Stone Ridge Estates Condominiums - Holden, Massachusetts

Updated November 2006

Stone Ridge Condominium Trust, Holden, Massachusetts

On November 1, 2006, the Stone Ridge Estates Condominium Trust (SRECT) held its first Homeowners Association meeting at the Rutland Free Public Library, In Rutland, Massachusetts. Although the Trustee of the SRECT is still the developer, all decisions about Stone Ridge Estates now and in the future until 75% of the units are conveyed to the unit owners will be conducted by the AdHoc Committee comprised of owners currently residing at Stone Ridge Estates. “This is a great opportunity for the owners to get familiar with the routine and long term functions of maintaining the premises. It is hoped that these members who volunteered to become members of the AdHoc Committee will have the experience to eventually become the elected Trustees of SRECT” said Sotir Papalilo, President of Dalewoods Corporation, the current Trustee of SRECT.

On December 1, 2006, the AdHoc Committee will have its first meeting. During the first meeting a number of topics will be discussed and policy decision concerning the maintenance of SRE will be made. The major topics to be discussed will include off street parking, insurance, and common area allowed uses. The current members of the AdHoc Committee will be meeting the first Wednesday of each month at which time old and new business on the agenda will be discussed. Riney Management will continue to provide its Property Management services to the AdHoc Committee and to SRECT.

N.A.C. Development LLC, Shrewsbury, Massachusetts

With construction of the final phase of Stone Ridge Estates underway, sales continue to outpace the construction schedule. Two of the last five foundations in the final phase of Stone Ridge Estates are already poured. The last three are expected to be in the ground by next spring. Framing of the first two of five buildings comprising a total of five condominium units is scheduled for next January.

Stone Ridge Estates, Holden, Massachusetts

“Innovative marketing strategies has made a difference in sales here at Stone Ridge Estates," said Sue Zamis, Sales and Marketing Director for NAC Development LLC. Financial incentives have significantly motivated those interested in purchasing of condominium here at Stone Ridge Estates. Incentives include such items as $10,000.00 in free options, Seller contribution toward closing costs or condominium fees, or arrangement of financing of fixed rate loans at very competitive interest rates. “Obviously, these incentives are secondary to a well designed and quality home” said Sue Zamis. Not only it is rare to find a 3 bedroom luxury town home in this area, they offer first floor living, and most come with a 2-car garage as a standard. This winning combination appeals to the single family homeowner seeking to downsize, yet who are not willing to compromise their style of living, to which they have become accustomed said Zamis. Home buyers here at Stone Ridge Estates have found the same lifestyle of a new, quality single family house without the high price or the high maintenance. Plus, many buyers have a second home which allows them more time to go out there and play. They are not stuck at home on weekends doing yard work. In essence, these town homes offer homeowners the opportunity to upgrade their quality of life!

"We are excited to announce the release of our Final Phase and our most sought after location. Perfectly situated atop a hillside, these remaining units offer a perfect combination of both privacy and sun." After experiencing an overwhelming demand during our initial release, we anticipate a sell out over the next 6-12 months.” Only 10 townhomes remain available of the last 14 condominium units to be built in this Final Phase. Open House hours are Wednesday and Fridays 10:00AM – 2:00PM, Sunday 11:00AM to 2:00PM and by appointment.

Springwood Development Corp., Shrewsbury, Massachusetts

An over 55 condominium, located on Park Street near the Route 135 interchange in Westborough received the required endorsement from the Department of Housing and Community Development. The proposed development is for a 36-unit complex, which includes two bedrooms with two bath condominium units ranging from approximately 1,300 – 1,550 square feet. This two and half story single building will also be built of a 36-space enclosed parking garage. “I think it’s a good use for the land. I’d hate to see another shopping mall in there,” said Planning Board member Ralph Keyes. Co-Chair of the WHP, Kris Allen said “I think this development is compatible because Walker Meadow is across the way” referring to another 55 and over development recently built in the area. Allen went further and said that “This is affordable housing for the town and that we didn’t have before”. Nine of the 36 units at Park Place will be sold to qualified applicants pursuant to the Local Initiative Program guidelines established by the Department of Housing and Community Development while the market rate homes will sell for $350,000.

Flint Pond Estates, Grafton, Massachusetts

On October 4, 2006, the Grafton Zoning Board of Appeals issued by a unanimous vote a comprehensive permit to Sotir Papalilo and Springwood Development Corp., one of the principals of the 72-unit housing development to be located on Creeper Hill Road in Grafton, Massachusetts. The condominium will be built on 21 acres near the Shrewsbury town line. The condominium will feature town homes with a one or two car garage attached similar to those proposed at Stone Ridge Estates in Holden, Massachusetts. The town homes are expected to be sold at a starting price of $290,000. The Board’s support came after several meetings with local officials and neighborhood residents. The Board’s support is also contingent upon the sale of 18 of the town homes at a discount that will be set aside for purchase primarily by qualified Grafton residents for less than $200,000. “There is nothing in this town under $200,000” said Selectmen Susan Mills. “This gives people who were raised here an opportunity to live here.” Construction of this development will commence in 2007.