Archive for May, 2010

Renovated Three-Families Can Fetch $100,000 More than Similar Non-Renovated Properties in East Boston

In March, 101 Chelsea Street, a renovated 3,440 square foot three-family sold for $373,000; similarly in May, 502 Sumner Street, an unrenovated 3,351 square foot triple-decker sold for $280,000. Both were 4-5-5 style three-family properties. While 101 Chelsea Street was on the market for just 20 days, it took 51 days to sell 502 Sumner Street, in the heart of Jeffries Point—one of the most sought after locations for East Boston real estate.

There is about a $100,000 range in sale prices between newer and older three family homes of the same size (4-5-5). While most sell for about $325,000, they can sell for much less (as low as $275,000) or much more (perhaps as much as $400,000), if necessary repairs have been made. Sought after improvements are new roofs, central gas heating systems, replacement windows, new or updated rear porches, de-leading, plaster walls and ceilings, and newer kitchens and bathrooms. Every seller should know that any improvements made will result in a higher selling price. Even if you are thinking of selling in a few years, replacing an old furnace, repairing rear porches, or updating a bathroom now will result in selling for a higher price when you decide to move.

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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First Time Homebuyer Tax Credit Sustains East Boston Condo Market

The first time homebuyer government tax credit of up to $8,000 might have boosted East Boston’s traditional spring real estate market for condominiums. Currently, there are twenty-three condominiums under agreement in East Boston. The average list price of these units was $232,051, and only one was bank owned. There were only three condos priced at under $150,000, and only two were priced over $300,000. The average list price per square foot was $225. Most condominiums sell between 95% and 99% of list price.

Of the twenty-three units under agreement, thirteen were brand new, either in newly constructed or totally renovated buildings. Another five were completely redone in the last five years. And the last five were older condos developed in the 1980s and 1990s. There is a general preference among condo buyers, most of whom are singles and couples in their 20s and 30s, to purchase units in the low to mid $200,000 range that are brand new construction or in totally renovated buildings. They seek such features as in-unit washers and dryers, ample storage space, and central air conditioning. Other desirable features are proximity to the T and shops, outdoor space such as garden areas and decks, and a high building owner occupancy rate. There is currently a strong demand as well as a real shortage of such units 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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East Boston Condo Market Remains Vibrant and Healthy

Beginning January 1, 2010 to the present, 39 condominiums in East Boston have sold or gone under agreement. There is a healthy and vibrant community of buyers looking to live in East Boston, and many of these buyers choose to purchase newer condos over older single-family or multi-family properties, which often suffer from poor room layouts, lots of lead paint, deteriorating exteriors, electrical capacity and wiring in need of updates, and outdated kitchens, baths, walls, and ceilings.

Most condo buyers have been attracted to newly-constructed or recently renovated condominiums which offer the amenities sought after in today’s market: normal room sizes and layouts, newer kitchens and bathrooms, laundry in units, additional storage space, central air conditioning, and sometimes, parking. Popular condominiums have a very high owner occupancy rate and a solid set of financial documentation, which generally includes a budget, a list of expenses, and a reserve. Of the units sold or under agreement, the average list price was $219,722. The average sale price was $194,271. The average marketing time was 97 days, and the average price per square foot was $218. Many East Boston condo buyers choose to live here because of our proximity to the T and downtown 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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