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Three displaced by two-alarm fire on Woodrow Avenue in Dorchester
By adamg on Mon, 11/07/2022 - 9:37pm
The Boston Fire Department reports firefighters responded to 108 Woodrow Ave. in Dorchester for what became a two-alarm fire around 8:30 p.m.
The fire spread from the basement to the second floor, the department reports, adding neighboring 112 Woodrow Avenue suffered some damage on the wall facing 108.
Three people were displaced by the fire, the department reports. Damage was estimated at $300,000.
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$300,000 dollars? That makes
$300,000 dollars? That makes no sense. The last assessment of this home by the City of Boston assessed it at $241,800
FY2022 Building value: $241,800.00
FY2022 Land Value: $145,000.00
FY2022 Total Assessed Value: $386,800.00
I guess the fire totally destroyed the land as well or do home prices in the City of Boston really go up this fast? That place looks beyond rehabilitation from the photo.
Damn, I feel really sorry for the family affected.
You're forgetting or don't know one important factor in determining damage...interior contents. Estimates are a combined of estimated structural damage and interior contents...such as furniture, kitchen appliances..clothes, jewelry etc.....not an exact science but you try your best
Insurance can be market value or replacement cost. That's why you want replacement cost, to rebuild what was there can be WAAY more expensive than what it was previously worth.
The city assesses properties super low compared to sale/replacement cost, which I assume is done just to save time and energy regarding people contesting it. A 1200sf single family that looks to be in normal condition on streetview would sell for quite a bit more than that.
Good point @nobody
I actually wasn't thinking about the interior contents at all. It makes sense now.