A question buyers and sellers often ask of Tony’s Realty is “who is buying real estate in East Boston?” Based upon observations of Tony’s Realty agents, the answer oftentimes depends upon the type of property being purchased. Most condos in East Boston are purchased by professional first time homebuyers, most of whom have maybe 3% to 10% available for a down payment. Many bank owned condominiums, most of which are in buildings with no associations, are sold to investors who pay cash. These are primarily used as investment properties and rented out. Sometimes, if a condo association is established and a high owner occupancy rate can be achieved in a building, investor purchased bank owned condos can be resold for a profit, again with most buyers being younger professionals.

Larger multi-family properties in East Boston, especially those with apartments having two or three bedrooms, are almost exclusively sold to immigrant families currently living in East Boston as tenants. These usually become owner occupied properties. Smaller, bank owned multifamily properties are usually sold to investors, often paying cash, who use the properties as rental buildings.

Single-family homes attract both younger professionals as well as immigrant families. Occasionally, native East Bostonians or city employees such as firemen or policemen will purchase Orient Heights properties. Unlike condos, which sell almost exclusively to younger professionals or two or three family homes, which sell almost exclusively to immigrant families, single-family homes attract buyers from both of East Boston’s two major pools of buyers.

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.

.

The East Boston real estate market was very busy between May 1 and mid August. While the market generally slows down as summer ends, we predict a busy 8 weeks beginning after Labor Day and ending around Halloween. The subsequent months, November thru March, should be relatively slow. With shorter days, and wet and cold weather, enthusiasm for moving usually starts to dwindle.

If you are thinking of selling within the next six to nine months, but are not prepared to sell during the remaining 8 busy weeks of the season, it is best to spend the subsequent November thru March months preparing your property as best as possible for a spring market. Service or replace old furnaces, de-clutter and simplify each room, empty attics or basements, fix broken window panes or screens, grout bathrooms, install GFI outlets in kitchens and bathrooms, remove any asbestos, refinish hardwood floors, clean or replace carpets, paint walls and ceilings, fix leaky roofs, and obtain certificates of lead paint compliance for rental units. Spending between $1,000 to $10,000 during the late fall and winter months to make a property more presentable will enable a faster sale and a higher price during the busier April thru October selling months.

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.

 .

Tony’s Realty offers its congratulations and thanks to all those who have dedicated countless hours, days, and years to the renovation of Maverick Square. The dust has settled; East Boston has its welcome mat back, and it looks better than ever.

Now that we have the infrastructure in place, Tony’s Realty would like to encourage East Boston (public and private citizens alike) to ensure the square becomes as welcoming a gathering spot as Harvard Square in Cambridge, Bryant Park in New York, or the Spanish Steps in Rome. The Square is our living room, after all.

We’re imagining outdoor seating for all the restaurants and coffee shops that line the square (whether the establishment is big, small, independent, or a chain). We also envision fruit and slush carts—similar to the ones currently lining many a streetscape in New York—or allowing some of our grocery stores to sell their produce outdoors along the sidewalks. Perhaps a few more trees, flowers, and potted plants (both from the public as well as private sectors). And performance spaces for music groups both above ground and below.

Great cities have great living rooms. While the work that was done was a great first step in improving the square, it’s simply that—a first step. Now that the house is built, it’s time to start furnishing it, making it a home.

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 Zaragoza with your questions or comments.

 .

This week Tony’s Realty is proud to present a beautiful three-family home located at 146 Trenton Street. This East Boston property was completely renovated by the current owners in 1997 and has been lovingly taken care of since. It will be delivered vacant.

The home features three magnificent apartments, all separate utilities, a lovely backyard, a large walk-in basement, and a wonderfully restored Victorian style clapboard facade with a tri-color palette. It is a short walk from the newly restored Souza / Putnam Square.

The first two floors currently have four rooms each featuring large eat-in-kitchens, beautiful bathrooms, large master bedrooms, smaller offices, and ample closet space. The third floor features an adorable, sunlit one bedroom apartment. The building’s entryway is wonderfully restored, and the yard is perfect for a patio or gardening. This house is probably one of the best restored and maintained three-families that has been on the market in East Boston within the last five years. It has too many features to list. Showings will begin on Saturday, April 4. The property is priced at $419,000.

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.

 .

In East Boston, there is an increased demand for larger three-family homes in decent condition that are not short sales.  Most sales taking place recently have been short sales (in a short sale, a seller attempts to sell a property at market value, which is less than what is owed on a mortgage, and asks the bank to forgive the difference between the amount owed to the bank and the amount a buyer is willing to pay).  Short sales are sometimes not approved, and approvals can take three to six months.  There are many buyers unwilling to attempt a short sale purchase, but who instead want to buy a “non short sale property” from a “regular seller” so that a sale can take place in the normal 45-day time frame.

Recently, some larger three families in East Boston, which have not been short sales, have sold for higher prices than many short sales.  A large 4,128 square foot three-family with a driveway at 641 Bennington Street near Orient Heights recently sold for $350,000.  Another large 3,553 square foot three-family at 222 East Eagle Street sold in January for $320,000.  A large 4,764 square foot home at 358 Meridian Street was recently listed at $325,000 and went under agreement in just 24 days.  Similarly, a large 4,632 square foot three-family at 316 Saratoga Street was listed at $325,000 and went under agreement in just 6 days. (The last two properties have not yet sold; most properties that go under agreement within 30 days sell within 90% to 100% of asking price.)

East Boston has a shortage of large three-family properties on the market and in good condition that are not short sales.  Regular sellers will find that even in these tough economic times, there is a strong demand for large three-families in good condition in the $300,000 to $350,000 price range.  They tend to sell quickly.

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.

 .

A bank-owned two-family located at 91 Leyden Street on a very large 6,695 square foot lot was placed on the market on March 13 for $199,900. There was an accepted offer only 11 days later—most bank owned properties sell close to their asking price.

The mortgage history of this property gives us a terrifying glimpse of the East Boston mortgage crisis. The last owners purchased this two-family plus in-law in 1997 for $147,000. Their down payment was less than $7,000; their original mortgage was only $140,082. They refinanced the property six additional times: in March 2001 for $183,750; in September 2002 for $260,000; in November 2003 for $267,000; in May 2004 for $316,000; in June 2005 for $325,000. Lastly, two mortgages were obtained in January 2006 totaling $409,500. The property was foreclosed upon in September 2008.

Many East Boston homeowners borrowed consistently and extensively on their homes over the last decade. Ironically, even as a 2009 bank-owned foreclosed property, 91 Leyden Street will probably sell at a price higher than it did in 1997. This makes us wonder if housing prices in our neighborhood have “collapsed” or are just returning to their “normal levels” of the late 1990s.

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.

 .

Last month, a two family with a big driveway on a 5,000 square feet lot was foreclosed upon—the property was located at 687 Saratoga Street near the Wood Island train station.  It is currently on the market for $183,000.  The property’s history gives an insightful glimpse of the troublesome East Boston mortgage crisis and supposed housing “collapse.”

The property was purchased in 1999 for $195,000.  The buyer obtained 95% financing and bought the house with a mortgage of $185,250.  In 2001, the owner refinanced the house for $190,750 and later took out an additional mortgage for $40,000.  In 2003, the owner refinanced again, borrowing a total of $328,500.  In July 2005, the owner refinanced a fourth time, borrowing a total of $440,000 on the property for which he only paid $195,000.

Some East Boston properties are selling at 50% of their 2004/2005 values, but not much less than their mid to late 1990s prices.  Perhaps current market conditions are not signs of a housing “collapse,” but are instead a return to “normal prices” after an extended period of artificially inflated prices due to the nonstop availability of mortgages and loans over the past ten years.

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.

 .

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.

 .

In the last three months, according to MLS, 17 three-family properties sold in East Boston. They ranged from $150,000 to $370,000. Of 11 properties that sold for under $250,000, 5 were bank owned and 6 were short sales. None was a private seller willing to sell at these new “low prices.” This is a good indication that when the supply of bank owned and short sale properties dissipates, private property-owners will be reluctant to sell at lower prices. This will eventually stabilize the East Boston multi-family market.

Since early November, the 6 remaining three-families, all of which are on the larger side, sold for $270k, $280k, $290k, $310k, $330k, and $370k. Three of these properties were short sales, one was bank owned, and two were private sellers without any foreclosure / banking issues. 186 London Street was a “regular sale” for $310,000 and 222 East Eagle Street was a “regular sale” for $330,000.

Of the 17 properties sold, two of the highest prices were among private sellers (not banks) without mortgage issues (i.e., short sales). These higher prices on the open market suggest that some short sales of better properties at lower prices might have been negotiated at “less than market value” in deals between sellers and selected buyers. It also indicates the triple-decker market in East Boston, for larger, well maintained properties might be stabilizing, as we see individual sellers of non bank owned, non short sale properties obtain better selling prices for their three-families than banks or negotiators of short sales.

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.

 .

In the past few years, Tony’s Realty has been excited to see the successful development of many new, independently owned restaurants in East Boston. Among our favorites are Scup’s, Angelas’ Cafe, Off the Boat, Dough, the 303 Cafe, and Ecco. East Boston continues its tradition of welcoming new entrepreneurs to the restaurant business and allowing them to flourish in the neighborhood.

At the same time, Tony’s Realty is not opposed to the development of a new Burger King as our neighbor in Maverick Square. Denying a businessperson the opportunity to develop a restaurant in an area zoned for a commercial restaurant is morally and ethically questionable. The development of a Burger King poses no threat to the development of individually and independently owned restaurants in our neighborhood, and its presence is perfectly legal. The “cause” to deny a Burger King in Maverick Square is, instead, a shameful snub to its owner, a small businessman, and its potential patrons.

Many well-established cities and neighborhoods in the United States and the world have Burger Kings—New York City’s Fifth Avenue, Miami Beach, Boston’s Copley Square, and even Venice, Italy. As a new and hopeful America, our energy can be better spent improving our neighborhood in creative ways, instead of trying to destroy the development of a legitimate business.

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.

 .

Even though 2008 was a very difficult year for real estate values and sales, Tony’s Realty is happy to announce we had a prolific year, despite the national housing crisis. In 2008, Tony’s Realty was either the list or sale agent in 29 property transactions in East Boston. We were the most productive independent real estate agency, and the second most productive overall real estate agency for homes sold in the neighborhood.

As a team, Laura Rollins, Gabriel Castaño, Tony Giacalone, and Zaragoza Guerra sold or listed more properties per agent than any other agency working in East Boston. Zaragoza Guerra was the top list agent for all properties sold in East Boston during 2008.

Although we are a small company, Tony’s Realty prides itself on our knowledge of the local market and its properties and our willingness and eagerness to cooperate with all other real estate agents working in East Boston in order to help buy and sell homes.

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.

 .

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.

 .

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.

 .

In 2008, as recorded by our Multiple Listing Service, 104 condos were sold in East Boston. The average selling price was $230,748 and the average days on market (DOM) was 138 days. The average price per square foot was $228.

These figures differ from 2007, when 142 condos were sold. The average days on market was similar at 137 days, but the average price for the previous year was $256,844, and the average price per square foot in 2007 was $277. From 2007 to 2008, there was a decrease in value per square foot of approximately 18%.

One astonishing difference between 2007 and 2008 in condominium sales is that in 2007 almost all of the condos were brand new and none were bank owned. In 2008, 22 of the 104 condos (more than 20%) were bank owned 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.

 .

Recently, Tony’s Realty was fortunate to have listed a beautiful Eagle Hill single family home that sold in one day. Located on the first block of Princeton Street, this traditional Eagle Hill colonial was owned for many decades by the same family; it was put up for sale after the owner, a devoted Eagle Hill resident and community member, passed away.

A historic property built in the mid 1800s the home had been completely upgraded after a fire thirty-four years ago. While plumbing, wiring, insulation, and roofing were relatively new, the house had many remnants of the 1970s. Over the last six months, the owner’s family made every effort to make this historical home looks its best. They removed paneling from walls, tore up carpets and sanded original wooden floors, replaced bathroom fixtures, cleared out the back garden area and repainted every room. Extra furniture was removed, and a wrought iron staircase railing was replaced with a traditional wooden one. The kitchen had already been beautifully renovated.

The property looked like a model home, exemplary of one of Eagle Hill’s best homes. Also, the family knew it was best to competitively price this property so that it would not stay on the market in a sluggish economy. The house sold at its first open house to a wonderful family proud to take over from the previous family by calling this Princeton Street property “their home.”

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.

 .

The East Boston market is being strongly influenced by the increased volume of bank owned properties for sale.

Many buildings were purchased several years ago when banks were freely lending to borrowers, often with little or no money down. The subsequent foreclosures and increased supply of properties, together with banks tightening their easy lending practices, has resulted in much lower property values, especially for buildings and homes in need of repair.

Currently, a bank owned 4 unit property at 958 Saratoga Street is priced at $474,900. This property sold in October 2005 for $730,000. At 212 Chelsea Street, a bank owned brick three family is on the market for $189,900. This property sold in December 2005 for $430,000. And, 1 Marion Place, a small one family house is bank owned and for sale for $89,900. This house last sold in December 2003 for $163,500.

As these numbers show, some older bank owned properties in need of work are selling at close to 50% of what they had previously sold several years ago.

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.

 .

During the New England winter months, the weather is often cold, snowy and rainy.  Most people are busy with holiday preparations, and unfavorable weather conditions as well as shorter sunlit hours make it hard for buyers to view properties.  Sellers, ideally, should not put their houses on the market during December, January and February; most houses sell between April and October. But winter can be a great time to prepare a home for sale.

Consider having a home inspection on your house and addressing issues that buyers will eventually discover.  Does your chimney or foundation need re-pointing?  Does your furnace need to be serviced or replaced?  Does your fuse box need to be changed to circuit breakers?  Should you pull up old carpets and refinish hardwood floors?  Do you need to de-clutter your home or empty your basements and attics?

Talk to contractors and professionals, get estimates and consider doing repairs.  Winter can be a great time to start fine-tuning your property so that it both looks great and is in its best possible condition when you do list it for sale in the Spring.

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.

 .

During the month of November, many of East Boston’s property sales have been bank owned sales or short sales.  A short sale is when a property is sold for less than what a seller owes on a mortgage, and the bank forgives the seller the difference between the amount owed and the amount for which the property is sold. 

The prices of some bank owned and short sales sold in November clearly show how East Boston selling prices have significantly dropped in the last few years, especially for older properties needing repairs.  A four level single-family townhouse at 143 Saratoga Street on the edge of Eagle Hill recently sold as a short sale for $215,000.  That same property sold in March 2005 for $329,000.  A few blocks away, on 137 Brooks Street, a bank owned three-level two-family recently sold for $122,300.  This same property sold in May 2005 for $358,000.  At 27 Wordsworth Street, near Dom Savio, a standard two-family recently sold for $210,000.  That property previously sold in December 2003 for $355,000.  And in one of the worst examples of property devaluation, a bank owned three-family at 263 Paris Street just sold for $240,000.  This same property sold in March 2007 for $495,000. 

Many older East Boston properties have plummeted in value between 30% to as much as 50% in the past year.

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.

 .

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.

 .

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.

 .

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.

 .

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.

 .

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.

 .

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.

 .

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.

 .