Archive for January, 2009

Tony’s Realty Has a Prolific 2008 Despite Economic Downturn

Even though 2008 was a very difficult year for real estate values and sales, Tony’s Realty is happy to announce we had a prolific year, despite the national housing crisis. In 2008, Tony’s Realty was either the list or sale agent in 29 property transactions in East Boston. We were the most productive independent real estate agency, and the second most productive overall real estate agency for homes sold in the neighborhood.

As a team, Laura Rollins, Gabriel Castaño, Tony Giacalone, and Zaragoza Guerra sold or listed more properties per agent than any other agency working in East Boston. Zaragoza Guerra was the top list agent for all properties sold in East Boston during 2008.

Although we are a small company, Tony’s Realty prides itself on our knowledge of the local market and its properties and our willingness and eagerness to cooperate with all other real estate agents working in East Boston in order to help buy and sell homes.

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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Savvy Buyers Determine Market Value Before Placing Offers

Even in an economic downturn and housing slump, there are still buyers and sellers in the Boston real estate market. Oftentimes, buyers wonder if they should make offers at less than asking price or always expect a sale price to be much less than an initial asking price. This is not always the case, especially for properties that are listed at market value or recently reduced in price.

Buyers should determine, often with the help of a buyer’s agent, what they think is the current market value for a property as they proceed with their housing search. For example, current market value for a 1,000 square foot condominium might be $230,000 or the current value for a small triple-decker in very good condition might be $265,000. When a buyer has knowledge of what other properties are selling in today’s real estate market, it will help them know whether or not they should offer close to asking when a new property comes on the market.

For example, if a wonderful 1,000 square foot condominium comes on the market for $249,000, maybe an offer of $225,000 would not be unreasonable with the hope of acquiring the property for $230,000. But if the same unit is listed at $230,000, there is nothing wrong with paying full price if it is a unit the buyer has always wanted. Similarly, a buyer might offer less than asking for a small triple-decker priced at $279,000, but if it is priced at $235,000, and it is exactly what a buyer has been looking for, it might be wise to offer full price or even above asking if that means being able to acquire the property.

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 Two and Three-Family Prices Decline from 2007 to 2008

Last week we reported that the average selling price for East Boston condominiums fell 10% from 2007 to 2008, with an average selling price per square foot declining 18%. This week reports even more startling declines in selling prices, according to our MLS data, for two and three-family homes between 2007 and 2008.

In 2007, 28 two-families sold in East Boston. The average selling price was $347,316. In 2008, 48 two-families sold, but the average selling price was only $240,905. There was a 31% decline in the average selling price for a two-family property.

In 2007, 53 three-families sold, with an average selling price of $405,046. In 2008, 77 three-families sold, but the average selling price dropped to $267,775. This was almost a 33% decline in the average selling price for a three-family house in East Boston.

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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2008 East Boston Condo Prices Down from 2007

In 2008, as recorded by our Multiple Listing Service, 104 condos were sold in East Boston. The average selling price was $230,748 and the average days on market (DOM) was 138 days. The average price per square foot was $228.

These figures differ from 2007, when 142 condos were sold. The average days on market was similar at 137 days, but the average price for the previous year was $256,844, and the average price per square foot in 2007 was $277. From 2007 to 2008, there was a decrease in value per square foot of approximately 18%.

One astonishing difference between 2007 and 2008 in condominium sales is that in 2007 almost all of the condos were brand new and none were bank owned. In 2008, 22 of the 104 condos (more than 20%) were bank owned properties.

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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