We heard on the radio this morning that in a TU story today Frank Duci's house, assessed for a WHOPPING $94,700 sold for just a PUNY $49,900 !!!!!

Yes, according to OFFICIAL records that is FACT

Wow it took a whopping six months to sell and look, sold for only just shy of half of what it is assessed for!  

The FACT is new owner mortgaged $48,100, the annual tax bill WITH BASIC STAR will be just about $4,800

This is the HORRID REALITY in Schenectady city that the FACT is that the monthly mortgage for the buyer's 30 year mortgage will be about $230 per month and then added to that will be the cost of the taxes which will add to that payment a monthly escrow cost of a WHOPPING HUMONGOUS just about $400 per month!!!!   Being that it is an FHA loan, there is MIP which, based on the total mortgage loan amount, will be about $35 a month, and figure if the homeowners insurance premium is $600 per year (ballpark), that's another $50 per month.


This is what McCarthy claims, in his stupid HOMES program, is that you can get a great value on a house if you buy in Schenectady. Really?  Monthly cost for the house $230 and monthly escrow cost of about $485 is MORE THAN TWICE the monthly cost for buying the house (escrow:  taxes $400, MIP $35, homeowners ins $50)


It will be interesting to find out if the new owner grieves the assessment.  




Quite obvious that most of the people buying houses in the city have no common sense

It isn't always a matter of common sense, M/C, some people are just financially naive when it comes to real estate and home buying, and there is a lot of bad information out there. Look at what happened with the real estate 'bubble'. People are still pointing fingers over that one.
The women who were losing their house, I've been mentioning, that's what that house finally sold for, I believe, $49, 900. Taxes of nearly 8k.
That's what infuriates me about McCheese and his homeselling. That there are still people out there willing to rope in the unsuspecting.