In New London, $500,000 will get you a three- or four-bedroom English Tudor or a five-bedroom house with a den and dining room. But some New London residents are proving lots of space is not the only reason they’ll part with that kind of money.
The first phase of Shaw’s Landing, the city’s first luxury condominium complex, has been completed and 22 of the 35 condos are under contract to be purchased. Twelve buyers have moved in, one paying $485,000 for one of the complex’s prime condos.
“My impression is that the biggest [reason people chose Shaw’s Landing] is the combination of a very nice home with the proximity of downtown New London,” said Leeland J. Cole-Chu, attorney for the developer, Cambridge, Mass.-based Oaktree Green.
Most condos in New London have asking prices between $150,000 and $300,000, according to realtor.com, making the Shaw’s Landing sale fairly monumental for the city. The complex is full of amenities, from some waterfront views to an exercise room. The developers are also proposing that the second phase include a pool that will be available to all condo owners in the complex.
‘An Invigorating Effect’
The Shaw’s Landing amenities make it difficult to compare prices with other condominium complexes in the area, Cole-Chu said.
“There’s an apples-and-oranges effect,” he said.
So far, the people who have bought the condos range in age and occupation. There is a pit boss from one of the nearby casinos, two college professors and their wives, a Pfizer employee and some buyers whose families are successful in automotive sales. They also range in age from 25 to 85 years old, but most are between 45 and 50.
“It’s an interesting mix,” Cole-Chu said.
There is not much of a pattern, he said, but all of the buyers seem to want the simpler style of living that comes with buying a condominium. And, as Cole-Chu predicted in an interview last year, most of the buyers are people already loyal to New London. So far, no people who commute to New York or too far outside of southeastern Connecticut have bought condos in the complex.
The construction on the first phase is pretty much completed, with some touch-ups going on in some of the condos and some outside work – such as a gate installation – still under way.
The complex already has spurred some changes in its neighborhood, Cole-Chu said.
“It seems to have already had an invigorating effect on the neighborhood,” he said.
There were previously no food markets downtown, but now two are proposed. Other new businesses, including restaurants, are also springing up.
“It is not only great for the tax base of New London, but great for the neighbors as well,” Cole-Chu said.
There are two more phases to go before the 50-unit complex is finished. The next phase needs to go through the approvals process, but Cole-Chu estimates developers could start construction next June.
Shaw’s Landing is made up of one-, two- and three-bedroom condos that will sell for $175,000 to $425,000, Cole-Chu said. The complex also will offer amenities like an on-site fitness room with a flowing lap pool, and all of the condos will come with state-of-the art wiring to enable the latest technology.
The condo complex is about a 15-minute walk away from pharmaceutical giant Pfizer Inc.’s New London site and the company runs a bus between its New London and Groton locations that passes by Shaw’s Landing, Cole-Chu said.
The condos also are expected to attract people who want to live near the water, as the complex is in close proximity to a large marina.
