This past Sunday's paper had a list of real estate transactions.  So how are houses in the city doing with sales???

Below are the houses IN the city that "sold."  I believe I have captured all the addresses IN the city from that list.  It's obvious which properties are in the towns; some have "Schenectady" referenced as property address but clearly are located in the various towns.   I also tried to make sure this is residential properties only.

If by some chance I overlooked a property or two that is within the city, I more than welcome board participants to tell me and which address.

But first, some notes.   26 properties are listed here of which 23% of them (the second table of the two) are clearly not true sales, e.g., sale where the bank is listed as the purchaser, or "wierd" transactions that were a sale price of $5,000 one day and a month later it sells for something logical.   One of the sales was from a DEM co legislator to the legislator's grown child who already owns a ritzy house in the city but the sale appears to be settling of an estate.  A couple of these involving a bank did seem to have been listed for sale but never sold even has a short sale.   Of the 20 that were sales (though not necessarily open market), four of them were low income people that got two mortgages that totaled that amount indicated as the sale price, which could be indicative of having a second mortgage to pay the closing costs, not necessarily sure.  Close to half seem to be investment purchases, i.e., landlords, generally from outside of the city.  Most of the other half were FHA mortgages (purchasers don't have money saved to buy a house and can't get a real mortgage).

Assessment column is self explanatory, it is the amount that the city says the house is worth.  Initial asking price is the amount the house was listed upon it's first listing on the market.  The sale vs assmt column is the percent that the house is reduced in market value (based on open market sale) as compared to what the city says the house is worth.  The last column is the percent of the initial asking price that the house actually sold for.

This information reflects what the dems did to the home values in the city.   Is this an improvement?







The following do not have all info included because they were not market sales (mostly bank purchased)

"We still have a long way to go," the mayor said. "But I don't believe we're continuing to decline." Mayor McCarthy

Quoted from Dirt2

"We still have a long way to go," the mayor said. "But I don't believe we're continuing to decline." Mayor McCarthy

Almost sounds content.  Hard to be unhappy when your collecting $190,000

He deserves it though.  His results for the years of control in the council and as investigator are remarkable.  

Oh, it should be mentioned that the column called taxes, not all of those properties had the taxes listed with their real estate listing.

And on a few, the taxes are not consistent with the assessed value, obviously realtors are trying to hide the truth.   Sure, taxes might be $2,000 for a property owner with an income of about $12,000 a year who probably has senior STAR, combat, and 50% elderly.  Then the homebuyer comes in, the exemptions are gone and HIP HIP HOORAH, the new homeowner finds they have to pay $5,000

Also, of this sampling of a month of closings, the average percent reduction of true market value as opposed to the assessment value which is what the city claims the houses would sell for, is 18%.   The mayor claims he home values have dropped by 4%.

If the mayor thinks home values in the city have gone down ONLY by 4%, then his stupidity is reflected in his stupid decisions and stupid proproposed budget.

Look, no comments from the board cheerleader for the dems.   Too embarrassing to admit the truth, easier to avoid any comment.

Quoted from Dirt2

"We still have a long way to go," the mayor said. "But I don't believe we're continuing to decline." Mayor McCarthy

He needs to be removed by Gov Cuomo and replaced with a State Control Board. His first budget was a
total joke but his latest is even worse. He cannot administer a lemonade stand. 37 years of DEM moron City
Councils have finally taken a toll. It's all Frank Duci's fault!

It will be interesting what houses will be on the October open house tour.   This last one, they didn't have an ad in the paper.  Rather obvious that since houses are not selling that they probably should not be spending the taxpayers money on these ads.  

Even the dead vood won't buy a house in the city.

THe city is too embarrassed to even provide a report to the taxpayers about the status of the key program: how many houses were listed, how many sold, how long on the market, sale price vs initial asking price, who bought, what qualifications.  Yes, speaking of, one of the houses listed above was bought by someone who was living in Steinmetz homes.   When you live in Steinmetz, I understand you are poor and you don't pay more than one third of your income for rent.   So obviously someone who lives in Steinmetz does not have the income enough to pay for a mortgage without taxpayer subsidy