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apartments with 19th century layouts, walls covered in paneling, original ceilings covered with suspended cardboard, outdated electricity, heating systems with older furnaces, apartments without central heat but with “gas on gas” stoves and space heaters, porches that need to be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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