dorchester real estate market insight report q2 2010 old

Dorchester Beach Festival, Savin Hill, Dorchester “Bayside”

in sight DorchesterDorchester’s only neighborhood real estate report

SUMMER 2010

Southeast:

“Rive

rside”

Central:

“Fields”

West:

“Park

side”

Northeast:

“Bays

ide”

Savin Hill, “Bayside”

Melville Park, “Fields”

Lower Mills, “Riverside”

Franklin Park, “Parkside”

S. End

S. Boston

Matta

pan

Jamaica Plain

Milton

Quincy

B. Bay

Beacon Hill

E. BostonN. End

Hyde P

ark

Fin. Dist.


Why did we divideDorchester?

Dorchester is almost as big as theSouth End, Back Bay, Financial District,and South Boston combined.

It’s so big that sales trends can differwildly from one part of it to another.

That’s why we broke Dorchester intofour sections. This way, the data reflectsmore accurate sales trends.

Our proprietary Intra-market Reporting looks inside each market to discover the nano-trends that escapebroader analysis.

Issue: Quarter 2, 2010April 1st – June 30th

Dorchester Overview

Tax credit? Yes, please!The home-ownership bandwagon rode it’s waythrough Dorchester – and buyers jumped on indroves.

In fact, 22.5% more properties sold and pricessprang up 22.6% over the same quarter last year.

What caused this sudden flash of activity? Severalfactors – here’s how it breaks down.

The tax credit ticking clock

Buyers, it seems, work well under pressure. “Find it before April 30th and close before June 30th”, said Uncle Sam, dangling up to

$7,500 in the balance.

And so it was. Buyers, given a hard and fast deadline, scrambled to get their papers in on time to scoop up substantial tax credits.

The pressure was too much for some lenders who struggled to get loans approved ahead of the deadline.

Interest rate bait

Who would have thought rates could get any lower? And, yet, they did.

30 year fixed rates in the 4%’s and adjustable rates in the 3%’s were the candy for a buyer’s sweet tooth.

Where my “dogs” at?

Tax credits and low interest rates played the biggest part. But, so did the noticeable drop in inventory and sales of the “dogs” of the market – inexpensive, distressed, run-down foreclosure and short sales.

Prices up 22.6%

# of sales up 22.5%

Comparing Q2 ‘10 to Q2 ‘09

Comparing Q2 ‘10 to Q2 ‘09


Last quarter in “Bayside”multifamily prices fell.

But, what goes down mustcome up.

Multifamily prices this quarter were bouyed by thesale of some larger, “turn-key” condition buildings.

Condo prices were extremely stable as we saw buyers scooping up much of the available inventoryin time to take advantage of expiring tax credits.


Northeast: Dorchester “Bayside”

Since last quarter...

Multifam‘ glamNeighborhoods:

� JFK/Columbia

� Jones Hill

� Pleasant Street

� Polish Triangle

� Savin Hill

� Savin Hill ‘OTB’

Condos (24)Multifamily (9)Single fam. (4)

Overall prices

+7.5%Single family prices

(now $349,250)

–.04%Condo prices

(now $232,713)

+30.7%Multifamily prices(now $369,682)

+9.7%Volume

(36 properties sold)

+14.9%Overall prices

(now $278,715)

–22.4%Days on market

(now 108)

Properties sold

Visit us: InRealtyInc.com Call us: 617-265-3500


Pleasant Street38 Pleasant Street #6

Type: CondominiumBedrooms: 2Bathrooms: 1Size: 993 square feet

Price: $220,000 (11.6% below asking)

Jones Hill10 Everett Avenue

Type: 4 familyBedrooms: 11Bathrooms: 4Size: 942 square feet


Jones Hill40 Cushing Avenue #6

Type: CondominiumBedrooms: 2Bathrooms: 1Size: 1,285 square feet


Savin Hill ‘OTB’174 Grampian Way #1

Type: Foreclosed condominiumBedrooms: 2Bathrooms: 1Size: 1,083 square feet


Notable Sales





Central: Dorchester “Fields”

Overall prices+20.2%Single family prices

(now $337,455)

+32.5%Condo prices

(now $215,075)

–3.8%Multifamily prices(now $338,921)

+72.2%Volume



(now $268,041)


(now 79)


Buyers hopped aboard thehome-ownership expressas it chugged through“Fields” with promises of tax credits.

The increased demand resulted in nearly 2 times the number of sales and listings spending 1/3 less time on market.

Condo and single family prices got fattest in the feast asposh pads got eaten up by hungry buyers.

Hungry hungry homebuyersNeighborhoods:

� Fields Corner� Meeting House Hill� Melville Park� Clam Point� Saint Marks� Ashmont� Ashmont Hill� Carruth


Properties sold



Melville Park28 Waldeck Street

Type: Single familyBedrooms: 4Bathrooms: 3Size: 2,435 square feet


Meeting House Hill71 Church Street #3


Price: $263,000 (.04% below asking)

Carruth77 Bushnell Street

Type: Single FamilyBedrooms: 5Bathrooms: 1.5Size: 1,921 square feet

Price: $240,000 (asking price)

Fields Corner377 Adams Street #1

Type: CondominiumBedrooms: 4Bathrooms: 2.5Size: 2,446 square feet



Notable Sales




Southeast: Dorchester “Riverside”

Overall prices+3.3%

Single family prices(now $308,167)

+42.2%Condo prices

(now $252,439)


+75.0%Volume



(now $285,465)


(now 108)


Neighborhoods:

� Lower Mills

� Port Norfolk

� Adams Village

� Cedar Grove

� Neponset

� Popes Hill

� Saint Brendan’s

After a bit of turbulence inthe air last quarter, “Riverside” has rocketedto the top of pricing inDorchester.

We saw incredible growth in condo prices as luxuryunits in Cedar Grove and Lower Mills sold in largenumber.

With prices shooting up past those in all other areas of Dorchester, “Riverside” is the new star this quarter.

We have liftoff


Properties sold



Neponset11 O’Donnell Square #2



Lower Mills8 Butler St.

Type: Single familyBedrooms: 4Bathrooms: 1Size: 1,723 square feet


Cedar Grove429 Gallivan Boulevard

Type: CondominiumBedrooms: 3Bathrooms: 2.5Size: 1,550 square feet


Lower Mills1241-1251 Adams Street #F613


Price: $372,000 (2.8% above asking)


Notable Sales




West: Dorchester “Parkside”

Overall prices

+68.2%Single family prices

(now $218,108)

+55.0%Condo prices

(now $115,341)


-26.4%Volume



(now $213,354)

+27.4%Days on market

(now 144)


Neighborhoods:

� Franklin Park� Upham’s Corner� Dudley� Bowdoin/Geneva� Codman Square� Codman Hill� Blue Hill Avenue� Morton Street

Single family home pricesnearly doubling in a fewmonths?

Condos selling 55% higher?

A 25% drop in volume?

What going on?

Simple – together, a marked drop in foreclosure salesand a rise in the number of new construction condosand higher-end single families have jolted the“Parkside” market to life.

Single family frenzy


Properties sold



Morton Street591 Morton Street #207

Type: Single familyBedrooms: 3Bathrooms: 2.5Size: 1,552 square feet

Price: $299,000 (.03% below asking)

Upham’s Corner56 Monadnock Street

Type: Single familyBedrooms: 4Bathrooms: 3.5Size: 2,246 square feet

Price: $420,000 (at asking)

Codman Hill356 Harvard Street #1



Morton Street102 Lark Drive #102

Type: CondominiumBedrooms: 3Bathrooms: 2.5Size: 1,505 square feetPrice: $299,500 (11.7% below asking)


Notable Sales





Dorchester | South End | South Boston | Jamaica Plain | Roslindale | Representing all of Greater Boston

More For Sellers

- Free in-house staging - Credit card payments - Professional photos- Enhanced online

listings

More For Buyers

- Cash back at closing- Intra-market

statistics- Paperless

transactions- Design consultation

More For Owners

- Online Reporting - Guaranteed postings- Enhanced listings- 24-hour, on-call

service

More For Renters

- Credit cards for deposits & fees

- More pictures per listing

- More no-fee options


Justin GreenOwner & Broker

Justin is Dorchester’s #1agent in dollar volumesince 2000. Knowing thatDorchester is not oneneighborhood, but acollection of many, Justinco-developed the InSight Report so that InRealty could provide itsclients with knowledgethat no other firm can.

Meet our Intra-market reporting team

Chris PoulosDirector of Boston Sales

Chris is Dorchester’s #1agent in the number ofproperties sold since2000. With this experi-ence, he now leads others as our Director ofBoston Sales, overseeingour expansion into theSouth End and South Boston markets in addition to representinghis Dorchester clients.

Nadine FallonGeneral Manager

Prior to her real estate career, Nadineanalyzed raw data at aFortune 500 firm to uncover and reportsales trends. Today, sheuses her statisticalskills to maintain ourIntra-market Reportdatabase for salesthroughout GreaterBoston.

Meet the entire team – InRealtyInc.com

Ed DesiletsJP/Roslindale

Manager

Dave GaviglioSales & Rentals

Jamie IacoiSales & Rentals

Brian LeveroneDirector of Property

Management

Mike PanagakoMarketing Director

Lauren McNeilRentals

Eric GaudetRentals

dorchester real estate market insight report q2 2010 old

Documents