Declining Property Values in Lizzie Borden’s Hometown
Click on this page link and play around with the GPS imagery.
Property values have declined steadily in the past 20+ years in Fall River. This property, next door to “Maplecroft” (Lizzie Borden’s post-Trial home) on French Street, was assessed at $258,500 in 2013.
The declining property values are a result of Fall River’s declining economy and has put many homeowners “underwater” in their loans, i.e., they owe the bank more on their mortgage than the property is worth.
The hot topic in Fall River today concerns a possible mega resort/casino proposed by Foxwoods and the positive or negative effect it will have on the economy; those for it scream “we need the jobs”, those opposed yell “property value will decline”. The mere mention of a casino being built in Fall River has the Bank of America sending out “heads up” letters that – from their POV -, the property that is the subject of this letter is worth only $222,491 in 2014. In any event, it has some people waiving the letters and hollaring: “The sky is falling! The sky is falling! Stop the casino!”
Frankly, Fall River is on a path to being a sister city of Detroit if it doesn’t do something soon.