Sold 7/95: $700,000
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I think you’re on to something with the 70% rule. I’d be interested if you thought that applied to New Canaan and Darien? I know NC did an assesment in 2008. Is that true for Greenwich? If not would you apply another discount to NC or Darien?
I don’t know what New canaan and darien are up to, honestly. Greenwich’s last reassessment was 2005 and 70% of that year’s market value seems to be pretty accurate here. Or is becoming more accurate. NC AND Darien? Depends on when they revalued houses.
I found and downloaded a pdf of Greenwich’s 2008 tax assessments off of the Town of Greenwich website. It has 1 Stonehedge Drive South at $861,840… Chris, is this a different valuation sheet than you’re looking at?
Nah – I was going on memory – a couple of thousand either way, the point’s the same.
Point definitely is the same. I too agree with you on this assessment point. It just makes sense. Alternatively, it’s scary to see houses that haven’t been on the market that long still priced at well over 2x the assessed value when there obviously no improvements since they originally purchased. Really means they’re going to sit for quite a while.
This dearth of transactions makes it especially hard for anyone looking to buy, because there are no comps to guide market value. Frustrating, but very interesting to watch and talk about.
2005 revaluation numbers (70% of mkt) equivalent to ~2002 sales prices.
Two more years worth of correction should do nicely.
I’ve always paid attention to the appraised value based on the assessment ~ the 70% rule of thumb value ~ for context if nothing else. In the seller’s market the list and selling prices were invariably well over (yes, sometimes double) the town’s appraised value. Now, esp. given most mid-FF County towns were reappraised @ the height of the market value-wise, closed sales are almost always less than the appraised value, in fact, inching closer and closer to the assessed value. Shocking! When a new listing comes on the market now the 1st thing I do is figure out the appraised value to see if the list price has any relationship to it. It’s an easy bet that bank appraisers are paying attention to assessments/town appraisals (finally) as well.
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