The company, a privately held education services provider, already employs 650 in East Cambridge, along with thousands of others in 50 countries. Its proposed new building in Cambridge, planned for a former Big Dig staging area across from the Museum of Science, would occupy a 55,000-square-foot parcel, and rise 150 feet.

The new proposed building will obstruct the Zakim Bridge’s view from the XX29 units at the neighboring Regatta Riverview Residences up to the 16th floor.

Education First is asking the state legislature to pass a special law, including density and property purchase options, to facilitate the project, State House News reported. That request and the plan’s details were made public Tuesday during a state senate committee hearing.

Education First would pay $9 million up front for a 99-year lease on the property, and commit to pay property taxes to Cambridge, State House News Service reported. The company eventually would like to purchase the land.

Source: Boston Business Journal

The most active price ranges were ($350,000 to $399,999) and ($600,000 to $699,999) with 8 and 4 transactions, respectively.  The volume for this month is slightly down from Janaury which will leave us wondering how March will fair as we approach the busy Spring season! 

Please visit my agent home page at:  http://www.bostonrealestate.com/agents/BrettNeumeister or email me with any questions or comments at brett@bushari.com

Last week ended with a total of 8 condominiums being sold with a total market value of $3,955,900 changing hands between buyers and sellers.  The lowest sale was $357,000 at 850 Mass. Ave., #7  and the highest sale was $1,035,000 at 993 Memorial Drive, #603.  The average sales price was $494,488 which was 94% lower than the average original price of $537,188 with an average days on market of 66 days.

The most active price range was ($350,000 to $399,999) with 5 transactions far outpacing other price ranges which had just 1 each for the following sale prices:  $435,000, $630,000 & $1,035,000.

Please stay tuned for the sales data for this week which will be posted next Monday.  We could be on pace for another strong second month in Cambridge condo sales for 2011!

Please visit my agent home page at:  http://www.bostonrealestate.com/agents/BrettNeumeister or email me with any questions or comments at brett@bushari.com

The most active price ranges were ($350,000 to $399,999) and ($500,000 to $599,000) with six transactions for each range.  The next most active price ranges were ($400,000 to $449,000) and ($300,000 to $349,000) with five and four transactions, respectively.

I noticed an interesting observation in the $1,000,000 to $1,499,000 range where a condo was sold above it’s original listing price.  The property is located at 130 Mount Auburn Street, #409 which sold at $1,301,500 versus its original listing price of $1,250,000. . .a 4% premium over asking!  Let’s see if the momentum can continue into February!

Please visit my agent home page at:  http://www.bostonrealestate.com/agents/BrettNeumeister or email me with any questions or comments at brett@bushari.com

It’s tax time in Cambridge!

The amount you owe is based on the “assessed value” of your home or condo. For example, if your property is assessed at $533,700, and it is a residential property, your tax bill would be $4,354.99 (assessed value X $8.16 / 1000 = Annual Tax Bill). The tax assessor is the one who assesses the properties in Cambridge for tax purposes only, so don’t be disappointed if he thinks that your property’s value is less than the real market value… In fact, in order to pay less real estate taxes, you want your assessed value to be as low as possible.

What if your property is overvalued?

The tax assessor’s office allows Cambridge home and condo owners to abate taxes. What is a tax abatement? Tax abatement is a reduction of taxes or an exemption from taxes granted by a local government on a piece of real property for a specified length of time. In our case, you, as a property owner, can argue that your property was overvalued by the tax assessor’s office and request the property be re-assessed. If granted, your property’s assessed value may be reduced and your real estate tax bill will be lower.

How To Abate Cambridge Real Estate Taxes?

First, you need to know your property’s assessed value. To check the most recent assessment, go to the tax assessor’s website and perform a search. If you feel that your property was overvalued, it’s time to abate the taxes.

To abate real estate taxes in Cambridge, you will need the proper Application For Tax Abatement Of Real Estate Tax Form. All applications must be submitted no later than November 22th 2010! So, if you don’t act quickly, your next chance will not be until be next year. Forms may be faxed (with a cover sheet) to the tax collector’s office at 617-349-4357.

What’s next?

Now you just need to wait for a response from the tax collector’s office. In most cases, they will send an appraiser to preview your property and will re-assess the property’s value. You will receive the final decision in the mail. Please note that you still need to pay your first payment as quoted to avoid 14% annual interest rate, if your property’s assessed value will be reduced, your second payment will be adjusted.

Your property’s assessed value may go up, if the tax assessor believes it should… so make sure you have a strong case. You may want to consult with your CPA, attorney, or real estate professional. If you have further questions, simply call the tax assessor’s office at 617-349-4343 or send an email to: assessors@cambridgema.gov

Canyon-Johnson Urban Funds, said it will work with HYM Investment Group, LLC, of Boston and Atlas Capital Group in New York to develop the 44-acre site, a former Pan Am rail yard across the Charles River from Massachusetts General Hospital, a few blocks from Kendall Square.

Canyon-Johnson Urban Funds — a joint venture between Canyon Capital Realty Advisors and a subsidy of Magic John Enterprises — was created in 2001 to redevelop real estate in densely populated urban areas.

“We are thrilled to be back in the Boston area, and to breathe new life into a large, strategically located piece of land that has been under-utilized for too long,” said Canyon Managing Partner Bobby Turner. He said the project “has the potential to create a new focal point for the neighborhood and generate thousands of construction and permanent jobs for local residents.”

Work on NorthPoint came to a halt in 2005 amid financial problems. It was originally supposed to feature about 2,700 residential units, more than 2 million feet of commercial and office space, and 150,000 square feet for retail businesses.

Starting tomorrow, the bridge will close to inbound traffic for at least a month, and transportation officials are expecting major headaches, despite their best efforts to urge commuters to plan alternate routes or switch to public transit. Traffic will be detoured through East Cambridge and Charlestown; even the duck boats will be affected, unable to ply the Charles because the channel below the bridge will also be closed.

The Craigie project — which next year will again require closing of the inbound lanes for about two months — will be, for commuters as well as engineers, the most complicated and disruptive stage yet in an eight-year, $400 million-plus effort by the state to repair six long-neglected Charles River crossings. The Boston University Bridge has been under construction for more than a year; the Longfellow, River Street, Western Avenue, and Larz Anderson Memorial bridges are next.

The Craigie, which at its widest point has three lanes in each direction, runs past the Museum of Science, carrying Route 28 (Monsignor O’Brien Highway) between Cambridge’s Land Boulevard and Boston’s Leverett Circle.

Planners have spent months debating which lanes to close and when, where to detour traffic, and how to monitor the myriad busy roads and intersections that will feel ripple effects of the bridge’s closure.

A series of signs already warn drivers of the impending closure and bridge work. On Monday, the first workday affected by the inbound traffic ban, police details will be posted at 40 locations to direct traffic in the vicinity of the bridge.

Officials from the State Police, the Massachusetts Department of Transportation, and the parking and traffic departments of Cambridge and Somerville will join their Boston counterparts in an unusual collaboration, monitoring scores of traffic cameras in a seventh-floor control room at Boston’s City Hall. There they will watch for gridlocked intersections, determine whether traffic lights need to be retimed, and make other adjustments as needed.

This spectacular condo on the 21st floor features the ultimate in modern luxury. The expansive kitchen offers high-end, stainless steel appliances, custom lighting and a sparkling Silestone breakfast bar. The home also features tiger wood floors throughout, a custom walk-in closet, floor-to-ceiling windows, a private terrace, unmatched privacy, surround sound and garage parking. Building amenities include 24-hr concierge, pool, gym, club room, business center and movie theater. Across from park.

Spectacular 3 bed, 3 bath corner unit with breath taking views of the Charles River and Boston skyline. No detail overlooked! Custom Italian kitchen, granite counter tops, spacious island, Brazilian cherry floors, high-end appliances and marble baths are only a few of the luxurious amenities of this home. The unit also features a laundry room, private terrace, deeded storage and 2 garage parking spaces. 24-hour concierge, pool, gym, movie theater, club room, business center. Pets welcome.

The professors filed suit in April 2009, claiming the developer, a joint venture of Equity Residential and Extell Development Corp., did not follow through on an agreement under which the professors would purchase units the development, called Third Square., in Cambridge’s Kendall Square neighborhood. The professors sought the units because it was close to their professional and academic obligations, according to court documents.

A Superior Court judge determined that the purchase and sales agreements are binding on the defendants and enforceable, according to a ruling issued this week.

In her decission, Judge Frances A. McIntyre ordered the developer to provide the plaintiffs’ attorney completed condominum documents within 10 days. Further, after the documents are formalized, the developer must record the condominum documents and schedule closings within a two-week window, per the judge’s decision.

“There are no money damages that will redress and remedy the loss these plaintiffs suffered when the defendant breached its contract with each of them,” McIntyre wrote. “No other residence or any amount of money damages will give them the benefit of the bargain they negotiated with the defendant.”

The development was originally approved for 527 units in two buildings, the so-called North and South developments. The North building contains rental units and was not part of the suit.

According to prior BBJ reports, the plaintiffs claimed last year that the developer was in discussion with the city of Cambridge to rent the South building as apartments. A Superior Court judge issued an injunction last June, prohibiting the developer from renting or leasing the units it pledged to sell.