Recent home sales along Commonwealth Avenue are also seeing interesting activity, she said, with homes being purchased, then razed and rebuilt.
One Oceanfront lot with two small homes on it on Commonwealth was assessed for $825,000, with the land representing most of the value of the property, although the homes were not in poor condition, she said. It sold for $825,000, she said, with the new owner demolishing homes, valued at about $154,000, and rebuilding. The building permit issued for the new home is for $345,000, she said, when plumbing and electrical permits are added, the value will rise.
Fortunately, Gorniewicz, is seeing fewer foreclosures and short sales in town. There were 20 foreclosures during the 24-months she reviewed for this years tax assessments, she said, with only two coming in 2013.
Of those 20 foreclosures, she said, the mortgage holders were able to find buyers for all the properties. Some were purchases by those intending to live in them, she said, but a few were purchased and resold, or flipped.
“Some who purchased foreclosures are flipping the homes within nine months to a year at a small profit,” she said. “And some or those are being flipped again. It’s interesting to watch that trend.”
Gorniewicz said commercial and industrial property in town has remained pretty stable as reflected in the sales during the 24-month period from July, 2011 to June 2013, that was analyzed for this year’s valuations. Also appearing to show little fluctuation from current values are residential structures that are not at the beach, she said.
In commercial sales, Stripers sold for $2 million, Gorniewicz said, while assessed for $1.95 million, and the former Chrysler dealership along Route 110 sold for $1.6 million, close to its valuation of $.592 million.
“Based on recent sales,” Gorniewicz said, “Salisbury industrial and commercial properties are holding their values and are remaining stable. That’s true for residential homes up-town (not at the beach). Throughout 2012, I am seeing up-town sales showing some appreciation (in prices) as we’re cleaning out the inventory (of homes listed for sale). “