A couple of older contracts (October and August) closed yesterday and we now know what the properties fetched.
54 Byram Drive (Belle Haven), 4 acres of waterfront in the 1-acre zone, plus old house, listed for $23 million, sold for $14.525. Assessment: $5,643000.
15 North Crossway (Lucas Point, Old Greenwich), listed at $7.195, sold for $6.5. Assessment, $3.148 million. Owners bought it new for $3.925 in 2002 so here’s a property deal that paid handsomely.
By way of comparison, 37 Almira Drive in Byram, originally listed at $825,000 in 2008 and dropped to an asking price of $475,000 is now under contract. Its assessment is $482,000.
If you notice a pattern in under-assessment and over-assessment here, so do I. I wonder whether our new evaluation has used appraisers cognizant of the difference between waterfront and Byram hills? I doubt it – I think certain people like things just the way they are.
I know its nit picking, but Almira Drive is in Pemberwick, not Byram.
We try not to mention “nits” and “Byram” in the same breath, Pete. The locals take offense.
A new campaign, Chris? Hopefully, you’ll continue to point out the systemic bias in assessments.