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
The way GAR reassesses property the latest sale is supposed to reestablish the new value of your property upwards, which is utter nonsense. It's these kinds of sales and speculators flipping property that's screwed up everything in terms of value.
ReplyDeleteLeonardo (and Carole), rather than blaming the buyer and seller screwing everything up, we should blame the law that allows governments to penalize everyone else for the sale.
ReplyDeleteYes to blaming the law ... the notion that a rising tide raises all houses is pure folly.
DeleteWhat we lost, 6 family housing !!!!!!
ReplyDeleteThis tends to make my blood boil.
ReplyDeleteIts obvious there is nothing remotely "fair and equal" about GAR's assessments of Hudson.
ReplyDeleteThe Weapons of Math Destruction and The Targeted Citizen by Cathy Oneil