East Boston 3 Family Market Hit Hard

In East Boston, there are currently 66 three family homes on the market. One of the hardest hit markets in the recent real estate downturn, prices for 3 families are down considerably from their 2005 peak.

In the last three months, 12 three family properties have sold in East Boston, ranging from $165,500 for an older, smaller, attached triple-decker in the Paris Flats to $421,000 for a larger, detached beautiful 3 family on Bennington Street near the Orient Heights beach.

Seven of the 12 recent 3 family sales were bank owned properties. Another 3 properties were negotiated “short sales.” A short sale is when a bank allows a seller to sell a property at market value, even if the amount owed to a bank exceeds the amount for which the property is selling.

Private sellers still account for a substantial number of 3 family homes for sale. Bank owned properties tend to sell more quickly and for less money in this market of drastically reduced real estate prices because banks tend to be more willing than private sellers to adjust their prices and negotiate sales to current market values. For many private sellers, it is hard to forget the higher selling prices of 2005 and 2006.

Certain recent sales clearly reflect the price reduction for East Boston 3 family homes. In May, 185 Marion Street sold for $170,000. In February 2006 the same property sold for $383,000. Similarly, 736 Bennington Street sold last April for $421,000. In June 2005, this property sold for $619,000.

Please return to our blog for East Boston updates. All our real estate listings can be seen on the Tony’s Realty Website where there’s also an option to search MLS Listings.

Email Tony with your questions or comments.

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