DocketNumber: No. 25 44 26
Citation Numbers: 1990 Conn. Super. Ct. 930
Judges: SADEN, STATE TRIAL REFEREE
Filed Date: 8/21/1990
Status: Non-Precedential
Modified Date: 4/17/2021
At the time of trial the improvements were no longer in existence and the court therefore could not view them. Photographs in evidence, however, show the main building to be an old structure (61 years) and the buildings at the rear quite non-descript. Plaintiff's appraiser made his valuation on March 16, 1988. At the time he made the appraisal he did not know that the amount of fire insurance on the main building was $60,000 in 1985-86 and $40,000 on the contents. Insurance amounts as of 1988 could not be ascertained. Plaintiff's appraiser conceded that, had he known of the amount of insurance in 1985-86, he would have "adjusted" his figures. The heating system in the restaurant consisted of overhead blowers in each room.
The defendant's appraiser found the fair market value of the property as of May 29, 1987, to be $145,000. An updating of his appraisals on June 14, 1990, showed a value of $165,000. At the time of original appraisal in May, 1987, the property was owned by one Jennie Riccio and by November 16, 1987, it came into the name of the Estate of Frank D. Riccio, at which date it was sold to the plaintiff for $25,000 subject to all encumbrances of record. As of the taking date, the record disclosed tax liens dating from June 1981 through June 1988 totalling $17,260.08 that accumulated during plaintiff's CT Page 932 ownership. The contract of sale on the property in which the price of $25,000 was fixed, was executed in November, 1976, at a time when real estate values were considerably lower than in the 1980's. It was, nevertheless, what appears to be a very substantial bargain for the plaintiff. Even so, he apparently allowed taxes to remain unpaid from 1981 through 1988.
The court is of the opinion that the defendant's appraisal of $165,000 is quite generous. The court finds the fair market value of this property to be $155,000 as of the date of taking.
Judgment may enter in favor of the plaintiff for $155,000 minus the sum of $145,000 paid to the clerk of court and available to plaintiff plus interest at the statutory rate on 10 per cent per annum. In addition, under
GEORGE A. SADEN, State Trial Referee CT Page 933