Buyers of Newly Renovated East Boston Condos Take Advantage of April Tax Credit

During the last two months, 17 East Boston condominiums sold and 5 others remain under agreement.  Of the sold units the average list price was $233,059; the average sale price was $225,282.  More than half the units that sold and almost all those under agreement are brand new, developed during the last five years, or completely renovated.  Almost all the purchasers are first time homebuyers trying to obtain an $8,000 tax credit—they must have a property under contract by April 30, 2010 and close by June 30, 2010.  Furthermore, first time homebuyers seem reluctant to purchase older, unrenovated condos without many of today’s sought after amenities—laundry in unit, central a/c, ample storage space, and newer kitchens and baths.

While condo prices remained stable during early spring and interest was high, currently there are not too many buyers.  There are 70 condos on the market in East Boston with an average list price of $222,117 and an average of 165 days on the market.  Many units for sale were developed during the last 20 years and are considered “older,” and many of this year’s set of homebuyers have already made their purchases to meet the April tax credit deadline.  Sellers might want to consider renovating older condos and common areas in order to sell them or perhaps rent them until Spring 2011 buyers start their home search.

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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