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All Boston properties listed for sale, less than assessed value

Would anyone be interested in me posting entries with all the properties currently on the market, for less than their assessed values?

There aren’t that many, to be truthful.

Leave me a comment. It would take some work to put together the list, so I’m not sure it’s worth the time and effort, to do every week or so.

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7 Responses to “All Boston properties listed for sale, less than assessed value” »»

  1. Comment by Rhea | 12/19/06 at 3:37 pm

    I, for one, would love to see such a list!

  2. Comment by Chilipepr | 12/19/06 at 4:07 pm

    John… just as an FYI… here is someone doing this for sold vs appraised.

    http://www.platial.com/realestatecafe/map/6343

  3. Comment by Steve | 12/20/06 at 6:13 am

    Dear John,

    I enjoy your

    list postings.

    1. listed for sale less assessed value is interesting
    2. Would be good to

    see your older posts that looked at what is available for $350k or at $400k.
    3. Perhaps another

    list good be just places that you like (best lofts, best modern, best traditional

    etc.).

    Regards,
    Steve

  4. Comment by DaveL | 12/20/06 at 11:03 am

    I think the most interesting thing

    is that there ARE properties selling for less than their appraised value.

    After all

    doesn’t property always go up in value (at least that’s what David Learah was pitching on

    national TV)?

    I think the most interesting part would be to track the overall number and

    possible percentages historically in a graph format.

  5. Comment by John A Keith | 12/20/06 at 2:06 pm

    Hi.

    The Platial map shows sold properties, and seems to be user-generated; this

    might be of limited use to people.

    I would include all MLS properties with list price less

    than assessed value, updated manually, but completely, every day.

    I wouldn’t be able to

    post this information on the web for everyone to see, only to people who signed up for it - but not

    as my client, or anything that strict.

    I am leery of anything the guy over at “the real

    estate cafe” does, because he seems like kind of nutty. And, extremely angry and/or bitter. I

    really don’t know if he even does any business, at all.

    The correct term is “assessed

    value” not appraised value.

    Appraised value is when a home appraiser goes out to the

    property and looks at it, then compares it to other properties that recently sold. The appraised

    value is only as good as the appraiser. His or her data is historic, so it can only measure what

    people, in the past, thought similar properties were worth.

    In the hot market, appraisals

    would come in less than what people were willing to pay … meaning, the banks wouldn’t be willing

    to make loans for the full value. This meant buyers had to either kick in cash or negotiate the

    price down.

    Assessed values aren’t the same thing. Assessed value is calculated by your

    local city or town government. Again, it is an estimate of what your property is worth, based on

    other sales in the neighborhood.

    Boston’s 2007 assessed values were actually based on the

    values as of 1/1/2005; that was the top of the market, so if list and sales prices are less today

    than the assessed values, it’s because the market has cooled.

    The assessed value is the

    city’s belief of what a property is worth, in order to tax it correctly. During the hot market of

    the past several years, people who had owned their homes for years were suddenly faced with huge

    property tax increases, because their homes were worth a lot more. For elderly, etc., it was a

    shock, especially because they may have already paid off their loans and were on limited

    incomes!

    People have always had the opportunity to challenge the assessed values of their

    properties, and many will.

    Reported assessed values are only helpful if you want to

    determine what your annual property taxes will be. Other cities in the US have ridiculously high

    property taxes - a $250,000 home in Albany might cost you $10,000 a year in taxes.

    Crazy!

    Boston actually does pretty well, although what you get for $250,000 will only be a

    studio apartment - you might pay $2,600 in property taxes, but with the residential tax exemption,

    you would end up at $1,100 per year, maybe.

    I offered to create a list because some people

    go crazy on the idea.

    A property is only worth what someone is willing to pay.

    A

    property is listed at what an agent and a seller think they can get for it. It’s a

    guess.

    So, assessed value vs. list and sales price is basically the estimate of the city vs.

    the estimate of the sales agent.

    Either, neither, or both may be right or

    wrong.

    Historically, home prices have increased; whether or not they have beat the rate of

    inflation, I don’t know.

  6. Comment by DaveL | 12/21/06 at 10:54 am

    John,

    You’re right that I mispoke when I said appraised. And thanks for the more detailed

    breakdown on the subject.

    My only point is that if you went back to 2005 pundits with

    vested interest such as David Learah were basically promising everyone that house prices never

    fall, and not caveating it by saying over the long term or historically or anything like that.

    They were leading people to believe that houses never fall in price year to year (which should have

    been immediately refuted by the fact that they did in the late 80’s early 90’s but whatever).

    So in that perspective it is a pretty big deal that houses/condos/etc are selling for less

    than their assessed value. What would be interesting to see is what the historical percentage is

    of houses sold in this state, versus what the trend is going to be like for the next year or

    so.

    Also just want to say thanks again for having a blog that’s worth checking everyday!

  7. Comment by Brian E | 12/28/06 at 11:21 am

    John,

    An assessed value versus

    list price analysis would be most welcome.

    Keep up the spectacular work.

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