Pending contracts and assessments

On a lark, I pulled the 9 lowest and 9 highest properties of the 50 Greenwich single family homes currently under contract (leaving 603 still for sale and more, presumably, coming on in January). It seems to me that many of the higher end houses are selling for a huge premium to their assessed value (which, I remind you, is supposed to be 70% of their 2005 market value). Either of two explanations come to mind to explain this phenomenon: either higher end homes are really holding their value better or the assessments were skewed to their advantage back in 2005. I don’t have the answer, but here are the statistics:

Address                  First price                       Last asking price         Assessment (70%)

10 Lyon Ave.          $695,000                             $489,000                          $444,000

36 Hartford            $650,000                             $550,000                          $442,000

9 Miltiades              $985,000                             $695,000                           $667,000

7 Mill Pond              $925,000                             $739,000                           $705,000

11 Somerset            $940,000                             $895,ooo                            $1,008,000

 4 Janet Ct               $799,000                              $779,000                          $533,000

73 Halsey                $920,000                              $799,500                          $570,000

1 Fairfield                $1,199,000                            $899,000                         $668,000

14 Windy Knoll       $1,239,000                           $987,000                          $498,000 (renovated ’08)

TOP NINE CONTRACTS

51 Mooreland            $9,500,000                        $5,995,000                      $3,535,000

74 Lower Cross       $6,995,000                           $6,450,000                     $4,000,000

21 Willowmere Cir  $7,400,000                           $6,850,000                     $4,300,000

10 Cornelia               $9,750,000                           $6,950,000                     $4,757,000

15 N. Crossway        $7,195,000                           $7,195,000                       $3,148,000

205 Clapboard          $12,500,000                        $7,975,000                      $6,120,000

21   Guinea                $8,950,000                           $8,950,000                    $5,171,000

67 Harbor Drive       $11,950,000                          $11,950,000                  $8,366,000

54 Byram Drive       $23,000,000                          $17,950,000                  $5,644,000

8 Comments

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8 responses to “Pending contracts and assessments

  1. pulled up in OG

    Under assessment at the high end was nothing new in ’05.

  2. Anonymous

    They clearly valued the structures on the property and then, using a standard formula for land assessment values, tacked the land value on to the sum. They must have devised an assessment value which didn’t differentiate the value of the differing addresses. Thus the high end properties ‘won’, as their land was valued in a standard format despite having unique qualities which would make them ‘priceless’.

    That’s my expert opinion! Assessment values still rule, just not where the addresses are unique?

  3. Resident

    Feels like the lower end of town is subsidizing the big boys.

  4. Pete

    Before the last revaluation in 2005 I gave the Assessor a list of assessment ratios going back to 1970. All showed the assessments in high end properties were too low.

  5. Jack45

    And, in the immortal words of Casablanca’s Captain Renault: I’m shocked … shocked to find that gambling is going on in here.

    Whatever gave you the idea that the wealthy didn’t pay their fair share?

    In the equally immortal words of Leona Helmsley: “We don’t pay taxes. Only the little people pay taxes …” Ah, yes; the memory lingers on.

  6. Andrew

    51 Mooreland Road closed for $5 million.