A FREE THURSDAY PUBLICATION
THURSDAY AUGUST 21, 2014
“What you get by achieving your goals is as important as what you become by achieving your goals.” (Henry David Thoreau)
SOUTHBOSTONONLINE.COM
LCpl. Richard H. Benoit, Property Buying Frenzy Participates in Silent Drill Platoon Creating Sellers’ Market in SB Anyone who has lived in or even visited South Boston in the past ten years can tell you that the residential real estate market here has been thriving. Luxury condo and apartment buildings have sprung up seemingly overnight throughout the neighborhood as an influx of professionals has driven average sale prices and rents to all time highs. What you may not know is that an increase in demand has begun to strain the South Boston residential real estate market — creating a situation where the supply of available units is having trouble meeting demand. Multi-family listings especially are at a premium and are bringing in huge returns for sellers as developers, investors and owner-occupants all battle to buy up any properties that make it onto the open market. In 2013, 58 two-family homes were sold in South Boston for an average of $593,444 while 39 three-family homes sold for an average of $686,071. Through the first half of 2014, just 13
two-family homes and 22 three-family homes have been listed on the open market. And according to MLS.com, as of Monday, August 12, only 1 multifamily was listed as being for sale in South Boston. This is creating a seller’s dream market where the average sale price for a two-family in the first half of 2014 has jumped to $671,923 and the average three-family is selling for a staggering $942,785. And according to insiders with knowledge of the South Boston real estate market, the demand to live in South Boston is only increasing. Over the past two years, they estimate that at most times there has only been enough real estate listings on the market to meet a month’s worth of demand as newly developed condos and apartment units are snatched up before they have even been completed — let alone hit the open market. “A healthy real estate market should have two to three months’ worth of continued on page 3
LCpl. Richard H. Benoit, USMC, son of Rick Benoit and Michelle McColgan, grandson of Henri & Mimi Benoit and Paul & Helen McColgan of South Boston has been “handpicked” to participate with the Silent Drill Platoon and is assigned to the Marine Barracks, Washington D.C. or most commonly known as “8th & I”, the Barracks support both Ceremonial & Security missions and is also home of the Commandant of the Marine Corps. The Silent Drill Platoon performs twice a week in Washington D.C. through the summer months and travels throughout the Country performing the remainder of the year. Richard graduated from Parris Island in July, 2013.
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