Archive for April, 2009

Competitively Priced Single-Families Sell Close to Asking

Between January 1 and March 31, 2009, only four single-family homes sold in East Boston. None were bank owned (foreclosed) properties, one was a short sale, and three were regular sales.

Of the three “regular sales,” one property was a recently renovated 835 square foot, three bedroom, semi-attached row house on Everett Street. The list price was $189,000. The sale price was $174,000. The second property was a vacant and completely renovated 1,106 square foot house on Morris Street. The list price was $209,000. The sale price was $205,000. The third property was an older and larger 3,635 square foot home on St. Andrew’s Road. The list price was $329,000. The sale price was $265,000.

Even though there are many bank owned sales and short sales in East Boston, there still is a strong demand for decent housing—especially renovated properties. When a property is priced right, buyers will usually pay very close to 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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Two-Families Continue to Sell in East Boston

Between January 1 and March 31, 2009, 15 two-family homes sold in East Boston. Seven of these properties were short sales, three were bank owned, and five were regular sales—properties whose sellers are not banks and whose sellers owe less on their properties than their sale price.

The cheapest two-family to sell was an 1,848 square foot property located on Bennington Street between Central and Day Squares that sold for $144,200. The most expensive standard two-family was a 2,900 square foot property with four garages at 28 Orient Avenue that sold for $370,000. Another property, a former rectory with a brick exterior and an attached townhouse style unit sold as a two-family for $475,000. This property had over 4,000 square feet.

Most small two-families in Jeffries Point, on Eagle Hill, or in the Dom Savio area are selling between $180,000 and $230,000. Larger properties, with over 2,500 square feet and with parking, in the Orient Heights area, often sell between $300,000 and $400,000. It is interesting to note that the most expensive two-families sold are often neither bank owned nor short sales…just regular sellers obtaining market value for their 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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East Boston Sees Demand for Well Priced Three-Families in Good Condition

Tony’s Realty recently listed a beautiful 3,000 square foot three-family house in East Boston near Ecco, the East Boston Police Station, and the Paris Street Gym. This property was listed on March 17. During the first two weeks of the property’s marketing, over 20 interested parties viewed the property. Within 17 days, the sellers received four offers. It was placed under agreement (an offer was accepted) for a selling price within 95% of the asking price.

There seems to be a very strong demand in East Boston for three-family properties in very good condition priced between $300,000 and $350,000. With interest rates at or below 5%, homeownership of a three-family is almost as cheap as paying rent. Also, the Obama Stimulus Package offers many homeowners an $8,000 tax credit on properties purchased before November 2009. Currently, there are more buyers than sellers for three-family houses that are in good condition and priced competitively 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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