After years of slow growth, the Massachusetts condo market is heating up.
A couple years ago, demand for condominiums was so low that real estate developers were converting condominium space into rental space. However, recent construction indicates that the tides have changed.
In February of 2012, Tina Pizzuti-Brzezenski, a partner at Pizzuti Development, considered building residential apartments in Danvers. However, after monitoring the market Brzezenski noticed that rental rates were stabilizing and vacancy rates were increasingly modestly. Brzezenski knew that this was a trend common in suburban markets and indicated that supply was catching up with demand.
Inventory for homes was dropping steadily and a great alternative, condos, had not seen any new development in the area for years. In fact, there were only 40 condos listed on the market in Danvers.Brzezenski noted that this number was far below the typical 66 to 72.
As a result, Brzezenski received financial support from her bank to construct a new condominium project rather than a rental development. The town of Danvers also gave her the approval.
The new complex will house 71 units, all with individual balconies. Each condo will be between 1,065 square feet and 1,588 square feet and will be prices between $240,000 and $400,000. In addition, each condo will come with two parking spaces for between $7,500 and $9,500.
Some amenities the project will offer include a fitness center and a function room in the main clubhouse where people can reserve space for parties and events.
Building two will likely open on October 1st, 2013 and the other by January.
If you are interested in taking a look at the property, sales for the units begin tomorrow. There is an on-site sales office located in the clubhouse.