A simple google search and modicum of knowledge of the industry would let you know his dad is not an investment banker. He appears to run his own firm as a personal financial advisor.
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https://www.letsrun.com/forum/flat_read.php?thread=10654718&page=1#post-25
The land alone (roughly 135 acres) cost nearly $3 million btw
They were likely able to build the track itself for cheaper than normal since labor in that area (Amish territory) is very cheap
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I think he bought it about 10 years ago. It probably cost $2M at the time. I realize that most posters are not wealthy and don't know how to manage money. That is why I find it funny that everyone becomes an expert when it comes to choosing an Ivy or a job.
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Coey wrote:
A simple google search and modicum of knowledge of the industry would let you know his dad is not an investment banker. He appears to run his own firm as a personal financial advisor.
Way to split hairs, man.
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dad of wrote:
I think he bought it about 10 years ago. It probably cost $2M at the time. I realize that most posters are not wealthy and don't know how to manage money. That is why I find it funny that everyone becomes an expert when it comes to choosing an Ivy or a job.
No, the land was all bought in 2021, and it cost $2.85 million at the time. This is straight from the property records.
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Okay. Way less impressive.$2M invested in S&P 500 in 2015 is worth $5M in 2021. $1M in 2015 was worth $2.7M in 2021. It isn't hard to have saved $1M by 2015.
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dad of wrote:
Okay. Way less impressive.$2M invested in S&P 500 in 2015 is worth $5M in 2021. $1M in 2015 was worth $2.7M in 2021. It isn't hard to have saved $1M by 2015.
Post your most recent bank statement. Bïtch.
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Rico Dynamite wrote:
Coey wrote:
A simple google search and modicum of knowledge of the industry would let you know his dad is not an investment banker. He appears to run his own firm as a personal financial advisor.
Way to split hairs, man.
Are you kidding?
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Like I said, I don't earn a lot and I am not wealthy. But I have managed to save a few million $. I can only imagine how much the Hoeys have if the Dad makes a few hundred thousand per year.
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dad of wrote:
Sounds like they did some of the work. Guessing total cost $150k which is nothing. I am not wealthy but could do it with ease. Why 8 lanes?
Has to be way more than that. Local high school is building a track. $3M for a super basic setup. No bleachers or anything. You can’t even build a shed for $150k these days.
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Not close wrote:
dad of wrote:
Sounds like they did some of the work. Guessing total cost $150k which is nothing. I am not wealthy but could do it with ease. Why 8 lanes?
Has to be way more than that. Local high school is building a track. $3M for a super basic setup. No bleachers or anything. You can’t even build a shed for $150k these days.
Keep in mind that cost is likely after a public procurement with all kinds of insane requirements. If you are doing this on your own land - and especially if you have agreed to open it for some kind of larger use (meets, school use on occasion, etc.) - you are going to be able to get it done for less and may even receive some TIF funds. When a school system or municipality builds something, it is typically 2x or 3x the cost of private development. Add in a basis the school system might have had to pay - or demo costs if it is replacing an old track - and you can see why it was so expensive. I am not defending the $150K quote, but just saying that costs can vary wildly if the family cleared, graded, and prepped the owned land and didn't have any zoning or entitlements to deal with before the track was put down. The 8 lanes makes me think they are opening this up for some kind of wider use... not just family use.
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That is incorrect. We upgraded our track recently for $125K. Best tracks in the world don't cost $3M. Thst had to include land or significant leveling or a football field. Even then, the price is too high. Maybe somebody in school admin pocketed $2M.
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looks like Bing maps has an image of the track
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dad of wrote:
That is incorrect. We upgraded our track recently for $125K. Best tracks in the world don't cost $3M. Thst had to include land or significant leveling or a football field. Even then, the price is too high. Maybe somebody in school admin pocketed $2M.
There is a bit of a difference between resurfacing a track and installing a new one. I know when we did ours most of the drainage and level was pretty minor compared to a random field. 3 million is definitely way to high unless you are installing stands, restrooms and the like.
I am sort of amazed they could get this done during the pandemic. How many track installers are there in the US? I would assume there are a dozen specialist who do all the work but maybe I am way off on how many tracks get poured in the US every year…
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Looks like there is a a start line for the mile as well.
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The site prep and grading alone would have cost 75k-150k minimum.
And that's without counting the base layer and drainage (roughly the same amount) the surfacing (Double that) and the striping. You're looking at 300-700k for this.181 -
Pretty sure that part cost them almost nothing. They did the work and bought wholesale. Whether you guys want to believe it or not, they did the whole thing for $150K.
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From Grok
For a 400-meter synthetic (rubberized) track on an existing level grass field, with no bleachers, fencing, or extras, here’s the cost breakdown:
Cost Breakdown
Site Preparation:
Minimal grading (assuming flat, stable field): $5,000–$10,000
Basic drainage (required for synthetic to prevent water damage): $5,000–$15,000
Track Surface:
Synthetic (rubberized) surface (base layer + polyurethane track): $80,000–$150,000. Costs vary based on thickness (13mm is standard) and quality.
Markings: $3,000–$7,000 (lane lines and basic markings).
Permits/Design: $2,000–$5,000.
Total Estimated Cost
Synthetic Track: $95,000–$187,000
Likely Range for a Basic Setup: $100,000–$140,000 (assuming good field conditions and standard materials).316
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