A down real estate market didn’t stop a record sale at the St. George’s Condominium building recently, and one Beach realtor said the market on Revere Beach is holding its own.
Century 21 Revere realtor Michael Benevento reported that he recently sold a condo in the St. George for a record $500,000 – the highest anyone has ever paid in the building for a unit. The buyer is a man from Boston and he chose a seventh-floor unit with an ocean view.
“The units in this building are holding value very well in this tight market,” he said. “Others might be down 20 percent, but not here. What makes this so unique is that in this down market we’re able to attract buyers that are willing to come in here and spend money to be on the Beach…There is still a lot of interest in Revere Beach and we get a lot of calls and they are wanting to buy here despite the down economy.”
Interestingly enough, Benevento said right now he has more demand than he has inventory. In other words, lots of people want to buy, but not many people are selling.
“There’s no inventory,” he said. “I’ve got two buyers looking to purchase one bedroom dens on the Beach and I just don’t have the inventory. Sellers are of the opinion that they want the price they want and if they don’t get it, they won’t sell.”
Benevento said that – despite popular belief about the effectiveness of the Internet – his most recent record sale came through an advertisement in the Revere Journal.
The Boston man who purchased the unit had come to Revere to scout properties for sale on the Beach and decided to pick up the local paper.
“He picked up the Revere Journal and there was an ad in there for this unit and he called me,” said Benevento. “People say Internet ads are the way to go now, but I’m a firm believer in print advertising. People are a little older and not on the Internet as much, but these are the people with the disposable income nowadays. Those are the people more likely to pick up a newspaper.”