Arianne Fitts-Napier's archive

(Top: Construction Progress, 10/4/12 - Jonathan Goldman, Boston Realty Advisors; Bottom: Graphic rendering, Avalon Exeter - avaloncommunities.com)

October 4, 2012 -- 88 Exeter Street, the site for the future Avalon Exeter in Boston's Back Bay neighborhood -- work is progressing on the luxury residence, and will be ready for occupancy in the fall of 2013. This amazing project is currently underway, and sure to be a big hit with renters looking for downtown excellence and style.

Unit Highlights:
• High-end finishes 
• Floor to ceiling windows
• Panoramic views of Cambridge, Back  Bay, and downtown Boston
• Avalon Access website portal (maintenance, utilities, payments)

For more information on luxury buildings like this and others like it, please contact me, Jonathan, at jgoldman@bradvisors.com or 617-320-6548.

Stay tuned to our blog for the latest updates on Boston's new construction projects and developments.

Here is a real estate conundrum:  I don't know if you've received one yet but I just got a shocking "Revaluation Assessment Notice" from the City of Boston Assessing Department which informs me that the Assessed Value of my property has decreased by approximately $100,000!

The notice explains that, due to a downturn in the real estate market, the city has reevaluated property values to reflect a decrease in the real estate market.  The notice states that the city reached its numbers by looking at sales of properties "comparable in location, style, age, size and condition."  Ironically, the notice also states that to offset the tax losses that the city will realize as a result of decrease in property values, the city is increasing real estate taxes to the maximum 2.5% allowed by law (meaning that some of us will actually pay more taxes on a less valuable property).
 
The notice goes on to explain that the Assessing Department is available to review one’s FY 2010 Preliminary Assessment during this Public Disclosure period (Monday, November 16 through Wednesday, November 25). But given that the notices were only recently issued and the review period covers a mere 8 days, with tomorrow being the last day for a review session, it seems like less than adequate conciliation.

So I ask you, how does the city arrive at these assessments? If it were based purely on the properties’ market value the table below, with data collected on a typical brownstone in the South End, illustrates that this is far from the case. And further more do you feel when the property assessment value is dramatically reduced, as we are seeing with 20-25% decreases, that this will effect the resale value of your property?

Send me your comments and any similar experiences you have had with the Enigmatic Assessing Department!

Figures sourced from City of Boston Assessing Deptartment and Link Boston, Listing Information Network, for a South End Brownstone on Chandler Street.