Archive for February, 2009

Tony’s Realty Sells More East Boston Condos than Any Other Agency for Third Straight Year

During the last three years, Tony’s Realty, very successfully, has been either the list or sales agency for more sold East Boston condominiums than any other real estate office selling East Boston properties. We are very proud of this accomplishment.

In 2006, we listed or sold 20 units that successfully closed. The average sale price was $206,946. The average selling time was 106 days, and the average price per square foot was $339. In 2007, we sold or listed 24 successfully closed condominiums. The average sale price was $211,946. The average selling time was 194 days, and the average price per square foot was $283. In 2008, we listed or sold 20 successfully closed condominiums. The average selling price was $211,478. The average marketing time was 170 days, and the average price per square foot was $248.

MLS data tells us that over the last three years, the East Boston condo market remained strong. The price per square foot dropped by almost 30%, but the average selling price stayed roughly the same. There has basically been a steady number of buyers looking to pay in the low $200s for condos, and in the last year those buyers have been able to get much more space for their money. Over 95% of all Tony’s Realty condo sales have been sold to owner occupants who chose to make East Boston 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 East Boston Triple-Deckers Sell for Close to Asking

According to MLS data, there were three bank owned triple-deckers that sold during the month of January. The sale prices obtained were much lower than sales prices for these same properties several years ago. Most of these properties sold near, at, or above asking price.

358 Chelsea Street sold on January 21, 2009 for $180,000. It had last sold in January 2005 for $390,000. The asking price for this bank owned property was $187,500. It went under agreement in 38 days.

42 Falcon Street sold for $280,000 on January 27, 2009. It sold last in November 2004 for $529,000. Listed at $250,000, it sold for $30,000 above asking. It went under agreement in 18 days.

347 Border Street sold for $170,000 on January 13, 2009. It needed about $50,000 to repair water damage caused from a broken sprinkler pipe. The property previously sold for $555,000 in August 2005. It was recently priced at 184,990 and went under agreement in 24 days.

Many bank owned triple-deckers are selling at prices close to 50% lower than prices obtained for these same properties a few years ago. But the actual selling prices of well-priced bank owned properties are usually within 90% to 100% of asking price, and sometimes they can be above asking price.

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 Privately Owned Three-Family Market Might Be Stabilizing

In the last three months, according to MLS, 17 three-family properties sold in East Boston. They ranged from $150,000 to $370,000. Of 11 properties that sold for under $250,000, 5 were bank owned and 6 were short sales. None was a private seller willing to sell at these new “low prices.” This is a good indication that when the supply of bank owned and short sale properties dissipates, private property-owners will be reluctant to sell at lower prices. This will eventually stabilize the East Boston multi-family market.

Since early November, the 6 remaining three-families, all of which are on the larger side, sold for $270k, $280k, $290k, $310k, $330k, and $370k. Three of these properties were short sales, one was bank owned, and two were private sellers without any foreclosure / banking issues. 186 London Street was a “regular sale” for $310,000 and 222 East Eagle Street was a “regular sale” for $330,000.

Of the 17 properties sold, two of the highest prices were among private sellers (not banks) without mortgage issues (i.e., short sales). These higher prices on the open market suggest that some short sales of better properties at lower prices might have been negotiated at “less than market value” in deals between sellers and selected buyers. It also indicates the triple-decker market in East Boston, for larger, well maintained properties might be stabilizing, as we see individual sellers of non bank owned, non short sale properties obtain better selling prices for their three-families than banks or negotiators of short sales.

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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There’s Room for a Burger King in East Boston

In the past few years, Tony’s Realty has been excited to see the successful development of many new, independently owned restaurants in East Boston. Among our favorites are Scup’s, Angelas’ Cafe, Off the Boat, Dough, the 303 Cafe, and Ecco. East Boston continues its tradition of welcoming new entrepreneurs to the restaurant business and allowing them to flourish in the neighborhood.

At the same time, Tony’s Realty is not opposed to the development of a new Burger King as our neighbor in Maverick Square. Denying a businessperson the opportunity to develop a restaurant in an area zoned for a commercial restaurant is morally and ethically questionable. The development of a Burger King poses no threat to the development of individually and independently owned restaurants in our neighborhood, and its presence is perfectly legal. The “cause” to deny a Burger King in Maverick Square is, instead, a shameful snub to its owner, a small businessman, and its potential patrons.

Many well-established cities and neighborhoods in the United States and the world have Burger Kings—New York City’s Fifth Avenue, Miami Beach, Boston’s Copley Square, and even Venice, Italy. As a new and hopeful America, our energy can be better spent improving our neighborhood in creative ways, instead of trying to destroy the development of a legitimate business.

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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