Archive for the 'Sale Price' Category

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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Competitively Priced Single-Families Sell Close to Asking

Between January 1 and March 31, 2009, only four single-family homes sold in East Boston. None were bank owned (foreclosed) properties, one was a short sale, and three were regular sales.

Of the three “regular sales,” one property was a recently renovated 835 square foot, three bedroom, semi-attached row house on Everett Street. The list price was $189,000. The sale price was $174,000. The second property was a vacant and completely renovated 1,106 square foot house on Morris Street. The list price was $209,000. The sale price was $205,000. The third property was an older and larger 3,635 square foot home on St. Andrew’s Road. The list price was $329,000. The sale price was $265,000.

Even though there are many bank owned sales and short sales in East Boston, there still is a strong demand for decent housing—especially renovated properties. When a property is priced right, buyers will usually pay very close to 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 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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Savvy Buyers Determine Market Value Before Placing Offers

Even in an economic downturn and housing slump, there are still buyers and sellers in the Boston real estate market. Oftentimes, buyers wonder if they should make offers at less than asking price or always expect a sale price to be much less than an initial asking price. This is not always the case, especially for properties that are listed at market value or recently reduced in price.

Buyers should determine, often with the help of a buyer’s agent, what they think is the current market value for a property as they proceed with their housing search. For example, current market value for a 1,000 square foot condominium might be $230,000 or the current value for a small triple-decker in very good condition might be $265,000. When a buyer has knowledge of what other properties are selling in today’s real estate market, it will help them know whether or not they should offer close to asking when a new property comes on the market.

For example, if a wonderful 1,000 square foot condominium comes on the market for $249,000, maybe an offer of $225,000 would not be unreasonable with the hope of acquiring the property for $230,000. But if the same unit is listed at $230,000, there is nothing wrong with paying full price if it is a unit the buyer has always wanted. Similarly, a buyer might offer less than asking for a small triple-decker priced at $279,000, but if it is priced at $235,000, and it is exactly what a buyer has been looking for, it might be wise to offer full price or even above asking if that means being able to acquire the property.

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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