This property is in a Commercial / residential zone. It was a funeral home operated by one individual. The days of a single proprietor funeral home has, and is, pretty much going by the wayside. It is the groups that buy out the less fortunate funeral homes that survive. When you look at a funeral home, it either has two, three, or more names, or when you read "about us", they are part of a group or a corporation that owns multiple homes, often in multiple communities and in some cases, multiple states.
That being said, I can see the assessment for a commercial operation, which it was until the sale, being quite high. I can also understand that the structure, would not be worth $400K as strictly a residence. There are casket showrooms, a morgue where embalming is done, and other funeral home features that will likely require considerable remodeling. (husband asks a kid, where's mom? Kid replies "in the morgue".
) Added to that the cost of replacing a roof, and any other necessary repairs,and the sale price has to plummet from anywhere near the assessed value.
The seller's Dad owned a single funeral home down in MA, and moved up here and bought this property to retire at. One of his son's came with him up here, the other remained in MA. The business in MA now owns a total of 4 homes. It is a difficult life indeed for the sole proprietor funeral director in this day and age. I have known the family for over 50 years, and hate to see an end to this part of the business. Both of my parents were buried out of here, Dad in 1988 and Mom in 2000.
I wish Glenn the best.