Everyone knows about all the fresh bidding wars for single-family homes in the Hub, right? Sure! But multifamily homes are getting in on the action, too, apparently, according to Jennifer Athas, a broker who writes for The Herald. Low interest rates and stubbornly titanic rents (and the fact that traditional 30-year mortgages can apply) translate into greater demand for triple-deckers and other smaller multifamilies.
According to data from MLS Property Information Network, there are currently 210 multifamily properties on the market in Boston and 20 percent have active offers on them. During the past month, 61 multifamily units sold and 191 went under contract, while multifamily inventory in Boston is down 18 percent from the same time last year. Athas has some recent examples. A 3,336-square-foot three-family on East 6th Street in Southie hit the market last weekend for $799,000. Forty buyers traipsed through right away, and more than a quarter submitted offers. By the end of the weekend, the bidding war had driven the price to nearly $850,000, and a cash offer won. A two-family on Willoughby Street in Brighton (pictured) hit the market for $525,000, but sold eight days later for $551,500.
· Bidding Wars Break Out Over Multifamily Homes [Herald]
· It's a Seller's Market in the Hub Again! Anecdotally! [Curbed Boston]
[Patrick Whittemore via The Herald]