Feb
14

Jury Still Out on Northpoint

Northpoint Condos discuss!

The Northpoint Condos have been on market for a couple of years now and have in the past few months, reached over 30% sold. While most would be more than a little concerned by this turn of events, the developers don’t seem to be too worried. The slow and steady resurgence in the Boston condo market would indicate that the building is poised for a big come back in the next year, but personally I’m not totally sold. This jury is still out!

The building does offer a lot for first time buyers looking for new construction condos in the downtown market. Lots of first time home buyers like new construction units, because it means they don’t have to worry about most of the problems associated with older condo buildings. In addition, you don’t have to do any renovation work to areas like kitchens and baths because they are already brand new. For those first time buyers or those looking to move to downtown and looking to spend $320,000 to $470,000 the building certainly does offer a lot. In that price range you are getting a very reasonable size 1 bed/1 bed Plus space and garage parking. Couple this with the fact that you can get FHA financing thanks to the 30% sell out and you have an attractive property for first timers.

Now, if you already own or definitely need 2 bedrooms here’s where the you might want to consider making your purchase elsewhere. Currently, the largest top floor two bed priced at over $700k faces a parking lot and then on to train tracks. While yes you do get more square footage, the increase doesn’t seem to match the cost. If you look at what you’re really getting, the deal is nowhere near as attractive as the slightly smaller and considerably cheaper units of the 1 bed variety. (The number of bathrooms doesn’t increase and despite more windows, there’s a lot less direct sunlight.)

So what’s the verdict? As the title says, the jury is still out. If we continue to see a recovery in the first time buyer sector I think we’ll see the very affordable 1 bed spaces sell out quickly as more buyers are looking for new construction and the fewer headaches it typically brings. However, if the market stays where it currently is, where the deal and property location are most important to buyers it could be a while before they stamp the last sold sticker on this building.

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