Tony’s Realty is delighted to inform our readers about trends and happenings in the East Boston real estate market (to see all our properties, go to the Tony’s Realty Website).
This week we want to report on condominium sales in East Boston, which have remained relatively steady and strong over the past few years. There seems to be a shortage of units, with more buyers than units as of late. Units that remain on the market for extended periods of time might either be priced incorrectly, have difficulties with their layouts, or lack recent updates. Beautiful and well-priced condos continue to sell in East Boston. Most of these units sell to owner occupants.
In the last three months, there have been 63 condominiums that have sold or gone under agreement in our neighborhood. Prices have ranged from $55,000 for a small garden level studio apartment to $395,000 for a penthouse unit at the Gumball Factory.
Although the market is strong for East Boston condos, the selling prices are not necessarily as high as they were several years ago. A good example is a penthouse unit that sold at the Gumball Factory at 150 Orleans Street. In May 2006, this unit sold for $525,000. It subsequently became bank owned, and most recently sold last week for $395,000, about a 25% reduction.
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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