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.

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