Tag Archives: sales vs. assessment

Assessed value is the new 2.3 X assessment

In the good old days (2007) houses in Greenwich sold for an average of 2.3 X their assessment. Today, it’s much closer to 1:1. Considering that assessment is supposed to be 70% of 2005 values, we’ve dropped around 56% from 2007 values. (or that’s what my math shows – wizards, pitch in here. Example: If house’s 2005 value was $1,000,000, its assessment would be $700,000 and its 2007 value (2.3 X. 700) $1,610,000. Today’s value of $700 = 44% of 1.61, right?)  The five sales reported today seem to support this.

 

17 barton
17 Barton Lane

19 Skylark, sold for $820,000, assessed value $826,000.

Barton Lane, asked $2.625 in February, 2007 and sold today for $1.3 million. Assessment: $1.3

98 Orchard Street sold for $660,000, with an assessed value of $782,000.

102 W. Lyon Farm sold for $895,000, assessment is $1.154 million.
21 Gatefield Drive, purchased for $2.550 in 2004 and renovated in 2008 was listed that year for $3.675 and sold today for $2.595. ASssessment was just $2.1 million, but I wonder whether the improvements were picked up?

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