Archive for September, 2008

Eagle Hill Attracts New Condo Buyers

In September, Tony’s Realty successfully sold three condos in a newly redeveloped triple-decker on Princeton St in Eagle Hill. The condos ranged from 801 to 841 square feet, and the selling prices were between $220,000 and $235,000.

These units have many of the modern day amenities found in new condos: stainless appliances; granite countertops; hardwood floors; central air; ample storage. Two units have two bathrooms, and one has a private patio.

Eagle Hill has become attractive to some condo buyers because they can often get more square footage in a quality product than can be found in other East Boston neighborhoods. They “get more bang for their buck.”

The neighborhood has traits buyers find attractive: quaint local restaurants like Rino’s, Saigon Restaurant, and Angela’s Café; small corner stores; diverse architecture; and a diversity among residents that includes recent immigrants, East Boston natives, families, and young professionals. There have also been some recent and wonderful improvements such as the new fountain at Souza/Putnam Square, the Border St Community Gardens, and the Condor St Urban Wildlife area. And Eagle Hill’s proximity to the new Bremen St Park, especially its new Airport T Station, is making the neighborhood attractive to many buyers who realize it is within walking distance to a new Blue Line T Station. More successful Eagle Hill condo developments similar to this recent Princeton St property are expected.

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 Market Severely Hurt

While the market for East Boston condos and single-family residences is relatively strong for properties in good condition, the East Boston three-family market has been severely hurt.

In the past few months, Orient Heights has had several three-families sell for less than $450,000 on short sales (a short sale is when a lender allows a seller to sell his property at “current market value,” when a lot more is actually owed to a bank—the difference in amount owed and amount received is forgiven by the bank). Traditionally, the Orient Heights neighborhood set the precedent for high priced three-family properties in East Boston. If triple-deckers sold for a certain price in this neighborhood, they usually sold for much less in other East Boston neighborhoods. A few years ago, a triple-decker in Orient Heights almost always sold for $500,000 to $650,000.

Recently, several short sales in the neighborhood have set a new precedent for three-family sale prices. A large, beautiful Orient Avenue three-family sold for only $400,000. A renovated three-family on Breed Street with parking, just steps away from the Orient Heights train station, sold for only $380,000. Both of these properties where sold on “short sales,” and they are both among East Boston’s finest three-family properties.

With recent sales at or below $400,000 for some of East Boston’s best three-family houses, we are unlikely to see many East Boston three-families selling for more than $400,000 in the immediate future.

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 Condos Sell Faster than Others

During the last 30 days, East Boston has seen 17 condominiums either sell or go under agreement. There is a strong demand for East Boston condos, and prices have remained stable.

Some condos sell faster than others, usually because of certain traits considered desirable among buyers: A strong, solid condo association with accurate, up to date financial records and regularly recorded meeting minutes; and a high percentage of owner occupants (owner occupancy is a trait that will most likely contribute to condo units in such buildings maintaining their value and potential for resale).

Other characteristics sought after by condo buyers: Proximity to the T, views, and parking. Properties near one of our 5 T stations sell much more quickly than those further away. Properties with views, especially of Boston, sell much faster. And while most EB properties do not have parking (and most buyers do not expect to find parking in East Boston), when a condo or house has parking, it tends to sell much faster than properties that do not.

Proximity to services and stores in a village setting is also important. Condos within a few blocks of retail stores, grocery shops, restaurants and markets, dry cleaners, and ATM machines create a vibrant urban setting and tend to sell faster than more remotely located units. Nearby green space such as community gardens, bike paths and park areas are also major pluses. Convenient urban living with nearby amenities is what quickly sells our East Boston condominiums.

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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Basements Need Preparation and Cleaning When Placing a Home For Sale

With an increasing inventory of East Boston properties on the market, the proper presentation of a home becomes absolutely essential. One area that should be made visible and that should be presented as clean as possible is a home’s basement.

It is best to clean out a basement when a property is placed on the market so that buyers can thoroughly assess the condition of a home’s foundation and beams, as well as its heating, plumbing and electrical systems which usually have their major systems in a basement. A well-lit and easily navigable basement is ideal.

Furnaces and hot water heaters should be dusted off. Installation dates should be written on hot water tanks so that buyers can estimate how long a hot water heater will last. Installation dates on heating systems should also be noted if available. Any service tags should remain on furnaces; names of oil service companies should be made available if buyers have any questions about heating systems.

Gas meters and electric meters should be easily accessible. If an electric panel contains fuses, sellers should consider converting to circuit breakers. The number of building amps and the number of unit amps should be labeled on electric panels. Old windows and non-working bulkhead doors should be replaced.

Improvements to and proper presentation of a basement make a property much easier to sell in today’s sluggish market.

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 7, 2008 Boston Globe article where Tony is quoted in an article covering the topic of quick sales and bidding wars:  Bidding Wars? Quick Sales? It’s Happening!

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Tony’s Realty Has a Successful August 2008

Tony’s Realty has had a very successful August, 2008.

We are proud to announce that we have sold two units at the Gumball Factory on Orleans Street as well as a condominium on Sumner Street in Jeffries Point overlooking Belmont Square. We have also closed on a two family on Leyden Street in Orient Heights.

Outside of East Boston, Tony’s Realty has participated as the selling agency for a two family house in Winthrop and a single family home in Revere.

As we end August, 2008, we await closings on three Princton Street condominiums on Eagle Hill as well as another two family home on Marion Street.

Several other properties have recently had accepted offers and should close in early October.

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 Has an Exceptional Selection of Properties for Sale

During a sluggish real estate market, the number of homes for sale increases, and buyers have opportunities to buy homes that otherwise might seldom be available or “on the market.” For the first time in many years, East Boston has had an exceptional selection of properties for sale.

In Jeffries Point, there have been several condos facing Belmont Square, as well as two wonderful multi level brick two families, one on Brigham Street overlooking Piers Park and the Harbor and another on lower Webster Street with great city views.

On Eagle Hill, there have been several “Victorian mansions” on the market. A beautiful 3 family on Trenton Street is “museum quality” near Putnam/Souza Square with three garages.

In Orient Heights, there are several brick tudor style single families available on Madonna Hill. Saint Andrew Road has two nice two families for sale.

In past years, buyers have waited decades for properties such as these to become available. The 2008 market has brought buyers what they have been looking for.

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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