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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