Not good

Erikson's 1538 Wendell Ave house is assessed for  $181,000 giving it a current market value of about $165,000 based on the equalization rate, but the RAR for Schenectady city means an even lower market value, which would be fact.

But Erikson listed it in 2011 (when the equalization rate was 100%, not sure what the RAR was), asking $229,000.  
No one willing to buy at that price.  Taken off the market

With a market value of probably closed to $150,000 McC's corny realtor Mary Mary lists the house last March asking a price about $80,000 above it's market value, i.e., asking $239,000

Naturally Mary's real estate expertise is non-existent, the house never sold.

Erikson changed realtors and it's now listed asking $225,00 (still a stupid realtor, or Erikson's financial expertise is non existent.


Two years ago 1173 Wendell had a market value of about $250,000 and Erikson, as a supposed financial person (education/job) buys that house for $45,000 more than it's market value AND at a time when home values are falling.

Now he is very possibly getting laid off by GE.  OR he may have to transfer away from Schenectady (and yes give up his council seat which means residents will again be denied the ability to elect someone).

If he transfers, then the 1173 Wendell house will also have to be put up for sale.  It's market value today based on the more realistic RAR (rather than equalization rate) would put the market value of his house at about $210,000.  Man is he ever underwater on this house, he's got two mortgages totallying about $270,000!

And if he has to sell both houses?  YIKESs.

But remember what a cheerleader says "the mayor and his dem team are doing a wonderful job in the city," and "the city is in a renaissance."  But remember, the cheerleader will NOT provide ANY evidence to support his comments.


By the way, what is the code in the city?   Erikson's 1538 Wendell Ave house has been vacant for over two years.  Aren't vacant houses required by law to be boarded up?

What happens during economic hard times is that the smaller homes become comparatively worth more because they are less of an economic liability. A lot of the blather and hot air about real estate we heard during the bubble was a bunch of nonsense aimed at deceiving people. Mr. Erickson, due to his finance background, should be waking up to this reality. I don't know where people got the idea that the average realtor knows anything about real estate. Pretty much anyone can jump in and start calling herself a realtor, there is a license required, but the standards are not there. Does anyone else think it is strange that more and more corporations are requiring a "certificate" for quite low-level jobs, you have to go to an actual college and take courses and pass them, but a realtor is pretty much a shoo-in?
So, that's two council members without a finger in the pie, who've been burned. Perhaps that is why Mr. Erickson has started standing up to the Proctor's agent? He now understands the cause and effect that we have been ranting about? Experience is the best teacher.

We were talking to some realestate folks. They said that there are homes ALL OVER THE PLACE that are foresale. Some have been for month/years. This is for ALL of Schenectady county.

They did say that these homes are over priced and the consumer will 'eventually' dictate that. They said that 'yes' some homes do sell, but no where near what should be selling. They also said that the higher property/school taxes are contributing to lower home values. Folks won't pay a high mortgage AND high taxes. It's easier to negotiate an offer on a home than it is to grieve taxes.

Again....they said that this is happening county wide.

One of the biggest reasons for high taxes is the government bakery, the government gym, the two government theaters, the government hotel, the government hair salon, the government's lavish banquet hall, the government restaurants, the government gin mills, and the STOOPID and TOTALLY UNNCESSARY "fancy lighting."

Virtually all of downtown is tax exempt so of course the homeowners have to make that up.

Yes, yes, yes! That's what I'm sayin'. This is reality, not what you might hear on tv. Those "experts" are working for the real estate industry. The pertinent part of this reality is that Schenectady's high taxes are what is the logjam in the city, people are more aware buyers than anyone thinks, and McCheese should take his dog-and-pony charade onstage at Proctor's, because it sure as hell isn't good for anything else.

Quoted from Madam X

Yes, yes, yes! That's what I'm sayin'. This is reality, not what you might hear on tv. Those "experts" are working for the real estate industry. The pertinent part of this reality is that Schenectady's high taxes are what is the logjam in the city, people are more aware buyers than anyone thinks, and McCheese should take his dog-and-pony charade onstage at Proctor's, because it sure as hell isn't good for anything else.

And a so called expert says "the mayor and his team are going a wonderful job in the city," and "the city is in a renaissance."  Can't provide a shred of evidence to support those statements

I think that more and more people are waking up to reality in Schenectady. Why it doesn't transfer to votes I have no idea. I wonder if these deserters wish they had fought harder for the homeowners in Schenectady, now, instead of supporting the carpetbaggers.

why all this hullaballoo......if the man owns 2 or 22 houses.....he got the votes...

not let's throw him to the curb......???

RIGGI for Mayor...

Quoted from Madam X

I think that more and more people are waking up to reality in Schenectady. Why it doesn't transfer to votes I have no idea. I wonder if these deserters wish they had fought harder for the homeowners in Schenectady, now, instead of supporting the carpetbaggers.

Because most of the folks who live in Schenectady are renters/welfare/section 8. They NEED the few taxpayers that are left. As time goes on, the city will have no choice but to start charging taxes to those who are tax exempt in and around the state street area. It's just a matter of time when they will need more tax money or go bust! And there just isn't enough folks to shoulder the tax burden. Folks will just continue to 'walk away'.

The County is cannabalizing the City thru Metroplex.  Taking assessed valuation off the rolls through exemptions and generating sales tax base.  This is benefiting the neighboring towns through a lower county tax rate.  This is proven when looking at the 1995 Tax rates fully equalized and comparing to the same categories for 2011.  See below.  The City is the only one where the equalized (at full value) tax rate is higher comparing 1995 to 2011.  

2011                   .     Equiliz      County    Town     CityorVillage   School    Total
Town of Duanesburg     0.3145     6.215     $1.28      0.00.     7.490.     14.983
Village of Delanson  .     0.2661     5.258     $1.08      3.08     9.420.     18.835
Town of Glenville       .     0.9101     6.234     $3.06      0.00.     9.290.     18.582
Village of Scotia        .     0.8501     5.823     $0.86      8.81     15.50.     30.991
Town of Niskayuna  .     1.000.     6.140.     $2.87      0.00.     $9.01      18.021
Town of Princetown     0.3225     6.231     $0.14      0.00.     $6.37      12.739
Town of Rotterdam     1.000.     6.330.     $4.32      0.00.     $10.65      21.301
City of Schenectady     1.000.     6.660.     $0.00.     13.19     $19.85      39.701

1995                   .     Equiliz      County    Town     CityorVillage   School    Total
Town of Duanesburg     0.534     7.819     $0.53      0.00.     $8.35      16.694
Village of Delanson     0.535     7.839     $0.53      5.08     $13.46      26.916
Town of Glenville     0.731     7.954     $2.22      0.00.     $10.18      20.354
Village of Scotia     0.727     7.904     $0.99      10.62     $19.52      39.042
Town of Niskayuna     1.035     7.396     $2.71      0.00.     $10.10      20.193
Town of Princetown     0.532     7.244     0.00.     0.00.     $7.24      14.489
Town of Rotterdam     0.051     8.247     $3.41      0.00.     $11.65      23.304
City of Schenectady     1.128     8.592     0.00.     10.81     $19.39      38.786

Patches, the hullabaloo on my part is because this man got the votes, he recently started to question the machine, but now it looks like he may not even be staying in that seat. If these "placeholders" knew they would not be staying, or that there was even a chance, that is voter fraud. In the one instance, there is nothing we can do about it, as the seat was not up for grabs, but it still should have been, what a dishonorable thing to do, to not step down. Now as far as Mr. Erickson, it is quite likely he did not know about the potential job loss, or that even if he knew there was a chance of it, he didn't want to give up a seat just on that chance. What I would really like to see happen, is for people to run for those seats, get elected, and stay on the job they took on, represent the people that live here over the outsiders and temporary residents, and halt the decline of the city CAUSED by the actions of the connected types I keep ranting about.
The Section Eight-ers count as temporary residents, IMO, because if that were to go away they would not stay here, they would go to some other designated people dump.

The entire county is supporting METROPLEX/GILLEN via sales tax.

Then METROPLEX/GILLEN gives the surrounding towns a portion of the sales tax back.

The METROPLEX/GILLEN doesn't care about property/school taxes, equalization rates or assessments. Their job is to increase sales tax revenue so they (METROPLEX/GILLEN) can still be viable.

Sales tax is what powers the METROPLEX/GILLEN machine.

It is just one of many government/taxpayer subsidized entities.

Coud be that the seated member has tried to change the rules....but finds it frustrating...

it's a good thing to be in the know....and to have "friends in higher  places"....but then when

conscience meets reality.......the best comes out in a person.....or...they want bigger and better things...

it's not voter fraud....it's called "waffling" after the moment......

RIGGI FOR MAYOR

I wonder if the social worker running the schools realizes that the Metroplex/Gillen machine is going to absolutely DESTROY or school system, the one that was for AGES something to be proud of. The school system and the machine are both taxpayer funded. Right now, people are still enthralled with shiny stuff downtown. They don't see the destructive forces at work. The machine is hogging way too big a share of the money that comes directly from taxpayers. This is only showing up in small ways, at this time. For instance, when the city stiffed the school district and the school had to borrow to make it up. By law, the school district will get its share, come what may. At this time, that is an amount of money sufficient to run a cadillac school system. Yes, it is. In terms of what we provide students, Schenectady taxpayers have dug deep and furnished the district with pretty much everything a school district could want.
Here comes that machine/destruction part. Suppose you own a 50% share in a community garden. Suppose the other shareholder has a wild boar that gets in there and hogs whatever it wants. Okay, you are still entitled to your share, go and get your 50% after the hog gets through with it. The machine is that wild boar. Once the machine gets through destroying the city, here comes the school district to collect its share. I don't care how big a share the school district claims, you can tax property at 90% of its value, it is still 90 percent of nothing. This is where we are headed. When McCheese and company do what they do, this is what they are doing to these kids. It just hasn't happened yet, because there are still taxpayers left paying more than their property is worth in taxes, plus fees, plus sales tax, plus parking meter fees or what have you, without getting what they purchased. When people on the city council realize what is going on and start to jump ship, that's proof positive that we are on that brink, right now. Why, in a city that is "doing well" and running "in the black", would you see a mayor hawking real estate on the weekend?

Quoted from Madam X

Yes, yes, yes! That's what I'm sayin'. This is reality, not what you might hear on tv. Those "experts" are working for the real estate industry. The pertinent part of this reality is that Schenectady's high taxes are what is the logjam in the city, people are more aware buyers than anyone thinks, and McCheese should take his dog-and-pony charade onstage at Proctor's, because it sure as hell isn't good for anything else.

Carl has a great job and can afford the losses. The people can't. What's the latest on Denise Brucker and her failure to find any buyers over in Woodlawn? Another so called
great area plagued by DEM City confiscatory taxes. Of course blame "State mandates" on your failure to lead.