THE PRINT EDITION
THURSDAY, OCTOBER 15, 2020
VOLUME XIX- ISSUE 74
Feeding the Hungry
South Boston Real Estate Update
By Rachel O’Reilly
W
ith the start of Autumn upon us in the city of Boston, the real estate market has held its own in the face of what has undoubtedly been, and continues to be, uncertain financial times for many in the face of the Covid-19 crisis. Considering the city was shut down for the better part of three months, it is an exciting time to be involved in buying, selling, or renting. Boston, more or less the capital of New England, has proven in four months that there is a pent-up demand for housing. It has rebounded the best in the country with a diverse landscape and manageable size. While small, its rich history, diverse economy, and oceanfront make it among the most interesting and appealing to many, even as our future may be increasingly in telecommuting. Within Boston, Southie is assisting in that boom, with condos,
HAVE YOU HEARD?
single & multi-units aplenty. Condos represent 90% of the year to date’s market sales with 352 purchases vs. 22 singles and 18 multis, according to the market reports at mlspin.com. The medium sales price for condominiums YTD 2020 is $774,500, an increase of $5,500 or .72%. Multi-family home and singlefamily home prices have increased 1.38% and 5.79%, YTD, respectively. Jackie Rooney, one of the city’s top brokers and owner of Rooney Real Estate, LLC in South Boston, shares his concern for the market. “Although the real estate market has shown to have much resiliency, there are some red flags; As of October 1, there were still 297 apartments available for rent, and the current condo inventory is up to 206 units.” This comes as no surprise as we have seen and heard news reports citing various reasons for vacancies, all of which Rooney echoes, “College
One in 8 people in Massachusetts is expected to struggle with hunger or experience food insecurity due to the Covid-19 pandemic (Feeding America, 2020). Compass on the Bay wanted to do their part to help neighbors in need by holding a food drive to benefit South Boston Neighborhood House, which serves area seniors by providing social opportunities and other . Jane Babin, SBNH, accepting food donations from Compass on the Bay.
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OUR RATE IS “ONE OF
HOME EQUITY LINE OF CREDIT
1.75 % 2.50 % APR+
+
APR
1st 6 months then prime minus .75% for life
current fully-indexed rate
the best
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Super-EASY Online Application at massbaycu.org/heloc, or call (617) 269-2700 or visit our South Boston branch.
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OPPORTUNITY
+ APR= Annual Percentage Rate. 1.75% Annual Percentage Rate (APR) is an introductory rate for the first six months. After the introductory period, rate on the outstanding balances will revert to Prime Rate as published in the Wall Street Journal on the first day of the calendar month minus (-) 0.75%. Prime rate as of 04/01/2020 is 3.25%. The APR may vary monthly. Minimum rate 2.50% and maximum rate 18.00%. 10 year draw period. 15 year repayment period. Minimum $10,000 draw at closing and $1,000 advances thereafter. 80% combined LTV to $200,000 (</=70% LTV $300,000). Proof of adequate property insurance required and Flood Insurance may also be required. Subject to credit approval. Other terms and restrictions apply including 620 minimum credit score. Offer subject to change without notice. NMLS ID #615913