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.

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