New Condo Construction Review: Andover, North Andover, Middleton, Methuen, Tewksbury, Reading
2013 New Construction - Condo Developments
A lot of my clients prefer new construction. New construction offers a feeling that you just can't get with a previously owned condo. It's because you know you are the very first person to live there and that holds a lot of weight in my client’s decisions. Developers know this and as a result, new construction always has a premium, you pay for that newness.
The other benefit of new constructed condos is that you have the opportunity to put in the upgrades of your choice. This is beneficial since if you are using a mortgage, you are technically financing the extra improvements versus paying for them out of pocket after closing. It's a lot cheaper to finance the $5,000 kitchen upgrades over 30 years at 4.5% interest rate versus paying $5,000 out of your checking account.
The drawback is you can get carried away! You see the model unit and see how the upgrades look and must have them! That is when I come in handy, I try to help my clients focus on what upgrades are important and will help resale and ones that won't.
I thought it would be helpful to put together a listing of all new condo developments in the area I cover which includes:
Bella Woods is the newest development, it just started constructing units and there will be a total of 132 townhouses and detached townhouses.
Oakridge Village is the largest development at 269 garden and townhouse condos. It however only has 3 new construction units left. There are resales currently on the market.
Lincoln Woods has the highest price point and price per SF. It is constructed by renowned developer Ivan Cormier.
|Average||Price/SF||# of Listings||Total Units||Number of Bed||Number of Bath||Avg SF||Type||Garage|
|Merrimack Village Condos - 1900 Turnpike Street, North Andover||$419,625||$181||8||49||3||2.5||2,257||Townhouse||1-2|
|Bella Woods Condos - East Street, Tewksbury||$389,900||$197||2||132||2||2.5||1976||Townhouse / Detached||2|
|Oakridge Village Maplewood Reserve Condos - Tupelo Circle, North Andover||$483,233||$209||3||269||1-3||1-3.5||2,794||Garden /Townhouses||1-2|
|Old Salem Village Condos - Hepatica Drive, North Andover||$520,000||$220||3||37||3-4||2.5||2,369||Detached||2|
|Stone Castle Estates Condos - Stone Castle Drive, Methuen||$439,900||$221||2||89||2||2.5||1,989||Detached||2|
|Regency at Methuen Condos- Sherwood Drive, Methuen, MA||$492,934||$238||18||240||2-4||2-3||2,115||Townhouse & Detached||2|
|Riverview Park Condos - Peaslee Circle, Middletown||$542,633||$241||3||48||2||2.5||2,241||Townhouses||2|
|Northfield Commons Condos- Atlantic Avenue, Andover||$544,900||$246||11||32||3||2.5-3.5||2,222||Townhouse / Detached||2|
|Reading Woods Condos - Augustus Court, Reading||$396,226||$269||6||208||2||2||1,476||Garden||1|
|Lincoln Woods Condos - Leah Way, Andover||$769,900||$327||2||22||2-3||2.5-3.5||2,355||Townhouse||2|
All statistical data provided by Multiple Listing Service (MLS).
About Jonathan Diffenbach:
Lives in Andover with his wife Lauren and their yellow lab Teddy. Real estate is his passion from tracking real estate market trends to scouring MLS for the perfect property for his clients. He can honestly say he loves his job.
If you are looking to buy or sell,
feel free to contact me:
978-835-6196 or firstname.lastname@example.org
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