Archive for the 'Bank Owned Sales' Category

East Boston Three-Family Sales Steadily Improve

During the last three months, only three bank-owned three-family homes were sold in East Boston. Two of these homes sold for more than asking price. Recently, banks have been pricing smaller three families in the high $100,000 price range—those homes then often sell at above asking price. When a property is priced below market value, the price generally attracts multiple buyers and offers resulting in the successful purchaser paying more than list price.

42 Gove Street was listed on 8/18/2009 for $166,900. It went under agreement in 9 days. It sold on 10/27/2009 for $185,000. 310 Saratoga Street was listed on 10/20/2009 for $198,000. It went under agreement 8 days later; it sold on 12/15/2009 for $226,000. 295 Havre originally went on the market on 5/13/2009 for $220,000. On 6/22/2009, it was lowered to $209,900. It went under agreement in one day. It came back on the market on 9/17/2009. Its price was reduced to $189,900 on 9/18/2009, and it went under agreement again on the same day. It sold on 10/29/2009 for $180,500.

Recent activity for non-bank owned three families continues to improve, with houses remaining on the market for fewer days and selling for higher prices than in most of 2009 and all of 2008. In December 2009, 90 Saint Andrew Road, a 2,912 square foot three-family with two parking spaces, sold for $460,000, making it the highest price Orient Heights three-family to sell in almost three years.

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 Bank-Owned Properties Quickly Sell Above Asking

While the East Boston summer real estate season has been filled with many traditional sales—non short sales and non bank-owned sales—there is still a lot of attention paid to bank-owned three-family properties in the neighborhood. In the last two months, 3 bank-owned triple-deckers were sold; another 4 are under agreement. These properties usually sell very quickly, in less than 2 weeks, and almost always sell above asking price. Buyers interested in bank-owned properties should be aware of current market conditions. If a property is determined to be well priced or even priced below current market value, buyers will usually have to pay above asking price in order to have their offer accepted—otherwise, someone will have snagged the property from underneath them.

A few examples: A 2,946 square foot three-family at 72 West Eagle Street was listed at $159,800; it sold for $170,000. A 2,529 square foot three-family at 345 Meridian Street was listed at $185,900; it sold for $200,000. A 2,160 square foot three-family at 200 Lexington Street was listed at $191,900; it sold for $192,000.

Not only do bank-owned properties usually sell at asking price or above, they go “under agreement” relatively quickly, usually in less than one or two weeks. The following properties are under agreement but have not yet closed: 179 London Street (3,108 square feet) was listed at $235,000; it had an accepted offer in 7 days. 42 Gove Street (1,995 square feet) was listed at $166,900; it had an accepted offer in 9 days. 204 Bennington Street (1,989 square feet) was listed at $175,000; it had an accepted offer in 5 days. And, 319 Saratoga Street (2,103 square feet) was listed at $200,000; it had an accepted offer in 8 days.

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 Showing Shortage of Available Single-Family Homes

According to June MLS data, East Boston is showing a sudden shortage of single-family properties on the market. Currently, there are 12 available single-families in East Boston. Only one of those properties is bank owned—a slanted, 1,248 square foot colonial with parking at 210 Havre Street for $83,900. Another is a short sale.

The remaining properties, offered by regular sellers, range from an adorable 937 square foot fixer-upper at 19 Haynes Street for $159,000 to a 2,802 square foot Eagle Hill Victorian built by shipbuilder Donald McKay at 56 Putnam Street. Its price is $374,900. There are currently 7 single-family homes for sale between $200,000 and $300,000 in East Boston, ranging from Orient Heights to Eagle Hill.

June was a busy month, with offers accepted on single-family homes on Saratoga, Eutaw, Bennington, Horace, and Wordworth Streets. Another was accepted on Murray Court. Varying in condition, these properties were all priced right, with 3 of them priced over $200,000, and four of them priced under $200,000. There currently seem to be more qualified buyers than available properties in the single-family market.

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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Regular Sales Fetch Higher Prices than Bank Owned Sales or Short Sales

In the last three months, 16 triple-deckers have sold in East Boston, ranging in price from $135,000 for a rundown, bank-owned, gut-rehab at 204 Princeton Street to $350,000 for a completely renovated and smaller property located at 67 Webster Street. Of the 16 properties, 4 were bank owned, 7 were short sales, and 5 were regular sellers. A “regular seller” is an individual, not a bank, who owns a property and who usually sells for more than what is owed on a mortgage.

Two of the bank owned properties were in decent condition, not requiring a gut rehab. 51 Wordsworth Street was sold in one day. The asking price was $190,900. The sale price was $230,000. A very large bank owned property at 316 Saratoga Street was listed for $325,000 and sold in six days at asking price. It is not uncommon for well-priced bank owned properties to sell at or above list price.

It is interesting to note that four of the five most expensive three-families to sell, all between $290,000 and $350,000 were not bank owned. These properties—67 Webster at $350,000, 26 Bremen Street at $335,000, 358 Meridian Street at $320,000, and 499 Sumner Street at $290,000—were all in very good or excellent condition and sold for prices higher than most bank owned or short sale properties.

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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Bank-Owned East Boston Triple-Deckers Sell for Close to Asking

According to MLS data, there were three bank owned triple-deckers that sold during the month of January. The sale prices obtained were much lower than sales prices for these same properties several years ago. Most of these properties sold near, at, or above asking price.

358 Chelsea Street sold on January 21, 2009 for $180,000. It had last sold in January 2005 for $390,000. The asking price for this bank owned property was $187,500. It went under agreement in 38 days.

42 Falcon Street sold for $280,000 on January 27, 2009. It sold last in November 2004 for $529,000. Listed at $250,000, it sold for $30,000 above asking. It went under agreement in 18 days.

347 Border Street sold for $170,000 on January 13, 2009. It needed about $50,000 to repair water damage caused from a broken sprinkler pipe. The property previously sold for $555,000 in August 2005. It was recently priced at 184,990 and went under agreement in 24 days.

Many bank owned triple-deckers are selling at prices close to 50% lower than prices obtained for these same properties a few years ago. But the actual selling prices of well-priced bank owned properties are usually within 90% to 100% of asking price, and sometimes they can be above asking price.

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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Bank Owned Sales Influence East Boston Market

The East Boston market is being strongly influenced by the increased volume of bank owned properties for sale.

Many buildings were purchased several years ago when banks were freely lending to borrowers, often with little or no money down. The subsequent foreclosures and increased supply of properties, together with banks tightening their easy lending practices, has resulted in much lower property values, especially for buildings and homes in need of repair.

Currently, a bank owned 4 unit property at 958 Saratoga Street is priced at $474,900. This property sold in October 2005 for $730,000. At 212 Chelsea Street, a bank owned brick three family is on the market for $189,900. This property sold in December 2005 for $430,000. And, 1 Marion Place, a small one family house is bank owned and for sale for $89,900. This house last sold in December 2003 for $163,500.

As these numbers show, some older bank owned properties in need of work are selling at close to 50% of what they had previously sold several years ago.

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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Bank Owned and Short Sales Predominate East Boston Two-Family Market

During the last two months, ten two-family properties were sold in East Boston. Of these ten, three were bank owned properties. Another four were short sales. Only three of these properties were “regular sales.”

The average two-family house sold for $237,243. This ranged from $175,000 for a 2,800 square foot bank-owned two-family house on Princeton Street in Eagle Hill to $306,000 for a large 3,900 square foot two-family house on Falcon Street with parking, also located in Eagle Hill. A large traditional style 2,800 square foot two-family with a garage on Bennington Street in Orient Heights also sold for $300,000 on a short sale.

Bank owned properties and short sales usually lead the way in setting new market value prices. They are not necessarily cheaper than “regular sales,” but if a “regular seller,” whose property is not bank owned or an attempted short sale, wants to sell a property, it usually must be priced to compete with a bank owned property or an attempted short sale.

Of the ten two families that sold, only three were “regular sales.” They were a 2,100 square foot two-family on Saratoga Street near Central Square for $180,000, a renovated 2,400 square foot two-family on Marion Street for $250,928, and a beautiful 2,300 square foot two-family on Bennington Street near Dom Savio for $240,000.

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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