When fully built, the two projects will bring 175 condos to market. Both boast three- and four-bedroom homes — a rarity compared to other recent projects in York County.
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Two condominium neighborhoods are under development by King Weinstein in Sanford, and both boast three- and four-bedroom homes — a rarity compared to other recent projects in York County.
A total of 75 units are planned for Hillside Crossing, off of Pleasant Street and Railroad Avenue in Springvale. Thirty homes have already been completed and sold and a duplex and quadplex are currently under construction and under contract.
The units have high-end finished and attached garages. Prices range in the low $400,000s and monthly condo fees are $150.
The second development underway is Rock Pond Estates, located off of Jagger Mill Road where 100 total units are planned; 62 have already been built and sold. Prices start at just under $410,000, with monthly association fees of $250.
Weinstein’s Hillside Construction and Ocean Heritage Builders are managing the projects. Gleason Architects is the designer.
Both properties were initially developed more than ten years ago, by previous firms, before Weinstein bought them and began building new units.
“We have had many buyers come from local apartment rentals since mortgages are pretty close to what rental rates would be and make for a great alternative to renting," Danielle Lape, an associate broker at KRE Brokerage Group, told Mainebiz.
The median rental rate in York County is $2,250. The median sales price is just over $509,000. Prices vary significantly by town and range from the highest in Kennebunkport to the most affordable in Sanford, according to August data from Realtor.com.
Prices for both rentals and sales have increased slightly over the past year, but significantly over the past three years, where sales prices were up more than 22% and rental rates increased by more than 7%.
