Page 4 - New England Condominiium December 2021

4 NEW ENGLAND CONDOMINIUM -DECEMBER 2021 NEWENGLANDCONDO.COM Industry Pulse Events CAI-CT Jumpstarts 2022 The Connecticut Chapter of the Com- munity Associations Institute (CAI-CT) will launch the new year with a Jump Start January virtual program on January 12. On tap for the 12:30 pm online session are dis- cussions of “Property Manager and/or So- cial Worker? How to Draw the Line,” and “Boards Resigning? What to do when no one is left.” For details and to register, visit www.caict.org. Industry News CAI Issues Condo Safety Policy Report In the aftermath of the tragic partial col- lapse of Champlain Towers South condo- minium in Surfside, Florida, in late June, the Community Associations Institute (CAI) released its much anticipated Con- dominium Safety Public Policy Report. This report shows the outcome of the task forces CAI convened shortly after the June 24 condominium collapse to recommend changes to laws and best practices for the community association housing model that may help both communities and legislators better address building safety. The international organization for edu- cation, governance, and management of condominiums, housing cooperatives, and homeowners associations brought together the expertise, experience, and perspective of a wide range of stakeholders—condo- minium and co-op board members, home- owners, community managers, attorneys, bankers, developers, insurance profession- als, engineers, reserve study providers, and more. Over a three-month period, more than 600 people participated in CAI’s pro- cess of identifying clear recommendations through conversations, surveys, research, and interviews. In a press release, CAI said it also con- ducted outreach to organizations to help inform the policy recommendations, in- cluding the National League of Cities, Na- tional Society of Professional Engineers, National Association of Counties, Building Owners and Managers Association, Inter- national Code Council, Building Inspec- tors Association, American Property and Casualty Association, American Society of Civil Engineers, and National Association of Housing Cooperatives. This ongoing col- laboration with key partners will continue to make buildings safer. “Following the Champlain Towers South condominium collapse, board mem- bers and community managers have been concerned about building safety,” says Mitch Frumkin, a CAI-designated Reserve Specialist and a licensed professional engi- neer. “In the news they are hearing terms like ‘structural evaluations,’ ‘maintenance,’ and ‘reserve study’ and are searching for answers and ways to protect their commu- nities. As we continue to create education and best practices, CAI’s new Condo Safety Public Policy Report is a valuable resource filled with policy recommendations for condo residents, community association stakeholders, and legislators.” The Condominium Safety Public Policy Report provides extensive policy positions and recommendations in the following ar- eas: Reserve studies and funding: Among the recommendations are mandates on respon- sible timing and transparency of reserve studies, as well as fiscally prudent mandates on reserves funding and assessments. Building maintenance and structural integrity: Recommendations include man- dated timing of periodic building inspec- tions based on the building’s age, with full disclosure to appropriate parties, and asso- ciation budget recommendations. Federal solutions and priority recom- mendations: This includes various grants, loans, and tax reductions designed to mini- mize the financial burden of local com- munities and individual owners regarding structural inspections and corrective mea- sures. “After the Champlain Towers South collapse, we knew that CAI had a respon- sibility to lead the conversation to address condominium safety,” says Thomas M. Ski- ba, CAE, CAI’s chief executive officer. “We are incredibly grateful for the contributions of hundreds of our U.S. and international members—representing critical housing- related industries who came together and offered their knowledge and expertise. CAI has made a commitment to honor the lives lost in this terrible tragedy by working to respond in a way that strengthens condo- minium safety. This is the first of many steps to come.” Real Estate & Development A Record Year for Boston Condos Condo sales are setting records as buy- ers return to Boston’s urban core and are expected to spend a record $5 billion by the end of the year, according to a new Advi- sors Living report. After fleeing to the suburbs during the COVID-19 pandemic, buyers are taking a new look at the city. The total sales volume is set to blow past the previous record of slightly more than $4 billion in condo sales volume and last year’s total of $3.6 billion, Advisors Living, Boston Realty Advisors’ residential platform, said in its Q3 2021 Boston Urban Market report. “\[The year\] 2021 will be a year in the history books for real estate in Greater Bos- ton, with record-high selling prices, record numbers of homes sold, and record low inventory being consistent indicators in many communities,” the report stated. Back Bay eclipsed the Seaport as Bos- ton’s most expensive neighborhood, the report said, with studio units averaging $458,000 and one-bedroom condos averag- ing $813,000. The averages were boosted by a few seven- and eight-figure condo sales, including a $21 million sale of a four-bed- room luxury condo at The Mandarin Ori- ental on Boylston Street in Back Bay. Neighborhoods in almost every corner of the city have less than two months worth of condo inventory on the market, includ- ing South End, North End, Jamaica Plain, Dorchester, and Charlestown. Cambridge sales went up in the past year despite a lack of new condo development while Somer- ville recorded record price metrics, includ- ing an average sales price of $897,000 per unit. New Homes for Boston Art-Lovers Arthaus, an art-focused residential de- velopment “designed to enliven the neigh- borhood’s public realm” has opened in Bos- ton. According to ConnectCRE.com, the building boasts a glassed-in lobby showcas- ing local artists and a street-level public pla- za with seating on North Beacon Street. The gallery, managed by Unbound Visual Art- ists, an Allston-Brighton-based non-profit art organization, engages those passing by to view an ever-changing display of locally created artwork. The design by Boston architectural firm PCA, according to ConnectCRE.com, fea- tures a distinctive, contemporary façade in- spired by the Japanese folded paper artform origami with waveform patterns zigzagging through the corrugated metal exterior. Lo- cated at the intersection of North Beacon and Everett streets, Arthaus is the latest development by The Mount Vernon Com- pany and consists of a five-story, 72-unit apartment residence and a separate nine- unit condominium building. According to PCA principal Dave Snell, Arthaus was fully leased prior to comple- tion. “With Arthaus, we wanted to create a one-of-a-kind residential experience that reflects the artistic and diverse cultural character of the neighborhood,” he said. The recently occupied residence offers a wide range of high-end tenant amenities at a price point below competing proper- ties. These include a rooftop gathering and entertaining space with city views, onsite underground parking, a high-tech fitness center with Peloton bikes and a MIRROR interactive fitness system, electric vehicle charging stations, and a dog park and pet spa. Old Post Office, New Homes The Postmark, a mixed-use complex in Reading, Massachusetts, developed by DiB- iase Homes and Matrix Property Group, is ready to welcome residents. Nauset Construction constructed 50 one- and two-bedroom condominium units—which were 90% pre-sold—while preserving the façade of the historic 1918 U.S. post office. The building, located in the city’s downtown business district, also includes 8,000 square feet of commercial space that will feature a ground floor res- taurant, according to a report in the New England Real Estate Journal. The Postmark is just steps away from the MBTA Commuter Rail Haverhill Line. The Development Team and O’Sullivan Architects of Reading worked closely with the Massachusetts and Reading Historical Commissions to create a design that pre- serves the Georgian Revival-style façade and Corinthian columns, as well as the exterior curved stairways at the front en- trance. The five-story contemporary-style residential addition was constructed using a combination of brick and stone at the base and clapboard siding and wood details to replicate the classic character of the origi- nal post office. The condominium homes feature open floor plans, an abundance of natural light, and energy efficient appliances. Homeown- ers also have access to an expansive com- mon amenity space, a private gym, and a large resident-only roof deck. Nauset Construction’s extensive experi- ence with historic renovation projects and expertise in constructing midsized multi- family projects in busy downtown locations was vital to the success of the project. “The Postmark showcases two of Nauset Con- struction’s greatest strengths—urban infill multifamily construction and the thought- ful restoration and repurposing of histori- cally significant structures,” said Nauset Construction president Anthony Papanto- nis. n PULSE Please submit Pulse items to Pat Gale at patgale@yrinc.com