Joe the Aroma
2007-08-21 12:23:36 UTC
Nouvelle at Natick, the new high-rise with a mission to bring downtown condo
living to the suburbs, is now on the hunt for converts.
With the Bay State's real estate market in a slump, the luxury condo
complex, under construction at Natick's revamped and newly upscale mall, has
buyers for roughly 25 units, or 12 percent of 215 condos.
It's a tough time to be selling condos in the suburbs, even if you're
banking on the fact that people will enjoy the convenience of living at the
mall and not be annoyed by the traffic and noise.
"The single-family home market in the suburbs has been stagnant for the
past 18 months," said David Costello, an executive at the ERA Boston Real
Estate Group. "This is, in general, a very risky time for development."
Kevin Ahearn, whose firm has sold hundreds of units at major downtown
Boston projects like the waterfront's Intercontinental hotel and condo
tower, sees another home run in the works at Nouvelle.
Not slated to open for another year, the project, which towers over the
rechristened Natick Collection off Route 9, already has one sale lined up
for more than $1.5 million, he said.
Ahearn contends Nouvelle has hit a sweet spot as it targets buyers in
the affluent towns of Metrowest.
Despite gloom and doom about the suburban market, Ahearn sees a stable
and improving market in suburbs like Wellesley when it comes to sales and
prices. Moreover, one key statistic is holding steady for the area as well -
roughly 20 percent fo the area's single-family home sales are for $1 million
and up.
The new stores at the Collection, including a Nordstrom, are a big
selling point. Nouvelle's Web site pushes this connection hard, touting the
theme "Fingertip Living."
"There has been a lot of confusion really about the direction of where
the market is going," Ahearn said. "The sales activity has resumed."
But while the downtown Boston condo market is doing well, the suburbs,
even in Metrowest, are a different story, said Costello.
And as home sales have sagged, construction costs, from labor to
materials, have soared.
But Costello isn't betting against Ahearn, whose track record of success
is well known.
"If there is anyone who can do it, it is Kevin Ahearn," he said.
http://business.bostonherald.com/realestateNews/view.bg?articleid=1018209
living to the suburbs, is now on the hunt for converts.
With the Bay State's real estate market in a slump, the luxury condo
complex, under construction at Natick's revamped and newly upscale mall, has
buyers for roughly 25 units, or 12 percent of 215 condos.
It's a tough time to be selling condos in the suburbs, even if you're
banking on the fact that people will enjoy the convenience of living at the
mall and not be annoyed by the traffic and noise.
"The single-family home market in the suburbs has been stagnant for the
past 18 months," said David Costello, an executive at the ERA Boston Real
Estate Group. "This is, in general, a very risky time for development."
Kevin Ahearn, whose firm has sold hundreds of units at major downtown
Boston projects like the waterfront's Intercontinental hotel and condo
tower, sees another home run in the works at Nouvelle.
Not slated to open for another year, the project, which towers over the
rechristened Natick Collection off Route 9, already has one sale lined up
for more than $1.5 million, he said.
Ahearn contends Nouvelle has hit a sweet spot as it targets buyers in
the affluent towns of Metrowest.
Despite gloom and doom about the suburban market, Ahearn sees a stable
and improving market in suburbs like Wellesley when it comes to sales and
prices. Moreover, one key statistic is holding steady for the area as well -
roughly 20 percent fo the area's single-family home sales are for $1 million
and up.
The new stores at the Collection, including a Nordstrom, are a big
selling point. Nouvelle's Web site pushes this connection hard, touting the
theme "Fingertip Living."
"There has been a lot of confusion really about the direction of where
the market is going," Ahearn said. "The sales activity has resumed."
But while the downtown Boston condo market is doing well, the suburbs,
even in Metrowest, are a different story, said Costello.
And as home sales have sagged, construction costs, from labor to
materials, have soared.
But Costello isn't betting against Ahearn, whose track record of success
is well known.
"If there is anyone who can do it, it is Kevin Ahearn," he said.
http://business.bostonherald.com/realestateNews/view.bg?articleid=1018209