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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