no, it will remain open. Why ? we have plenty of elderly people in WNY. but not enough young ones . Look at the recent closures of catholic schools. All that liberal largess and there are no young folks. Wait a few years, thats all we will have will be elderly people on ACA sucking huge amounts of money out of the govt.
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Why would anyone buy something to close it? Sounds like it would close of it's our accord. Church closing and the announcement of 10 additional catholic school closing points up the decline in the catholic population. In times past the church could afford schools and places a kin to St. Vincent's. Like many situations for far Western NY those times are behind us.
Really, what a dumb question...
"Do you think a guy who bought a brand-new car will take it right to the scrap yard?"
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Yes Commentor I was wrong and I will always step up and admit it if I am. We dont have the real numbers for St. Vincent's, that would help. Also the assessment is so far off base its laughable. How can the county home be 1/10 the accessed value of St.Vincent's. I would fight that to the 9th degree for St. vincent to be reduced. Let put it this way. The county home is taxed at about $4300.00 a year. ST.Vincent's is taxed at about $43000.00. all based on $50 per thousand tax assessment value.
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Disagreeing with my statement only proves you have absolutely no hands on experience with a facility like this and you are talking through your you know what. It's not easy and the profit wouldn't be tremendous. If the main goal is big profits then it's not the business you would want to get into.
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You are right you are wrong. A 40 bed facility can be profitable if you know what you are doing and run a tight ship. It can't make millions but it can turn a profit. However, most don't know what they are doing and that is the biggest reason for going under.
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CORRECTION --- projected loss of 3 million this year on 299 beds. So it only amounts to a loss of $10033. per bed. or $836 per month loss per bed.
opps, my bad it said it projected loss of 3 mill for all 3 properties, i thohgt it was just washington ave. I WAS WRONG.
Raise the rent, let any landlord tell the tenant by the way your rent is going up $6250 this month.
level it and make it a dog park.
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Story clearly projected loss of 3 million this year. only 40 beds. 3 mill divided by 40 = 75,000. very basic math.
The facility unfortunately has lost its purpose. Being owned by the Catholic Church it all comes down to money. Look at Mindszenty. The facility must charge more money that secular homes. Which families today cannot afford. A 40 bed facility is by no means a money maker or even able to break even. So I see the facility closing and the city buying it to tear it down and put up a parking lot. Stranger things have happened.
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I don't know where the 75k per bed came from but if that is the case for the Dunkirk facility something is drastically wrong. It's a 40 bed facility what are they spending their money on? As for open or close it depends. If it is private and they have to pay property taxes they will have to increase rent. If the rent is way out of line with other facilities in the area they will lose residents. If they lose too many residents they will be forced to close.
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I think there will be a serious effort to bring costs in line with revenues. Let's hope it works!
Watch and see how fassssst the tax assessment jumps if the County Home is sold to a private owner, to about $5 million.
here other reson. .... the county home has an assessment of $106,000 and taxable assessment of $89,000. While little tiny St. Vincents is assessed at $1,086000 and a taxable assessment of $868,000. Fair and equak taxation at its best. If I am wrong, please post the correct version.
losing $75,000 per bed a year ? I would believe it is gone !!!
PO Box 391 , Dunkirk, NY 14048-0391 | 716-366-3000