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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