Archive for June, 2009

Regular Sales Fetch Higher Prices than Bank Owned Sales or Short Sales

In the last three months, 16 triple-deckers have sold in East Boston, ranging in price from $135,000 for a rundown, bank-owned, gut-rehab at 204 Princeton Street to $350,000 for a completely renovated and smaller property located at 67 Webster Street. Of the 16 properties, 4 were bank owned, 7 were short sales, and 5 were regular sellers. A “regular seller” is an individual, not a bank, who owns a property and who usually sells for more than what is owed on a mortgage.

Two of the bank owned properties were in decent condition, not requiring a gut rehab. 51 Wordsworth Street was sold in one day. The asking price was $190,900. The sale price was $230,000. A very large bank owned property at 316 Saratoga Street was listed for $325,000 and sold in six days at asking price. It is not uncommon for well-priced bank owned properties to sell at or above list price.

It is interesting to note that four of the five most expensive three-families to sell, all between $290,000 and $350,000 were not bank owned. These properties—67 Webster at $350,000, 26 Bremen Street at $335,000, 358 Meridian Street at $320,000, and 499 Sumner Street at $290,000—were all in very good or excellent condition and sold for prices higher than most bank owned or short sale 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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Tony’s Realty in the News

See this June 19, 2009 New York Times article where Tony is quoted regarding the topic of triple-deckers:  Hard Times for the 3-Decker, New England’s City Backdrop


Lamson Street Condos Sell with Right Pricing

Despite recent talk that the national real estate market has collapsed, there are indications that there is a strong demand in East Boston for excellent, well-constructed residential properties. This is evident in the recent sales of three Lamson Hill Condominiums located at 1 Lamson Street in Jeffries Point, which recently sold between $385,000 and $392,500. A fourth and final unit is currently under agreement.

Located in an almost entirely rebuilt fourplex overlooking Jeffries Point’s Brophy Park, these four condominium units offer fine amenities: gleaming hardwood floors, gourmet chef kitchens with stainless steel appliances and granite countertops, central air conditioning, 3 bedrooms, 2 1/2 baths, rental parking (included in a reasonable condo fee), square footage between 1,684 and 1,757, and a top notch location. In 2008, these units went on the market with asking prices in the high $400,000’s; they did not sell. In January 2009, they were marketed with new prices between $389,900 and $409,000, and within several months they all sold.

While a current demand might not exist in East Boston for million dollar condominiums or homes, there is a steady and strong demand for well built, designed, constructed, and located housing. It appears that properties meeting these criteria will not remain unsold.

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 Offers a Great Selection of Single-Family Homes

East Boston currently offers a small but wonderful selection of single-family homes for under $250,000. Some have been completely renovated, others have had major repairs or upgrades, and some need a little work. All would be great purchases at prices not available one, two, or three years ago.

Three of these homes are between Orient Heights and Wood Island. 810 Saratoga Street is a cute home priced at $129,000. It has an older style kitchen, bath, and decor, but a newer roof and functioning heat and electrical systems. At $169,000, 90 Wordsworth Street is an adorable two-bedroom home with a great deck and a large, landscaped yard. All of its systems have been upgraded. 692 Bennington Street is a wonderfully renovated three-bedroom home with an additional family room along with a beautiful kitchen, living room, and formal dining room. Its price is $239,999.

South of Day Square, 115 Bennington Street has two large bedrooms and one small bedroom. This completely renovated single-family sits among stores, restaurants, and shops and is within walking distance to Central Square and the Airport T. It is $239,000. In Jeffries Point, 5 Murray Court has 3 bedrooms, 1 1/2 baths, upgraded systems, and lots of additional space. It is priced at $229,000. Both of these properties are offered at prices unheard of several years ago.

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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