Current assessed value for the property is $2,597,500.
The $102,500 “over assessed value” payment equates to a 4% premium.
Negotiator for the Village Council was Village Attorney Matthew S. Rogers. The Schedler family’s negotiator was former Village Council Member David Repetto, of the law firm Harwood Lloyd in Hackensack.
The parcel, located at the intersection of West Saddle River Road and Route 17, will be added to the Village’s open space inventory. At some point in the future, it will likely be converted to athletic playing fields.
Does anyone else other than The Fly feel that paying more than assessed value in a sluggish real estate market was jut plain stupid?
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23 comments:
A seller does not need to look at the town's assessment when pricing their property. The people who did the assessment were not realtors.
Assessed value is never going to be market valus. I believe that my home is worth a bit more than the assessment.
It all comes down to what someone is willing to pay. And the Village of Ridgewood was all too willing to pay!
The most recent assessment was performed by professional assessors and each property was assessed at "fair market value."
Village Council members paid over fair market value for the Schedler property, plain and simple.
The assessment company is not even close to what my neighbor got for his property. The assessment was an educated guess. The market is created when the buyer and seller agree on a price.
just another waste of taxpayer money if the village is so far in the hole where did this money come from?
HUMMMMMMMMMMMMMMMMMM,YEA.
I wonder how many real bidders were at the table for this property. Certainly not many spec builders are buying land in this market especially for a property that has a poor location and would require pricing homes at the higher end of the market to make a satisfactory return. Unfortunately, it seems when the council gets some idea in their head, they do it irrespective of whether it makes sense. We'll now be paying the debt service on the bond they'll issue to pay for part of this purchase and we're also losing the property taxes from these parcels (so it probably ends up costing the Village $100k a year to watch this property sit there - given the state of our existing fields and other priorities of the village this may sit there a long time). No way the Village would have paid under assessed value (I'm sure any individual would have negotiated a far better deal) as it would have been used as the ultimate example by any person fighting their tax assessment in Ridgewood.
Well, this is a good question to bring up at the next Village Council meeting!
I think buying one of the last large parcels of open land makes a lot of sense. The assessed value of a property doesn't matter if you want it.
Assessed values are way over actual values right now. They were done two years ago before the market bottomed out.
So, I would say, yes -- we got out negotiated. However, stupid is as stupid does. Time for a change.
AND YET SOME ARE TALKING ABOUT FURLOWS FROM WORKERS.WHAT IS GOING ON . WOULD SOME ONE START TALKING TO THE PEOPLE OF RW,AND THE WORKERS.HOW CAN THE TOWN SPEND MONEY ON THIS AND ASK FOR FURLOWS SOME THING IS REALY NOT RIGHT.THIS IS A GREAT TOWN TO LIVE IN AND TO WORK.AND THE PAPERS SAY THE TOWN IS IN A HOLE FOR OVER MILL,HUMM.
Yup, I'm assessate at $579K. If my house went on the market now, I'd probably list at around $510 (according to my RE broker).
Someone slipped up big time on this one. Surprize, surprize, surprize...
SURPRIZ ON who ,thats the price.
They never wanted to pay over the accessed value for the Town Garage on Franklin Ave.
I thought we had no money????
COAH would be alot more expensive.
furlows ,o boy.
A buyer and seller set the actual price. The assessment has nothing to do with it. They think that they are arriving at the "Market Value" but they really have no idea what that is - until the property sells.
When a realtor appraises your home they use current numbers and they include the intangibles.
I thought when government buys or sells a property there has to be an independent appraisal?
the town should sell the land.we do not need it.
yea like the land on hillcrest rd up on the west side.what a waste of money.the town has no money and all depts are low in workers,I say sell in bergen county.
wait, is it true that RW spent over $1 million dollars on investigation of the purchase of the TOWN GARAGE
what is going on????
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