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.
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