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High-Priced Homes Bring in More Money for Weston

WESTON, Conn. – Weston's income from taxes on property transfers increased in the 2010-11 fiscal year, but sales this July were down by half in a mixed real estate report from Weston's town clerk.

The conveyance taxes collected rose from $281,652 in the 2009-10 fiscal year to $312,402 in the 2010-11 fiscal year. Town Clerk Donna Anastasia said this is partially a result of the sale of many high-priced homes in July 2010.

The conveyance tax is calculated by multiplying 0.25 by the sale price of the real estate. In July 2010, eight homes priced from $1.2 million to $2.4 million were sold.

"July is historically a good month for sales. People want to get into houses before the school year," said Anastasia. However, July 2011 closed with only $24,036 in conveyance taxes. July 2010 had closed with $40,000.

August has yet to see a large number of sales – a time when Anastasia said there could be another burst with people rushing to get into homes before the school year begins. "I personally feel it's a little slower than normal," she said. As of Aug. 10, five real estate sales had been reported in Weston, two of which were foreclosures and one was a short sale.

Anastasia said multiple Weston homeowners have been forced to sell their homes for a lot less than what they paid only years before. One homeowner bought a house between 2003 and 2005 for $3 million and sold it in 2011 for $1.25 million.

After receiving requests on how the town is doing financially, the town clerk's office now notes whether a property transfer is a foreclosure (F) or short sale (S).

Did you have to sell a home for less than you paid for it? Did you get a good deal on a home? Leave your comments in the box below or email your story to shenry@thedailyweston.com .

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