This home sold yesterday for $530,000. Built in 2003, originally sold in 2004 for $555,000 it's listed square footage is 3227, putting it's price at $164 per sq foot. This is inline with other properties on interior lots that have recently sold in The Point.
The tax value is $501,800 which makes this only the 3rd home since January 2009 and priced under 1.2 mil to sell for more than it's tax value in The Point. As a Realtor living in the neighborhood and really having a great understanding on valuations make me think the tax appraiser on this home was off and rightly so this home should have sold for more than the tax value listed. We tend to find the largest tax variations on waterfront lots, where the land can vary so significantly in price. People need to be careful using tax values as they can either be good or bad numbers. It takes alot of work to gather the data necessary and then to analyze those numbers to understand how and when they fit. I have worked with buyers who are insistent on using tax numbers and I have worked with sellers who are insistent on NOT using tax numbers. My job is to remove the emotions that a seller or a buyer may have and to help in putting values on properties as the market dictates. Sometimes the tax appraisals are good numbers and sometimes they are bad numbers, let my experience help you.
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