East Boston Bank-Owned Properties Quickly Sell Above Asking

While the East Boston summer real estate season has been filled with many traditional sales—non short sales and non bank-owned sales—there is still a lot of attention paid to bank-owned three-family properties in the neighborhood. In the last two months, 3 bank-owned triple-deckers were sold; another 4 are under agreement. These properties usually sell very quickly, in less than 2 weeks, and almost always sell above asking price. Buyers interested in bank-owned properties should be aware of current market conditions. If a property is determined to be well priced or even priced below current market value, buyers will usually have to pay above asking price in order to have their offer accepted—otherwise, someone will have snagged the property from underneath them.

A few examples: A 2,946 square foot three-family at 72 West Eagle Street was listed at $159,800; it sold for $170,000. A 2,529 square foot three-family at 345 Meridian Street was listed at $185,900; it sold for $200,000. A 2,160 square foot three-family at 200 Lexington Street was listed at $191,900; it sold for $192,000.

Not only do bank-owned properties usually sell at asking price or above, they go “under agreement” relatively quickly, usually in less than one or two weeks. The following properties are under agreement but have not yet closed: 179 London Street (3,108 square feet) was listed at $235,000; it had an accepted offer in 7 days. 42 Gove Street (1,995 square feet) was listed at $166,900; it had an accepted offer in 9 days. 204 Bennington Street (1,989 square feet) was listed at $175,000; it had an accepted offer in 5 days. And, 319 Saratoga Street (2,103 square feet) was listed at $200,000; it had an accepted offer in 8 days.

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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