Posts Tagged 'Two Families'

Tony’s Realty Lists Magnificent Property in Orient Heights

Tony’s Realty recently listed a magnificent property located at 45 Gladstone Street in Orient Heights. Probably one of East Boston’s finest two family homes, this property sits handsomely on a hill set back from the street on 15,000 square feet of land. The first floor unit is a five-room, two bedroom unit. The owners have a wonderful bi-level seven room apartment on the 2nd and 3rd floors which boasts formal living and dining rooms, three generous size bedrooms, two full baths, a wonderful den, and an eat in kitchen. The unit has been extensively renovated and impeccably maintained with wonderful high ceilings, plaster walls, natural woodwork, hardwood floors, and light and views from almost every room. The bright kitchen overlooks a wonderful garden. There is a great patio area, a wonderful side yard, a spacious sunroom, two garages, a long driveway, and an additional parking area for at least four cars.

Major improvements recently done to this property include a new roof, two new heating systems, new Massport windows and doors, and extensive masonry work on the stairs, walkways, outdoor walls, patio, and garages. A sizable garden sits above a beautiful new retaining wall. Since it was built, this property has had only two owners. Currently, the City of Boston lists the property as two separate parcels, one of which is a 7,500 square foot buildable lot zoned for a two family house. All photos details can be seen on our website at www.tonysrealty.com. The list price is $629,000.

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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Two-Families Continue to Sell in East Boston

Between January 1 and March 31, 2009, 15 two-family homes sold in East Boston. Seven of these properties were short sales, three were bank owned, and five were regular sales—properties whose sellers are not banks and whose sellers owe less on their properties than their sale price.

The cheapest two-family to sell was an 1,848 square foot property located on Bennington Street between Central and Day Squares that sold for $144,200. The most expensive standard two-family was a 2,900 square foot property with four garages at 28 Orient Avenue that sold for $370,000. Another property, a former rectory with a brick exterior and an attached townhouse style unit sold as a two-family for $475,000. This property had over 4,000 square feet.

Most small two-families in Jeffries Point, on Eagle Hill, or in the Dom Savio area are selling between $180,000 and $230,000. Larger properties, with over 2,500 square feet and with parking, in the Orient Heights area, often sell between $300,000 and $400,000. It is interesting to note that the most expensive two-families sold are often neither bank owned nor short sales…just regular sellers obtaining market value for their 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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Two-Families Averaging One Sale Per Week in East Boston

In the last three months, 13 two-family homes have sold in East Boston. The average selling price was $222,246. These properties ranged from a small 3 and 4 room near Central Square, which sold for $144,200 to a large 5 and 6 room on Leyden Street in Orient Heights, which sold for $300,000. Another large, standard two-family sold in Orient Heights near the Winthrop border for $280,000.

Of the 13 properties sold, one was bank owned; another 10 were “short sales.” In a short sale, a buyer negotiates with a seller’s bank to purchase a property at a “market value” price—generally less than what the seller owes the bank. The most challenging part of a short sale is convincing a seller’s lender that a buyer’s offer is a “reasonable price and not lower than current market value.”

Only two properties that sold were neither bank owned nor short sales. Both were older two-families. One was on Saratoga Street near Dom Savio, which sold for $190,000. The other was on Emmons Street near Maverick Square, which sold for $210,000. Even in this economic downturn of lower selling prices, there seems to be a steady flow of buyers interested in East Boston properties. In the last three months, 1 two-family house sold per week on average.

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 Two and Three-Family Prices Decline from 2007 to 2008

Last week we reported that the average selling price for East Boston condominiums fell 10% from 2007 to 2008, with an average selling price per square foot declining 18%. This week reports even more startling declines in selling prices, according to our MLS data, for two and three-family homes between 2007 and 2008.

In 2007, 28 two-families sold in East Boston. The average selling price was $347,316. In 2008, 48 two-families sold, but the average selling price was only $240,905. There was a 31% decline in the average selling price for a two-family property.

In 2007, 53 three-families sold, with an average selling price of $405,046. In 2008, 77 three-families sold, but the average selling price dropped to $267,775. This was almost a 33% decline in the average selling price for a three-family house 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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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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Short Sales and Bank Owned Sales Predominate in East Boston

During the month of October, 10 three families sold between $202,500 for a 2,800 square foot property in Jeffries Point to $375,000 for a 3,800 square foot property in Orient Heights. One of these properties was bank owned. The other nine properties were short sales (a short sale is when a lender allows a seller to sell a property for less than is owed on a mortgage, often forgiving the seller the difference owed to the bank). None was a “regular” sale—from a regular seller to a buyer.

There were 6 two families that sold between $175,000 to $250,928. The average size was 2,400 square feet. Two of these were bank owned. One was a short sale. There were 3 “regular” sales.

Five condominiums sold. They ranged between $47,000 for a fire damaged 1,200 square foot condo to $304,000 for a 1,100 square foot Jeffries Point condominium. Three of these units were bank owned. One was a short sale. One was a “regular” sale.

Three single families sold in October. Two were bank owned at $155,000 and $167,000.  Only one was a “regular” sale: a $290,000 brick home on Beachview Road in Orient Heights.

It is evident that most East Boston sales are either bank owned properties or negotiated short sales. “Regular sales” do occur if properties are exceptional or competitively priced.

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 Has an Exceptional Selection of Properties for Sale

During a sluggish real estate market, the number of homes for sale increases, and buyers have opportunities to buy homes that otherwise might seldom be available or “on the market.” For the first time in many years, East Boston has had an exceptional selection of properties for sale.

In Jeffries Point, there have been several condos facing Belmont Square, as well as two wonderful multi level brick two families, one on Brigham Street overlooking Piers Park and the Harbor and another on lower Webster Street with great city views.

On Eagle Hill, there have been several “Victorian mansions” on the market. A beautiful 3 family on Trenton Street is “museum quality” near Putnam/Souza Square with three garages.

In Orient Heights, there are several brick tudor style single families available on Madonna Hill. Saint Andrew Road has two nice two families for sale.

In past years, buyers have waited decades for properties such as these to become available. The 2008 market has brought buyers what they have been looking for.

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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