All About East Boston Weblog

Some East Boston Three-Families Selling for More Than $400,000

Anthony Giacalone — Mon, 16 May 2011 03:45:50 +0000

On May 13, Tony’s Realty completed the sale of 82 Barnes Avenue, a classic 3,582 square foot three-family home in Orient Heights for $450,000. This was the second highest priced three-family to sell in East Boston in 2011: In January, 1129 Saratoga Street, a 3,831 square foot three-family home sold for $460,000; in March, 75 Chelsea Street, a completely renovated 3,384 square foot three-family home sold for $405,000; and in April, 12 Chelsea Street, a totally renovated 2,605 square foot three-family home sold for $425,000.

It is becoming evident that well maintained, relatively large, or completely renovated three-family properties in East Boston are steadily selling for more than $400,000.

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.

East Boston Has a Strong Demand for “Buyer Friendly” Multi-Families

Anthony Giacalone — Thu, 03 Mar 2011 03:04:08 +0000

March is the beginning of the Spring real estate market in East Boston. And there is a strong and steady demand for two and three-family properties in our neighborhood. What has become most important to a successful sale of late is that properties be in “buyer friendly” condition. Most buyers purchasing East Boston properties are obtaining loans, often FHA (Federal Housing Authority) loans, which require properties be in adequate and properly maintained condition and that they appraise at “current market value.” In other words, not only should properties being sold to buyers with such loans be in “working order,” they should be selling at prices that are comparable to other properties that have recently sold. If a porch, roof, electrical service, or a furnace needs repair, it makes sense to act on these repairs before selling a house. And it is important to be aware which similar properties are selling and to price one’s property accordingly so that there are no financing issues later.

During the past year, unfavorable tenant conditions have deterred many buyers from making offers on properties. Some landlords try to sell properties without delivering a vacant “owner’s unit.” About 90% of purchasers of two and three-family homes intend to live in those homes and need to know there’s an empty apartment in the building they’re purchasing—this allows them to place an offer with peace of mind. Many landlords also have tenants whose rents are far below market value. Before placing a home on the market, it’s a good idea to negotiate a market value rent with a current tenant or at least get an agreement from the tenant to pay market value when a new buyer takes over. The more financially sound a building appears, the more attractive it is to prospective buyers.

In summary, East Boston has a strong demand for two and three-family homes in decent shape with tenants who pay market value rent—and that come with at least one vacancy for a prospective buyer to occupy upon purchase.

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.

Some East Boston Three-Families Selling for Over $400,000

Anthony Giacalone — Wed, 08 Dec 2010 03:06:11 +0000

Recent East Boston sales data show some high quality and well located three-family properties selling for over $400,000 again. In fact, one property recently sold for $500,000, the first time a three-family has sold for that much in many years.

In August, 78 Frankfort Street, a 4,374 square foot property on a 2,882 square foot lot, sold in 22 days at full list price, $400,000. It was located a few blocks from the Airport train station and the new Bremen Street Park. Also in August, 25 Gladstone Street, a 4,193 square foot property with 8 parking spaces and five garages, situated on a 7,500 square foot lot, sold for $460,000. This property took longer to sell; it was originally listed in January, 2010 for $600,000.

In Noveber, 18 Thurston Street, a beautiful 3,964 square foot three-family with two parking spaces on a 4,500 square foot lot broke all recent records, selling for $500,000. This property also took a while to sell because the initial list price in May, 2010, was $619,000. Since January 2009, only 7 three-family properties have sold between $400,000 and $480,000. Only 18 Thurston Street has reached the $500,000 sale price mark.

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.

Tony’s Realty in the News

Zaragoza Guerra — Mon, 27 Sep 2010 20:00:00 +0000

See this September 26, 2010 Boston Globe Magazine article where Tony is quoted regarding the topic of Bath Renovations: Bath Renovations that Wow

Values of East Boston Three-Families Higher Today Than in 2000

Anthony Giacalone — Tue, 29 Jun 2010 13:00:44 +0000

While there is much discussion about depressed real estate values, current property values of the average East Boston triple-decker are higher than they were 10 years ago, and such properties sell more quickly then they did a decade ago, according to Multiple Listing Service records. Between January 1, 2000 and June 30, 2000, 52 East Boston three-families sold. The average sale price was $223,202, and the average marketing time was 91 days. Between January 1, 2010 and June 30, 2010, 40 three-families have sold. The average sale price was $273,160, and the average days on market was only 49 days. In 2000, only 3 multi-families sold between January and June for more than $300,000. This year, 14 of the 40 three-families sold for $300,000 or more.

Certain factors have helped East Boston maintain its property values over the last decade. We have a safe neighborhood close to downtown Boston with five subway stations providing easy access to transportation; we have steadily improved our parks and facilities such as the Greenway, the Bremen Street Park, Piers Parks, and our community gardens; we have encouraged small business development and storefront improvements for restaurants, corner stores and other small businesses; we have welcomed large developments such as the Porter 156 Lofts as well as small condo conversions; and we have embraced an artist community visible at 80 Border Street and in the new Zumix Firehouse. If East Boston continues with the steady improvements it has made over the last decade, we can expect a vibrant community of homeowners willing to purchase in East Boston and help maintain, and perhaps steadily increase, our neighborhood’s real estate values.

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.

Buyers of Newly Renovated East Boston Condos Take Advantage of April Tax Credit

Anthony Giacalone — Tue, 22 Jun 2010 21:44:03 +0000

During the last two months, 17 East Boston condominiums sold and 5 others remain under agreement. Of the sold units the average list price was $233,059; the average sale price was $225,282. More than half the units that sold and almost all those under agreement are brand new, developed during the last five years, or completely renovated. Almost all the purchasers are first time homebuyers trying to obtain an $8,000 tax credit—they must have a property under contract by April 30, 2010 and close by June 30, 2010. Furthermore, first time homebuyers seem reluctant to purchase older, unrenovated condos without many of today’s sought after amenities—laundry in unit, central a/c, ample storage space, and newer kitchens and baths.

While condo prices remained stable during early spring and interest was high, currently there are not too many buyers. There are 70 condos on the market in East Boston with an average list price of $222,117 and an average of 165 days on the market. Many units for sale were developed during the last 20 years and are considered “older,” and many of this year’s set of homebuyers have already made their purchases to meet the April tax credit deadline. Sellers might want to consider renovating older condos and common areas in order to sell them or perhaps rent them until Spring 2011 buyers start their home search.

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.

Recent Immigrant Community Plays a Strong Role in East Boston’s Revitalization

Anthony Giacalone — Tue, 15 Jun 2010 12:43:18 +0000

East Boston has changed considerably over the last 25 years. In the mid 1980s, East Boston was still suffering from the departure of most small businesses and middle class families who moved to the suburbs. Urban gentrification that was budding in areas such as the North End and the South End did not reach this side of the harbor. There were many vacant apartments and storefronts; subway stations were underused and in poor condition; many landlords told horror stories of poor quality tenants. And property values and rents were extremely low.

East Boston’s most recent immigrant population started growing in the late 1980s. By the mid 1990s, like today, most small businesses and most multi-family properties were being purchased by recent immigrants. The average triple-decker price might have been $75,000 in the 1980s; today it is close to $350,000. Apartments that once rented for $300 or $500 now rent for close to $1,000 a month. Similarly, the “corner store” and other neighborhood businesses were blocked up and vacant in the late 1980s. Today, immigrants have revitalized much of the small business scene in East Boston.

While the recent immigrant population is not East Boston’s only community (we have a vibrant long standing community in East Boston and a growing young professional community), it is important to note the positive role recent immigrants have played in East Boston’s housing demand and vibrant small business community. They have made a hefty contribution to East Boston’s strong property values, both on the residential as well as the commercial side.

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.

Tony’s Realty Lists Three-Family in Jeffries Point

Anthony Giacalone — Tue, 08 Jun 2010 13:56:54 +0000

Tony’s Realty recently listed a very nice three-family home at 12 Cottage Street in Jeffries Point, across from the Joseph Ciampa Community Garden and Piers Park. Consisting of a one bedroom apartment and 2 two bedroom apartments, the property has had some major renovations—walls and ceilings are newer, windows and moldings have been replaced, bathrooms and kitchens have been updated. There is also a nice backyard as well as decks off all three apartments. This pleasant home also has great views of the Park and Harbor from its bay windows as well as spectacular skyline and water views from its third floor deck.

Over the past few years, there have only been a handful of three-family properties to sell in Jeffries Point, especially in the Webster, Cottage, Haynes and Marginal Street areas. The general evolving trend in the area is buildings being developed into condominiums (rather than sellers offering entire properties, individual units are sold off). Purchasing 12 Cottage Street is a rare opportunity to purchase a fully intact three-family in the heart of the Jeffries Point waterfront neighborhood. The price is $429,000.

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.

City of Boston Should Consider Periodic Smoke Detector Inspections

Anthony Giacalone — Tue, 01 Jun 2010 15:53:20 +0000

Last week’s multi-family fire in East Boston that resulted in two deaths is a terrible tragedy. Sadly, it’s not hard to imagine something similar happening in many East Boston buildings. Because East Boston properties are densely populated and extremely close to one another, it might be time for the City of Boston to take pioneering steps in fire prevention, and perhaps as a community we should encourage it. The City of Boston should consider requiring regular periodic inspections (annually or biennially) to make sure every residential unit has properly installed and functioning smoke detectors.

While the Gove Street property may have had adequately installed and properly functioning smoke detectors, it’s not hard to imagine there are East Boston properties that do not. Most units are equipped with smoke detectors, but over time batteries are sometimes removed if an alarm sounds off while cooking or sometimes batteries are not changed on a regular basis. And occasionally, smoke detectors are placed in wrong locations. When faced with leaky roofs, falling snow, freezing pipes, or other property management issues, proper smoke detector installation and maintenance can often be overlooked. The City of Boston should consider inspecting every residential unit on a regular periodic basis to make sure homes are in compliance with smoke detector laws. While this might be considered expensive, an inspection cost can be passed on to a homeowner or landlord. Property owners pay mortgages, taxes, water bills and insurance. An extra $100 per year, or whatever a smoke detector inspection might cost, would be negligible when added to other annual expenses. It would be no different than already required annual automobile inspections. And perhaps the annual awareness about the importance of functioning and properly installed smoke detectors could save future lives.

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.

Renovated Three-Families Can Fetch $100,000 More than Similar Non-Renovated Properties in East Boston

Anthony Giacalone — Tue, 18 May 2010 14:42:54 +0000

In March, 101 Chelsea Street, a renovated 3,440 square foot three-family sold for $373,000; similarly in May, 502 Sumner Street, an unrenovated 3,351 square foot triple-decker sold for $280,000. Both were 4-5-5 style three-family properties. While 101 Chelsea Street was on the market for just 20 days, it took 51 days to sell 502 Sumner Street, in the heart of Jeffries Point—one of the most sought after locations for East Boston real estate.

There is about a $100,000 range in sale prices between newer and older three family homes of the same size (4-5-5). While most sell for about $325,000, they can sell for much less (as low as $275,000) or much more (perhaps as much as $400,000), if necessary repairs have been made. Sought after improvements are new roofs, central gas heating systems, replacement windows, new or updated rear porches, de-leading, plaster walls and ceilings, and newer kitchens and bathrooms. Every seller should know that any improvements made will result in a higher selling price. Even if you are thinking of selling in a few years, replacing an old furnace, repairing rear porches, or updating a bathroom now will result in selling for a higher price when you decide to move.

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.