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powassan results
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Topic: powassan results (Read 13310 times)
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worldjohn
Platinum
Posts: 180
Karma: 6
powassan results
«
on:
October 16, 2009, 07:08:29 PM »
100 acres on seasonal road. Assessed value 33,000
Winning bid $50,485
No judgement or comments lest I insult the winner... but really? WTF
second place $22,266
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netpred
Advanced
Posts: 402
Karma: 35
Re: powassan results
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Reply #1 on:
October 16, 2009, 08:42:52 PM »
Ouch, more than double the second bid.
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Pfm1011
Senior
Posts: 948
Karma: 63
Re: powassan results
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Reply #2 on:
October 16, 2009, 11:23:39 PM »
The double does hurt but the 55k is well below area sales for the last year. so although it is above the assessed ( which means nothing whatsoever) it is still way below the market
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worldjohn
Platinum
Posts: 180
Karma: 6
Re: powassan results
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Reply #3 on:
October 17, 2009, 12:16:45 AM »
Assessed values do have some meaning.
They are one of several tools used by many people for determining value.
MPAC tries their best to get accurate assessments (with a bias towards the high side to maximize tax revenues for the governments that pay for mpac services) and use comparable area sales as a guide.
yes sometimes the assessed values are off, but it cant simply be ignored as a tool.
In this case it 33k maybe on the low side.
But no trees of value, no well, unserviced road. 50k seems quite high for a tax sale
it would be interesting if the winners would post thier reasoning for their bids
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MrMuggs
Newbie
Posts: 8
Karma: 1
Re: powassan results
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Reply #4 on:
October 17, 2009, 04:14:17 AM »
True, assessed values MAY have some meaning...but throw a cottage/house on an unimproved lot...watch the assesed value rise in the eyes of the township (but you guys know that already)
didn't follow this sale...so not sure of the legals/zoning etc...but assessed values can be of some significance in determining what the piece is worth...depending on zoning...and the township...but hell...I'm just repeating waht I've seen here already.
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speedfreeksteve
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Posts: 249
Karma: 14
Re: powassan results
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Reply #5 on:
October 18, 2009, 02:22:14 AM »
Who knows.. but could just be it was worth that much to the winning bidder. Properties like that can make a decent hunt camp... and even an average property in that area a local can make at least a few grand a year selling bush cords by spending a few weekends here and there cutting and splitting wood. I know a few guys that have bought properties around there for reasons like that.
I don't find the amount that outrageous. Assessments can be used as a guide but it never tells the whole story.
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