Letter: Second opinion needed on reval
Editor, Advertiser:
In his biweekly column in the Advertiser, Chairman John Engel suggested that nothing is wrong with the condo revaluation, but rather he questions if our zoning laws “adequately address an affordable condominium solution.” Having more than 30 years of involvement with our zoning laws, I can state that the Planning & Zoning Commission did and does exactly that. If I may go back a few years: In the 1970s P&Z noticed that the two-family zone does not satisfy the needs and requirements of the citizens. We introduced a cluster zoning, called “Alternate Development” which than evolved into multifamily, later also to apartment zoning. This was the very first “condo” zoning in the area, later followed by other towns.
Back to Mr. Engel’s argument that “the current revaluation is accurate”. He quotes valid statistics that 2018 condos sold for $417 per foot,versus $420 per foot five years ago. This means that in 5 years average condo prices went down 1% and not up 8% to 10% as the revaluation stated. This is very close to the real estate report that the average condo sales price of $ 807,604 in 2014 went down to $ 778,962 in 2018. This proves that the condo revaluation is anything but “accurate.”
What we need is a “second opinion” for a fair condominium valuation!
Laszlo Papp
