Archive for November, 2009

Recent Sales on Trenton Street Indicate a Market Uptick

Recent sales activity on East Boston’s Trenton Street during the month of November continues to demonstrate that multi-family prices are slightly improving over the average 12 month sale prices in East Boston.  125 Trenton Street, a 1,740 square foot renovated two-family with three garage stalls sold this week for $312,000.  It is the only two-family property outside of Orient Heights to sell for more than $300,000 during the last year in East Boston.  During the last 12 months, 41 two-families sold with an average sale price of $238,695.

Similarly, Tony’s Realty recently sold 146 Trenton Street.  This completely, and exquisitely, renovated 2,728 square foot three-family sold for $375,000.  A similar sized property (2,448 square feet) at 96 Trenton Street also sold this week for $356,000.  Both these sales are indications of an improved market.  During the last twelve months, the average three-family in East Boston sold for only $243,191.  And in all of East Boston, only 6 three-families, during that time frame, have ever sold for more than $350,000.

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.

.

Some East Boston Three-Family Sale Prices Begin to Rise

Recent three-family home sales in East Boston indicate prices are going up in value and selling at a faster pace than previous sales.  Some properties are beginning to sell again for over $400,000.  In August, 227 Webster Street, a 4,032 square foot home, sold for $448,500.  It was on the market for only 41 days.  In November, 258 East Eagle Street, a 4,540 square foot home, sold for $480,000.  It was on the market for only 18 days.  In February, 139 Trenton Street sold for $475,000, but the property included an extra 2,666 square foot buildable lot.  Similarly, other three-family homes are selling more quickly and at higher prices than in 2008 and most of 2009.  236 Maverick Street (3,941 square feet) was listed and sold at full price for $329,000 in just 11 days.  236 Havre Street (2,520 square feet) was listed at $329,000 and sold at $305,000 in just 22 days.

For over a year, sellers, agents and mortgage holders have been allowing short sales to occur at artificially low prices.  Subsequently, many bank owned properties have been priced according to comparable short sales.  Because bank owned properties were priced so low, buyers began submitting competitive offers in order to outbid one another.  Consequently, properties began selling above asking price.  Recent three-family property sales data for buildings that are NOT bank owned or short sales indicate buyers are willing to pay much more than for what properties have been recently selling.  While sale prices probably will not return to 2004 thru 2007 levels anytime soon, a larger, well priced East Boston triple-decker in excellent condition should quickly sell anywhere in the $300,000 to $400,000 range.

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.

.

Tony’s Realty Lists Magnificent Property in Orient Heights

Tony’s Realty recently listed a magnificent property located at 45 Gladstone Street in Orient Heights. Probably one of East Boston’s finest two family homes, this property sits handsomely on a hill set back from the street on 15,000 square feet of land. The first floor unit is a five-room, two bedroom unit. The owners have a wonderful bi-level seven room apartment on the 2nd and 3rd floors which boasts formal living and dining rooms, three generous size bedrooms, two full baths, a wonderful den, and an eat in kitchen. The unit has been extensively renovated and impeccably maintained with wonderful high ceilings, plaster walls, natural woodwork, hardwood floors, and light and views from almost every room. The bright kitchen overlooks a wonderful garden. There is a great patio area, a wonderful side yard, a spacious sunroom, two garages, a long driveway, and an additional parking area for at least four cars.

Major improvements recently done to this property include a new roof, two new heating systems, new Massport windows and doors, and extensive masonry work on the stairs, walkways, outdoor walls, patio, and garages. A sizable garden sits above a beautiful new retaining wall. Since it was built, this property has had only two owners. Currently, the City of Boston lists the property as two separate parcels, one of which is a 7,500 square foot buildable lot zoned for a two family house. All photos details can be seen on our website at www.tonysrealty.com. The list price is $629,000.

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.

.

Tony’s Realty Lists a “Great Find” on Murray Court

Tony’s Realty recently listed a great two-bedroom condo at 7 Murray Court in the Jeffries Point neighborhood of East Boston. This spacious 802 square foot unit is in a three unit building that was completely gutted, remodeled, and developed in 2005. The unit has had only one owner. The condo includes a kitchen, bathroom, large living room / dining room combination, beautiful hardwood floors and two ample size bedrooms with lots of closet space. Its layout contains additional spaces, which could eventually be used for shelves, build outs, or even computer work areas. The basement also has common laundry and additional storage. And the association has recently voted to allow washers and dryers in each unit.

7 Murray Court is a pet friendly building where dogs are allowed. A wonderful patio area / backyard, shared by all unit owners, is perfect for gardening or barbecuing. The building is on a quiet, dead-end street and is only three blocks from Piers Park and two blocks from Maverick Square, a two minute walk by foot—perfect for T commuters. The building’s owner occupancy rate is 100%.

This condo has recently been reduced to $199,900. Taxes, after a residential exemption, are less than $1,000 per year. And, the monthly condo fee is only $112. With its ample square footage, almost brand new condition, and great Jeffries Point location close to shops, the Waterfront, and the new Maverick Square T, this unit makes for a great find.

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.

.