That assessed value benchmark is looking better and better

Certainly for the lower end of the price range and, I suspect, the higher end too.

24 Nimitz Place

24 Nimitz Place, a Havemeyer ranch in good condition, was priced at $785, sold in 24 days for $785, and its assessed value (70% of estimated 2005 market value) was $784,300.

718 North Street , 4 + acres with a house in need of renovation but certainly not a tear down, sold for $3.583 million in September, 2001, came back in the low $4s in 2008, finally dropped to $3.3 million and is reported as “pending” today. I’m guessing it is selling for under $3,000,000, which would place it close to its assessed value of $2.5 million.

3 Comments

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3 responses to “That assessed value benchmark is looking better and better

  1. Accolay

    We’re truly below 2001 prices now?!?!

  2. FlyAngler

    Accolay, I would not cheer just yet.

    Chris, me thinks there’s something else going on with 718. If it’s assessed value is 2.5mm that implies a Town-derived market value of 3.57mm in 2005.

    But if this house traded in Sep 2001 at 3.58, we are being led to believe that this house had NO improvement in its market price between late 2001 and 2005 – is that possible? Could the 2001 price have been at such a high premium to market? Or, is there something wrong with it today?

    Also, did the house close in September 2001 or go to contract then? I recall a certain event in Sept 2001 that may have been worth noting, one way or another. But that is not likely to explain someone overpaying for a house by that much back then.

    Me thinks there is something very specific about this house that will lead to such a low price today.

    • christopherfountain

      I believe it closed the day before that awful date. As for why it didn’t go up in value, beats me – I liked the place.