Page 4 - New England Condominium November 2021

4 NEW ENGLAND CONDOMINIUM -NOVEMBER 2021 NEWENGLANDCONDO.COM Industry Pulse Events IREM Webinar on Tenant/COVID Issues The Boston chapter of the Institute of Real Estate Management (IREM) will hold a webinar on Walking a Fine Line: Legal Cases with Tenants and Mental Disabili- ties During the COVID-19 Pandemic this month. The webinar led by Frank Flynn, principal of the Flynn Law Group, will air via Zoom from 10 am to noon on Novem- ber 9. IREM notes that there are many laws that can impose liability on management companies when bringing eviction cases. The seminar will cover various mental conditions and legal strategies to best deal with the problems that are caused at your property. Disruptive behavior of residents during the COVID-19 pandemic will be a special focus. For details and to register, visit www.iremboston.org. CAI Offers Communications Course The Community Associations Institute (CAI) will broadcast its M-202 Associa- tion Communications course via Zoom on Thursday, November 18, and Friday, No- vember 19. This virtual course fulfills all regular continuing education requirements through CAI and CAMICB. For registra- tion information, visit www.caionline.org. IREM Plans Awards and Installation The Boston Metropolitan Chapter of the Institute of Real Estate Management (IREM) will hold its annual installation of officers and awards presentation at 5 pm on Thursday, December 2, at the Granite Links Grand ballroom, 100 Quarry Hills Drive, Quincy. To register, visit www.iremboston. org. Industry News Risk Strategies Recognized Risk Strategies, a national specialty in- surance brokerage and risk management firm, announced in September that it has been named to the annual Best Places to Work in Insurance list for the fourth con- secutive year. The list, the company says, recognizes employers for their commit- ment to attracting, developing, and retain- ing great talent and outstanding perfor- mance in establishing workplaces where employees can thrive. Founded in 1997 in Boston, Risk Strate- gies is a top North American Specialty in- surance broker providing comprehensive risk management advisory services, insur- ance and reinsurance services for Prop- erty & Casualty, Employee Benefits, and Private Client Risks for clients of all sizes. The company is growing quickly, with over 100 specialty focused firms having joined over the past decade. In addition to the re- tail brokerage operations, the company has a Wholesale and Alternative Distribution division—One80 Intermediaries—and sev- eral additional specialty brands. Together, these comprise the Risk Strategies family and 2,500 associates. “We have focused on creating and fos- tering a workplace environment that pro- vides associates with the opportunity to use their talents and creativity in a collabora- tive, inclusive, and growth-oriented envi- ronment,” said John Mina, Chief Executive Officer. “Our vision is to be a destination workplace, and we are well on our way. We want to attract and retain top talent, and ensure that working life at Risk Strategies is fulfilling and rewarding for all associates. I am very pleased with today’s recognition as a Best Place to Work, and appreciative of how critical a great work life is to our as- sociates.” Best Places to Work in Insurance is an annual feature presented by the Custom Publishing unit of Business Insurance and Best Companies Group that lists the agents, brokers, insurance companies, and other providers with the highest levels of employ- ee engagement and satisfaction. UPR Opens Needham Office United Property Restoration, based in Middlefield, Connecticut, has announced plans to expand its New England presence with the opening of a new office in Need- ham, Massachusetts, serving Greater Bos- ton and the surrounding area. “We’ve been serving our clients’ prop- erties in Boston for several years, and re- quests for service increased exponentially recently,” said United’s CEO Bill Leone. “We’ll continue to grow where our clients grow and need us most. Investing in new facilities, combined with planned strategic acquisitions, gives us greater capacity to re- spond even more quickly to the increasing demand from our clients.” The company says it offers “the largest fleet of dedicated emergency cleaning and restoration equipment in New England.” Dennis Sullivan will lead United’s Need- ham office as its vice president of operations. Sullivan joins the firm with comprehensive knowledge of the insurance restoration in- dustry. Sullivan is also the founder of Pres- tige Homecare, a Needham-based residen- tial property management company. Mike Leone, a United veteran, will oversee the company’s estimating respon- sibilities. He brings years of insurance in- dustry experience and recently completed his master’s degree in construction man- agement. His experience establishing and managing relationships with homeowners and insurance carriers has provided him extensive knowledge of the restoration pro- cess, including the importance of quality customer service. Real Estate & Development New England Condo Sales, Prices Mixed in September As fall settled into New England, the real estate market moderated in September, ac- cording to regional real estate boards. Sales figures ran the gamut, however, among the states and among housing types. On a statewide basis, Massachusetts saw the median price for single-family homes drop from $553,000 in August to $525,000 in September, and the median price for condominiums drop from $481,063 to $460,000. The Massachusetts Association of Realtors noted that homes are sitting on the market a bit longer, and sale prices are closer to listing prices than in August. Cu- mulative days on the market increased 4% for single-families and 2.5% for condomin- iums in September, compared to the previ- ous month. Looking at a longer view, new listings for condominiums were down 5.1% in September compared to 2020. In greater Boston, the typical single- family home sold for $750,000 in Septem- ber, a record for the month and up 10% from September 2020, but down 4 percent from August and the lowest median price in six months, according to the Greater Bos- ton Association of Realtors (GBAR). Like- wise, condominium prices hit $620,000, up 5% from the same month last year, but a bit lower than this summer. “There’s definitely a more relaxed feel and slower pace to this fall’s market,” Dino Confalone, president of the GBAR, said. “We are seeing less urgency among buy- ers, especially where inventory levels have improved steadily since the end of August. Others seem to be pumping the brakes so as not to overextend themselves financially.” In Rhode Island, the median price of single-family homes hit a record high of $385,000, although the number of closed sales was down 8.4% compared to a year ago. Rhode Island condominiums remained hot, with the median price soaring 21% to $375,000 compared to the same quarter in 2020, and closings increasing by 43%, ac- cording to the RI Association of Realtors. New Hampshire’s Seacoast Board of Realtors, meanwhile, saw a record 24 sales of homes selling at $1 million or more in September, breaking the previous mark of 22 set in July and extending a five-month streak of double-digit $1 million-plus sales. Nine of those sales exceeded $2 million; three were more than $3 million, the board noted. At the same time, the seacoast’s condo- minium inventory set a September record for lowest total of available units, leading to a 42.6% drop in sales from last year, al- though the area’s total condominium sales for the year are up 16.2% and the median sales price is up 12% to $399,900. In the Greater Hartford, Connecticut area, condominium closed sales decreased 4.4%—from 180 to 172—from Septem- ber of last year. The median sales price in- creased 9.1% (from $178,750 to $195,000), and inventory decreased 23.3%, according to the Greater Hartford Association of Re- altors (GHAR). “The drop in sales could be due to potential buyers waiting for prices to ease,” GHAR CEO Holly Callanan sug- gested. Doyle’s Cafe Revival Includes Condos Doyle’s Cafe — a Boston neighborhood mainstay that closed in 2019 after serv- ing the community since 1892 — appears headed for reincarnation as a multi-use development including a residential com- ponent. The Boston Planning & Development Agency recently approved a new develop- ment project at the site, 3478-3484 Wash- ington St. in Jamaica Plain. The mixed-use project, according to Boston Agent Magazine, will revive the leg- endary restaurant and include an expanded storefront with a new 4,178 square-foot urban grocery market. The renovation of Doyle’s bar and restaurant will also include a new roof deck. The project will reportedly bring 29 new residential units with 23 parking spaces, 22 interior parking spots and one carport space for residents with direct access to lobbies. A new four-story residential con- dominium will be constructed above the market with four units per floor. On the southern corner of the site, at 60 Williams St., a new four-story residential building containing seven units will be built. A second phase of the project will in- clude construction of another building housing six affordable condominium units. Retire in Sunny … New England! Think you need to head to warmer climes to enjoy a great retirement? Sure, Florida is an attractive retirement spot — but one city in New England also gets high marks in that regard, according to U.S. News & World Report. PULSE continued on page 18