Sellers Must Compete with Bank Owned Properties in Today’s East Boston Market

Published November 17, 2008 Bank Owned Properties , East Boston , Real Estate Market Update Closed
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The current East Boston real estate market has been hard hit with the presence of many bank owned properties, which increase every week.  A seller now has to price his or her property competitively with these lender owned properties in order to secure a buyer.

Thankfully, there still seems to be a steady group of buyers interested in purchasing homes in East Boston, mostly because of our prime location adjacent to downtown and easy access to the city via our five subway stations.  That, coupled with our relatively safe streets and relatively inexpensive real estate, makes East Boston popular among homebuyers.

In order to sell a house in today’s competitive market, however, a seller must be aware of what other properties are listed and selling for, many properties being bank owned.  A “regular” seller can also do other things to make a property more attractive than a bank owned property.

Sellers should clean out their houses, yards, and basements.  Any major repairs should be done such as replacing old furnaces, converting fuse boxes to circuit breakers, pointing chimneys or foundations, sprucing up entry and rear staircases, or replacing an old roof.  Sellers will find that spending up to $10,000 in repairs and necessary improvements will help sell their homes more quickly in today’s tough 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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Bank Owned and Short Sales Predominate East Boston Two-Family Market

Published November 16, 2008 Bank Owned Sales , East Boston , East Boston Two-Families , Real Estate Market Update , Short Sales Closed
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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

Published November 3, 2008 Bank Owned Properties , East Boston , East Boston Condominiums , East Boston Single-Families , East Boston Three-Families , East Boston Two-Families , Real Estate Market Update , Short Sales Closed
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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 Condos See a Typical Seasonal Drop in Sales

Published October 27, 2008 East Boston Condominiums , Real Estate Market Update Closed
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Since September 1, 2008, 21 East Boston condos have either sold or gone under agreement. During the late spring and summer months of this year, approximately 30 condos would sell or go under agreement every 60 days. The sales rate has seasonally dropped by about 35%.

Because most condos are purchased by first-time homebuyers, often young professionals, the above statistical drop is pretty normal—many first time homebuyers seeking to purchase a condo are renters whose leases expire September 1. They actively look for condos beginning March or April, hoping to close on them any time between June and September. After the “peak summer months,” condo buyers often “disappear” until the following early spring, especially if they are “locked into a lease.”

Of the 21 condos sold or under agreement, 9 were bank owned and one was a short sale. Eleven of the units were “regular sales,” ranging in price from $162,500 for a brand new 559 square foot one bedroom on Chelsea Street to $328,000 for a brand new 1,400 square foot 2 bedroom with parking on Cottage Street in Jeffries Point. There should continue to be a strong demand for well-built, well-priced condominiums 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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Remarkable East Boston Properties Sell in Today’s Market

Published October 20, 2008 East Boston , Real Estate Market Update Closed
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The recent sales of two exceptional East Boston properties, both with great views, for excellent prices tell us that the East Boston real estate market is still very strong for renovated, well maintained, desirable, and unique properties.

In August, a 1,364 square foot two level penthouse, both spectacular and unusual, in a brick Jeffries Point brownstone sold for $390,000. This unit was originally converted into a condominium in the 1990s, and every time it has sold since then, it has commanded top dollar. The unit boasts ample square footage, a unique style, and a great Jeffries Point location across from Belmont Square / Brophy Park, with incredible views of the Boston skyline and harbor. This unit sold for 97% of the final asking price.

In September, an impeccably renovated 2,000 square foot hilltop home sold on Gladstone Street for $435,000. This home was tastefully and completely renovated. Located on one of the most desirable Orient Height’s streets, it also had commanding views of Boston. This property sold at 92% of its final asking price.

The sale of both of these properties tell us that if a property is well located, has ample square footage, is in well maintained or desirable condition, it will sell for a decent price, even in today’s 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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Ecco Brings New Taste to East Boston Fare

Published October 16, 2008 303 Cafe , Angela's Cafe , Donna's , Ecco , Kelley's Pub , Off the Boat , Restaurants , Rino's , Saigon Restaurant , Santarpio's Pizza , Scrups Closed
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When a neighborhood evolves into a pleasant, safe, friendly, urban village, it is often the result of having affordable and enjoyable eating spots nearby. East Boston, over the last year, has seen a series of wonderful establishments pop up in the neighborhood to complement many of the great neighborhood institutions already here.

With a great selection of food and drinks, Ecco is a new arrival that offers opportunities to bump in to old and new friends, long time residents, former East Bostonians, and new homeowners, too. It truly draws a customer base from across the spectrum for food and drinks in an elegant setting.

East Boston has seen some great establishments open in the past year. Angela’s Café on Lexington Street has wonderful, authentic Mexican cuisine. The 303 Café has an amazing weekend brunch, and full menu. Scrups, at the Marginal Street marina, offers incredible food in a unique and pleasant waterfront setting. D’Parma’s brings a full Italian menu with a full bar to Maverick Square. Saigon Restaurant is under new ownership and brings in a taste of Pho cuisine to East Boston. And, Off the Boat has expanded its location into a full dining room with truly authentic Italian seafood dishes.

And let’s not forget some of our neighborhood’s classic favorites that have been giving us great fare for decades including Kelley’s Pub, Rino’s, Donna’s, and Santarpio’s Pizza, all of which have paved the way for East Boston to be a great destination for food & drinks.

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 and the Subprime Mortgage Crisis

Published October 6, 2008 East Boston , Mortgage Crisis , Real Estate Market Update , Subprime Loans Closed
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East Boston has not been immune to our country’s mortgage crisis. Between 1995 and 2005, East Boston properties multiplied in value. A three-family that might have sold for $150,000 in the mid 1990s sold for as much as $550,000 to $600,000 by 2005. Sadly, in retrospect, we realize buyers willing to pay the most for properties were the riskiest buyers with respect to financing. Very seldom were a bank’s terms and details known or questioned. The goal was to make sure a buyer had secured financing. Sellers entered into agreements with buyers because they were offering high prices for properties—most of the mortgages were approved and houses sold.

While some homeowners are currently in trouble, between 1995 and 2005, other homebuyers made huge profits. Real estate professionals saw dozens of buyers purchase real estate for $100,000 using risky mortgages and then resell those same properties for $200,000. Similar “subprime” loans were used for buyers of $300,000 properties who then resold them for $400,000. It was not unusual for buyers to make $100,000 to $300,000 profits on properties. Only when property values plateaued and there were no more windfall profits did the media and the country realize most of these properties were purchased with little money down and with very risky mortgages…the subprime mortgages that have lead to the crisis requiring a $700 billion bailout. East Boston is a great case study on “what went wrong” with our mortgage industry.

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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Eagle Hill Attracts New Condo Buyers

Published September 30, 2008 Eagle Hill , East Boston , East Boston Condominiums , Real Estate Market Update Closed
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In September, Tony’s Realty successfully sold three condos in a newly redeveloped triple-decker on Princeton St in Eagle Hill. The condos ranged from 801 to 841 square feet, and the selling prices were between $220,000 and $235,000.

These units have many of the modern day amenities found in new condos: stainless appliances; granite countertops; hardwood floors; central air; ample storage. Two units have two bathrooms, and one has a private patio.

Eagle Hill has become attractive to some condo buyers because they can often get more square footage in a quality product than can be found in other East Boston neighborhoods. They “get more bang for their buck.”

The neighborhood has traits buyers find attractive: quaint local restaurants like Rino’s, Saigon Restaurant, and Angela’s Café; small corner stores; diverse architecture; and a diversity among residents that includes recent immigrants, East Boston natives, families, and young professionals. There have also been some recent and wonderful improvements such as the new fountain at Souza/Putnam Square, the Border St Community Gardens, and the Condor St Urban Wildlife area. And Eagle Hill’s proximity to the new Bremen St Park, especially its new Airport T Station, is making the neighborhood attractive to many buyers who realize it is within walking distance to a new Blue Line T Station. More successful Eagle Hill condo developments similar to this recent Princeton St property are expected.

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 Three-Family Market Severely Hurt

Published September 25, 2008 East Boston , East Boston Three-Families , Real Estate Market Update , Short Sales Closed
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While the market for East Boston condos and single-family residences is relatively strong for properties in good condition, the East Boston three-family market has been severely hurt.

In the past few months, Orient Heights has had several three-families sell for less than $450,000 on short sales (a short sale is when a lender allows a seller to sell his property at “current market value,” when a lot more is actually owed to a bank—the difference in amount owed and amount received is forgiven by the bank). Traditionally, the Orient Heights neighborhood set the precedent for high priced three-family properties in East Boston. If triple-deckers sold for a certain price in this neighborhood, they usually sold for much less in other East Boston neighborhoods. A few years ago, a triple-decker in Orient Heights almost always sold for $500,000 to $650,000.

Recently, several short sales in the neighborhood have set a new precedent for three-family sale prices. A large, beautiful Orient Avenue three-family sold for only $400,000. A renovated three-family on Breed Street with parking, just steps away from the Orient Heights train station, sold for only $380,000. Both of these properties where sold on “short sales,” and they are both among East Boston’s finest three-family properties.

With recent sales at or below $400,000 for some of East Boston’s best three-family houses, we are unlikely to see many East Boston three-families selling for more than $400,000 in the immediate future.

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 Condos Sell Faster than Others

Published September 16, 2008 East Boston , East Boston Condominiums , Real Estate Market Update Closed
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During the last 30 days, East Boston has seen 17 condominiums either sell or go under agreement. There is a strong demand for East Boston condos, and prices have remained stable.

Some condos sell faster than others, usually because of certain traits considered desirable among buyers: A strong, solid condo association with accurate, up to date financial records and regularly recorded meeting minutes; and a high percentage of owner occupants (owner occupancy is a trait that will most likely contribute to condo units in such buildings maintaining their value and potential for resale).

Other characteristics sought after by condo buyers: Proximity to the T, views, and parking. Properties near one of our 5 T stations sell much more quickly than those further away. Properties with views, especially of Boston, sell much faster. And while most EB properties do not have parking (and most buyers do not expect to find parking in East Boston), when a condo or house has parking, it tends to sell much faster than properties that do not.

Proximity to services and stores in a village setting is also important. Condos within a few blocks of retail stores, grocery shops, restaurants and markets, dry cleaners, and ATM machines create a vibrant urban setting and tend to sell faster than more remotely located units. Nearby green space such as community gardens, bike paths and park areas are also major pluses. Convenient urban living with nearby amenities is what quickly sells our East Boston condominiums.

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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