Large Non Short Sale Three-Families Sell Quickly in East Boston

In East Boston, there is an increased demand for larger three-family homes in decent condition that are not short sales.  Most sales taking place recently have been short sales (in a short sale, a seller attempts to sell a property at market value, which is less than what is owed on a mortgage, and asks the bank to forgive the difference between the amount owed to the bank and the amount a buyer is willing to pay).  Short sales are sometimes not approved, and approvals can take three to six months.  There are many buyers unwilling to attempt a short sale purchase, but who instead want to buy a “non short sale property” from a “regular seller” so that a sale can take place in the normal 45-day time frame.

Recently, some larger three families in East Boston, which have not been short sales, have sold for higher prices than many short sales.  A large 4,128 square foot three-family with a driveway at 641 Bennington Street near Orient Heights recently sold for $350,000.  Another large 3,553 square foot three-family at 222 East Eagle Street sold in January for $320,000.  A large 4,764 square foot home at 358 Meridian Street was recently listed at $325,000 and went under agreement in just 24 days.  Similarly, a large 4,632 square foot three-family at 316 Saratoga Street was listed at $325,000 and went under agreement in just 6 days. (The last two properties have not yet sold; most properties that go under agreement within 30 days sell within 90% to 100% of asking price.)

East Boston has a shortage of large three-family properties on the market and in good condition that are not short sales.  Regular sellers will find that even in these tough economic times, there is a strong demand for large three-families in good condition in the $300,000 to $350,000 price range.  They tend to sell quickly.

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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