14 Danube Street, Dorchester is newly listed in Pinergy. It’s a three-family property. It’s listed at $699,900.Its recent sales history is worrisome. 14 Danube Street was sold for only $275,000 on March 7th, 2013. The seller was Flythe, LLC and the buyer was Aeneas Realty Group, LP. 14 Danube Street was sold again for $575,000 on November 21st, 2013. The seller was Aeneas Realty Group, LP and the buyer was Boaz Arbel.
That would be a 254% price appreciation in 3 years, 5 months and 25 days if 14 Danube Street sold for its asking price on August 31st, 2016 or, if we look at it another way, it would be a bit more than 44% in annual appreciation or a bit more than $121,000 in annual appreciation.
I spoke with a client of mine last week and he’s in the process of buying a three-family property on Saxton Street, Dorchester for $740,000. He was in a bidding war on a property that never even reached the MLS. It’ll need to be rehabilitated.
I messaged with an old friend’s wife using Facebook Messenger a few days ago after noticing her condominium on I Street in South Boston sold for $555,000 on July 31st, 2015. She bought it for $390,000 on May 5th, 2005 and sold it for $386,000 on February 28th, 2012. She owned the property for almost 7 years and had -$4,000 in appreciation and the next owner owned it for a little more than 3 years and enjoyed $169,000 in appreciation.
Signs are showing that this real estate market is reaching unsustainable gains in appreciation. Are you a developer or landlord? Maybe it’s time to enjoy some gains by selling some properties located in Boston and its neighborhoods?
Are you a landlord who enjoys using the Section 8 program? There are deals to be had in Brockton at a fraction of the asking prices in Boston and its neighborhoods. The Mayor of Brockton, Bill Carpenter, is a former real estate agent and he’s working hard to revitalize Brockton.
Maybe it’s time for developers and investors who may think Boston is nearing its peak might think about shifting gears?
I’d be glad to help.
Below is the complete list of multi-family properties available in Brockton through MLS PIN’s Pinergy application. Like one? Let me know.
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