So why is the assessed value $20K below the listing price?

Today, Jon and I visited three properties. We felt going in like we were on one of the HGTV shows because we expected one to be nice but tiny, another to be nice but on a busier street, and the third to be ugly but big. Which one will they choose?!?

Note: Our realtor was early and had already retrieved the keys etc to the first location. We like him now. Nice guy.

Stop #1: 1 King St #102, Peabody, MA $165,000
2br 1 bath 810sf, 2 off street parking


Pros: Price. Closet space. Nice layout for 800sf.

Cons: You have to go outside for the laundry!!!! Never again. The bedroom windows on the back side of the house are at street level. If the Hamburgler wanted to walk up and kick in our windows, he could do so with ease.

The decision: DEFINITELY not.

Property #2: 24 Wisteria St #1, Salem, MA
Listing: $189,900..... 2010 Tax Assessment: $171,400?!?!?!??
2br, 1 bath, 1000sf, 1 off street parking, laundry in-unit


This is the large eat-in kitchen, showing one of the 3 entrances. Notice the sink/ most cabinets are in a separate alcove. The laundry room is beyond the sink room. One bedroom you can see to the right, and the other bedroom is where the photographer must be standing. The living room/dining room is to the back/left of the kitchen.

Pros: Some new appliances and nice paint and updating. Space. LAUNDRY WOOO

Cons: Our biggest concern was the itty bitty closets (I mean, barely big enough for hide n seek. Really.) in bedrooms that are too small for ample furniture in which to store clothes. It didn't seem like walls could be knocked out because of oil heater thingy placement and what seemed to be the original chimney hidden behind a wall. Lots of dead space too.. very large eat in kitchen, AND a dining room, and then an ok size living room. Also there were THREE entrances, two of which we felt we'd have to barricade with furniture. And the oil heater in the basement was last replaced in 1970. That's a little scary.

The Decision: Pretty. And pretty useless.

Property #3: 11 Gardner St #4, Salem MA
Listing: $189,900; 2009 Assessment (2010 not done yet?): $179,400
2br 1 bath, 967 sf, 2 floors, 2 off street parking, laundry in-unit

We showed up a few minutes early to this one and sat in our car while the family got ready to go to church. Finally we got out of the car and were going to meet our realtor who was parked a few feet down the street, when the seller's agent promptly greeted us and basically told us not to go get our realtor. It was weird, and we felt bad for our realtor... because then we were inside for probably 10 minutes before eventually he wandered in and was like, "Uhh.. what's going on???"

Seller's agents are obnoxious.



This is the back of the building. The unit we saw was an addition to the original house, 11 years ago. The two porches would both be ours; we don't know what's on the 3rd floor. The first floor bay window is the living room. The 2nd floor bay window is the kids' bedroom.



Living room (first floor) .. please don't be distracted but what appears to be the worst decorating job ever. Kitchen is to the left. Person taking picture is standing at steps/ laundry room.



Kitchen (first floor) .. floors need to be redone. We'd replace cabinets at some point. Person taking picture is standing at porch entrance

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Kids bedroom (second floor)... nice! So is the master bedroom. Both have great closet space.

Other: Garage storage and basement storage. Electric stove could be replaced with gas stove. New heater in (remarkably dry) basement.

Notes: They had the windows open and their heat turned to 62 degrees, when it was 40 degrees outside. Why? Does it smell funny? We noticed the common hallways of the building smelled smoky but we would think that we would have sensed some of the smoke in the unit if it was a real issue. That's not usually the kind of thing you can mask. Also the stairs unfortunately are weird (rod-iron spiral staircase.. classy..) but... I feel like they could be changed over time. And the realtor said there's been NO offers-- (a mistake for her to offer?) even though the place has been on the market for a year now.

It must be because of the stairs. I don't know though... we could live with them.

Pros: Everything we want. The issues are solely cosmetic.

Cons: Do we want to live in Salem/ on the North Shore for the next 5 years? And.... we googled the address and found police reports for the 29 year old woman in Unit 3 from 2008, and for the 28 year old woman in Unit 1 from 2009. The 29 year old apparently assaulted someone with a wine glass. The 28 year old was with a 23 year old who was arrested for fake license plates and driving with a suspended license... So that makes 2 out of the 4 units occupied by idiots.

The Decision: Location, location, location. Stay tuned!