South Boston Foreclosures

Would you like to purchase a foreclosure in South Boston? Even though the real estate market has largely improved, there are plenty of South Boston foreclosures available at any given moment. Check them out right away by signing up with Boston City Properties. When you do, you will gain free access to our comprehensive database of Boston real estate listings. It includes listings for South Boston foreclosures, short sales and bank-owned properties, allowing you to hit the ground running on your search.

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Tips for Buying Foreclosures in South Boston

If you're an investor, buying a foreclosure can help you make an even better profit when you go to sell it later. If you're a home buyer, a foreclosure can help you get more house for less. Either way, it's important to keep certain things in mind when looking for South Boston foreclosures:

• Inspections - Foreclosures are almost always sold as is. This means you won't enjoy the typical protections that go along when buying a regular property. Therefore, the inspection is even more important. You'll have to pay for it, but it will be worth every penny.
• Pre-Approvals - Ideally, you should pay for your foreclosed property in South Boston with cash. Sellers often prefer cash buyers, and doing so can save you even more money. If you can't pay with cash, at least get a pre-approval from your lender. That way, you'll be able to make a viable offer when the time comes.
• Repairs - Based on the results of the inspection, you should gain a clear understanding of any repairs or other work that needs to be done. Calculate how much it will all cost. Will you still be getting a good deal?

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Overview

Located south of the Seaport District and encompassing Dorchester Heights, this neighborhood of Boston is a relatively densely populated section of the city. The extensive redevelopment of the waterfront, which has seen the addition of numerous cultural institutions including a museum and a sports arena, has made it one of the most sought after real estate markets in the city. In terms of housing stock, many residential units were built between 1890 and 1930, although a substantial portion of newer developments, including luxury condominiums, have also entered the market. The average purchase price for bank owned property is $450 per square foot, while a short sale typically ranges between $350 and $400 per square foot.

Bank Owned Properties

Many of the residential units in this area span at least two stories, with row-house style homes frequently reaching three floors. With vinyl siding and a central entrance located directly off the street, these properties often contain seven bedrooms or more, and feature relatively configurable spaces. Interior walls may be removed to either expand a room or change its ostensible function. Many of these types of houses have a series of exterior balconies on the rear of the structure that provide space for relaxation and occasionally can serve as impromptu food preparation spaces for a barbecue or other outdoor event. Depending on the size of the landings, deck furniture may be a perfect addition.

Although the interiors have usually been renovated at least once since their initial construction, many period details are often preserved. Gorgeous bay windows occasionally face the street, creating ample room for the addition of furniture. Those units with carpeting will usually require a replacement of the flooring in sales such as these, although hardwood floors are the most commonly found surfaces in this neighborhood. The appliances usually have been replaced recently, and frequently have warranties that pass to the new owner upon purchase of the property.

Depending on the particular style of construction, some of these houses have a small rooftop deck from which the Harbor can be glimpsed. The neighborhood’s proximity to the waterfront makes it not only highly desirable, but also tends to influence how and where housing has been constructed. In many cases, housing that faces the waterfront tends to be designed to take advantage of the best possible views.

Short Sales

Many of the older condos that come to market via this method boast either subtle Victorian or Art Deco accents, from beautiful ornamentation on the exterior facade to rounded windows and dramatic light wells in the interior. These complexes tend to have between two to six individual units within each structure, and usually have a small subterranean garage or ground-level storage/parking option to suit tenant needs. They usually span three to four stories in height.

The newer condominiums, especially those built within the past five years, traditionally are housed in enormous complexes with fifty individual units or more. These developments are usually sited as close to the waterfront as possible, and often have glass and steel facades that stretch ten stories or more in height. These high-rises often have several different layouts for their residents, from single floor units to condos that span two or more stories. Those units that do span multiple floors tend to take advantage of the added height by creating loft spaces or floor plates that allow for atrium-like spaces within the unit. These grand spaces traditionally are located in the principal living area, and are formed by an enormous glass wall on one side and the interior walls of the unit on the other. A mezzanine, formed by an extended staircase landing, often provides a beautiful place from which to take in the view.

These units typically also have recessed lighting or custom lighting fixtures that adhere to a particular decor scheme. The custom lighting fixtures will often be a subtle nod to a nautical or industrial theme as a representation of the history of the region. The bathrooms, meanwhile, are typically outfitted with white tile and glass shower doors. Custom shelving, often without an exterior door, artfully lines the walls of the bathroom, providing a perfect place for towels or shampoos. The showers themselves can often be quite roomy, with a variety of adjustable accessories, including a hand-held shower head. Depending on the number of bathrooms in the unit, one may have a dedicated shower and the other may have a dedicated bathtub. Sometimes, a combination of the two is present, although this is not always the case.

Unlike the older developments, which traditionally only have a shared lobby or parking garage, the newer units are large enough to encompass numerous shared spaces, including a dedicated fitness center, an onsite cafe, and occasionally a play center for children. They also usually have phenomenal rooftop gardens and views of the surrounding metropolis. Their lobbies usually span two floors, and feature a dramatic use of materials to create an awe-inspiring effect.

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