Archive for December, 2008

East Boston Home Sells in One Day

Recently, Tony’s Realty was fortunate to have listed a beautiful Eagle Hill single family home that sold in one day. Located on the first block of Princeton Street, this traditional Eagle Hill colonial was owned for many decades by the same family; it was put up for sale after the owner, a devoted Eagle Hill resident and community member, passed away.

A historic property built in the mid 1800s the home had been completely upgraded after a fire thirty-four years ago. While plumbing, wiring, insulation, and roofing were relatively new, the house had many remnants of the 1970s. Over the last six months, the owner’s family made every effort to make this historical home looks its best. They removed paneling from walls, tore up carpets and sanded original wooden floors, replaced bathroom fixtures, cleared out the back garden area and repainted every room. Extra furniture was removed, and a wrought iron staircase railing was replaced with a traditional wooden one. The kitchen had already been beautifully renovated.

The property looked like a model home, exemplary of one of Eagle Hill’s best homes. Also, the family knew it was best to competitively price this property so that it would not stay on the market in a sluggish economy. The house sold at its first open house to a wonderful family proud to take over from the previous family by calling this Princeton Street property “their home.”

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 Sales Influence East Boston Market

The East Boston market is being strongly influenced by the increased volume of bank owned properties for sale.

Many buildings were purchased several years ago when banks were freely lending to borrowers, often with little or no money down. The subsequent foreclosures and increased supply of properties, together with banks tightening their easy lending practices, has resulted in much lower property values, especially for buildings and homes in need of repair.

Currently, a bank owned 4 unit property at 958 Saratoga Street is priced at $474,900. This property sold in October 2005 for $730,000. At 212 Chelsea Street, a bank owned brick three family is on the market for $189,900. This property sold in December 2005 for $430,000. And, 1 Marion Place, a small one family house is bank owned and for sale for $89,900. This house last sold in December 2003 for $163,500.

As these numbers show, some older bank owned properties in need of work are selling at close to 50% of what they had previously sold several years ago.

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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Winter an Ideal Time to Prepare a Home for Sale

During the New England winter months, the weather is often cold, snowy and rainy.  Most people are busy with holiday preparations, and unfavorable weather conditions as well as shorter sunlit hours make it hard for buyers to view properties.  Sellers, ideally, should not put their houses on the market during December, January and February; most houses sell between April and October. But winter can be a great time to prepare a home for sale.

Consider having a home inspection on your house and addressing issues that buyers will eventually discover.  Does your chimney or foundation need re-pointing?  Does your furnace need to be serviced or replaced?  Does your fuse box need to be changed to circuit breakers?  Should you pull up old carpets and refinish hardwood floors?  Do you need to de-clutter your home or empty your basements and attics?

Talk to contractors and professionals, get estimates and consider doing repairs.  Winter can be a great time to start fine-tuning your property so that it both looks great and is in its best possible condition when you do list it for sale in the Spring.

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 Sale Prices Significantly Drop

During the month of November, many of East Boston’s property sales have been bank owned sales or short sales.  A short sale is when a property is sold for less than what a seller owes on a mortgage, and the bank forgives the seller the difference between the amount owed and the amount for which the property is sold. 

The prices of some bank owned and short sales sold in November clearly show how East Boston selling prices have significantly dropped in the last few years, especially for older properties needing repairs.  A four level single-family townhouse at 143 Saratoga Street on the edge of Eagle Hill recently sold as a short sale for $215,000.  That same property sold in March 2005 for $329,000.  A few blocks away, on 137 Brooks Street, a bank owned three-level two-family recently sold for $122,300.  This same property sold in May 2005 for $358,000.  At 27 Wordsworth Street, near Dom Savio, a standard two-family recently sold for $210,000.  That property previously sold in December 2003 for $355,000.  And in one of the worst examples of property devaluation, a bank owned three-family at 263 Paris Street just sold for $240,000.  This same property sold in March 2007 for $495,000. 

Many older East Boston properties have plummeted in value between 30% to as much as 50% in the past year.

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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