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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