Today 15 Bower St sold at $1.299m. This property has touched off a firestorm of new construction in its area with projects underway on Evelyn, Hewitt, Noanet, and two on Elder. Prior to this home, there had been only one other in the past 10 years in this area over $1m. When the builders saw this one go under agreement though, they realized that there is a market in this part of town for the $1.3m new construction homes. Now there are 5 other projects under way with two of them already under agreement. The average purchase price for the older home is $524k and the average price of the new construction home is $1.38m. That is a high profit formula that the builders must really love. The area is generally flat so the site costs are minimal which increases the profit. Expect to see many more of these in the block bordered by Highland/Central/Gould/Webster in the coming years.
Question: Does the office building strip along Gould become restaurants and shops eventually to serve this up and coming area?
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