Cornerstone Square or No Cornerstone Square?

April 14, 2008

That is still the question.  In case you didn’t see it, there was an article in The Boston Globe last Thursday, (ok I should have written this sooner) about the proposed Lifestyle Mall that was voted down by the Planning Board in Westford, 3 to 2.  The developer, Robert Walker is now suing, and has filed an appeal in Land Court in Boston.  The Judge was supposed to consider the case this past Friday.  The developer had been dealing with the Planning Board for over a year, and had made numerous changes to the project to accommodate the concerns raised by town officials. 

Cornerstone Square, Westford, MAI am torn on this one, there is definitely a part of me that would love more restaurants, and shopping (not just mattress & phone stores) located in the town.  From what I have heard about the proposed plan it would give us a walkable shopping & dining area.  I really like that idea.  I have spoken to others that are very concerned about the impact on traffic.  I live south of 495, so I know that my family would have to deal with construction issues for some time, but I think I am willing to do that. 

Let me know your thoughts, in the mean time I will find out what happened in Land Court and post the updates here.

Posted by Susan Ernst | Filed Under Economy, Recreation, Westford | Leave a Comment 

The Price is Right for Condos

April 7, 2008

In this area, the condo market is really the victim of the mortgage crisis.  Most condo buyers who purchased their units in the last few years thought they would own for a couple of years, build some equity in their property, and be able to sell when they were ready to move on.  And let me be clear, I am not talking about the luxury units in downtown Boston, I am speaking about condos from Westford, through Lowell, along the 495 corridor. 

The current potential buyers for these condos are first time homebuyers, who have good jobs, good credit, but are lacking the funds needed to put down at closing.  The new restrictions and limitations on lending are making it harder for those individuals Blanchard Farms in Westford, MA
to get loans.  I am certainly not advocating to go back to risky loans, that is what created this mess in the first place. 

A couple of examples: In Blanchard Farms in Westford, there are currently 5 units for sale, and they have an average of 283 days on market. Each of them have lowered their asking price by about $40,000, and a few much more than that, from the original price. 

Brookside Mills, also in Westford, is having a hard time.  They currently have 6 units for sale, 2 have sold over the last 6 months (both 1 bedrooms in the $200,000s).  The other factor affecting the sales of these units in Westford is the expensive condo fees. 

Over in Chelmsford, there is Williamsburg Condos, located on Wellman Ave., a large townhouse complex.  They currently have 14 units on the market.  Six units sold in the last 6 months, but were reduced anywhere from $30,000-50,000 from the original asking price.  Overall inventory has gone up significantly, therefore causing many headaches for condo sellers.

So if you are a first time homebuyer, or looking to downsize, condos right now are a very nice option.  You can really get some great deals!  

My husband and I were condo owners in the late 80s, and we took a big hit when we went to sell, so I know how those sellers feel, but moving on was the best thing we could have done.  We have now owned in Westford for 10 years and our house has just about doubled in value.

Posted by Susan Ernst | Filed Under Chelmsford, Condominiums, Market, Selling a Home, Westford | Leave a Comment