I am fortunate to have listed and sold few units at this complex.
SHAWSHEEN COMMONS is one of the most desirable neighborhood.
Especially for first time home buyers.
The price range now has gone up to mid-$300s.
This is the story from the early 1990s when this complex was built.
Wilmington had several deed-restricted homes on the market in the desirable development of Shawsheen Commons, at an incredible price, proving that 40B really does offer families opportunity.
Drive into Shawsheen Commons, Wilmington’s first development under the 40B comprehensive permit laws and built in the mid-1990s, and you’ll see a neat, bustling neighborhood.
The homes are a mixture of designs in a variety of styles including single family, duplexes, tri-plexes, and quadplexes.
Sidewalks line the roads. Many homes have a fenced yard, as the unique arrangement includes the unit as well as the land it sits upon.
Shawsheen Commons has 240 total homes of which 66 qualify as affordable under the law, meaning the deeds are restricted to staying within a certain price range. (This is lot more than usual 10% of affordable homes, then.)
Driving through this neighborhood, it is impossible to tell which units count as affordable and which is market price, which is precisely the point of 40B.
The neighborhood also does not have condo fees.
(FYI - Under the 40B deed restriction, if the owner of an affordable unit is interested in selling, he must notify the state, because the state holds the right of first refusal. If the state is unable to find a buyer for the unit then the state and the town have the right to purchase the property. )
Now after 20+ years of this complex, prices are almost 4-5 times more.
And the demand for this complex is so high.
That most homes that come on the market are SOLD in about a week only.
Not to mention the bidding wars and multiple offers.
My own listing was sold for more than $20,000 over asking price.
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