Posted on 06/21/2010 4:41:31 AM PDT by billorites
The U.S. housing bust is hitting Camelot.
The Barnstable Board of Assessors has cut this year’s taxable value of the Kennedy family’s famed Hyannisport compound to about $11.5 million - a $2.2 million drop from 2009.
The 16 percent decline stems from a lower assessed value for the compound’s crown jewel: late family patriarch Joe Kennedy’s waterfront mansion, later occupied by late Sen. Edward M. Kennedy.
Local officials cut the 7,400-square-foot home’s assessed value to $6.2 million, down from $9.6 million a year earlier.
Values actually rose at the compound’s two other houses, which once belonged to John and Robert Kennedy.
John Kennedy’s one-time home added $720,000 to $2.5 million, while Robert Kennedy’s former place rose $265,000 to $2.6 million. A vacant waterfront parcel formerly owned by Edward Kennedy also increased $251,000 in value to $305,400.
Barnstable Director of Assessing Jeffrey Rusziak couldn’t be reached for comment about the updated assessments.
But local Realtor Jack Cotton, who sold a home next to the compound a few years back, partly attributes the spread’s reduced taxable value to the way Barnstable generates assessments.
He said officials estimated the compound’s 2010 value partly by looking at how much nearby homes sold for in 2009 and late 2008 - the height of the U.S. housing bust and stock-market crash.
Strip out such factors and Cotton estimates the compound’s value has really only fallen 5 percent to 10 percent.
He blames that decline on lower demand for high-end Cape homes.
“There are fewer buyers out there. And people who are looking aren’t going to buy without a compelling reason to do so - like extremely low prices,” said Cotton, whose book “Selling Luxury Homes” is due out next month. “The one thing I’ve learned about rich people is that they didn’t get that way by being stupid.”
A better, more inflammatory headline would be “Kennedys get real estate tax cut.”
/sarcasm
“A vacant waterfront parcel formerly owned by Edward Kennedy also increased $251,000 in value to $305,400”
600% increase?
Maybe the new “wind farm” coming is decreasing property values. lol.
“A better, more inflammatory headline would be “Kennedys get real estate tax cut.” “
Or a real estate BAIL OUT!
They don’t want to “pay their fair share” and want YOU to feel sorry for them too!
Just helping the clan lower their property taxes by lowering the value. Also helps big time with estate taxes.
It’s MA, some things never change.
GMTA
who (or what) actually owns these mansions. Family Trusts? Non-Profit Fooundations?
They lost a lot of acreage when Teddy was cremated.
I thought that was closer to 'Mahthah's Vinyahd'.
Actually, I think you are right but I thought the winds of time may be blowing in the direction of all the Kennedy’s, thanks to RFK Jr.
How convenient. Just so happened to have re-evaled at the bottom of the market.
Or in the case of the Kennedys, they got that way by being crooks.
Exactly
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