Archive for the 'East Boston Three-Families' Category

East Boston Real Estate Market Heats Up

The East Boston real estate market has been crazy lately, especially for three-family buildings.  Traditionally, most buyers have been owner occupants intending to live in one floor and rent out the other two.  Lately, some real estate speculators, developers and investors have perceived East Boston as being “hot,” and this has increased the number of people looking at properties.  This can be helpful if you are a seller and it can be helpful if a developer or investor buys a property and improves it.  New facades, apartment layouts, and physical improvements can only help a neighborhood and improve the quality of life for those who live in the properties. But it can make it quite difficult for an owner occupant looking to purchase a first home. It can also be hurtful for a neighborhood if a speculator purchases a property simply to wait for it to appreciate in value while not making significant improvements.

Some recent Tony’s Realty sales and listings give a glimpse of what is happening in the Jeffries Point neighborhood.  In January, we listed 74 Everett Street for $379,000.  This was a decent three-family of average size that needed a lot of renovation.  Over two dozen parties viewed the property and we received multiple offers, two from speculators / investors and one from an owner occupant.  The house went under agreement quickly and sold to an owner occupant for $377,000.   Last December, a smaller three-family on Everett Street sold for $317,000. This also was purchased by an owner occupant.  More recently, 34 Cottage Street, a completely renovated, beautiful brick three-family went on the market for $549,000 and had over 15 interested parties view it on one day of showings.  It had multiple offers and went under contract in one day.

Currently there is no shortage of local renters wanting to buy properties in East Boston.  There is also a plethora of investors, developers, and speculators who have a more recently developed enthusiasm for East Boston. When properties are listed, it is almost impossible to make individual appointments for viewers, so instead, they are more commonly presented in “group showings.”  It is not unusual for properties to receive multiple offers, especially within the first few days of being listed.  Sometimes these offers are at or above asking price. This frenzy of buyers has created a sense of confidence among sellers who are “watching the market” and sometimes reluctant to “sell their property now” if they think the market is “improving.”  The result has been a complete lack of inventory, and sadly, not enough properties available for many home buyers who want to make East Boston their home.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our property for sale listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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Some East Boston Three-Families Selling for More Than $400,000

On May 13, Tony’s Realty completed the sale of 82 Barnes Avenue, a classic 3,582 square foot three-family home in Orient Heights for $450,000. This was the second highest priced three-family to sell in East Boston in 2011: In January, 1129 Saratoga Street, a 3,831 square foot three-family home sold for $460,000; in March, 75 Chelsea Street, a completely renovated 3,384 square foot three-family home sold for $405,000; and in April, 12 Chelsea Street, a totally renovated 2,605 square foot three-family home sold for $425,000.

It is becoming evident that well maintained, relatively large, or completely renovated three-family properties in East Boston are steadily selling for more than $400,000.

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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Some East Boston Three-Families Selling for Over $400,000

Recent East Boston sales data show some high quality and well located three-family properties selling for over $400,000 again.  In fact, one property recently sold for $500,000, the first time a three-family has sold for that much in many years.

In August, 78 Frankfort Street, a 4,374 square foot property on a 2,882 square foot lot, sold in 22 days at full list price, $400,000. It was located a few blocks from the Airport train station and the new Bremen Street Park.  Also in August, 25 Gladstone Street, a 4,193 square foot property with 8 parking spaces and five garages, situated on a 7,500 square foot lot, sold for $460,000. This property took longer to sell; it was originally listed in January, 2010 for $600,000.

In Noveber, 18 Thurston Street, a beautiful 3,964 square foot three-family with two parking spaces on a 4,500 square foot lot broke all recent records, selling for $500,000. This property also took a while to sell because the initial list price in May, 2010, was $619,000.  Since January 2009, only 7 three-family properties have sold between $400,000 and $480,000.  Only 18 Thurston Street has reached the $500,000 sale price mark.

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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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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Tony’s Realty Lists Three-Family in Jeffries Point

Tony’s Realty recently listed a very nice three-family home at 12 Cottage Street in Jeffries Point, across from the Joseph Ciampa Community Garden and Piers Park. Consisting of a one bedroom apartment and 2 two bedroom apartments, the property has had some major renovations—walls and ceilings are newer, windows and moldings have been replaced, bathrooms and kitchens have been updated. There is also a nice backyard as well as decks off all three apartments. This pleasant home also has great views of the Park and Harbor from its bay windows as well as spectacular skyline and water views from its third floor deck.

Over the past few years, there have only been a handful of three-family properties to sell in Jeffries Point, especially in the Webster, Cottage, Haynes and Marginal Street areas. The general evolving trend in the area is buildings being developed into condominiums (rather than sellers offering entire properties, individual units are sold off). Purchasing 12 Cottage Street is a rare opportunity to purchase a fully intact three-family in the heart of the Jeffries Point waterfront neighborhood. The price is $429,000.

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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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.

Email Tony with your questions or comments

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Two East Boston Sales Defy Expectations

A few recent East Boston sales and contracts show a steady demand for high quality, updated, or restored housing in East Boston with buyers willing to pay above average prices for such properties. During the last 12 months, 79 three-families sold in East Boston with an average sale price of $258,000, but one property defied all statistics: 34 Cottage Street in Jeffries Point, a smaller, 2,700 square foot brick three-family recently renovated and in impeccable condition. 34 Cottage had new heating systems, walls, ceilings, kitchens, bathrooms, windows, decks, etc. In what is supposed to be a “poor time to sell houses,” this property sold for $425,000, almost $200,000 more than the average sale price for a three family during the last year.

Similarly, the market responded quickly to 144 Princeton Street, a beautifully restored and impeccably maintained Victorian single-family. With stunning restored original features such as hardwood floors, high ceilings, marble fireplaces, and bay windows, this property also had a beautiful new kitchen and bathroom. During the last 12 months, the average sale price for an East Boston single-family was $193,000, and the average marketing time was 141 days. This Princeton Street property was priced at $339,000 and went under agreement in just 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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