Archive for July 29th, 2008

Multi-Family Price Drops Make it Possible to Renovate East Boston Homes

While the East Boston condominium market continues to remain strong, with 45 units either selling or going under agreement in the last two months alone, a significant trend in the local market is the plummeting prices for unrenovated multifamily properties in the neighborhood.

Many of East Boston’s two and three family homes are in dire need of repairs and improvements—new functional room layouts, updated plumbing and wiring, deleading, extensive exterior improvements, and general improvements to kitchens, bathrooms and flooring. But, there is a light at the end of the tunnel—no pun intended. As prices of these 2 and 3 family houses continue to drop, they will be cheap enough for homebuyers, developers and contractors to purchase them and make the necessary improvements to transform them into beautiful homes. Many units of housing will probably be converted into condominiums, greatly increasing the neighborhood’s owner occupancy rate.

When prices for unrenovated multi family properties were artificially inflated, it was not economically feasible for someone to buy the properties and make the necessary repairs and upgrades. Hopefully, with more realistic sale prices of East Boston’s more decrepit housing stock, our neighborhood we will see great physical improvements made to these buildings, along with an increased number of concerned residents living in them.

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.

 .

Advertisements