In slow market, developers offer ‘test drive’ of condos
The Carruth, a mix of affordable apartments and market-rate condominiums in Dorchester, opened earlier this year, as the market for condos had turned sharply downward.
Sales of the 42 condos in the building languished, with only three sold to date.
So, developer Trinity Financial Inc. of Boston decided to offer the units as a variation of rent-to-own – leases with an option to purchase at a potential discount.
“We’ve had great success with it so far,” said Abby Goldenfarb, project manager for the developer, noting that nearly all of the 20 new renters have signed up for the purchase option. “We are really trying to respond to the market.”