I’ve been prowling our MLS records this morning to come up with comps for a client interested in a house that abuts the Merritt Parkway. Obviously that road exposure commands a discount but I was surprised to see how much it hurts.
Checking out the two other streets in the area that front the Merritt, Will Merry Road (odd numbered side) and Stag Lane (even), people just seem determined not pay a lot to hear mufflers. The record for that side of Stag is probably this one, number 26, a beautiful house built in 2005 by an excellent builder but one that languished for over a year before its builder gave up and rented it.
That tenant ended up buying the place for $4.250 in 2007 – thus proving what residents along the Merritt claim: it’s not at all bad once you move in – put in $500,000 in improvements and placed it back up for sale in 2008 for $4.795. Two years and a $1 million price cut later, it remains unsold.
Everything else on this side of the street has sold in the low ones or thereabouts. Of course, those houses weren’t big gorgeous homes like this one but clearly their sales prices drag this one’s value down: the town’s assessment (70% of 2005 est. market value) is $2.2 million. Ouch.