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Tuesday, July 6, 2010

July 2010 - Real Estate Market of Lynn, MA - Downtown Lynn and The Diamond District

In installment two, Soraya takes us on a deep dive in to the real estate realities of Downtown Lynn and The Diamond District. Leave your questions in the comments or give her a call to discuss your real estate needs. Her contact info is at the bottom of the post. It's the perfect time to buy Lynn!


------- Guest Post - Soraya E. Cacici - RE/MAX Heritage, LLC --------

Hi everyone! It’s me again! I hope that you all had a happy and safe 4th of July.

I’m back to report some up to date information on our local real estate market here in Lynn. Last month I reported some general data for all of Lynn, but this month I’m getting into much more detail and focusing on Downtown Lynn and the Diamond District (which are really my areas of focus in Lynn anyway).

For those sellers who are getting excited about a recuperating market in Lynn, this is a clear indicator that our urban and shoreline real estate recovery will happen slowly, with some back and forward steps along the way.

Here we go …

I live in downtown Lynn and couldn’t be happier. I really wish that we could host the skeptics in our loft for 1 week and show them what a great urban lifestyle we live - at a fraction of the cost. I’d take the skeptics to our garden on Munroe Street and we’d harvest vegetables, we would walk to the Blue Ox for dinner and then finish the night with a glass of wine at Turbine, we would have a blast combing through steals at Salvation Army, we would take a very quick train ride into Boston… or maybe Rockport, we would walk to the beach with my camera and grab an ice cream, and most importantly, we would introduce them to all of our fabulous friends and neighbors. Oh well, for now I’ll just entice them with some real estate information. Skeptic or not, I’m telling you that there are deals to be had where quality of life can be maximized (yes, here in Lynn).

There are currently 7 Downtown Lynn condos for sale, 6 of which are loft style units:

Highest Priced: $279,900.00 - Sloan Machinery Lofts, 589 Essex Street, Unit 402. This 1,229 square foot 2 bedroom/1 bath top floor corner unit loft comes with 1 deeded garaged parking space. Current Days on Market – 84.

Lowest Priced: $113,000.00 - The Commons, 50 South Common Street, Unit 105. This 850 square foot 1 bedroom/1 bath garden style condo comes with 1 assigned parking space. Current Days of Market – 45.

Currently Under Contract: 0

Closed Sales in the Last 30 Days: 1

70 Exchange Street, Unit 203. Bank owned foreclosure. 1,145 square foot 1 bedroom/1 bath loft style condo, listed for $170,000.00 and sold for $143,000.00 on June 18th. What a deal… especially considering that this loft was purchased for $224,000.00 back in May of 2004. Remember, there are foreclosures everywhere so please don’t hold this amazing deal against Lynn. Total Days on Market – 282.

There’s nothing like summertime in the Diamond District of Lynn! Where else can you get this close to the ocean for these prices? There are some amazing properties available on the ocean, or just a couple of blocks back from the ocean. Here are more specifics:

DD Single Family Homes - Currently For Sale: 4

Highest priced: $739,900.00 – 8 Prescott Road. This impressive 5,224 square foot 8 bedroom/4 full bath/2 half bath home contains 5 fireplaces and is literally steps to the ocean. This property started out at $999,000.00 way back in July of 2006 and has received many price reductions since. Current Days on Market – 1,429. That figure is not a typo. Yikes!

Lowest priced: $325,000.00 – 40 Bassett Street. This 1,800 square foot 3 bedroom/2 bath home is located 2 blocks from the ocean. Current Days on Market – 47.

DD Single Family Homes - Properties Currently Under Contract: 2
(Actual sale prices cannot be revealed until closed and recorded.)

• 17 Prescott Road (on the corner of Lynn Shore Drive). This 4,337 square foot 16 room/5 bedrooms/3.2 bath home was formerly owned by F. Lee Bailey (high-profile attorney to many big names), and offers direct ocean views! It was on the market for $945,000.00 and was under contract after 231 days. The property was first listed for $1,175,000.00 back in October of 2009 and has had several price reductions since. It is scheduled to close on July 14th.

• 11 Deer Cove Street. This 2,730 square foot 3 bedroom/2.5 bath home is located 2 blocks from the ocean. This property was listed for $379,000.00 in March of 2010 and was under contract after 105 days. It is scheduled to close on July 20th.

DD Single Family Homes – Closed Sales in the Last 30 Days: 1

• 12 Spinney Path. This 1,632 square foot 3 bedroom/2 bath home offers ocean views and is located just 1 block from the ocean! This property was listed for $329,000.00 in November of 2009 and sold for $282,000.00 on June 7, 2010. Total Days on Market – 121.

DD Condos – Currently For Sale: 18

Highest Priced: $315,000.00 - 16 Pierce Road, Unit 1. This 1,600 square foot 2 bedroom/1 bath condo is located less than 1 block from the ocean and offers up some tempting ocean views. Current Days on Market – 21.

Lowest Priced: $89,900.00 – 30 Ocean Street, Unit 4. Bank owned foreclosure. 963 square foot 2 bedroom/1 bath condo located 1 block from the ocean. This is another prime example of a great deal on a distressed property sale … this condo was purchased for $180,000.00 back in January of 2006 and is now selling at a 50% discount. Current Days on Market – 35.

DD Condos - Properties Currently Under Contract: 2
(Actual sale prices cannot be revealed until closed and recorded.)

• 45 Tudor Street, Unit 7. This 496 square foot 1 bedroom/1 bath top floor condo is located just 1 block from the ocean. This property was listed for $64,900.00 on April 2, 2010 and was under contract after 95 days. There is no scheduled closing date reported at this time, but I’ll keep my eyes on it. From what I can tell this property was purchased for $55,000.00 in February of 2010. The last recorded sale before that was for $123,000.00 in April of 2006. Looks like this was probably purchased as a short sale and is now being flipped for a very small profit.

• 113 Nahant Street, Unit 5. This 690 square foot 2 bedroom/2 bath condo is located just 1 block from the ocean and is being sold as a short sale. It was listed for $99,900.00 on June 2nd and was under contract after only 17 days. It is scheduled to close on July 30th, though short sales sometimes take much longer than anticipated to close.

DD Condos – Closed Sales in the Last 30 Days: 2

• 300 Lynn Shore Drive, Unit 302. This 1,010 square foot 2 bedroom/2 bath oceanfront condo with spectacular views was listed for $198,750.00 on April 19, 2010 and sold for $180,00.00 on June 15, 2010. Total Days on Market – 14.

• 295 Lynn Shore Drive, Unit 106. This 975 square foot 1 bedroom/1 bath front facing condo was listed for $209,900.00 on April 26, 2009 and sold for $160,000.00 on June 24, 2010. This unit also boasted ocean views. Total Days on Market – 261.

That’s a wrap for now, but I’m always available to fill in any blanks. Keep in mind that condos are historically the slowest to recover (not just in Lynn), whereas single-family homes tend to show the first signs of improvement. I can confirm that both of those generalizations ring true for us here in Lynn.

Simply call, text or email me anytime with questions! I also have lots of data on multi-family and investment properties too! I’d be happy to share that information upon request.

Enjoy the month of July everyone!

Soraya E. Cacici, Realtor
RE/MAX Heritage, LLC
Cell/Text: (781) 572-8725
Email: sorayas@remax.net

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