Condo Complex is a Symbol that Housing has a Long Way to Go for Builders
Recently, the Fafard Builders complex, Village of the Americas, had a fairly unflattering piece written in the Metrowest Daily News. The piece commented that the project has failed to be completed in a timely fashion, and that several development promises have been executed at a much lower level than expected.
I'm sure the builders never anticipated that they'd still be here, but the builders of large developments like these got in a real pickle - they had a hard time lowering prices in synch with the new market prices to keep the sales coming. Instead, they are stuck trying to sell units at premium prices, which most buyers today won't pay, no matter how many amenities the builders throw in. With prices down in Ashland between 15-20% from the peak, it will still be some time before the complex will recover price wise, despite the recent improvements in the market.
So the developers are stuck - build the units very slowly - alienating residents inch by inch with noise and the unattractive unfinishedness of a complex in development - or drop prices to market level and alienate the existing owners who feel they got stuck paying too much. A hard nut to crack.
The article touches on these elements, but doesn't focus on the root cause of the slowdown, so I thought I'd throw my 2 cents in.
Best-
