Seven miles west of downtown Boston in the city of Newton, construction activity is going strong.
Less than a 45-minute commute from downtown Boston by train, subway or express bus, Newton is divided into 13 "villages" and rather than having a single city center many of these villages have a downtown area of their own.
Home prices in Newton are steep with the median single-family home price up 5 percent to $800,000 from last year, according to information from Multiple Listing Service PIN. The median condo price is up 3 percent from last year to $429,000.
Home inventory levels are low with the number of single-family homes on the market down 35 percent compared to last year, and available condos down 25 percent from last year.
Helping deal with the low housing availability is Newton-based custom home builder, Pine Cone Construction.
The family-owned business, led by Frank Utano and his children, Danielle Lacolla and Chris Utano, has spent the past 15 years in Newton focusing on custom home building or renovation.
"With the scarcity of land, many clients purchase a site with an existing home and have it demolished and we build a new custom home for them," said Chris Utano.
"We have completed seven new custom homes in Newton since the beginning of the year. We also help clients evaluate whether to demolish a structure or renovate," added Lacolla.
Along Route 9 in the Chestnut Hill area of Newton, retail development is booming with the addition of grocery stores, health clubs, restaurants, retail and medical offices.
At the Chestnut Hill Shopping Center, Michael H. McNaughton, senior vice president of WS Development, which owns and is developing the property, said, "We're adding more than 100,000 feet of retail space as part of a major redevelopment that will bring a state-of-the-art Showcase Super Lux cinema, The Sports Club/LA, Del Frisco's, Davio's, and Bernard's. Other new retailers include Pottery Barn, lululemon athletica, Polarn O. Pyret, Treat Cupcake Bar and Pinkberry."
Rollout of the redevelopment will come over the next 18 months, with the Sports Club/LA opening this winter.
"Newton residents don't have to go to Boston or Natick for their retail needs and with the serenity of Hammond Pond and walking trails next to the site, individuals can go rock climbing and then to dinner and a movie without moving their car," McNaughton added.
Under construction, also along Route 9, is the newly developed Chestnut Hill Square by New England Development. The first phase will open next fall and will include a mix of shops and restaurants, as well as medical offices. Wegmans, Equinox Fitness Club, Brio Tuscan Grille, Seasons 52, Century Bank, Francesca's Collections and Red Mango are some of the businesses opening in 160,000 square feet of new retail space.
Chestnut Hill Square will have direct access eastbound and westbound off Route 9, as well as from The Mall at Chestnut Hill via a new intersection.
Jennifer Athas is a licensed real estate broker and can be reached by email at heraldhotproperty@ mail.com. Follow her on Twitter @JenAthas.
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