The Massachusetts condo market is finally warming up.
After several years of slow growth, developers are building again and potential owners are buying from floor plans.
Just a few years ago, real estate developers were converting their condo buildings into rentals because of the downturn in the housing market.
In February 2012, Tina Pizzuti Brzezenski, a partner with Pizzuti Development, had a permitted site in Danvers to build residential apartments.
Brzezenski, a real estate veteran with more than 20 years of experience, was continually monitoring the market and started to notice several industry forecasts that showed stabilizing rents and modest increases in vacancy rates.
"This is typically a trend that starts in the suburbs first, which may be indicative of supply catching up with demand," Brzezenski said.
Brzezenski also knew that inventory levels for homes on the market were dropping and Danvers hadn't seen any new construction of condo development in years.
Currently, there are 40 condos listed for sale in Danvers, 25 percent of them have active offers and 16 condos are presently under contract, according to MLS PIN. It's a far cry from the past few years when there would typically be between 66 and 72 condos on the market in Danvers.
With support from her bank to move forward on a condo project instead of rental development, Brzezenski went back to the town and got the development approved for condos. The result, located on Andover Street in Danvers where the old Natalie's Restaurant used to stand, will be the Residences at Rose Court.
Named after the rose garden that will be featured in the middle of the two residential buildings with elevators, the complex will consist of 71 units, all with individual balconies.
The one-, two- and three-bedroom units, between 1,065 square feet and 1,588 square feet, will be priced from $240,000 to $400,000. Each condo unit will have two parking spaces and indoor parking spaces will be available separately for purchase, at $7,500 to $9,500.
The residences will also have a state-of-the-art fitness center located in Building Two, complete with cardio machines, weight training equipment and a floor exercise area. There is a function room in the main clubhouse that residents can reserve for parties or events.
"In addition, there will also be a community garden where the residents can grow their own flowers, herbs or vegetables as well as a separate playground area," Brzezenski said.
Building Two will be the first to open, likely by Oct. 1, and the other building is expected to be complete by January.
Sales for the units begin tomorrow. There will be an on-site sales office located in the clubhouse with the model of the units' interior.
Interior features will include granite countertops, stainless steel appliances and in-unit washer and dryers. There will also be high-efficiency heating and cooling systems. Owners will be able to customize some unit features.
Jennifer Athas is a licensed real estate broker. Follow her on Twitter @jenathas
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