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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

FALL ’09

Savin Hill Avenue, Dorchester “Bayside”


in sight report Dorchester’s only neighborhood real estate report

Why did we divide Dorchester? Dorchester is almost as big as the South End, Back Bay, Financial District, and South Boston combined. It’s so big that sales trends can differ wildly from one part of it to another.

Savin Hill, “Bayside”

That’s why we broke Dorchester into four sections. This way, the data reflects more accurate sales trends.

Melville Park, “Fields”

S “R out ive he rs as id t: e”

W “P es ar t: ks id e

” Ce “F nt ie ra ld l: s”

N “B ort ay he si as de t ” :

Since the sections we created don’t have official names, we gave each its own nickname. Let us know what you think of our unofficial choices!

Lower Mills, “Riverside”

Franklin Park, “Parkside”


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Dorchester Overview

Prices rise dramatically from first quarter lows It’s official – Dorchester’s real estate market has begun to rebound.

Prices Prices have risen 22% since Q1

In fact, our Q3 data shows prices throughout Dorchester have risen a dramatic 22% since Q1, which was the bottom of the market. Why? There are a number of reasons, but we can boil them down to three major trends: Lack of supply 40% fewer homes came on the market in Q3 ’09 than did in Q3 ’08. A huge reduction in bank-owned inventory and selling up of available listings contributed to this drop.

Inventory The number of homes for sale fell 38% this year

Homebuyer credit Dorchester is a prime market for first-time homebuyers, and the federal government’s $8,000 credit fueled demand. Low interest rates Though the credit crunch has made mortgages harder to get, interest rates remain in the low 5% range for a 30-year fixed note.

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Northeast: Dorchester “Bayside” Neighborhoods:

The South End’s south end

■ JFK/Columbia ■ Jones Hill ■ Pleasant Street ■ Polish Triangle ■ Savin Hill ■ Savin Hill “OTB”

Since our last report...

40

+11%

Properties sold

Days on market (now 111)

+8.1%

+33.8%

Overall prices (now $260,728)

Single family prices (now $406,500)

–2.4%

+10.2%

Multifamily prices (now $366,750)

Condo prices (now $239,679)

Dorchester’s “Bayside” neighborhoods continued to outpace the rest of Dorchester in values, with average prices that were 18% higher than the Dorchester average.

Properties sold Condos (34) Single fam. (2) Multifamily (4)

Much of the activity that we saw in this area came from first-time homebuyers that had been renting in nearby neighborhoods such as South Boston and the South End.

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Overall prices

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Notable Sales

Jones Hill 117 Stoughton Street

JFK/Columbia 944 Dorchester Avenue #55

This large, 7 bed, 2.5 bath single family brownstone short-sale was full of original detail.

This loft at the DNA Lofts was among the least expensive to sell in the project. Sale Price: $260,000 Sold for asking price

Sale price: $325,000 Sold for 6% below asking price

Pleasant Street 21 Greenmount Street

Savin Hill 25 Sydney Street

This spacious 2 bed, 1.5 bath townhouse sold at a higher price than in 2007 when it was built and first sold.

This 4 bed, 2 bath 2 family was well maintained and conveniently located. Sale Price: $342,000 Sold for 4.8% below asking price

Sale Price: $330,000 Sold for 2.7% below asking price

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Central: Dorchester “Fields” Neighborhoods: ■ ■ ■ ■ ■ ■ ■ ■

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

Since our last report...

51

–3.4%

Properties sold

Days on market (now 112)

+18.7%

+4.1%

Overall prices (now $243,280)

Single family prices (now $327,427)

Four grows in a row Prices in Dorchester’s “Fields” neighborhoods have now risen for four consecutive quarters, but remain well below their 2008 highs.

Properties sold Condos (22) Single fam. (15) Multifamily (14)

The Meeting House Hill area seems especially poised for growth, as triple-deckers that we saw sell in the $500,000 range are selling for under $300,000. We have seen a number of savvy condo investors scooping these properties up for a new wave of condo conversions.

Overall prices

–11.2% +24.3% Multifamily prices (now $257,643)

Condo prices (now $176,768)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Notable Sales

Melville Park 73 Waldeck Street

Melville Park 44 Kenwood Street

This 2,461 sq. ft., 5 bed bank-owned property, severely water damaged, had to be purchased with cash, not bank financing, pushing down the price.

This 2,487 sq. ft., 6 bed, 2.5 bath single family was the same size and neighborhood as 73 Waldeck but was “move in” condition and mortgageable.

Sale price: $93,900 Sold for asking price

Sale Price: $540,000 Sold for 10% below asking price

Ashmont 1910 Dorchester Avenue #607

Meeting House Hill 47 Mount Ida

This 876 sq. ft., 2 bed, 1 bath unit in the Carruth was one of several in the development to sell in Q3.

This 3,303 sq. ft., 6 bed, 3 bath 3 family contributed to the overall fall in multifamily prices in “Fields” in Q3.

Sale Price: $280,000 Sold for 9.4% below asking price

Sale Price: $340,000 Sold for 3% below asking price

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Southeast: Dorchester “Riverside” Neighborhoods: ■ Lower Mills ■ Port Norfolk ■ Adams Village ■ Cedar Grove ■ Neponset

Condos are king Properties sold Dorchester’s “Riverside” neighborhoods have Condos (17) Single fam. (10) become very strong condo Multifamily (3) markets, evidenced by a 14.2% jump in prices since our last report.

■ Popes Hill ■ Saint Brendan’s

Since our last report...

30

–2.2%

Properties sold

Days on market (now 132)

These neighborhoods are often known for their single-family homes, but are increasingly attracting condo converters and investors. The average condo price in this area was helped by four sales in a highend, new construction project.

Overall prices

+12.4%

–3.5%

Overall prices (now $271,672)

Single family prices (now $317,200)

–24%

+14.2%

Multifamily prices (now $397,667)

Condo prices (now $222,656)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Notable Sales

Saint Brendan’s 15 Myrtlebank Avenue

Neponset 572 Freeport Street #302

This 2,282 sq. ft., 4 bed, 2 bath 2 family was in good shape with only minor work needed.

This 2,187 sq. ft., 2 bed, 2.5 bath condo was among the highest priced condos sold in Riverside in recent years.

Sale Price: $380,000 Sold for 2.4% below asking price

Sale Price: $392,000 Sold for 1.8% below asking price

Popes Hill 176 Train Street

Adams Village 13 Stock Street

This 1,440 sq. ft., 3 bed, 1 bath single family was in good condition and was in a prime location.

This 1,750 sq. ft., 4 bed, 1.5 bath single family was walking distance to the Village.

Sale price: $250,000 Sold for 11% below asking price

Sale Price: $299,000 Sold for asking price

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

West: Dorchester “Parkside” Neighborhoods: ■ Franklin Park ■ Uphams Corner ■ Dudley ■ Bowdoin/Geneva ■ Codman Square ■ Codman Hill

Since our last report...

119

+2%

Properties sold

Days on market (now 156)

Buy one, get two free Properties sold Prices are so distressed in Dorchester’s western Condos (36) Single fam. (16) “Parkside” neighborhoods Multifamily (67) that for the price of an average “Bayside” condo, you can buy almost three average “Parkside” condos. Though prices here did rise, Dorchester’s “Parkside” neighborhoods remains fraught with foreclosures and short-sale. There is a silver lining as the properties being purchased now for low prices are being renovated and reoccupied.

Overall prices

+12.9%

–9.4%

Overall prices (now $184,695)

Single family prices (now $181,188)

+13.3%

+1.2%

Multifamily prices (now $237,594)

Condo prices (now $87,803)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Notable Sales

Codman Hill 36 Codman Street

Dudley 5 Creston Park #3

This 2,847 sq. ft., 6 bed, 2 family, though a short-sale, was the highest priced 2 family to sell in “Parkside” in Q3.

This 972 sq. ft., 3 bed, 1 bath penthouse condo shows that “Parkside” pricing is still deeply affected by distressed sales.

Sale Price: $510,000 Sold for 7.3% below asking price

Sale Price: $30,000 Sold for 8% below asking price

Franklin Park 814 Blue Hill Avenue

Codman Hill 29 Nevada Street

This 1,450 sq. ft., 3 bed, 2.5 bath condo built in 2007 was a bright spot in “Parkside” condo sales in Q3, selling 60% higher than the market’s average.

This 1,090 sq. ft., 3 bed, 1 bath single family was the lowest priced single to sell in “Parkside” this quarter. Sale price: $170,000 Sold for 17% below asking price

Sale Price: $215,000 Sold for 4.5% below asking price

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 3 / Fall July 1, 2009 – September 30, 2009

Creating Dorchester’s first neighborhood market report

Justin Green Owner & Broker

As Dorchester’s #1 selling broker since the year 2000 (according to MLS data), I know the Dorchester market. I know that Dorchester isn’t one neighborhood – it’s different neighborhoods with different sales trends.

Most people don’t like pouring over and examining numbers until the wee hours of the night. But I do!

Unfortunately, Dorchester’s sales have only ever been examined as one market because no other data was available. Until now.

I have put those skills to use – building a proprietary database comprised of every Dorchester home sale since the year 2000.

We have created Dorchester’s first neighborhood-by-neighborhood sales database dating back to 2000, that we update and report on each quarter.

I was once responsible for analyzing raw data at a Fortune 500 company to uncover the sales trends within.

Nadine Fallon General Manager & Agent

Want to compare Melville Park to Jones Hill for single family sales over the last nine years – or anything in between? With our database, we can do that!

With this we can offer our clients knowledge and insight that no other firm can provide.

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Meet the entire in team online at JustInBoston.com

Dave Gaviglio Agent

Colleen Godfrey Agent

Eric Gaudet Agent

Lauren McNeil Agent

Brian Leverone Property Manager & Agent

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Dorchester Real Estate InSight Report