Page 4 - New England Condominium August 2019

4 NEW ENGLAND CONDOMINIUM -AUGUST 2019 NEWENGLANDCONDO.COM Industry Pulse Appointments and Awards Skyline at Station Landing Hires FirstService Residential FirstService Residential recently con- tracted to provide services to Skyline at Station Landing, a luxury high-rise com- munity located just outside Boston. The 10-story, 132-unit community is located in Medford, Massachusetts. The community is strategically located with easy access to shopping, dining and entertainment – all just seconds away. Skyline at Station House is adjacent to the MBTA Orange Line stop at Wellington Sta- tion and residents enjoy a five-minute ride to Downtown Boston. “We’re thrilled to continue to expand our presence in Northeast Massachusetts and honored to serve as the management partner for this truly impressive commu- nity,” said Bryan Hughes, President, Mas- sachusetts, FirstService Residential. Law and Legislation Condo Residents Get Trash Collection Town officials in Hamilton, Massachusetts took a step toward provid- ing trash pickup to condominium residents recently. The change in town policy paves the way for the Patton Ridge and Carriage House Junction complexes, which have private streets, to get rubbish service — but at a cost. “This would allow neighborhoods to come to us for collection,” Chairman Jeff Hubbard explained. “They’d bear all the costs.” After officials tweaked the language, the town law now includes clauses that require applicants to accept “comprehensive ser- vice” for their entire neighborhood, accord- ing to wickedlocal.com. Town Manager Joe Domelowicz said small condo complexes, such as a multifamily houses converted to condos, already get their trash picked up. Real Estate Sales, Prices up for Mass. Homes The median sale price for both single- family homes and condominiums set new records for the month of May, according to data released by The Warren Group. Massachusetts recorded 2,552 condo- miniums sales, up 4.3 percent from the 2,447 sales in May 2018, The Warren Group report noted. The median sale price for condos rose 5.7 percent to $400,500—the highest price ever recorded for the month of May, and the first time the median sale price has exceeded $400,000 in any month. Year-to-date, there have been 8,743 condo- minium sales with a median sale price of $370,000. “In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” said Tim Warren, CEO of The Warren Group, in a press state- ment. “I didn’t expect to see such a signifi- cant spike in the condo market last month, as the median sale price declined on a year- over-year basis for the previous three con- secutive months. The recent development is truly unprecedented.” Also in May, Massachusetts saw 5,675 single-family home sales — a 7.3 percent increase from the May 2018 level of 5,290 transactions — and the median single-fam- ily sales price rose 4.1 percent on a year- over-year basis to $410,000, a new record for the month of May. At the same time, The Warren Group reported condominium sales in Connecticut also increased in May, rising 1.3 percent on a year-over-year basis with 861 transactions. This is compared to the 850 condo sales recorded in May 2018. The median sales price dipped 1.4 per- cent to $170,000 compared to $172,000 a year earlier. Year-to-date, there have been 3,251 condo sales, a 1.5 percent decrease from the first five months of 2018, with a median sale price of $161,000 – a 0.6 per- cent increase. “The median sale price for condos has now declined on a year-over-year basis for two straight months, and buyers are tak- ing advantage,” Warren said. “Local buyers know a deal when they see one, and as a result, sales numbers are up over the last three months.” Plans Filed to Convert Salem Hospital Site to Condos Hemisphere Development Group LLC has filed a special permit application to redevelop the former J.B. Thomas Hospital site in Salem, Massachusetts, into 110 senior-centered condominiums, the Salem News reported. The application, which would encom- pass three residential buildings, is expected to be aired by the City Council this month. The ‘King Residences’ proposal calls for construction of 110 units, down from the 135 that was presented earlier this year. The plan is for 54 one-bedroom and 56 two-bedroom condos. About 16 units would be affordable under the city’s inclu- sionary zoning ordinance, according to the News. The former hospital site in the Emerson Park neighborhood has been vacant for a couple of years. Neighbors, however, are apparently not happy with the plan for construction of condos in a neighborhood zoned for sin- gle- and two-family homes. The hospital was on the site as a pre-existing, non-con- forming use. The neighbors are concerned about traffic, congestion, parking and the height of buildings. Developers had originally wanted to change the zoning from R-2 to R-4, which would have allowed for multifamily devel- opment but also some business uses, such as a convenience store, by right. Other commercial uses would require a special permit. Gov. Baker Announces Workforce Housing Expansion Massachusetts Governor Charlie Baker, along with state housing officials, legislators and affordable housing advocates, recently announced $86 million in new funding to expand the Workforce Housing Initiative, including $60 million to support home- ownership. Baker’s plan would commit $60 million toward the creation of about 500 new homes accessible to moderate-income, first-time home buyers. The remaining $26 million would be used to develop 260 new workforce rental units, according to the State House News Service. “Since taking office, our administra- tion has invested more than $1 billion into affordable housing, building and preserv- ing tens of thousands of units for residents and families across the Commonwealth,” Baker said in a statement. “We are proud to add an additional $86 million of funding targeted towards middle-income families, and we will keep advocating for the passage of the Housing Choice legislation to boost the production of much-needed units.” State housing officials say most of the fund- ing will be allocated to housing develop- ment in Boston’s urban core and in other “gateway” cities. Launched in 2016, the Workforce Housing Initiative supports the devel- opment of homes for middle-income households who struggle to meet high housing costs, but do not qualify for tra- ditional affordable housing. Since then, MassHousing has committed or closed workforce housing financing totaling $73.4 million to 31 projects in 16 communities across the state, making the Workforce Housing Initiative the largest state-level middle-income housing program in the United States. n Wed., August 14, 2019 BOMI: Environmental Health and Safety Alexandria Real Estate, 400 Technology Square, Cambridge, MA 8:00 a.m. – 12:00 p.m. As a property professional, this course will help you develop and manage proactive environmental/occupational health and safety programs, comply with regulatory standards and guidelines, and assess when to obtain technical assistance. Thursday, August 15, 2019 IREM: Networking Event At CraftRoots Brewery 4 Industrial Rd., Milford, MA 5:00 p.m. – 9:00 p.m. Join Institute of Real Estate Management members and partners at a networking eve- ning at CraftRoots Brewery. $55 for mem- bers, $65 for non-members. For details and to register, visit iremboston.org. Sat., September 14, 2019 CAI-CT: Condo Inc. - Education for Homeowners & Board Members Farmington Community & Senior Center, 321 New Britain Ave., Unionville, CT 8:30 a.m. – 3:00 p.m. Do you serve on the board of your association? Are you considering serving? Whether you are a seasoned board member, a recently-elected board member, or a unit owner seeking to understand more about how an association runs, this course offered by the Connecticut Chapter of Community Associations Institute is for you! Visit caict.org to register. Thurs., September 26, 2019 CAI-CT: Fall Fun Flash Aqua Turf, 556 Mulberry St., Plantsville, CT 3:00 p.m.– 5:00 p.m. The Connecticut Chapter welcomes professionals who are well-versed in association-related issues to share their expertise in a variety of topics. Eight presenters will have 12 minutes each to present their topic. Details at caict.org. CAL EN D AR Aug-Sept 2019 PULSE/CALENDAR Please submit Pulse items to Pat Gale at patgale@yrinc.com