Cos Cob bidding war!

16 Licata

16 Licata Terrace

It actually happened early in August but the sale closed yesterday. This house on Licata Terrace, priced at $895,000, sold for $911,500. Assessment is $711,600, so so much for that benchmark. Price war winners from 2005-2007 all turned out to be losers when they went to resell their prize, but perhaps this time is different.

2 Comments

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2 responses to “Cos Cob bidding war!

  1. GiGi

    Don’t you think the further we get from the 2005 re-val assessments, the more unreliable “analysis” based on those numbers becomes? Utilizing assessment numbers this old is fraught with inaccuracies. I question the overall accuracy and fairness of assessments even within the year they are done.

    How many people invite the tax assessor in for a complete inspection in the 1st place? Most people try to keep their taxes as low as possible and volunteer little to Town Hall that might increase their bills.

    How many homes may have made some/significant improvements without permits since the re-val?

    Particularly in this market, don’t you think more recent figures and more meaningful points of comparison should be the basis of discussion?

    Just saying.

    • christopherfountain

      I don’t agree, GiGi, because the assessment, meant to be 70% of 2005 market value, seems to be the right value today – and yes, with a nod to others who complain, using the assessment as your only tool is almost as bad as using Zillow. But as a general overview of the market, houses were selling for 2.3 times, on average, of the 2005 assessed value. If they are now selling, on average, at 1.3 (or less0, then that tells you a lot about house values today.
      And when I advise clients on bidding, with rare exceptions, I start at that assessed value and go up or down from there.