Archive for November, 2008

Sellers Must Compete with Bank Owned Properties in Today’s East Boston Market

The current East Boston real estate market has been hard hit with the presence of many bank owned properties, which increase every week.  A seller now has to price his or her property competitively with these lender owned properties in order to secure a buyer.

Thankfully, there still seems to be a steady group of buyers interested in purchasing homes in East Boston, mostly because of our prime location adjacent to downtown and easy access to the city via our five subway stations.  That, coupled with our relatively safe streets and relatively inexpensive real estate, makes East Boston popular among homebuyers.

In order to sell a house in today’s competitive market, however, a seller must be aware of what other properties are listed and selling for, many properties being bank owned.  A “regular” seller can also do other things to make a property more attractive than a bank owned property.

Sellers should clean out their houses, yards, and basements.  Any major repairs should be done such as replacing old furnaces, converting fuse boxes to circuit breakers, pointing chimneys or foundations, sprucing up entry and rear staircases, or replacing an old roof.  Sellers will find that spending up to $10,000 in repairs and necessary improvements will help sell their homes more quickly in today’s tough 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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Bank Owned and Short Sales Predominate East Boston Two-Family Market

During the last two months, ten two-family properties were sold in East Boston. Of these ten, three were bank owned properties. Another four were short sales. Only three of these properties were “regular sales.”

The average two-family house sold for $237,243. This ranged from $175,000 for a 2,800 square foot bank-owned two-family house on Princeton Street in Eagle Hill to $306,000 for a large 3,900 square foot two-family house on Falcon Street with parking, also located in Eagle Hill. A large traditional style 2,800 square foot two-family with a garage on Bennington Street in Orient Heights also sold for $300,000 on a short sale.

Bank owned properties and short sales usually lead the way in setting new market value prices. They are not necessarily cheaper than “regular sales,” but if a “regular seller,” whose property is not bank owned or an attempted short sale, wants to sell a property, it usually must be priced to compete with a bank owned property or an attempted short sale.

Of the ten two families that sold, only three were “regular sales.” They were a 2,100 square foot two-family on Saratoga Street near Central Square for $180,000, a renovated 2,400 square foot two-family on Marion Street for $250,928, and a beautiful 2,300 square foot two-family on Bennington Street near Dom Savio for $240,000.

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.

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Short Sales and Bank Owned Sales Predominate in East Boston

During the month of October, 10 three families sold between $202,500 for a 2,800 square foot property in Jeffries Point to $375,000 for a 3,800 square foot property in Orient Heights. One of these properties was bank owned. The other nine properties were short sales (a short sale is when a lender allows a seller to sell a property for less than is owed on a mortgage, often forgiving the seller the difference owed to the bank). None was a “regular” sale—from a regular seller to a buyer.

There were 6 two families that sold between $175,000 to $250,928. The average size was 2,400 square feet. Two of these were bank owned. One was a short sale. There were 3 “regular” sales.

Five condominiums sold. They ranged between $47,000 for a fire damaged 1,200 square foot condo to $304,000 for a 1,100 square foot Jeffries Point condominium. Three of these units were bank owned. One was a short sale. One was a “regular” sale.

Three single families sold in October. Two were bank owned at $155,000 and $167,000.  Only one was a “regular” sale: a $290,000 brick home on Beachview Road in Orient Heights.

It is evident that most East Boston sales are either bank owned properties or negotiated short sales. “Regular sales” do occur if properties are exceptional or competitively priced.

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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