Land of The the Bean and Cod, Market of the Triple Decker.
David Bates / December 21, 2013-9:20 pm
My December column for Banker and Tradesman focused on the challenges of buying a small Greater Boston multifamily building for investment.
For starters, two to four unit buildings rarely come up in the most valuable Boston neighborhoods. Back Bay sold only two small multi families in the first 10 months of 2013. And Beacon Hill hasn’t sold any MLS listed small multi families since March 17, 2011.
In a number of other Greater Boston neighborhoods where small multies are available, despite significant adverse changes in lending and a previous glut of short sales and foreclosures, sales prices have been surging.
In Dorchester, which makes up around 40% of Boston’s small multi sales, the median sales price has gone from $300,000 to $400,000 in just two years.
Even in Everett, as many as 60 potential buyers would come to the first open house of a newly listed small multi.
To learn more about the small multi market appreciation, click here or email me for the whole Banker and Tradesman story.