Falling Real Estate Prices Hit Kennedy Compound
Filed under: Estates
The price of real estate in Massachusetts has affected even one of Massachusetts' most famous properties. The value of the Kennedy compound in Hyannisport, Massachusetts has fallen $2.2 million since last year. The Boston Herald reports that the Barnstable Board of Assessors cut this year's taxable value the compound to about $11.5 million, representing a 16 percent decline. The waterfront mansion, most recently lived in by Senator Ted Kennedy, dropped in assessed value from $9.6 million to $6.2 million.Values rose at the compound's two other houses: John Kennedy's one-time home added $720,000 to $2.5 million while Robert Kennedy's former home went up by $265,000 to $2.6 million. Another waterfront parcel once owned by Senator Ted Kennedy went up an impressive $251,000 to $305,400. The Boston Herald article quotes local Realtor Jack Cotton, who said that the way Barnstable generates assessments contributed to the falling value. The estimate was was made partially by looking at how much nearby homes sold for in 2009 and late 2008 during the nadir of the housing market. Cotton estimates the compound's value has really only fallen 5 percent to 10 percent.
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