3
January
2012

Residential Property Tax Increase of 2% for 2012

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Boston Property TaxThe City of Boston has raised property taxes by 2% for fiscal year 2012 — which is the maximum allowable increase under Proposition 2 1/2.  The 2012 tax rate rose to $13.04 per thousand valued, which is a $.25 increase from 2011.  Boston Commercial Property taxes also rose 3% to $31.92 per thousand valued.

With nearly 70% of Boston’s budget funded by property taxes, the 2012 tax increase will bring the city $75 million of additional revenue.  Property taxes can be raised annually by either an increase in the tax rate or increase in the assessed value.  Residential tax rates have increased over the past 3 years while assessed values (for the most part) have remained the same.

If you are thinking of selling your Boston Waterfront Real Estate, or buying Luxury Boston Waterfront Home, contact CL Waterfront Properties, LLC for guidance and assistance.

Posted By:  Dave Costello

28
July
2011

High End Sales Push City & Waterfront’s Prices up 10%

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Boston’s Downtown Condo Market is booming this year.  The overall median price for Boston rose by 10.2 percent to $487,000 this year, while luxury building prices rose 13.1 percent to a median of $735,000.  Both of these metrics are only about $15,000 shy of 2008 peak prices just before the financial crisis frightened buyers.

Boston WaterfrontAlthough these numbers seem good, citywide home sales in Boston have declined by 10% since last year.  The increase in both medians is likely due to the 26.8 percent increase in high-priced luxury condominium sales, most of which are in the downtown Boston area.  Another major factor allowing prices to increase while sales decrease is that there is simply less supply, giving sellers more power in the market.  Debra Taylor Blair, president of the Listing Information Network, a Boston company that tracks the city’s downtown condo market, presented the idea that “Sellers can rent their properties out and more than cover their mortgage.”  This at least partially explains home-owners’ reluctance to sell, and points to positive trends in market confidence despite the sales decrease.

John Ranco, a broker with the South End’s Hammond Residential Real Estate, also pointed out that much of last year’s sales were driven by federal home buyer tax credit.  These incentives mainly affect first-time home buyers, and therefore lower-priced sales.  Again, this helps explain 2011’s lower sales quantities but higher prices.

To read more about Boston’s booming real estate prices, visit Boston.com’s article at http://articles.boston.com/2011-07-26/business/29817026_1_condo-market-condo-prices-debra-taylor-blair.

Interested in buying or learning more about Boston Luxury Condos?  Contact CL Waterfront today!

12
February
2011

Why Buying a Home is Like Dating…

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Posted by: Vito Ascolillo

Happy couple in love in their new home

Finding Love is Like Find the Perfect Home

You may not realize it, but finding the perfect Boston luxury home is actually a lot like find the perfect mate!

Finding true love and finding a home you will truly love, both start with you looking for something that will be in your future.  Like dating, when you search for a new home, you go searching for something attractive, comfortable, and even sexy.  There are certain criteria or conditions to be met like size/heart, how many rooms/weight, date built/age, updated appliances/nip-tuck, missing shingles/hair loss, etc.

Each home has its upside and downside just like each date.  Is it a warm place/does he have heart?  Are there too many stairs/is she understanding?  Can I hear the neighbors through the walls/is he listening to me?

So you keep searching and dating, then finally, you find it!  The perfect Boston home and the perfect person.

If you need help find a Back Bay condo or Beacon Hill condo, or want to tour luxury homes for sale on Boston’s Waterfront or North End, contact CL Waterfront Properties LLC.

Happy Valentine’s Day!