3 Boston brokers see a fair appraisal
The home appraisal that allowed John F. Kerry to make a much-needed $6.4 million loan to his presidential campaign set an aggressive but not unreasonable value for the property, given the exclusiveness of his Beacon Hill neighborhood and the distinct nature of his townhouse, three high-end Boston real estate brokers said yesterday.
Two top Kerry advisers, speaking on the condition of anonymity, said an independent appraiser commissioned by the senator's bankers set the value of the home at $12.8 million, which would make the Massachusetts Democrat's house among the most expensive of its kind in Boston.
Federal law allows candidates to borrow against the value of their assets, which in Kerry's case includes a half-share in the Louisburg Square house he co-owns with his wife, philanthropist Teresa Heinz Kerry. Following the appraisal and completion of the loan in December, Kerry loaned his campaign an amount equal to his share, $6.4 million, permitting his campaign to boost advertising and other expenditures just before he took the lead in polls and won the kickoff Iowa caucuses and New Hampshire primary.
The loan has been scrutinized by Kerry's political rivals because if Kerry donated more to his campaign than his assets justified, it could be considered a contribution by his wife in excess of the $2,000 federal limit. The city of Boston has assessed the home's value at $6.95 million for tax purposes -- about 54 percent of the value set by the bank appraiser.
Another home on Louisburg Square sold in September for $5.5 million, and the owners have yet to move in because they are gutting it. A townhouse at 56 Beacon St. sold last month for $8.55 million, one of the highest prices ever paid for a single-family home in the city, but that property is about 2,700 square feet smaller than the Kerrys' and in a less exclusive spot.
"It's not like we took a flier on this one and took a guess," said city assessor Ronald Rakow. "There is market data that we use to set the value on the homes, including Senator Kerry's." Rakow said the assessment is based purely on comparable sales, not appraisals such as the one Kerry received, because the sales are public information, while appraisals such as Kerry's are considered private documents.
The campaign is weighing whether to release the appraisal and comparable home sales used to calculate the $12.8 million value.
Beth Dickerson, owner of Dickerson Real Estate, said of the appraisal, "It seems in line to me."
Two other brokers, who spoke on the condition of anonymity, said the appraisal was high, but not out of the range where the house would be priced if it were to be placed on the open market.
The loan is being repaid by Kerry's campaign, as allowed by campaign finance law, since he took the money loaned to him by the bank and directly loaned it to the campaign, the advisers said.
Under the terms of the note, Kerry must repay only the interest -- not the principal of the loan -- for the first 10 years. The campaign made the first $15,486 payment on Jan. 29, according to the senator's most recent campaign finance report.
Glen Johnson can be reached at johnson@globe.com. 
