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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