he bought a house within his means and one he could easily sell

 

[Chi-Boiler]

No offense to anyone who lives in the L/WL community, but how many houses are even in that price range in the area? I have to wonder how much it cost to buy the land and build and therefore how much of a loss he'll take on it.

 

[Wolegib]

No offense to anyone who lives in the L/WL community, but how many houses are even in that price range in the area? I have to wonder how much it cost to buy the land and build and therefore how much of a loss he'll take on it.

There are some exclusive sub divisions north of WL and east of L. There are a few corporate bosses. My guess is the price range in those sub divisions would be $1-1.5 million. The basic new house today in a nice neighborhood goes for about $450k. Custom homes start at$750k

The problem is the market fluctuates a lot. You can easily see an asking house price drop $50-100k. That’s why it seemed rather dumb for a guy on his first head coaching gig to invest so much into a house when the likelihood would be he would only be staying in WL for 3-5 years.

My wife grew up in WL and her sister still lives in L.

I suspect/speculate Walters will lose $1-2 million trying to sell that house. The biggest issue is that the people who could afford a house like that already have a house. You are not going to attract a buyer to wl/l. With the money to buy a house of that nature. And the tax laws have change dramatically concerning the capital losses associated with selling a personal residence. He would be better off if he could designate it as some type of building for a religion or non profit agency!

I may not know much about football. But I have bought and sold a lot of homes And I have been trying to advise my sister in law and her family about owning verses renting in Lafayette.

From a financial perspective, this was not a well thought out idea.

 

[Wolegib]

I just looked at the listing again. I frequently choose a home based on the school district. WL has one of the top 5 school districts in Indiana and one of the top 50 school districts in the nation.

Yet this house is in the Klondike and Harrison High school districts. Nothing against either school. I did some student teaching at Klondike.

But when you have an opportunity to send your kids to one of the best school systems in the country, you take advantage of that opportunity!

Not thought out well at all.

 

[Purdue Grad in Texas]

Interesting the stat sheet says 10,223 sqr ft and the description says almost 11K. Math.

The difference being directly related to how far the safety lines up from LOS?

 

[POTFHBTFU]

There are some exclusive sub divisions north of WL and east of L. There are a few corporate bosses. My guess is the price range in those sub divisions would be $1-1.5 million. The basic new house today in a nice neighborhood goes for about $450k. Custom homes start at$750k

The problem is the market fluctuates a lot. You can easily see an asking house price drop $50-100k. That’s why it seemed rather dumb for a guy on his first head coaching gig to invest so much into a house when the likelihood would be he would only be staying in WL for 3-5 years.

My wife grew up in WL and her sister still lives in L.

I suspect/speculate Walters will lose $1-2 million trying to sell that house. The biggest issue is that the people who could afford a house like that already have a house. You are not going to attract a buyer to wl/l. With the money to buy a house of that nature. And the tax laws have change dramatically concerning the capital losses associated with selling a personal residence. He would be better off if he could designate it as some type of building for a religion or non profit agency!

I may not know much about football. But I have bought and sold a lot of homes And I have been trying to advise my sister in law and her family about owning verses renting in Lafayette.

From a financial perspective, this was not a well thought out idea.

Not a single house in the L/WL sold over the last few years for over $1.35m per Zillow. He has been living in brohms old house and started the building process almost immediately upon getting hired and had a $3.5m budget with just his builder. Maybe he’s closer to $5m with land, outdoor stuff, design fees, etc. He will take a huge hit. People that build houses like this want to customize to their own tastes. I would be surprised if he got more than $2m for this house.

 

[Chi-Boiler]

Interesting the stat sheet says 10,223 sqr ft and the description says almost 11K. Math.

What's your definition of "almost"?

 

[Tommaker]

What's your definition of "almost"?

that was theirs verbatim. My definition is the same as my definition of "is".

 

[Bippus33]

No offense to anyone who lives in the L/WL community, but how many houses are even in that price range in the area? I have to wonder how much it cost to buy the land and build and therefore how much of a loss he'll take on it.

I was thinking the same thing....

 

[BoilerGrad02]

I live in WL (a good golfer could hit Mackey from the top of my driveway, I however could not). Building anything over 1.5-2 mil is going to drastically cut down your potential buyers if you decide to sell. The area is decently affluent but the population isn’t large. As far as the school district, yes it is often ranked #1 in the state of Indiana but you’ll never find that much land within the district to build something that large unless you buy multiple homes and bulldoze. WL is the most densely populated city in Indiana. Space alone is definitely scarce.

 

[Wolegib]

Not a single house in the L/WL sold over the last few years for over $1.35m per Zillow. He has been living in brohms old house and started the building process almost immediately upon getting hired and had a $3.5m budget with just his builder. Maybe he’s closer to $5m with land, outdoor stuff, design fees, etc. He will take a huge hit. People that build houses like this want to customize to their own tastes. I would be surprised if he got more than $2m for this house.

Exactly! He built a forever home with so much customization, nobody is going to want to pay that price. The chairman of Lily already has a home. A mother in law suite complete with a kitchen? And someone said above the house is not finished?

A very bad idea. I can see a foreclosure ahead!

What is not being said is how much money he actually put into building this house. If the house is not finished, Walters may not have put much actual money into the house. And it may be the realtor and construction contractor. Trying to recoup their losses.

 

[Wolegib]

I live in WL (a good golfer couldn’t hit Mackey from the top of my driveway, I however could not). Building anything over 1.5-2 mil is going to drastically cut down your potential buyers if you decide to sell. The area is decently affluent but the population isn’t large. As far as the school district, yes it is often ranked #1 in the state of Indiana but you’ll never find that much land within the district to build something that large unless you buy multiple homes and bulldoze. WL is the most densely populated city in Indiana. Space alone is definitely scarce.

I fully agree. That’s another reason not to build a house of this size and magnitude and cost on the outskirts of West Lafayette.

He built a forever home. Did he really believe he was going to live in west Lafayette forever?

One of the biggest factors I look at in buying and building a home is its potential resale! This house at this price has no potential buyers. It would be hard pressed to find a buyer at $2 million. I’m not saying it’s not worth $4 million. I’m just saying you are not going to find a buyer. Is GK or Drew Brees going to move to WL any time soon?

I own some rare stamps and baseball cards. Regardless of what the catalogs say they are worth, they are only worth as much as someone is willing to pay!

If you are going to build a forever home, you don’t put it up for sale before you move in. I can understand the concept of building a forever home. But you don’t build one at the beginning of your career, especially as a coach.

Wolegib Jr. is currently an assistant college coach. He’s with his third team in 4 years. And his current team is not his dream team or his dream job. His dream job is to be the head coach at SIU and live in Carterville and to annoy SI Boiler for the rest of his days! Since coaching is such a volatile job, he’s renting.

 

[Riveting]

I may not know much about football.

Agree.

 

[Wolegib]

Agree.

But I know as much as you and the majority of posters on this board do! When was the last time you posted anything noteworthy in relation to football?

 

[Purdue80]

I live in WL (a good golfer could hit Mackey from the top of my driveway, I however could not). Building anything over 1.5-2 mil is going to drastically cut down your potential buyers if you decide to sell. The area is decently affluent but the population isn’t large. As far as the school district, yes it is often ranked #1 in the state of Indiana but you’ll never find that much land within the district to build something that large unless you buy multiple homes and bulldoze. WL is the most densely populated city in Indiana. Space alone is definitely scarce.

For context, Matt Painter‘s house has a $2.4 million estimate on Zillow. And it is a bit larger from a square footage perspective with several outdoor amenities.

 

[Wolegib]

For context, Matt Painter‘s house has a $2.4 million estimate on Zillow. And it is a bit larger from a square footage perspective with several outdoor amenities.

I can understand Painter having a house costing that much. He has had a nice long career and will probably retire in west Lafayette. That’s his forever home and I doubt he would ever sell it. I can’t understand a coach spending $4 million in building a home on his first head coaching contract. And then immediately trying to sell it with zero equity in it. I must ask, who’s going to buy it at that price?

 

[POTFHBTFU]

Exactly! He built a forever home with so much customization, nobody is going to want to pay that price. The chairman of Lily already has a home. A mother in law suite complete with a kitchen? And someone said above the house is not finished?

A very bad idea. I can see a foreclosure ahead!

What is not being said is how much money he actually put into building this house. If the house is not finished, Walters may not have put much actual money into the house. And it may be the realtor and construction contractor. Trying to recoup their losses.

It won’t foreclose. I don’t even think he took out a mortgage so how can it foreclose? he will just take a $2m+ hit. It was a horrible investment and he’s also being sued by the builder which will cost him several hundreds of thousands if he loses, and his defense seems shaky. He got $18m+/- from Purdue?

The lawsuit said he has a $3.5m cap with his first builder and the building design didn’t seem to change so assume with land and design fees he’s probably over $4m on the hook.

 

[POTFHBTFU]

I can understand Painter having a house costing that much. He has had a nice long career and will probably retire in west Lafayette. That’s his forever home and I doubt he would ever sell it. I can’t understand a coach spending $4 million in building a home on his first head coaching contract. And then immediately trying to sell it with zero equity in it. I must ask, who’s going to buy it at that price?

We don’t know what he paid. But he built it several years after coaching here and that’s just what Zillow says it’s worth. Heck he could have paid $4m to build it too. It looks way nicer / better than Walters but lumber and home building was also much cheaper pe-COVID.

 

[Riveting]

But I know as much as you and the majority of posters on this board do! When was the last time you posted anything noteworthy in relation to football?

Even when someone politely agrees with you, as I did, you lash out in umbrage.

 

[Wolegib]

Even when someone politely agrees with you, as I did, you lash out in umbrage.

Your agreement seemed very sarcastic and mean spirited!

If I said I was once diagnosed as being mentally retarded, what would your reply be? They got that right?

 

[Riveting]

Your agreement seemed very sarcastic and mean spirited!

If I said I was once diagnosed as being mentally retarded, what would your reply be? They got that right?

No, I would tell you I was sorry for being sarcastic and mean spirited toward you.

 

[New Pal Boiler]

One of the biggest factors I look at in buying and building a home is its potential resale!

Wow, you’re a finance wizard. I never would have thought of that. Thank you.