Archive for February, 2010

Tony’s Realty Lists Two Bedroom Condo on Cottage Street

Tony’s Realty has recently listed a condo ideal for a first time homebuyer hoping to capitalize on the $8,000 federal tax credit—properties must be placed under contract before April 30, 2010 in order to take advantage of the tax credit. 159 Cottage Street, Unit 8, is a bright 680 square foot two bedroom condo with lots of windows, good size bedrooms, plenty of closets, ample storage space, and a wonderful layout. The building is a traditional brick building developed into condominiums in 1985. The unit has very high ceilings, a private deck that can hold patio furniture, and a deeded outdoor parking space.

The condo fee is $206.73, which includes water, sewer, professional management, master insurance, and snow removal. With a residential exemption, taxes would be under $1,000 per year. The building’s owner occupancy rate is 70%, and it qualifies for many types of bank loans. This is one of East Boston’s best condos presently available on the market.

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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Six Single-Family Homes Sell In East Boston Over Past 3 Months

During the last three months, only 6 single-family homes sold in East Boston. The average sale price was $209,093, but the actual properties ranged from a small, bank owned property, which sold for $100,000, to a brand new three-bedroom, which sold for $290,000. No property sold for over $300,000.

51 Condor Street, a small bank owned two-bedroom house sold for $100,000. 198 Everett Street, a recently renovated Jeffries Point two-bedroom house sold for $227,500. In Orient Heights, a four-bedroom bank owned single at 1112 Bennington Street sold for $237,000. And a large three-bedroom brick Tudor style house at 84 Beachview Road sold as a short sale for only $150,058. The most expensive Orient Heights single sold in the last three months was a cute three-bedroom house at 74 Faywood Avenue, which sold for $250,000. The highest priced single-family to sell in all of East Boston during the last three months was a brand new three-bedroom house at 231 Brooks Street which sold for $290,000.

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.

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Tony’s Realty Lists Beautifully Renovated Bennington Street Single-Family

Tony’s Realty recently listed a single-family home at 115 Bennington Street—a beautifully renovated two level house with almost 1,100 square feet of living space. The downstairs has a new kitchen, a new tile bath, and a large living room. Upstairs has two large bedrooms with ample closet space as well as a third room, which could be used as an office or an additional small bedroom with room for a twin bed.

The entire house has gleaming hardwood floors as well as newly plastered walls and ceilings. There is also newer plumbing and heating, updated electricity, and a 2008 roof. The yard is perfect for a garden, a barbecue area, or a dog.

This home is nestled among other owner occupied single-family homes and is within walking distance to the new Airport T Station, Central and Day Squares, and many shops and restaurants. The asking price is $235,000.

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.

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East Boston Condos Sell at Higher Price Per Unit than Triple-Deckers

In 2009, 83 three-families sold in East Boston. Of these, only 5 sold for over $400,000. Three were large and had ample parking, one was completely renovated, and another was a large Victorian on Webster Street overlooking Boston Harbor. There were only another 5 homes that sold for more than $350,000. Most of these were totally renovated and in excellent condition. The remaining 73 three-families sold for under $350,000, or for under $117,000 per unit.

In 2009, 99 condominiums sold in East Boston, many of which were 800 to 1,000 square foot condos in triple-deckers or small buildings. They sold between $180,000 and $220,000. Many wonder why triple-deckers don’t sell for similar prices per unit as condos (between $540,000 and $660,000 per triple-decker). The main reason three-families sell for much less per unit than condos is because the “average East Boston triple-decker” is in poor condition. Most condos have been totally renovated, but many East Boston triple-deckers are about 100 years old, and many have not had updates in 30, 40, or 50 years. It is not unusual to find apartments with 19th century layouts, walls covered in paneling, original ceilings covered with suspended cardboard, outdated electricity, heating systems with older furnaces, apartments without central heat but with “gas on gas” stoves and space heaters, porches that need to be rebuilt, lead paint that needs to be removed, basements that retain water, foundations and brick facades that need pointing, older windows that should be replaced, and kitchens and bathrooms that should be renovated. And many East Boston triple-deckers have not been painted or wallpapered in decades. If East Boston three-families placed on the market had repairs done to them for many of the above mentioned deferred maintenance issues, they could sell for more money, perhaps closer to the prices per unit of many of the newly renovated condos that have been steadily selling in East Boston.

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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