How Did All the Talk of Encore Boston Impact the Multi-Family Real Estate Market in Everett in 2019? We Take a Look at the Numbers
Key Takeaways:
Gross sales volume of MLS-listed two and three-families properties rises
Nominal change in the price total sales of three-family properties
Top end of the market continues to rise, with a three-family property selling in excess of $400 per-square foot
Higher than average gains in price-per-square foot when measured against other markets
Market Insight: Everett made massive strides in 2019, with a number of factors that will make owners happy. Let’s start with the fact that the top end of the market remains strong – this follows a trend that buyers are willing to pay record prices for well-positioned properties. In 2019, there were a total of 18 three-family properties in Everett to trade over $800K. That represents an 300% gain over 2018!
There is still value to be had, with 5 sales clocking in under $200 per-square-foot, however, value seems harder to find. Maybe it is the owners understanding the casino makes it more attractive to own property in Everett?
Everett also had a higher-than average turnover rate in the three-family market, with 4.35% of the market turning-over. That tells me that like some owners were willing to cash-in, and walk away from the table, second only in turnover rate to the Chelsea three-family market (4.96%).
Outlook for 2020: I expect the steady gains to continue. Opportunity for sellers who don’t want the hustle and bustle that the Casino brings, to cash in and explore buying in other areas via a 1031 exchange. I expect a higher-than-average turnover rate in 2020 with demand still strong to own income-producing assets.
In Everett in 2019, investor-sellers paid an estimated $9,671,636 in capital gains taxes to the Federal Government. For creative strategies to defer taxes and build generational wealth, please see my ‘Free Cash Flow’ Program for sellers.
Please make sure to check out my market reports in Brookline, Cambridge, Somerville, Medford, Malden, Watertown and Quincy. If are interested in selling, please check out my ‘Demand Driver’ or ‘Value Maximizer’ Programs for multi-family sellers or call/text me at 617 272 5440.
