Multi-family buildings are in high demand along the Waterfront and North End. This past week an auction was held for a historically significant five story, eight-unit building located on Charter Street in the North End. The building was the former home of the Saint Joseph Society which has since relocated to Hanover Street. The Charter Street building was sold in the auction to a local resident and business man for the price of $2.4M, after dozens of bidders vied for the property. The building is currently assessed at $831,000 which shows the high demand for investors to buy income generating properties in the North End/Waterfront neighborhood.
Interest rates are at a record low in the real estate market and from the chart below it’s clear that obtaining a loan is cheaper than ever. (Thanks to Tom Shewalter, Mortage Master, for providing information on $1M loans).
Posted by: Carmela Laurella
Dave Costello is named Senior Vice President of CL Waterfront Properties LLC.
With more than 9 years of real estate experience, Dave has worked to meet the needs of buyers, investors, and property sellers throughout the Boston area. Dave’s market knowledge and commitment to providing clients with top level service has helped him to build a strong referral network in the Boston Waterfront, Back Bay, Beacon Hill & Metro West.
In the past 3 years, Dave has sold more than $50 million in property sales and has been involved in 75+ transactions. In only the first few weeks of January, Dave has sold or put under agreement nearly $6 million. Dave has over $10 million in active listings.