Burlington property values (Rutland, Chittenden: for sale, real estate market, foreclosed) - Burlington, VT - Vermont (VT) - City-Data Forum

miruca · 10-19-2009, 07:18 PM

Real estate sales prices seem high in Burlington especially when compared to the values on the property assesor site. For example - a house for sale at $495,000 has an assessed value of $363,000.

The assessed value may be from 2005 - but this is still quite a difference espescially in this economy. Is Burlington immune from what is happening? What is happening with real estate value there?

68vette · 10-20-2009, 09:25 AM

Part of it has to do with when the assessment was done and the other part has to do with the low number of homes in the area that have been foreclosed on compared to the rest of the nation. The value of the home may also be lower than what it could have gotten two years ago when the market was at its peak.

GrnMtnFire · 10-20-2009, 09:29 AM

It's not just Burlington where values are high....it's all over the state. And taxes are OUTRAGEOUS for what you actually get out of them. And before the nay sayers lambaste me, really look as to what you get for your taxes in your towns...bad roads, schools asking for more and more money, businesses leaving/closing......something just isn't right..

Sherylcatmom · 10-20-2009, 11:33 AM

Quote:

Originally Posted by GrnMtnFire

It's not just Burlington where values are high....it's all over the state. And taxes are OUTRAGEOUS for what you actually get out of them. And before the nay sayers lambaste me, really look as to what you get for your taxes in your towns...bad roads, schools asking for more and more money, businesses leaving/closing......something just isn't right..

In S. Florida, my parents' (high) taxes get them pristine roads, twice-weekly trash removal, and much more. However, you couldn't pay me a million dollars to live there. (I grew up there so it's not a knee-jerk reaction.)

I pay high taxes in Rutland. I love what I get for them: A place to live where I feel happy, comfortable, and safe; gorgeous views and natural surroundings within 5 minutes drive; everything I need and want; and public employees (fire, police, etc.) who have always been there when I needed them.

Would I like to pay less taxes? Sure. Would I trade living in Vermont for a different place with lower taxes? As my dad used to say (and probably still does), "The answer is not no -- it's hell no."

miruca · 04-11-2010, 11:42 PM

Thought I'd check in and see if there is any new information on the trend in Burlington property values. Are they still maintaining at a high ... or has the recession started to hit the real estate market there at all. Will the loss of 40 some Burton jobs have an impact?

68vette · 04-12-2010, 02:34 PM

Property values are about the same if not a little higher than they have been. The recession has hit Vermont, but due to a small population and a low number of houses per population the impact is not as significant as a city like Las Vegas or Orlando. The loss of 30 jobs here and there sounds like a significant loss for Vermont, but it is nothing compared to hundreds or thousands from one or two companies in places like Detroit. Most families in Vermont as well as the rest of the country have both adults working. In Vermont it is not that common for both to lose their job in this recession.

momnh · 04-12-2010, 06:33 PM

I just bought a house in for about 10% less than its high in 2007. That seems to be about how much Chittenden county has dropped in general. Meanwhile, I moved from an area in NH where values dropped by 20%. VT banks are very conservative so there weren't a lot of risky loans. And employment has held up better than in other parts of the country.

miruca · 04-13-2010, 05:05 AM

momnh - good to know. From afar - I like a place where the the asking price is about 24% above the 2005 property assessment and it is about $222 per square foot - both of those seem fairly high.

I wish the burlington property assessor's database was more up to date.

momnh · 04-13-2010, 08:30 AM

Yes, that does seem high. I just paid $165/sf, but that wasn't in Burlington proper. If you are looking in the Hill section or along the water, you have to pay a premium to be near the college/hospital, have a view, etc. If you want to be within Burlington and somewhat near the water, the New North End can be a better value. And you still get to ride your bike into downtown because of the bike path.

RunawayJim · 04-14-2010, 01:28 PM

Quote:

Originally Posted by miruca

momnh - good to know. From afar - I like a place where the the asking price is about 24% above the 2005 property assessment and it is about $222 per square foot - both of those seem fairly high.

I wish the burlington property assessor's database was more up to date.

The tax assessment is not a good indicator of the market value of a home. Try zillow.com to check out what other homes in that area have sold for. That'll give you a better indication of what to expect.