ATTENTION NORTH SMITHFIELD TAXPAYERS!
- Mike Clifford
- Feb 16, 2018
- 2 min read
Pictured below is a property for sale on Old Smithfield Road. It is situated on a 140 acre parcel of land and is on the market for $1,150,000. It is relevant to the discussion below.
ATTENTION NORTH SMITHFIELD TAXPAYERS!
Apparently, the the North Smithfield Town #Council will once again be discussing the possibility of purchasing the #Gold Property on #Mattity Road, according to an article in this week's Valley Breeze. In my opinion, the property is not just over-priced, it’s obscenely over-priced.
Let’s compare Cumberland’s purchase of the land owned by the Sisters of Mercy to the potential North Smithfield purchase. It’s been suggested that an 89 unit subdivision on the 229 acre Mercy parcel (which has significant road frontage) would be possible. With a purchase price of $1,500,000 a developer would be paying roughly $16,854 per lot/unit ($1,500,000/89). In contrast, based on a conceptual sub-division plan, the 140 acre Gold property, with limited road frontage, may possibly yield 23 lots. With a proposed purchase price of $1,950,000 a developer would be paying roughly $84,782 per lot ($1,950,000/23). Please bear in mind that in addition to the purchase price, a developer will incur additional significant costs of putting in roads, surveying, engineering, perc tests, septic design work, etc.
Often times, some large parcels of land are not economically feasible to #develop, and therefore, there is no urgency to purchase such properties in order to “protect them from development”. Certainly decide for yourselves, but based on the numbers above, it’s my opinion that this land is worth only a small fraction of the $1,950,000 asking price in today’s market.
Before you decide for yourselves about the value of the property under consideration I suggest you compare similar properties on the market in North Smithfield. Check out the home (pictured below) situated on a 140+ acre parcel on Old Smithfield Road which is listed on the MLS for $1,150,000. Here is a link to the listing with photos and additional information on the property:
I’d be curious to know whether you’d buy the 140 acre parcel of land known as the Gold property or the 140+acres of land on Old Smithfield Road which also includes a magnificent home as well.
I voted for the Open Space Bond but, like many residents, I did so believing that the town would attempt to protect land which was fairly priced and extremely susceptible to being developed. As a taxpayer, I do not support the Town purchasing any overpriced properties which may never be developed due to wetland issues, limited road frontage and difficult topography, particularly when the Town has so many vital infrastructure needs.
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