It's confirmed. Stewart's has now purchased the second house needed to realize its expansion plan: 162 Green Street.
Stewart's had already acquired the other house to be demolished for its expansion--17-19 Fairview Avenue--back in November, even before the amendment to the code needed to enable its plans was passed.
Since full market value and assessments are on everyone's minds these days, I thought I would do a little comparing. Stewart's purchased 162 Green Street for $370,000. The house's 2018 assessment was $137,000. The 2019 preliminary assessment was $170,000. Stewart's paid more than twice that amount.
Similarly, the 2018 assessment for 17-19 Fairview Avenue was $225,000. Stewart's paid $600,000 for it in November. That amount--$600,000--became its 2019 preliminary assessment.
I was curious to know how the sale of 17-19 Fairview Avenue for the princely sum of $600,000 and the subsequent acceptance of that amount as the "full market value" had impacted the assessment on the identical house at 21-23 Fairview Avenue. In 2018, 21-23 Fairview Avenue was assessed at $225,000--exactly the same amount as the identical house next door. Its 2019 preliminary assessment, however, is only $300,000. It would seem, judging from the assessment, that a house vacant and destined to be demolished is worth twice as much as a house still standing and occupied.
The house at 21-23 Fairview Avenue is now for sale. The asking price is $469,000--more than its "full market value" assessment but less than the selling price for the soon to be demolished house next door.
COPYRIGHT 2019 CAROLE OSTERINK