Lake Avenue sale

1003 Lake Ave

Sold for $4.9 million in 2006, “renovated” (new baths, etc.) in 2009, sold today for $3.976. Assessment (70% est. market value) $3.962.

7 Comments

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7 responses to “Lake Avenue sale

  1. Anonymous

    Chris: I keep trying to wean you off of those dated assessments. You’re killing me!

    2010 assessment: $2.6
    Market value based on 2010 assessment: $3.7
    Zestimate $3.2

    Looks like a pretty nice deal for the seller. Who said the Backcountry was out of favor?

    • Under the rules of our Association, 2010 assessments were supposed to have been incorporated into listings long. long ago. While some agents have done so many more obviously have not. So okay, I’ll just ignore them until, say, 2014, by which time maybe the majority of listings will have the correct number. And whether or not the seller got a “nice deal” he was still hosed based on his original purchase price.

  2. Of the dozen or so homes you took me to see, I remember only one that had the 2010 assessment on the listing sheet. In a couple of cases, we even asked the listing agent if he/she posted the current number and got a “I’ll have to check and get back to you” answer. If the Association has rules, they why aren’t those not in compliance fined or grieved?

    PS: I’ll understand if you have to answer in ShoelessIndex code or Igpay Atinlay.

  3. ill-logical

    2010 assessments aren’t supposed to be incorporated into the listings until after the appeal process is finished and the new assessments become official

  4. FlyAngler

    $768/sqft at $3.967mm and 5,165 sf (Zillow)

    Yes, that is at the high end of the range I have been calculating.

  5. VM

    FlyAngler (or anyone else):

    What is an appropriate range on a $/sq ft that you would expect to see in this market you consider this high? I’m not the seller. I’m just curious.

  6. MarketWatcher

    FWIW, trending off assessments has its limitations. The MLS listing had the total acreage right but not all the taxes. There were actually two lots sold — the back four acres (991A) is on a separate tax card. The purchase price is actually below the combined ’10 assessment for the two lots. Very soft market in backcountry.