“Accessibly priced homes are a segment of the condominium market that’s been left behind the past couple of years,” said Ali Malone, a broker at Portside Real Estate Group. This project aims to help fill that void in the market.
The project: Parris Terraces, 23 condominiums in a new, four-story building at 60 Parris St., in the Bayside neighborhood a block from the United States Postal Service building and Deering Oaks Park.
The project is on the forefront of a major neighborhood transition, with four other neighboring properties also being repurposed into residential, co-working space and flex small business spaces including a whiskey lounge, brewery, an outdoor courtyard and event space.
Malone and Andrew Roy, an associate broker at Portside, are marketing the properties. The building is under construction, with occupancy planned to begin in late May.
The early success of the project – eight of the 23 condos have already gone under contract – highlights their desirability; the appeal of the location (stroll to downtown, the arts district, Back Cove); and the “accessible” price point of 18 of the units at $229,500 or less.
Note that those 18 condos are offered without the deed restriction that limits future re-sale prices. Some financing packages are offered, through Norway Savings Bank, with an option for 100 percent financing for qualified buyers.
The majority of the Parris Terraces units are 400-500 square feet, one-bedroom, and super-efficient. Kitchens are sleek – open shelving, granite counters, all-stainless appliances and a butcher block island. All units have outdoor access (either a deck or a Juliet balcony). Onsite parking is available for all units.
There are also three larger, market-price units (two are under contract) that feature lofts; two “deed-restricted” condos (priced at $193,500 after a 10 percent down-payment grant offered by the city and developer); and even a first-floor suite for guests.
“Speaking as someone who grew up in and lives in Portland, I’m happy to see an opportunity for middle-income owner-occupants to live in the community they work in,” Malone commented.
To learn more about Parris Terraces, please contact Portside Real Estate Group’s Ali Malone (207-653-7750; 207-619-7571) or Andrew Roy (207-619-7571; 207-939-7576;); 60parristerraces@gmail.com. For more information: www.parristerraces.com.
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