Archive for the 'East Boston Condominiums' Category

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.

Email Tony with your questions or comments

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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.

Email Tony with your questions or comments

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East Boston Condo Market Remains Vibrant and Healthy

Beginning January 1, 2010 to the present, 39 condominiums in East Boston have sold or gone under agreement. There is a healthy and vibrant community of buyers looking to live in East Boston, and many of these buyers choose to purchase newer condos over older single-family or multi-family properties, which often suffer from poor room layouts, lots of lead paint, deteriorating exteriors, electrical capacity and wiring in need of updates, and outdated kitchens, baths, walls, and ceilings.

Most condo buyers have been attracted to newly-constructed or recently renovated condominiums which offer the amenities sought after in today’s market: normal room sizes and layouts, newer kitchens and bathrooms, laundry in units, additional storage space, central air conditioning, and sometimes, parking. Popular condominiums have a very high owner occupancy rate and a solid set of financial documentation, which generally includes a budget, a list of expenses, and a reserve. Of the units sold or under agreement, the average list price was $219,722. The average sale price was $194,271. The average marketing time was 97 days, and the average price per square foot was $218. Many East Boston condo buyers choose to live here because of our proximity to the T and downtown 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.

Email Tony with your questions or comments

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East Boston Condo Buyers Attracted to Newer Units and Amenities

During the last three months, 15 condos sold in East Boston with an average selling price of $196,637. The average list price was $201,967. Most units sold within 97% of the final asking price. There were four bank owned condos, which sold between $72,000 and $90,000—3 out of the 4 sold for above asking price. Of the remaining 11 units, 7 had parking. Condo buyers tend to be attracted to newer units with amenities and parking.

Many condo sale prices were higher than usual, and other properties sold after being on the market for many months. 99 Boardman Street, a 1,800 square foot 3 bedroom townhouse with 2 parking spaces sold for $329,000; 910 Saratoga Street, a 3 bedroom, 1,984 square foot condo with one parking space sold for $310,000. Both of these sold for more than what most single-family homes sell in East Boston. Two units had been on the market for many months: 26 Gladstone Street, a beautifully renovated 1,034 square foot condo which sold for $275,000, and 216 Marginal Street, a two level 1,150 square foot condo with superb harbor views which sold for $254,000.

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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Tony’s Realty Lists 2 Bedroom Condo at 172 Cottage Street

Tony’s Realty recently listed a two bedroom condo at 172 Cottage Street. Built in 2007, this unit has much to offer: two generous size bedrooms, oak hardwood floors, high ceilings, exposed brick, beadboard wainscoting, stainless steel appliances, granite countertops, washer and dryer hookups in the unit, central air, a private rear deck, and additional deeded storage in basement. In a completely rebuilt Cottage Street brick building, all 8 units within the condo association are 100% owner occupied. This condo is walking distance to both Maverick Square and Airport T stations and convenient to downtown Boston. List agent is Laura Rollins who can be reached at laura@tonysrealty.com or at 617/877-8249. The first open house is Sunday, March 21, from 1:00 to 2:30 pm.  Price is $249,000.

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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Tony’s Realty Lists Two Bedroom Condo on Cottage Street

Tony’s Realty has recently listed a condo ideal for a first time homebuyer hoping to capitalize on the $8,000 federal tax credit—properties must be placed under contract before April 30, 2010 in order to take advantage of the tax credit. 159 Cottage Street, Unit 8, is a bright 680 square foot two bedroom condo with lots of windows, good size bedrooms, plenty of closets, ample storage space, and a wonderful layout. The building is a traditional brick building developed into condominiums in 1985. The unit has very high ceilings, a private deck that can hold patio furniture, and a deeded outdoor parking space.

The condo fee is $206.73, which includes water, sewer, professional management, master insurance, and snow removal. With a residential exemption, taxes would be under $1,000 per year. The building’s owner occupancy rate is 70%, and it qualifies for many types of bank loans. This is one of East Boston’s best condos presently available on the 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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East Boston Condos Sell at Higher Price Per Unit than Triple-Deckers

In 2009, 83 three-families sold in East Boston. Of these, only 5 sold for over $400,000. Three were large and had ample parking, one was completely renovated, and another was a large Victorian on Webster Street overlooking Boston Harbor. There were only another 5 homes that sold for more than $350,000. Most of these were totally renovated and in excellent condition. The remaining 73 three-families sold for under $350,000, or for under $117,000 per unit.

In 2009, 99 condominiums sold in East Boston, many of which were 800 to 1,000 square foot condos in triple-deckers or small buildings. They sold between $180,000 and $220,000. Many wonder why triple-deckers don’t sell for similar prices per unit as condos (between $540,000 and $660,000 per triple-decker). The main reason three-families sell for much less per unit than condos is because the “average East Boston triple-decker” is in poor condition. Most condos have been totally renovated, but many East Boston triple-deckers are about 100 years old, and many have not had updates in 30, 40, or 50 years. It is not unusual to find apartments with 19th century layouts, walls covered in paneling, original ceilings covered with suspended cardboard, outdated electricity, heating systems with older furnaces, apartments without central heat but with “gas on gas” stoves and space heaters, porches that need to be rebuilt, lead paint that needs to be removed, basements that retain water, foundations and brick facades that need pointing, older windows that should be replaced, and kitchens and bathrooms that should be renovated. And many East Boston triple-deckers have not been painted or wallpapered in decades. If East Boston three-families placed on the market had repairs done to them for many of the above mentioned deferred maintenance issues, they could sell for more money, perhaps closer to the prices per unit of many of the newly renovated condos that have been steadily selling 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.

Email Tony with your questions or comments.

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