Values of East Boston Three-Families Higher Today Than in 2000

While there is much discussion about depressed real estate values, current property values of the average East Boston triple-decker are higher than they were 10 years ago, and such properties sell more quickly then they did a decade ago, according to Multiple Listing Service records.  Between January 1, 2000 and June 30, 2000, 52 East Boston three-families sold.  The average sale price was $223,202, and the average marketing time was 91 days.  Between January 1, 2010 and June 30, 2010, 40 three-families have sold.  The average sale price was $273,160, and the average days on market was only 49 days.  In 2000, only 3 multi-families sold between January and June for more than $300,000. This year, 14 of the 40 three-families sold for $300,000 or more.

Certain factors have helped East Boston maintain its property values over the last decade.  We have a safe neighborhood close to downtown Boston with five subway stations providing easy access to transportation; we have steadily improved our parks and facilities such as the Greenway, the Bremen Street Park, Piers Parks, and our community gardens; we have encouraged small business development and storefront improvements for restaurants, corner stores and other small businesses; we have welcomed large developments such as the Porter 156 Lofts as well as small condo conversions; and we have embraced an artist community visible at 80 Border Street and in the new Zumix Firehouse.  If East Boston continues with the steady improvements it has made over the last decade, we can expect a vibrant community of homeowners willing to purchase in East Boston and help maintain, and perhaps steadily increase, our neighborhood’s real estate values.

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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