Many of us have been impressed by the resiliency of the Cambridge residential real estate market in the current economy. Possible reasons for this include convenient travel to Boston, a vibrant local economy, short commute times, a robust social scene, it’s just plain fun to live here, as well as one that may be overlooked: low real estate taxes.
A quick calculation taking Cambridge’s residential exemption into account indicates that, for a $1M residence, one could save approximately $550 per month by living in Cambridge in comparison with Belmont, one of our neighboring communities. That amounts to $6,600 per year and, without taking interest or tax implications into account, $66,000 over 10 years, $132,000 over twenty years, or $198,000 over the life of a standard thirty-year mortgage!
With these savings, one might consider paying down their mortgage a bit more quickly; others might find other investment opportunities; while others might simply buy “more house”.
Tax savings, coupled with historically stable or appreciating property values, offer additional perspectives on why Cambridge’s current residential real estate market remains buoyant.
Just a note to say that being a sales agent for CBRB keeps me active and engaged! Last month was busy with three sales – two were my listings and the other was for a family from California. Happily, the deals stayed together despite encountering radon, objectionable investor demands, stubborn contractors and unlicensed construction work! My experience as an architect and home re-modeler really helped my clients purchases and sales go smoothly. And, I’ve been able to refer several contractors to clients who have need of a specialist with older homes.
At the moment, I’m in the process of developing my website, enhancing e-mail marketing, completing a technology upgrade (hello, iPhone!), and generally connecting with folks.
I’m finding that being a realtor is a good fit for me in so many ways – my people-first problem solving approach is both effective and enjoyable.
From Maryann Heuston, Alderman from Somerville’s Ward 2
The City’s head of transportation, Michael Lambert, reports that the City is pushing hard to start Beacon Street reconstruction before its current slated start date of 2013. An earlier start date depends on the City overcoming a number of State- and Federal-related hurdles…The reconstruction of Beacon Street is scheduled as a Mass Department of Transportation Project to begin in 2013. The project will consist of grind and overlay of the entire street as well as installation of new sidewalks, ADA accessible crossings, and bike lanes.