Tony’s Realty Lists Beautifully Renovated Bennington Street Single-Family

Tony’s Realty recently listed a single-family home at 115 Bennington Street—a beautifully renovated two level house with almost 1,100 square feet of living space. The downstairs has a new kitchen, a new tile bath, and a large living room. Upstairs has two large bedrooms with ample closet space as well as a third room, which could be used as an office or an additional small bedroom with room for a twin bed.

The entire house has gleaming hardwood floors as well as newly plastered walls and ceilings. There is also newer plumbing and heating, updated electricity, and a 2008 roof. The yard is perfect for a garden, a barbecue area, or a dog.

This home is nestled among other owner occupied single-family homes and is within walking distance to the new Airport T Station, Central and Day Squares, and many shops and restaurants. The asking price is $235,000.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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East Boston Condos Sell at Higher Price Per Unit than Triple-Deckers

In 2009, 83 three-families sold in East Boston. Of these, only 5 sold for over $400,000. Three were large and had ample parking, one was completely renovated, and another was a large Victorian on Webster Street overlooking Boston Harbor. There were only another 5 homes that sold for more than $350,000. Most of these were totally renovated and in excellent condition. The remaining 73 three-families sold for under $350,000, or for under $117,000 per unit.

In 2009, 99 condominiums sold in East Boston, many of which were 800 to 1,000 square foot condos in triple-deckers or small buildings. They sold between $180,000 and $220,000. Many wonder why triple-deckers don’t sell for similar prices per unit as condos (between $540,000 and $660,000 per triple-decker). The main reason three-families sell for much less per unit than condos is because the “average East Boston triple-decker” is in poor condition. Most condos have been totally renovated, but many East Boston triple-deckers are about 100 years old, and many have not had updates in 30, 40, or 50 years. It is not unusual to find apartments with 19th century layouts, walls covered in paneling, original ceilings covered with suspended cardboard, outdated electricity, heating systems with older furnaces, apartments without central heat but with “gas on gas” stoves and space heaters, porches that need to be rebuilt, lead paint that needs to be removed, basements that retain water, foundations and brick facades that need pointing, older windows that should be replaced, and kitchens and bathrooms that should be renovated. And many East Boston triple-deckers have not been painted or wallpapered in decades. If East Boston three-families placed on the market had repairs done to them for many of the above mentioned deferred maintenance issues, they could sell for more money, perhaps closer to the prices per unit of many of the newly renovated condos that have been steadily selling in East Boston.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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East Boston 2009 Condo Sale Prices Remain Strong

In 2009, East Boston had a significant number of condominium sales. Of the 99 condos sold in 2009, only 13 were bank owned and 2 were short sales. Eighty-four of the 99 condos sold last year were sold by “regular sellers” to buyers, most of whom were owner occupants who chose East Boston as their home. While the East Boston condo market is supposedly more depressed than its 2004 and 2005 peaks, it has not taken as big a hit as one might think. The 2009 average condominium sale price was $226,031 with an average price per square foot of $243. In 2004, only 58 condominiums were sold with an average price of $224,467 and an average price per square foot of $253. In 2005, East Boston saw a condo sale price peak with 105 sales averaging $250,723 and an average price per square foot of $277.

East Boston’s average condo sale price in 2009 was only about a 10.5% drop from the average condo sale price in 2005. By contrast, the average sale price for an East Boston three-family plunged almost 50% from a 2005 high of $494,384 to a 2009 low of $248,266. It is evident there is a strong demand in East Boston for new or renovated properties in excellent condition, such as the many condominiums that have been sold and recently renovated, and there is less tolerance for older triple-deckers with poor layouts and deferred maintenance—unlike four or five years ago when buyers ignored many defects. The good news is that the overall demand and price paid for East Boston properties in excellent condition, as reflected in 2009 condominium sales, remains significantly strong.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Two East Boston Three-Families on the Market

Tony’s Realty currently has two three-family properties on the market in East Boston, each for under $350,000. The first property, 15 Murray Court, was completely renovated in the mid 1980’s. Whereas most three-families in East Boston are about 100 years old, this one, also built around 1900, was completely rebuilt about 25 years ago. It has newer wiring, plumbing, walls, ceilings, floors windows and systems. And the rooms have been reconfigured into three wonderful one bedroom apartments with excellent layouts, large rooms and ample closet space. The property is located three minutes from the Maverick Square T station and just two blocks from Piers Park in Jeffries Point. It is priced at $325,000.

34 Paris Street, just steps away from Maverick Square, is a unique brick row house built before 1900. This property has beautiful curb appeal, and its apartments are in very good condition. The current owners have owned the property for almost thirty years, and many of the improvements include three newer heating systems, newer windows, replastered ceilings and walls, and newer kitchens. Outside is a nice backyard for gardening or relaxing. This three-family is one of four properties in a row of three other owner occupied buildings. It is listed at $339,000.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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East Boston Three-Family Sales Steadily Improve

During the last three months, only three bank-owned three-family homes were sold in East Boston. Two of these homes sold for more than asking price. Recently, banks have been pricing smaller three families in the high $100,000 price range—those homes then often sell at above asking price. When a property is priced below market value, the price generally attracts multiple buyers and offers resulting in the successful purchaser paying more than list price.

42 Gove Street was listed on 8/18/2009 for $166,900. It went under agreement in 9 days. It sold on 10/27/2009 for $185,000. 310 Saratoga Street was listed on 10/20/2009 for $198,000. It went under agreement 8 days later; it sold on 12/15/2009 for $226,000. 295 Havre originally went on the market on 5/13/2009 for $220,000. On 6/22/2009, it was lowered to $209,900. It went under agreement in one day. It came back on the market on 9/17/2009. Its price was reduced to $189,900 on 9/18/2009, and it went under agreement again on the same day. It sold on 10/29/2009 for $180,500.

Recent activity for non-bank owned three families continues to improve, with houses remaining on the market for fewer days and selling for higher prices than in most of 2009 and all of 2008. In December 2009, 90 Saint Andrew Road, a 2,912 square foot three-family with two parking spaces, sold for $460,000, making it the highest price Orient Heights three-family to sell in almost three years.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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5 Tips for Selling a Multi-Family Home

Because the holiday season is the least busy time of year for selling a multi-family home, it makes for one of the best times of year a future seller can prepare a two or three-family home for sale.  Here are five simple tips to assist you in selling your multi-family home.

1. If you have tenants, inform them their home is going up for sale.  Chances are future buyers will want to keep them on as tenants.  Arrange with tenants in advance about access for showing their units.  Some tenants prefer to be home; others would rather go out and leave their keys with a real estate agent.  Inform and discuss with tenants the best methods to having their apartments shown while your property is for sale.
2. If you have vacancies, or if a tenant is moving, leave at least one apartment empty.  Ninety-five percent of buyers of two and three-family houses want to live in at least one unit.  Providing a vacancy makes it possible for a buyer to qualify for a loan as an owner occupant, and more simply, it gives a buyer a unit to live in.
3. During the winter months, property owners sometimes fuss over the cost of heating vacant properties.  It is advisable to “keep the heat on” and make sure that vacant units are toasty warm.  When a buyer sees a cold house or a cold vacant apartment, they are less likely to feel comfortable and less likely to buy.  If you budget a few hundred dollars a month for heating an empty unit or house, you will get the money back when selling the house, and your property will be much more attractive than a colder, less presentable, property.
4. Gather your data.  If you have tenants with leases or signed rental agreements, keep a folder with copies of those contracts.  If you have done recent repairs on your roof or heating system, find the receipts or copies of checks written to pay for repairs.  If you have certificates of lead paint compliance, keep them together with any other important information pertaining to the property.  And if you have a history of bills paid for water, gas or electric, keep them together.  Buyers are more likely to purchase a home from a seller who “has everything” together.
5. De-clutter the home, hallways, yard, and basement.  If you have unnecessary items in your basement, attic, empty apartments, backyard or rear porches, throw them away or hire a junk removal company.  An emptier property is much easier to view and a buyer can more easily see what repairs need to be made (before hiring a home inspector) or what improvements have been done.  It leads to a smoother sale.  And a seller won’t have to worry about emptying everything out the home at the last minute either. 

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Three-Families in East Boston Sell at Faster Pace

This week Tony’s Realty compares thee-family property sales between October 14, 2009 thru December 14, 2009 to thee-family sales five years ago between October 14, 2004 and December 14, 2004.  There are fewer current three-families on the market than five years ago, and they are selling much faster—albeit at significantly lower prices.  During the last two months, 16 triple-deckers have sold in East Boston; back in 2004, during the same October 14 thru December 14 time frame, 25 thee families had sold.

The average sale price for three-families in East Boston between October 14 and December 14, 2004 was $473,688.  Larger three-families were mostly selling for around $500,000.  Smaller triple-deckers usually sold for around $425,000.  The average selling time 5 years ago was 79 days.

During the last two months in 2009, the average sale price for a three-family was $288,781, which is 39% lower than in 2004, but the average selling time was only 48 days.  Larger three-families are mostly selling in the low $300s, whereas smaller triple-deckers are selling in the low $200s.  Of the 16 triple-deckers to sell between October 14 and December 14, two were bank owned and two were short sales.

With lower prices, properties sell much faster, but fewer properties come on the market.  There are currently only 15 three-families for sale in East Boston.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Preparing a Home for Sale Is Key in Fetching Higher Sale Prices

There is a strong demand for East Boston three-family properties. Large three-families, or small ones in good condition, are beginning to sell for over $300,000—most usually sell within three months. When selling a triple-decker, it is important not only to price the property correctly, but also to properly prepare the property and gather all necessary records in order to make the property attractive to buyers.

Most buyers in East Boston will want to live in at least one unit. If there is a vacant apartment, consider leaving it empty. If you are planning to sell a property three to six months from now, it is best to ask at least one tenant to move out. The increased sale price for having at least one vacancy will make up for any lost rent during the time the property is up for sale. Also, if you have tenants with children under 6, it is important to test the apartment and common areas for lead paint and obtain a certificate of lead paint compliance. If you currently have tenants, it is important to put rental agreements in writing (even if occupants are Tenants at Will), specifying who occupies the unit, rent amount paid, and who pays for utilities. It is also important to make arrangements with tenants to show the property to prospective buyers. If you have tenants living in an in-law or illegal apartment, it is important to vacate those units. Banks will not finance buildings with illegally occupied apartments.

Properties should be well presented. Basements, backyards, stairways and porches should be as empty as possible, and overgrown trees and shrubs should be cut. If an apartment is furnished, but no longer lived in, excess belongings and clutter should be removed except for sofas, tables, chairs, bedroom furniture and wall hangings. Heating systems should be serviced with paperwork provided to buyers. Leaky plumbing should be fixed. If an electrical box has fuses, consider switching to circuit breakers. If a roof leaks or a furnace is not working, it is worth replacing each of these items. Any money spent on preparation or repairs will be made up for in a sale price.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Recent Sales on Trenton Street Indicate a Market Uptick

Recent sales activity on East Boston’s Trenton Street during the month of November continues to demonstrate that multi-family prices are slightly improving over the average 12 month sale prices in East Boston.  125 Trenton Street, a 1,740 square foot renovated two-family with three garage stalls sold this week for $312,000.  It is the only two-family property outside of Orient Heights to sell for more than $300,000 during the last year in East Boston.  During the last 12 months, 41 two-families sold with an average sale price of $238,695.

Similarly, Tony’s Realty recently sold 146 Trenton Street.  This completely, and exquisitely, renovated 2,728 square foot three-family sold for $375,000.  A similar sized property (2,448 square feet) at 96 Trenton Street also sold this week for $356,000.  Both these sales are indications of an improved market.  During the last twelve months, the average three-family in East Boston sold for only $243,191.  And in all of East Boston, only 6 three-families, during that time frame, have ever sold for more than $350,000.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Some East Boston Three-Family Sale Prices Begin to Rise

Recent three-family home sales in East Boston indicate prices are going up in value and selling at a faster pace than previous sales.  Some properties are beginning to sell again for over $400,000.  In August, 227 Webster Street, a 4,032 square foot home, sold for $448,500.  It was on the market for only 41 days.  In November, 258 East Eagle Street, a 4,540 square foot home, sold for $480,000.  It was on the market for only 18 days.  In February, 139 Trenton Street sold for $475,000, but the property included an extra 2,666 square foot buildable lot.  Similarly, other three-family homes are selling more quickly and at higher prices than in 2008 and most of 2009.  236 Maverick Street (3,941 square feet) was listed and sold at full price for $329,000 in just 11 days.  236 Havre Street (2,520 square feet) was listed at $329,000 and sold at $305,000 in just 22 days.

For over a year, sellers, agents and mortgage holders have been allowing short sales to occur at artificially low prices.  Subsequently, many bank owned properties have been priced according to comparable short sales.  Because bank owned properties were priced so low, buyers began submitting competitive offers in order to outbid one another.  Consequently, properties began selling above asking price.  Recent three-family property sales data for buildings that are NOT bank owned or short sales indicate buyers are willing to pay much more than for what properties have been recently selling.  While sale prices probably will not return to 2004 thru 2007 levels anytime soon, a larger, well priced East Boston triple-decker in excellent condition should quickly sell anywhere in the $300,000 to $400,000 range.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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