The price tag for a Dutton Avenue house that city councilors aim to buy next month may be more than $40,000 too high, according to an appraisal done this year.
The city’s Real Estate Committee, which has been eyeing the property for almost two years, recently recommended the city buy the 15 Dutton Ave. house for $218,000, a price set by a state judge in 2007.
But the house is only worth $175,000, according to a March 17 appraisal prepared for Campbell Mortgage of West Haven by Louis Buccini of East Haven’s Style Appraisal Services.
City Councilor Frank Nicastro, who heads the real estate panel, said the new information will have to be considered. He said the attorney who represents most of the family selling the house needs to talk to his clients.
Mayor Art Ward said the “new knowledge” provided by the appraisal makes sense given that home values have generally declined over the past couple of years.
He said he “would have to conceive” the council wouldn’t pay $43,000 extra for the property unless there was something wrong with the appraisal.
“I see some problems,” said city Councilor Mike Rimcoski. But, he said, he want to talk to city lawyers before taking a stand.
Salvatore Vitrano, who represents three of four Bevivino siblings who own the house, could not be reached Thursday.
The other sibling, Jan Bevivino, secured a mortgage offer based on the new appraisal. She said she would like to buy the house if her siblings acknowledge the city won’t pay the original asking price.
According to the judge’s order that all four Bevivinos agreed with in 2008, the city gets first crack at purchasing the house for $218,000. If it turns down the deal, the house is to be sold like any other real estate.
Ward said the city has good reason to buy the property even in the midst of hard economic times because it is crucial to Rockwell Park.
The city has spent $7 million overhauling the historic park and would like to get the house and an old gasoline station beside it on Park Street “to complete that entire section,” the mayor said.
The council meeting is slated for September 8.
*******
Copyright 2009. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
25 comments:
Another fine example of your SEASONED, EXPERIENCED Government hard at work. Really easy to spend money when it's not yours.....
THESE PEOPLE DONT CARE HOW MUCH ITS NOT THEIR MONEY.
BRISTOL HAS NO LEADERSHIP JUST A BUNCH OF GUYS TRYING TO READ ABOUT THEMSELVES.
The purchase price is just the tip of iceberg.
Annual loss of tax revenue
Demolition
Cost of "beautification"
Maintenance of beautification.
Why aren't we being given the whole picture????
Or will we find out AFTER the election?
Cockayne said it was to much last year when the vote happened.
Talk about spending money, the tax payer needs to look at the jobs giving out by public works, and how much money they are giving to contractors or wards friends. And jobs not done correct and they still get payed.and the city has to fix them on tax payer money DON`T BE FOOLED IN NOV.
Look, If the city doesn't pay the agreed upon price, then the city will forfeit the "first refusal" rights to purchase the property.
The question is: does the property have the long-term value equal to or greater than 40,000 extra dollars than the market presently demands?
This decision is all about making a long-term investment for the future of the city's residents.
When you think about it, $40,000 is really a drop in the bucket. To some people (not me), that 40K is pocket change.
Maybe Stortz wasn't so bad after all!
More government incompetence.
Note to McCauley: The city should STAY OUT of the real estate business (contrary to your sentiments).
Give Stortz credit. He was against this sort of thing.
Bill: run again...what the heck.
Time for WARD TO GO!!
Experience means nothing in govt.
My vote will be for Mary - who knows how to run a budget being a single mom, and hard worker.
Please tell me why the Bristol Press website censors EVERYTHING. Every comment I post gets rejected.
On my last comment on bristolpress.com regarding this story I asked when our city government became real estate moguls? What ever happened to keeping crime low, picking up trash and paving roads?
Does this comment seem too harsh for the Bristolpress.com website?
Based on the recent sale of the paper, it seems like you should be glad anyone is reading either yoru paper or website.
It's definitely NOT the Waterbury Republican. At least that paper is readable. Bristol Press, on the other hand, pastes together a few unedited paragraphs sandwiched between 50 advertisements.
It's a sad state of affairs for journalism around here. Maybe you should hire me.
7:30pm contracts to Wards friends? More like family. His son is married to a Laverio. Gee seems they get a good number of contracts from the city. Yep Ward taking care of buddies and family at the taxpayers expense. People have enough of him yet?
Maybe the city is paying too much for a mayor???
10:59
Wasn't this concept of a group running bristol mentioned in another post too?
Is there anything to it?
Mayor Art Ward said the “new knowledge” provided by the appraisal makes sense given that home values have generally declined over the past couple of years.
I am going to get my house re-appraised and pay taxes on that. Since the Mayor did say home values have declined.
Hey Mayor get your head out of your butt and stop spending taxpayers money. Who cares if the city loses out on the sale. WE DON"T NEED THE HOUSE. I can see it now, the city pays $218,000 for the house, which they will only knock down to the tune of another $100,000 - yeah makes sense to me.
"Who cares if the city loses out on the sale."
Uh, the intelligent taxpayers? Maybe suffering can pull his head out of his butt long enough to try and see beyond the end of his nose.
Real Estate Appraisals are generally only valid for 90 days. A house's value is based upon comparable sales/listings in the immediate area. Given the fluidity of the real estate market and current volitality of economic conditions, anyone that bases a asset's value based on something older is quite doing themself a disservice.
Bristol is a wellfare city and property will never come back . Look at our new west end. NICE DECOR ON THE CORNERS. Plus such talent walking the streets.
3:38, Thanks for your optimistic view point. It's pretty obvious that you don't get around much. If you find our town to be such a "welfare city," why not move on? Hartford, New Haven, Bridgepot, heck why not move out of state...buh bye!
More money for Parks, NO money for roads!
Where are our priorities?
The question is if they can sell the property for more or the same amount to someone else.
Cuts are being made everywhere, people are hurting everywhere. Too say that we need to spend the extra 40 g because we need this piece or we need to spend 40 g cause it would be nice to have. Which one is it?
As long as we are spending this money casue its gonna benefit the tax payers of this city I'm all for it, oh wait who uses Rockwell park anyway? Renters who dont give a crap about this city.
Our fetish with parks will drive us into bankruptcy.
MORE ROOM FOR TENT CITY SOON TO BECOMING.
Jan Bevivino for Mayor!
Post a Comment