Foreclosed Economy Spelling Hard Days for New England

Posted on July 8, 2009
Filed Under Foreclosure Homes | Leave a Comment

The foreclosed economy is spelling hard days for the three deckers of New England. These have been regional emblems. But battering the dense urban localities of New England are placing three decker houses under siege. These houses had become hot favourites in many cities – Boston, Providence, etc about one hundred years ago. They have remained fixed to the landscape but today foreclosures are gobbling them up at a disproportionate rate. This is causing them to either languish and decay or be razed to the ground.

Triple-deckers in rows flaunting wooden frames have provided backdrops for many movies like “Mystic River. They provided a first glimpse for passengers landing at Boston airport. From one generation to another these have been affordable spaces living quarters for many families.

The trouble started during the boom years. Investors from outside took this as an opportunity and sometimes snapped them en bloc. These were then rented out but the new owners did not bother about maintenance.  Timothy M. Warren Jr. of Warren Group of Boston said, “For many people, they’re a form of business. There are absentee landlords, they take the risk, and if it doesn’t work, they walk.”

The three family units presented 14% of the housing in Boston. In 2008 they calculated to 21% of the foreclosed units according to Department of Neighborhood Development.
In Lynn (Massachusetts) these triple deckers comprise 9% of the housing and calculate to 22% of the foreclosures.

In the upcoming seaport city of New Bedford these units comprise 16% of the stock of housing and calculate to 32% of the foreclosures.

The prices of triple deckers have dropped proportionately much more than that of single-family houses and condos said Tony Giacalone a realtor in East Boston. It is occupied by working class people. Here triple-deckers that had once been sold for $540,000 during the boom years in 2004 are now finding it difficult to find buyers even for $300,000. Some of the REO’s are priced at $150,000.

Although it may not be possible to wipe out totally these heritage building, the curse of foreclosures could change the scene totally in some localities. Where they stand tightly packed these units give character and sense of identity to the locale. For instance the boxy homes with their typical flat roofs and porches in tiers were built in the early years of 19th century. They housed the immigrants coming into New England by hundreds in search of jobs.

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