Fueled by unheard of low pricing, the apartment conversion to condominium has created quite a stir! The original goal of having 28 units under contract by June was surpassed on the second day. The developer quickly began to release additional buildings for sale.
The overall project consists of 7 buildings totalling 154 units, and as of 4/18/09, 6 buildings consisting of 125 units are under contract. Whew!
I believe what we are seeing is a combination of a well planned conversion using quality materials and appliances, extremely attractive pricing, pent up demand, the promise of the governments tax credit for first time home buyers, and low interest rates. The scene at the sales center reminded me of a sale at Filene's Basement!
Once the dust settles from the marketing activity, there will be a significant amount of activity on the site. The roofs will be replaced as will all the windows. All warped sideboards will be replaced and the entire complex will be painted. Then the interior work will commence.
Despite the media's constant reporting of the sky falling, there are good things to talk about.