Tony’s Realty Lists Magnificent Property in Orient Heights

Tony’s Realty recently listed a magnificent property located at 45 Gladstone Street in Orient Heights. Probably one of East Boston’s finest two family homes, this property sits handsomely on a hill set back from the street on 15,000 square feet of land. The first floor unit is a five-room, two bedroom unit. The owners have a wonderful bi-level seven room apartment on the 2nd and 3rd floors which boasts formal living and dining rooms, three generous size bedrooms, two full baths, a wonderful den, and an eat in kitchen. The unit has been extensively renovated and impeccably maintained with wonderful high ceilings, plaster walls, natural woodwork, hardwood floors, and light and views from almost every room. The bright kitchen overlooks a wonderful garden. There is a great patio area, a wonderful side yard, a spacious sunroom, two garages, a long driveway, and an additional parking area for at least four cars.

Major improvements recently done to this property include a new roof, two new heating systems, new Massport windows and doors, and extensive masonry work on the stairs, walkways, outdoor walls, patio, and garages. A sizable garden sits above a beautiful new retaining wall. Since it was built, this property has had only two owners. Currently, the City of Boston lists the property as two separate parcels, one of which is a 7,500 square foot buildable lot zoned for a two family house. All photos details can be seen on our website at www.tonysrealty.com. The list price is $629,000.

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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Tony’s Realty Lists a “Great Find” on Murray Court

Tony’s Realty recently listed a great two-bedroom condo at 7 Murray Court in the Jeffries Point neighborhood of East Boston. This spacious 802 square foot unit is in a three unit building that was completely gutted, remodeled, and developed in 2005. The unit has had only one owner. The condo includes a kitchen, bathroom, large living room / dining room combination, beautiful hardwood floors and two ample size bedrooms with lots of closet space. Its layout contains additional spaces, which could eventually be used for shelves, build outs, or even computer work areas. The basement also has common laundry and additional storage. And the association has recently voted to allow washers and dryers in each unit.

7 Murray Court is a pet friendly building where dogs are allowed. A wonderful patio area / backyard, shared by all unit owners, is perfect for gardening or barbecuing. The building is on a quiet, dead-end street and is only three blocks from Piers Park and two blocks from Maverick Square, a two minute walk by foot—perfect for T commuters. The building’s owner occupancy rate is 100%.

This condo has recently been reduced to $199,900. Taxes, after a residential exemption, are less than $1,000 per year. And, the monthly condo fee is only $112. With its ample square footage, almost brand new condition, and great Jeffries Point location close to shops, the Waterfront, and the new Maverick Square T, this unit makes for a great find.

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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Tony’s Realty Lists a Great Starter Home on Faywood Avenue

Tony’s Realty recently listed an adorable single family located at 74 Faywood Avenue in Orient Heights. This well maintained “classic” colonial style home features three bedrooms, one bath, an eat in kitchen, a formal dining room, a living room with a fireplace, and a heated sun porch facing the street. There is a one-car garage under the house and a small driveway for an additional car.

The property is located on a fairly large 4,000 square foot lot with a wonderful back yard. This very traditional home has lots of natural woodwork and hardwood floors throughout. Since it was built, the property has had only two owners.

Although the kitchen and bath are older, the wonderful layout, great location, natural woodwork, solid condition, and newer windows all make this a great place for anyone who is looking for a nice Orient Heights single-family home. All in all, a great starter home.

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 Retains a Strong and Steady Demand for Condos

During the last six months, 47 condominiums have sold in East Boston, including single story apartments and townhouses. These have ranged from $62,000 for a 515 square foot bank-owned condo on Lubec Street to a 1,757 square foot new townhouse style unit on Lamson Street in Jeffries Point. With an average selling price of $227,370, most units sold were between $150,000 and $250,000, varying in price primarily according to unit size and condition. Of the 9 units to sell for over $300,000, almost all were either brand new or completely renovated, had available parking, or had spectacular harbor views or spacious living areas between 1,300 and 1,800 square feet. Only four units were bank owned.

Currently, another 23 units remain under agreement. Similarly, the average list price for these units was $238,335—most condos sell within 95% of the last list price before going under agreement. Once again, the bulk of these (11 of them) were priced between $200,000 and $250,000. Three were priced over $300,000. Only one was bank owned. Most of these 70 condos have gone under agreement or sold to owner occupants.

The good news is East Boston has a strong and steady demand for condominiums in excellent condition with good layouts between $200,000 and $250,000 for units under 1,000 square feet, and a certain demand for more expensive, larger units with greater amenities and tremendous square footage.

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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Tony’s Realty Lists a Hidden Gem on Brooks Street

Tony’s Realty recently listed a beautiful, unique, and very large three-level Eagle Hill single-family located at 144 Brooks Street. This hidden gem has ten rooms, almost 2,000 square feet of living space, and a wonderful farmer’s porch overlooking a charming private yard with a lawn, flowers, and garden area on a 2,450 square foot parcel. The setting is like a private oasis once you enter the main gate to the property. (This house is not a drive by—the porch and yard cannot be seen from the street).

144 Brooks Street is both aesthetically pleasing and practically maintained. The main living area has a large kitchen, a big dining room, a living room and a wonderful library with built in bookshelves; the property has beautiful hardwood floors, pocket doors, and tastefully chosen paint colors. The open room concept is sun filled all day and each room overlooks the splendid farmer’s porch and yard. The rest of the house includes 5 bedrooms, a sixth room suitable for an office, den, laundry room or additional bedroom, and two full baths.

On a more practical note: the roof is only ten years old, the furnace for the 3-zoned one gas heating system is eleven months old, all windows have been replaced, and all plumbing and electricity is updated and newer. The house is only a few-minute walk to the new Airport T station. The price is $328,500.

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 Triple-Deckers See Increase in Regular Sales

During the past year, many bank owned and short sale three-families have sold in the high $100,000s and low $200,000s, prices previously unheard of in the last decade.  Most of these properties have been unusually small (3-4-4 rooms) and in terrible condition, usually needing complete renovations. Only recently have we seen the reemergence of “regular” sales of three-family homes that are not bank owned or short sales.  These larger three-family properties (4-5-5 rooms), usually in decent but often outdated condition, are usually selling in the low to mid $300,000 range.  Better, more renovated properties, as well as buildings with views and houses with big yards or driveways, should start selling for more in the next few months and year.

809 Saratoga Street, an older and grand Victorian style home sold for $338,500.  236 Havre Street, an attached 4-5-5 sold for $305,000.  26 Bremen Street, a brick triple-decker, sold for $335,000.  67 Webster Street, a renovated 3-4-4 with views sold for $350,000.  227 Webster Street, a Victorian with stunning harbor views and in need of a full renovation sold for $448,500.  Currently, 228 Havre Street (asking price $340,000), 236 Maverick Street (asking price $329,000), 96 Trenton Street (asking price $369,900), 117 Webster Street (asking price $395,000) and 250 Webster Street (asking price $399,000) are all under agreement, most within just a few weeks after having been listed.

During the next year we should see more “regular” sales of standard size triple-deckers in average condition selling between $320,000 and $350,000.  Larger or more renovated properties, or buildings in the waterfront neighborhood or with great views, will probably start to sell for more.  The general East Boston triple-decker market will probably remain in the mid $300,000 range or even approach the low $400,000 range during the next year if short sales and foreclosures continue to decline.

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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Short Sales at Artificial Prices Hurt the East Boston Market

Two recent property sales in East Boston exemplify how short sales can contribute to a neighborhood’s plummeting property values. Recently, two of East Boston’s largest and finest triple-deckers were put up for sale and sold for about $100,000 less than market value in less than a week, without giving potential buyers an opportunity to bid or pay true market value for these properties. In both cases, the real estate agents listed and sold the properties quickly to their own buyers and then proceeded to negotiate with their sellers’ banks in order to have sale prices accepted and the sellers relieved of mortgage debt.

61 Homer Street is a large three-family with four parking spaces. It was listed on May 14 for $400,000; an offer was accepted on May 15. It sold on September 21 for $315,000. The City of Boston’s assessed value was $412,600. It could have sold on the open market for about $425,000. Similarly, 127 Princeton Street, a large three-family, was listed on August 21 for $499,000. It had an accepted offer on August 24. It sold on September 14 for $258,000. The City of Boston’s assessed value was $346,400. It could have sold on the open market for about $350,000.

By accepting artificially low sales prices of $315,000 and $258,000, lenders on these properties allowed sellers to walk away from debts and allowed real estate agents to limit sales to their own buyers and earn larger commissions than they otherwise would have. Meanwhile, neighborhood values were hurt. If lenders had required these properties to stay on the market for at least one to two weeks at somewhere near their market or assessed values, these properties could have sold for more money, creating documented sales at higher prices. It would then be easier for other buyers to obtain fair appraisals of properties purchased from “regular sellers” and easier for homeowners who are looking to refinance, the opportunity to obtain decent and fair appraisals on their properties. The sale of two of the neighborhood’s largest and finest triple-deckers at artificially low prices will have a lasting negative impact on homeowners throughout East Boston. While two homeowners might have been relieved of their debts, the neighborhood is paying the 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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East Boston Bank-Owned Properties Quickly Sell Above Asking

While the East Boston summer real estate season has been filled with many traditional sales—non short sales and non bank-owned sales—there is still a lot of attention paid to bank-owned three-family properties in the neighborhood. In the last two months, 3 bank-owned triple-deckers were sold; another 4 are under agreement. These properties usually sell very quickly, in less than 2 weeks, and almost always sell above asking price. Buyers interested in bank-owned properties should be aware of current market conditions. If a property is determined to be well priced or even priced below current market value, buyers will usually have to pay above asking price in order to have their offer accepted—otherwise, someone will have snagged the property from underneath them.

A few examples: A 2,946 square foot three-family at 72 West Eagle Street was listed at $159,800; it sold for $170,000. A 2,529 square foot three-family at 345 Meridian Street was listed at $185,900; it sold for $200,000. A 2,160 square foot three-family at 200 Lexington Street was listed at $191,900; it sold for $192,000.

Not only do bank-owned properties usually sell at asking price or above, they go “under agreement” relatively quickly, usually in less than one or two weeks. The following properties are under agreement but have not yet closed: 179 London Street (3,108 square feet) was listed at $235,000; it had an accepted offer in 7 days. 42 Gove Street (1,995 square feet) was listed at $166,900; it had an accepted offer in 9 days. 204 Bennington Street (1,989 square feet) was listed at $175,000; it had an accepted offer in 5 days. And, 319 Saratoga Street (2,103 square feet) was listed at $200,000; it had an accepted offer in 8 days.

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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Tony’s Realty in the News

See this September 20, 2009 Boston Globe Magazine article where Tony’s Realty agents are quoted regarding the topic preparing a home for sale:  10 Steps to Take Before You Sell

 

East Boston Attracts a Diverse Range of Buyers

A question buyers and sellers often ask of Tony’s Realty is “who is buying real estate in East Boston?” Based upon observations of Tony’s Realty agents, the answer oftentimes depends upon the type of property being purchased. Most condos in East Boston are purchased by professional first time homebuyers, most of whom have maybe 3% to 10% available for a down payment. Many bank owned condominiums, most of which are in buildings with no associations, are sold to investors who pay cash. These are primarily used as investment properties and rented out. Sometimes, if a condo association is established and a high owner occupancy rate can be achieved in a building, investor purchased bank owned condos can be resold for a profit, again with most buyers being younger professionals.

Larger multi-family properties in East Boston, especially those with apartments having two or three bedrooms, are almost exclusively sold to immigrant families currently living in East Boston as tenants. These usually become owner occupied properties. Smaller, bank owned multifamily properties are usually sold to investors, often paying cash, who use the properties as rental buildings.

Single-family homes attract both younger professionals as well as immigrant families. Occasionally, native East Bostonians or city employees such as firemen or policemen will purchase Orient Heights properties. Unlike condos, which sell almost exclusively to younger professionals or two or three family homes, which sell almost exclusively to immigrant families, single-family homes attract buyers from both of East Boston’s two major pools of buyers.

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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