I promised this.   Here are the properties in Schenectady (city) that closed during the last 6 weeks of 2011.    These were listed in the paper, it's public record, source cited is county clerk's office).  I've added the assessment, i.e., the amount the city dems claim the properties are worth as of July 2011 (the official final assessment roll filed by the city).  

The list published in the paper of course doesn't indicate whethther these were arms length sales, but the ones highlighted in green would be my personal throughts that they were not arms length because of the identified seller and/or buyer being a bank, and LLC, an attorney, BNI,---those might be indicative of a foreclosure.  

So, contrary to what ham is quoted in another thread that values are going up---but ham REFUSES  to provide evidence to support his statement--it is quite obvious that the values are largely going down, and that's also supported by GCAR numbers.   The one house that sold which sold for substantially above the assessed value (1580 Kingston Ave), it will be interesting to see if the city increases the assessment value on that house.  If I was a taxpayer in the city, you can bet that I would complain if the city didn't increase the assessment value of that one.   Fortunatelly, records are public so we will know later this year.






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It's just over a month til assessment grievance time in the city.

With so few houses selling, guess the board of assessment will continue telling grievants that they have not provided sufficient data (to prove the reduction in the value of their homes).

Yes?

The only option apon the cities refusal to lower assessments is to take them to small claims court.

Still missing why everyone thinks this program is so great for the city.  Werent these properties already paying taxes?  Is there any expansion in the tax base due to these sales.  If anything it hurts the city since the purchase prices are below the current assessed values.  The buyers will have proof of change of value and will be able to easily have the assessments lowered......

Quoted Text

SCHENECTADY COUNTY
March strong for area home sales Mild, snowless month brings out the buyers
BY BETHANY BUMP Gazette Reporter

    A mild winter, pent-up demand and confi dence about the economy may have contributed to strong home sales in the Capital Region for the month of March.
    Schenectady County led the region for the biggest year-over-year boost in closed sales, according to the latest data from the Capital Region Multiple Listing Service, a subsidiary of the Greater Capital Association of Realtors.
    Local Realtors think the increase could have something to do with the special financial incentives being offered to potential buyers in the city of Schenectady, but agreed it could just be low sales last year causing the jump. In any event, a mild winter that left
the region with little, if any, snow dur- ing March was a boon to home sales.
    “When you’re wrapped up in your house and it’s 10 degrees below zero and freezing, do you want to go outside, go shopping, do other things?” said Paul Friello, a real estate agent with Coldwell Banker. “It’s just so much easier in real estate not to deal with the elements of weather.”
    Sellers are also more willing to let people into their houses, he said.
    “Some people don’t want to have their houses shown when there’s snow outside,” he said.
    “Houses probably even look better without the snow.”
    The number of closed residential sales in the greater Capital Region last month increased 3 percent from the same time last year.
    Schenectady County saw a 26 percent jump in closed sales, from 78 homes sold in March 2011 to 98 in March 2012. The median sales price of homes increased 26 percent in a one-year span as well, from $138,500 to $174,000.
    Pending sales showed a smaller increase of 16 percent from 115 sales in March 2011 to 133 in March 2012.
    “I think we’ve got a lot of great places,” said Friello. “Obviously the city of Schenectady is a little tough with the taxes. But we’ve got Niskayuna, Glenville, Rotterdam — they’re all good places to live.”
    Realtors wondered whether Schenectady County could be seeing an increase from the Key to the City program — a partnership between the city and Key-Bank that offers special fi nancing incentives and grants to assist first-time home buyers.
    Prudential Manor Homes Realtors President Jay Christiana said that while a big part of the boost was simply pent-up demand from a sluggish market in the past few years, the program could have had an effect on those numbers.
    “I think the Key to the City program has been a nice boost, too,” he said. “I think it’s opened people’s eyes to Schenectady as a possible place to live and Key Bank’s done a great job with that. I think it’s a combination of these things. The weather is certainly a big piece of it.” ............................>>>>.....................>>>>...................http://www.dailygazette.net/De.....r00101&AppName=1

Schenectady COUNTY is ok, but Schenectady CITY - plummets again!

http://www.gcar.com/download/local-market-updates/City-of-Schenectady.pdf

Quoted Text

“I think we’ve got a lot of great places,” said Friello. “Obviously the city of Schenectady is a little tough with the taxes. But we’ve got Niskayuna, Glenville, Rotterdam — they’re all good places to live.”
    Realtors wondered whether Schenectady County could be seeing an increase from the Key to the City program — a partnership between the city and Key-Bank that offers special financing incentives and grants to assist first-time home buyers.

Not only are schenectady's taxes the BIG negative............how 'bout the failing school system? How 'bout the historic crime? How 'bout the failing infrastructure? And who and what class of folks want to move into an URBAN CITY?

And what kind of financing incentives and grants are being given to these first time home buyers? And where is the 'grant $$$$' coming from?

Quoted from mikechristine1

I promised this.   Here are the properties in Schenectady (city) that closed during the last 6 weeks of 2011.    These were listed in the paper, it's public record, source cited is county clerk's office).  I've added the assessment, i.e., the amount the city dems claim the properties are worth as of July 2011 (the official final assessment roll filed by the city).  

The list published in the paper of course doesn't indicate whethther these were arms length sales, but the ones highlighted in green would be my personal throughts that they were not arms length because of the identified seller and/or buyer being a bank, and LLC, an attorney, BNI,---those might be indicative of a foreclosure.  

So, contrary to what ham is quoted in another thread that values are going up---but ham REFUSES  to provide evidence to support his statement--it is quite obvious that the values are largely going down, and that's also supported by GCAR numbers.   The one house that sold which sold for substantially above the assessed value (1580 Kingston Ave), it will be interesting to see if the city increases the assessment value on that house.  If I was a taxpayer in the city, you can bet that I would complain if the city didn't increase the assessment value of that one.   Fortunatelly, records are public so we will know later this year.






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MC1.  Great post.  This data goes to show that this city program is actually hurting the city taxpayers.  The turnover in these homes at lower than "assessed" value is actually going to further errod the overall Total Assessed Value of the city further putting more strain on those who are all over assessed but do not have the money to go through the grievance process.    

Quoted from TakingItBack

MC1.  Great post.  This data goes to show that this city program is actually hurting the city taxpayers.  The turnover in these homes at lower than "assessed" value is actually going to further errod the overall Total Assessed Value of the city further putting more strain on those who are all over assessed but do not have the money to go through the grievance process.    

Actually, it doesn't cost money to go through the grievance process.  

But I'll clarify.  

If I remember correctly, there is no cost to do the BAR grievance.

There might be a small fee for SCAR if you are unsatisfied with the BAR decision.

I'm not sure what the certorari costs are if you go that route.

If you choose to use a "property tax adjuster," i.e., those businesses that put the enticing ads in the paper, or maybe use hire an attorney, well that can be costly, but it's your choice.  I think they charge in the vicnity of one-third of your tax savings (not sure how many years worth of savings).

It is said that you "need" an appraisal.   That's a debatable statement.   It's dependent on various things.   The city of Schenectady is a good example to use.   So many two family houses in a mile radius, virtually same floor plans and very similar lot sizes.  If 60% of those property owners already grieved, and now you are looking at your own, well, heck, if all those comps are assessed at 65,000 and you and the other 40% range in assessed values of about $100K to $115K, personally, I don't think a professional appraisal is that critical.   And suppose those those higher assessed houses some are for sale asking $80,000, then the whole comparison without an appraisal should be sufficient, particularly if you take photos of your house.   But if you have a typical two family house in the Upper Union St area, just don't compare it to a similar style house in Hamilton Hill.  Now areas, well, such as around Schdy H.S., there could easily be half dozen different style houses, and even similar styles may have drastically different floor plans, differences in bathrooms and bedrooms, etc.   In a suburban area, it's not uncommon to have developments by one builder where all houses are virtually identical.   And a house on a corner would be valued (and should be assessed) higher than the rest, and maybe some houses had a sun room added, or some a three car garage instead of a two car; most assessments would be pretty much the same but taking into account those "extras" might justify avoiding the cost of an appraisal.

In theory, any average person can get their assessment reduced without any professional services, it's just knowing what facts to present.  Today thankfully, it's relatively easy to get the needed facts, but then there's the tedious process of creating a database.

I know a few people I gave tips two, back some years ago, they easily got 25% reductions, yes, the city soon after that went and did a citywide reassessment.   But of course, there were thousands grieving each year.  

The big problem in the city currently is those BAR members seem to be in cahoots with the city dems, and they won't even tell people why they ruled against the grievant even though the  grievant has way far more proof than would ever be needed.   That's not right!

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Oh yeah, and this year in the city (of Schenectady) itself, there should be at least 5,000 homeowners grieving their assessments

And that is a statement that I believe that the "renaissance cheerleader" under all names (DV, GG, Scots, Ham, girl private Mono, and any others we're not sure of) should be able to post here stating he agrees 100%.  Right?



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Wow - someone bought "The Fireside" building.  At half price.

Today is May 20.   Another McC open house.  

These are the houses listed in the big full page ad from Friday's gazette as advertised in the "Key to the City" program.   Wonder how much this ad cost the taxpayers????

Be certain to read the notations underneath the list




NOTES:

1.   The houses in green were included in McC's open house in March (see older post).        

2.   The Brandywine Ave house indeed was listed first for $39,900, that is NOT a typo, the owner did change realtors.  The ad has no photos, not even much description as to it's condition, etc

3.    The house on Eastern Ave, the ad in the paper says "new listing" but it was indeed listed in March.

4.    The house on Eastholm Rd,  someone has a mistake.   From the photo in the ad and from the tax ID, it is quite obvious that it is the house listed in city/county records as 3 Eastholm Rd and is assessed for $92,700.  So not sure if the city/county records have the house number wrong or whether the realtor has it wrong.

5.    Three houses--the Front Street, Hillcrest Ave, and Webster St--the annual taxes are not included in the ad, either because they are so newly listed or perhaps McC is dictating to the realtors to keep the tax bills hush hush.

6.    Added now is the original prices and current asking prices, along with the number of price reductions.

7.    The house on Starr Ave CLEARLY lists (in the ad) an incorrect tax bill.   The current owner has the veterans and disability exemptions which the vast majority of buyers would not get.

8.    The house on VanVranken actually took up half of the ad in the paper Friday.   It has the current (before) photo, and an "after" DRAWING of some architect's drawing -- if you look carefully in the ad, you'll see the SRG Architect's logo, so I'll guess that firm did the drawing.  This is where McC's program is TERRIBLY TERRIBLY FLAWED.   Seriously, the drawing of the "after" is very attractive.  It looks very inviting.   But the city, itself, has determined THIS YEAR that the house is only worth $26,304.   This Key program is supposed to let people get a mortgage for up to $50,00 above the value of the house to do fix ups.   So the owners will get a mortgage at most of $76,304.   Putting on new siding, the new shutters, the pergola/porch, two sets of new stairs (see the side too), the obvious sun room (see way over at the right where the french doors are), the landscaping, the meticulous lawn, it's going to take way far more than $50,000 to fix up that house.   Based on the city's stated value of $26,304, it is obvious that the inside clearly is not updated and new and a new kitchen alone these days cost typically $30,000, bathroom at least $15,000, so how can McC tell prospective buyers that they could buy this house and it will be both habitable (updated) inside, up to code, AND look like the "after" photo?



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Why did the VanVranken assessment drop 60k?  Did the house burn down - or is it a relative de famiglia ?

How many board readers have noticed that the asking prices often are higher than the assessed value?

Either the owners or the realtors are clueless.

I mean, look at the two on Ardsley Rd..   They have been sitting for sale for a year and they STILL are trying to sell for near or above assessed value?  

Adams Rd too.

Maybe McC should get that Mike Aubrey to try to sell these houses.  Aubrey is from HGTV, he had the show "Get It Sold."       (This idea might be a very food idea for a certain cheerleader to brown nose McC with)


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