80% Of Condominiums Sold Prior to Completion
Real or imagined, the flight from the City of Boston due to Covid has become speculation fodder for every developer currently considering a multifamily development beyond Boston’s city limits.
Certainly, examples abound of single-family home developments flourishing in the suburbs surrounding Boston. However, speculation continues regarding current and post-Covid market trends for more dense developments in suburban cities and towns. We believe we have the answer to this important remaining question:
Is there a market for new multifamily developments in suburban downtown locations?* * *
The development team of Urban Spaces and Diamond Sinacori is pleased to announce that BRIX, a new 61-unit condominium building under construction in downtown Salem, has already sold 80% of the units prior to its expected completion in late summer 2021.
Of particular note, this has occurred after a pre-completion marketing launch two weeks before Christmas and in the face of an unprecedented pandemic. Working with Boston-based marketers CHARLESGATE and local Salem brokers Merry Fox Realty, the combined efforts of both companies may be the clarion call for additional multifamily development in Boston’s suburbs.
“We’re proud of our marketing team’s accomplishment,” said Michael DiMella, a founding partner of CHARLESGATE, “but having a great product like BRIX makes everyone’s job easier.”
BRIX is the first new multifamily condominium building in this vibrant, historic, and burgeoning municipality that is a short train ride from downtown Boston. While offering another living option for a target market of North Shore “empty nesters” and young professionals from Boston and surrounding communities, BRIX is located in the middle of pedestrian-friendly shops, services, eateries, and cultural amenities.
“We love Salem and have enjoyed playing a role in helping one of America’s municipal treasures expand in a manner that bridges its proud architectural heritage with the promise and demands of the future,” commented Paul Ognibene, the CEO and founder of JV partner, Urban Spaces.
Notwithstanding the fact that timing and location will always govern the real estate market, we feel confident that we’re nearing a definitive answer to the question at hand:
The multifamily real estate market is alive and well in the downtowns of Suburban Boston.
About BRIX Condos in Salem
Located in the heart of historic and cosmopolitan Salem, BRIX is the first of its kind bringing luxury urban condominium living to the North Shore. Salem is one of the unique gems in all of Massachusetts, and New England. See the lifestyle opportunity at BRIX that has so many buyers excited in our video:
Besides the neighborhood appeal, BRIX was designed to bring a new level of high end design and amenities to the North Shore. BRIX has a range of amenities to accommodate any lifestyle.