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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