One of the most disjointed, awkward, weirdest articles Scotty has ever written...
After a rocky start, Natick?s urban oasis is taking root
Suburbanites, drawn by price cuts, trade lawns for high-rise living at mallBy Scott Van Voorhis, Globe Correspondent | August 26, 2010
Dr. Michael Robinson fondly recalls his New York childhood, and says he never lost his love of city living despite decades as a suburban homeowner in Natick.
This spring, Robinson managed to return to his roots without leaving town, trading in his five-bedroom home for a three-bedroom, $544,000 penthouse condominium overlooking the Natick Collection.
As the real estate boom was going bust in 2008, the Nouvelle at Natick complex appeared to be in deep trouble. It opened amid the worst recession in generations, with some critics scoffing at the idea of a Boston-style condo tower in the heart of the Route 9 shopping district.
But after some tough early struggles and a big markdown in prices ? penthouses were originally on the market for well over $1 million ? the Nouvelle at last count had sold 152, or roughly 70 percent, of its 215 units.
Robinson, a podiatrist whose patients included Boston Bruins hockey players and members of the Boston Ballet, is one of a growing number of restless suburbanites who have found a sense of city at the Nouvelle.
For them, living in a building attached to one of New England?s largest malls is considered a plus, not a hassle.
?It?s kind of like a little urban oasis within a suburban situation,?? Robinson said.
The Nouvelle?s decision to slash prices ? in many cases by half or more ? was undoubtedly a selling point, note some new residents.
General Growth Properties had big plans back in 2006 when it launched an ambitious revamp of the aging Natick Mall into the upscale Natick Collection, capped by a 12-story luxury condo high-rise with prices mirroring those of downtown Boston.
Its penthouse units hit the market at $1.2 million to $1.6 million, while two-bed, two-bath condos ranged from more than $600,000 to $900,000, according to news accounts at the time, and sales records, along with original asking prices, compiled by a Boston brokerage firm, CondoDomain Inc.
Littleton-based PrimeTime Communities, which is marketing the property, declined to release the original price ranges for Nouvelle units, citing sensitivity for those who bought before the reductions.
But by last fall, a year after the high-rise opened, both the real estate market and the economy were spiraling downward, and extended sales efforts had succeeded in moving only a few dozen of the Nouvelle?s units.
General Growth responded by dumping its traditional unit-by-unit sales campaign, and hiring a marketing firm to auction dozens of units at greatly reduced prices.
The move kicked-started sales, with one penthouse unit that had been on the market for $1.6 million selling for about a third of its original figure.
Commenting that ?I enjoy real estate,?? Robinson said he had long kept an eye on the Nouvelle but was willing to wait for prices to drop, and recalled the original figures as ?rather lofty.??
?I thought this was a particularly good buy. In the long run, the building is going to hold its value extremely well,?? he said.
Not every cost associated with the complex has come down, with the Nouvelle retaining its original monthly condo fees; they range from $400-plus for a one-bedroom to $1,760 for a penthouse. Residents note that the fee covers everything but the electric bill.
Among at least some of its new owners, Nouvelle at Natick appears to have tapped into a desire for urban living among suburbanites tired of mowing sprawling lawns and maintaining big houses they no longer need. Living in a high-rise attached to the Natick Collection is considered a bonus, providing convenience and variety to everyday life.
The upscale mall, while not exactly an intrusive presence inside the well-insulated tower, is an inescapable fact of life at the Nouvelle. Its 1.2-acre garden on a sixth-floor rooftop nestles alongside the mall?s glass dome, which glows picturesquely at night, residents say.
But that?s just fine for some newly minted Nouvelle owners like Maria Babb, a vice president at Middlesex Savings Bank. Babb sold her 4,000-square-foot home in Hopkinton to buy a two-bedroom unit at the Nouvelle for $426,400, moving in last month.
Babb said she quickly became a big fan of her unusual next-door neighbor.
Late on the evening of moving day, Babb found herself surrounded by packing boxes and realizing she had not had any dinner. To her surprise, she found that one of her favorite haunts ? P.F. Chang?s ? was just a short walk away. All told, the round trip for dinner took just a half hour.
?I didn?t have to get in my car and drive anywhere,?? she recalled. ?I thought, ?This was great.? ??
Cynthia Maloney, a special education teacher in Sudbury, and her husband, Rich, have found a different use for the mall ? as an indoor recreation center.
During the winter, the Maloneys take a 3-mile walk through the mall. (Nouvelle residents have 24-hour access to the mall through a hidden door leading onto the second floor.)
The Maloneys sold their Sudbury home to buy, at a steep markdown, a Nouvelle unit that was once listed for more than $1.5 million.
No more need to jump in the car for a shopping trip, Cynthia Maloney said. ?You would never know that there was a mall attached, except when your iron breaks and you can run to Sears and get another one in five minutes.??
For his part Robinson, the New York native, is struck by the many choices he has within a short walk, both at the mall and in the surrounding retail district.
The AMC Framingham cinema multiplex is within a 15-minute walk, as is a bus depot with service to Boston and Logan Airport. He?s also counted 20 places to eat at the Collection, from Dunkin? Donuts to the Cheesecake Factory.
?It?s almost like walking into Disneyland,?? he said.
Still, for all its convenience, the mall lacks one essential, notes Dennis Callahan, who moved into a seventh-floor unit with his wife, Sandy, in January.
?The only thing that is missing is a grocery store,?? said Callahan, who works in financial services.
And some residents say they tire of the perception among friends and colleagues that they literally live at a mall.
?When I say where I live, a lot of people will say ?Oh, how is it living at the mall?? ?? notes Adam Rogers, who bought an 11th-floor penthouse with his partner, Sean Martin. ?I don?t think I live at the mall. If I don?t walk into the mall, it?s irrelevant to me.??
For others, the Nouvelle complex provides its share of urban stimulation ? and a newfound sense of community as well.
Joon-Seok Oh, who works in research and development, recently moved to the area from Japan with his wife and 2-year-old daughter.
He found a comfort level in the Nouvelle?s urban, high-rise feel, which is more like Asian living than the typical American single-family home, he said.
Oh, who is Korean, also believes he scored a deal, with his $374,000, three-bedroom unit assessed by the town at more than $600,000.
?In Korea and Japan, they don?t have as many single-family homes,?? Oh noted. ?The land is very small compared to America. I wanted my family to feel more comfortable.??
For his part, Martin enjoys the views from their penthouse?s broad windows, with the hills and trees in the distance more compelling than the mall below. The sunsets and sunrises are spectacular, he said.
The software salesman also likes to recline on a couch on the unit?s narrow terrace, which overlooks the JC Penny store.
After renting for several years in Natick, Martin and Rogers say, they have found much more of a neighborhood feel than they ever experienced in the suburbs. They bought the 1,900-square-foot unit, originally on the market for $1.2 million, for $545,000.
?I feel more connected here in this building with my neighbors than any other establishment I have lived in,?? Martin said. ?I haven?t lived in a high-rise on the 11th floor like we do today. I would do it again in a heartbeat.??