Three-decker homes have long been regional emblems in New England. They are fixtures in the landscapes of various New England cities, including Boston and Worcester in Massachusetts and Providence in Rhode Island.
But now, as the foreclosure crisis continues on its path of destruction, a growing number of three-decker homes are found on REO property listings, with many of them foreclosed and abandoned to decay and demolish.
It used to be that three-decker homes are a symbol of affordable and spacious living option. They dotted the landscape of Boston and visitors to the city usually have the first glimpse of these properties when landing at the Logan International Airport.
They have been featured in several movies, including “Mystic River.” For several years, three-decker homes were acquired by out-of-state investors to be rented but never maintained.
Warren Group Chief Executive Officer Timothy M. Warren Jr. said that three-decker homes represented a business opportunity to some people. They are usually owned by absentee landlords who took the risk and are prepared to walk away if everything does not work out.
Data from Boston’s Department of Neighborhood Development showed that three-decker homes accounted for 21 percent of REO property listings and 14 percent of property stocks last year.
In Lynn, Massachusetts, three-decker homes accounted for 9 percent of the property stocks and 22 percent of repossessed properties. In New Bedford, 32 percent of three-decker homes are on REO property listings and they make up nearly 16 percent of the property stock.
Meanwhile, the price of triple-decker homes fell way below than that of condominiums and single-family houses. In East Boston, triple-deckers that were sold for $540,000 during the market boom in 2004 are now selling for $300,000. Some REO property listings have triple-deckers that sold for as low as $150,000.
Industry experts believed that the blight caused by abandoned and vacant triple-deckers could change the landscape of some neighborhoods and communities severely affected by the foreclosure crisis.
Repossessed triple-decker homes have become favorite targets of vandals, squatters and thieves, with some setting fire on these properties to expose and steal copper pipes inside walls. In Worcester, about 60 percent of bank-owned triple-deckers have multiple code violations.
In New Bedford, Mayor Scott W. Lang has decided to demolish seven dilapidated three-deckers that are on REO property listings and owed by absentee landlords.
He believes that it would not long before more three-deckers would be razed to the ground.
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