East Boston Attracts a Diverse Range of Buyers

A question buyers and sellers often ask of Tony’s Realty is “who is buying real estate in East Boston?” Based upon observations of Tony’s Realty agents, the answer oftentimes depends upon the type of property being purchased. Most condos in East Boston are purchased by professional first time homebuyers, most of whom have maybe 3% to 10% available for a down payment. Many bank owned condominiums, most of which are in buildings with no associations, are sold to investors who pay cash. These are primarily used as investment properties and rented out. Sometimes, if a condo association is established and a high owner occupancy rate can be achieved in a building, investor purchased bank owned condos can be resold for a profit, again with most buyers being younger professionals.

Larger multi-family properties in East Boston, especially those with apartments having two or three bedrooms, are almost exclusively sold to immigrant families currently living in East Boston as tenants. These usually become owner occupied properties. Smaller, bank owned multifamily properties are usually sold to investors, often paying cash, who use the properties as rental buildings.

Single-family homes attract both younger professionals as well as immigrant families. Occasionally, native East Bostonians or city employees such as firemen or policemen will purchase Orient Heights properties. Unlike condos, which sell almost exclusively to younger professionals or two or three family homes, which sell almost exclusively to immigrant families, single-family homes attract buyers from both of East Boston’s two major pools of buyers.

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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