Bass Ave is a very busy street. Especially in summer and on weekends. It is the main rd. out of East Gloucester. It is a great location for people who have small children that want to attend East Gloucester Elementary. You can walk to Good Harbor Beach from here. only 3 blocks down the street. Two minutes and traffic and you are on rt. 128. The house is only worth what you will pay for it. It can be very difficult pulling out of driveways on the street certain times of day. Taxes in Gloucester have adjusted. The water and sewer bills are also being added to the taxes. Currently under $10.00 per $1,000. Once you purchase , your purchase price will become the value of the home. Gloucester is behind in assessments and it takes about 8-12 months for the city to catch up. For more local info and market values please check out capeannspaces.com If you have any questions email me at email@example.com
Overall seems the property was over priced (for the soft market) to begin with and is now slowly dropping down into a proper price range. Hard to give any more advice without at least interior shots which the sellers agent has not posted. According to the MLS the tax was assessed at $2834 in 2007.
Hope that helps! Good luck.