Word: alstein
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...These condominiums are representative of a city-wide pattern," says Joel Alstein, a principal of FARgroup, a Cambridge-based real estate development company. "We are in a glut economy when it comes to condominiums...
...that the area is poor," Alstein says. "Traditionally, a condomiumium in middle Cambridge sells for more than an equivalent unit in East Cambridge or Cambridgeport," Alstein says. The area is very desirable, he says, "because the closer you get to Harvard, the better...
...condominiums--and the stores that have accompanied the developments--were designed with a specific consumer group in mind, Alstein says. The developers have targeted their condos toward "empty nesters"--affluent couples who want to sell their houses in the suburbs after their children have gone off to college...
...maybe they're not leaving their nests so quickly these days," Alstein says in offering an explanation about the sluggish sales of the new condominiums...
...while Alstein theorizes about the reasons for slow condo sales, the buildings continue springing up on both sides of Mass...
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