robert hoagland
Freshman Member
- Joined
- Jan 27, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
While gathering info for an appraisal I found this out. Seems a lifelong resident in her 70's owns an estate of 40 plus acres here in town. One large estate house and seven other "caretaker" cottages spread out amongst the trees. Said woman has fallen on hard times and is behind on her taxes. Says to the town she will donate her property to be used as open space in return for wiping out her defaulted taxes, plus interest.
Enter the high and mighty wanabee Andrew Cuomos who have been trying to slow growth and choke the developers with upzoning, development taxes etc. etc. These guys try to play hardball with said lifelong resident and decline her offer, figuring to take the property anyways. Said woman says up yours and sells the property to the highest bidder, with covenants in the deed stating that on each building lot (18 in all), at least a two story dwelling of more than 4,000 square feet must be built, within one year of purchase.
I of course am appraising one of the lots that has a cottage on it. These cottages are legal rentals and are in perfect shape, but are not long for this world. Interesting enough, every two weeks a lot will sell. The first one sold at $700,000 and now each successive sale is $50,000 higher than the last, cottage on property or not!
Enter the high and mighty wanabee Andrew Cuomos who have been trying to slow growth and choke the developers with upzoning, development taxes etc. etc. These guys try to play hardball with said lifelong resident and decline her offer, figuring to take the property anyways. Said woman says up yours and sells the property to the highest bidder, with covenants in the deed stating that on each building lot (18 in all), at least a two story dwelling of more than 4,000 square feet must be built, within one year of purchase.
I of course am appraising one of the lots that has a cottage on it. These cottages are legal rentals and are in perfect shape, but are not long for this world. Interesting enough, every two weeks a lot will sell. The first one sold at $700,000 and now each successive sale is $50,000 higher than the last, cottage on property or not!