Southie (Real Estate) is on Fire!
South Boston has done it again! The last few multifamilies to hit the market in Southie have been serious bidding wars, but the most recent listing on East 8th brought it to a different level. If you didn’t see it, here are the basics specs :
- 3 family
- Almost 5,000 gross sq.ft
- Estate Sale
- Delivered vacant
- With good bones.
This one was basically teed up from the beginning to be a condo development with great potential for spacious high end 2 beds in a great East Side location. After crunching our numbers and looking at the market, we figured the sell out as condos would be about 1.5mm and had a developer lined up for the project. Turns out, the rest of the world wanted it too! All in all, there were roughly 40 offers on the property and im told the sale price was over 150k higher than list price. WOW. Southie had demonstrated some amazing growth in the recent past and its not slowing down anytime soon. If you’re in the market, I suggest looking for off market opportunities as there is no way to get a “deal” once a multi hits MLS these days.