Jamaica Plain News reports the demise of Taylor House Bed and Breakfast, which had houses on Burroughs Street and Agassiz Park. Both houses are now for sale.
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per zillow the one house on Burroughs was bought for $310k in the 90s and is now worth over $2m.
The neighborhood is poorer when only rich people can afford to live there.
Gotta pay some taxes on that (whatever it gets sold for - those are pre-Covid estimates). And also you have no income. It's good they have an asset and won't just lose everything like a lot of small business owners.
We're going to see a lot more economic dominos fall before this is over.
They can bail. Price might be adjusted for current conditions. Real estate taxes are based on market valuations. This works well in a rising market. Now? Who knows.
Local governments might want to consider ways to tighten their belts a bit.
Their capital gains? Not too bad if they want out.
What someone is willing to pay for it.
A. Do you remember JP in the 1990s? It was a different planet than what it is now. B. Can you imagine how much money those guys have poured into that place over the years—initially and then just maintenance? Houses like that are an endless money pit. C. If they want to sell, they then have to buy something else for a similarly inflated price. It’s not like the get to start over again at 1990 prices.
Thank you. Also, nothing more aggravating than people minding other regular, hardworking people's finances.
but they've also be running a business there for 25 years which surely covers for a lot of those costs. I guess if they've constantly borrowed against the huge increase in home value, then they won't realize large gains. If not, they're selling $3.5m worth of real estate and getting out of the B+B in JP business, so don't need to spend $3.5m to buy a new home. They don't 'have to buy' anything other than a private residence.
Yeah, Sally is right-- the house on Burroughs was in crap shape when they bought it. They did a beautiful job fixing it up, and they weren't working off a ton of capital.
An acquaintance taught me a song to the tune of the old "Come back to Jamaica" ads from the 1970s and 1980s (https://www.youtube.com/watch?v=PPCqtP0YETY)
Come back to Jamaica Plain
But don't come alone
Come back to Jamaica Plain
We'll take all you own
We stayed there when house hunting (prior to our move for Georgia) and then again while waiting to move into the house we bought. At that point, only half of the house had been fully renovated. It was a very nice place to stay (and not too expensive yet). And it was only a couple of blocks from our realtor's offce.
Magoo and Magoo’s gal usually have a yearly raunchy romp there. Looks like Magoo will have to find a new place. :-(. Magoo.
Now I need a nap to get that image out of my head.
Why didn't they list on Airbnb?
On the one hand the owners had a community focus by sponsoring salon style musical performances and letting their Burroughs St. building be used for JP Open Studios.
On the other hand, writing as a former customer, one of the fellows was a pure jerk and the other while pleasant, was still a pain to work with.
Overall their leaving is a loss to the community. Hopefully the homes will not be be carved up into condos. They are very nice properties; albeit the vast majority of folks will never be able to pay the millions the owners will want.
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