Archive for November 17th, 2009

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.