Tuesday, May 19, 2009

If your house was worth $400,000 in 2005, then it's worth $330,000 today

Last Thursday, I offered this post on CT Valley housing prices from 2006 to 2009. But now I've found the equivalent numbers for 2005:You can see that using the National Association of Realtors numbers, I'm estimating that Cheshire housing prices have fallen over 17% since 2005.

Now look at this March 14, 2005 document provided to the Planning & Zoning Commission in support of the Richmond Glen development - the same development that led to the Council leadership's pushing through this sweetheart deal $10 easement using the secrecy of executive session:Using the NARs estimates, those $400,000 households (circa 2005) will now be selling for $330,000 in 2009.*

Anyone care to calculate the taxes on those property values? I intend to post on that tomorrow.

Tim White

* $330,000 = $400,000 x (1.00 - 0.1733%)


Anonymous said...

I told this to the reval company and the Board of Tax Review and it was like negotiating with a stump.

Everyone in town has an assessment like the bubble never burst

Anonymous said...

As a result of Cheshire reevaluating with unrealistically high house values, Cheshire will get a lot less money from the state because it is a rich town, and the taxpayers will have to pay more for property taxes.

It is a fact that housing prices have slid another 18% from January. Needless to say, Cheshire taxpayers have been screwed. Nice going TM.

I think the state legislature passed a bill to postpone evaluation and this will allow other towns to lower their grand list to the realistic values and make Cheshire appear even richer.

Why can't Cheshire adjust the reevaluation to account for the drastic drop in house values or to start from scratch.

Anonymous said...

These sort of documents that Tim shares with us is the reason why he is the most valuable TC member we have.
These are not things that are shared by other members, but Tim knows that he is working for the people of CHeshire and not for his own group of cronies.
Thanks Tim!

Anonymous said...

How soon after the Nov. 3 election does the Town Manager's contract come up for renewal?

Anonymous said...

Reading the March 2005 memo brings to mind some questions - - -
1. With the changes in residential real estate seen since 2005 why would local government groups move forward on this without a new more current market study done now?
2. Surely today's market price cannot be 2005's market price. What does the builder know concerning the anticipated target price?
3. What bank would front substantial money now for a development whose market study is this stale?
4. Could 82 tiny $250,000 units fit in the present footprint? Or how about the town's first 10 story high rise senior apartments?

Anonymous said...

"He is working for the people of Cheshire and not for his own group of cronies"

And, it's all volunteer! That's the part that always blows me away.

Anonymous said...

"He" is volunteering, not getting paid.

I don't believe all the Dems are in it the same way.