Pink646, Home Buyer in Essex, CT

How did they arrive at that price from paying $200k? Seems terribly over-priced esp being so close to such a busy road as Old Saybrook.

Asked by Pink646, Essex, CT Mon Sep 3, 2012

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Elaine Muszy…, Agent, East Haddam, CT
Wed Sep 5, 2012
What a person pays for a property is IRRELEVANT in determining the value. It is determined by comparing it to recent sales in the area & by taking into account the competition from other active listings...That is how you appraise a property!!.
However, as a courtesy, I will add some background on this property:
They purchased the property in "as is" condition...It had been neglected for years. To bring it up to its' current excellent condition, they have made the following improvements:
On the interior of House:
Replaced the heating system with a new 4 zone hot water heating system.
Installed new maple cabinets, counters, & stainless appliances & tile floors in the Kitchen
Installed matching cabinets, a prep sink & new flooring in the pantry
Replaced bathroom flooring & fixtures, including a new oversized claw foot tub & separate shower.
Replaced the main staircase & banister.
Stripped 5 layers of wallpaper off walls, stripped doors & repainted entire interior.
Installed correct 6 over 6 sashes in front of house.
Replaced damaged sills & joists in kitchen addition.
Had concrete poured in dirt floor basement.
Replaced leaking windows in sunroom w. new thermopane windows & re-carpeted
Added walk-in closet in Master bedroom

On the Exterior of House:.
Replaced the roof
Repaired woodpecker & wtater damaged trim & re-painted.

On the Barn:
Installed new siding, added propane heat & stabilzed the foundation

On Garage:
Enclosed existing carport & added garage door.

Installed new stone driveway & a granite front walk.
Corrected the grading outside the kitchen, so water no longer comes into basement.

Hopefully now you will want to come to see it all at the OPEN HOUSE on Sunday, 9/16 from 1-3pm
1 vote
Lisa Orme, Agent, Windsor, CT
Mon Sep 3, 2012
Well, first of all, the purchase price of $200,000 was almost 10 years ago. So it has little to nothing to do with TODAY's value.

Secondly, the property has gone updating and restoration, which should contribute to an increase in value. The current assessment (which is 70% of the market value established by the Haddam town assessor in 2009) is 216,430. That means that in 2009, the town believed the value of that particular property to be $309,186., and that does NOT necessarily consider any improvements to the property, as there is no way of knowing from the assessment whether the assessor actually saw the condition of the property when the assessment was done.

Third, the property is an Antique/Historic home, so it is not unusual to find it close to a busy road. Roads that were there in 1835 and are still there today are generally busy roads. But if you're looking for a beautiful restored and updated historic home, that won't be something unexpected.

Establishing the value on ANY home is properly done by looking at sales of similar homes over the past six months or so, and making some adjustments for various features and improvements to "fine-tune" your average pricing. After looking at that information, and the competing market, a Seller is the one who establishes the asking price for there home.
1 vote
They go by the historical information they have in their files. When the house was first built, and perhaps periodically since then, the town assessor did see the property. But I know for certain the last 3 valuations on my property did NOT involve the assessor seeing the interior condition of my home, and that it is not uncommon for that to be so.
Flag Wed Sep 5, 2012
,Thank you for responding so quickly but how can an assesor assess the value of a property without viewing the conditon of it?
Flag Mon Sep 3, 2012
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