Archive for October 20th, 2009

East Boston Retains a Strong and Steady Demand for Condos

During the last six months, 47 condominiums have sold in East Boston, including single story apartments and townhouses. These have ranged from $62,000 for a 515 square foot bank-owned condo on Lubec Street to a 1,757 square foot new townhouse style unit on Lamson Street in Jeffries Point. With an average selling price of $227,370, most units sold were between $150,000 and $250,000, varying in price primarily according to unit size and condition. Of the 9 units to sell for over $300,000, almost all were either brand new or completely renovated, had available parking, or had spectacular harbor views or spacious living areas between 1,300 and 1,800 square feet. Only four units were bank owned.

Currently, another 23 units remain under agreement. Similarly, the average list price for these units was $238,335—most condos sell within 95% of the last list price before going under agreement. Once again, the bulk of these (11 of them) were priced between $200,000 and $250,000. Three were priced over $300,000. Only one was bank owned. Most of these 70 condos have gone under agreement or sold to owner occupants.

The good news is East Boston has a strong and steady demand for condominiums in excellent condition with good layouts between $200,000 and $250,000 for units under 1,000 square feet, and a certain demand for more expensive, larger units with greater amenities and tremendous square footage.

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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