WESTWOOD - More than 50 local real estate agents dined with Westwood Station developer Cabot, Cabot & Forbes yesterday afternoon to learn about the project's retail market.
"We'll proactively and inclusively bring in the local brokerage," said Kevin Ahearn, president of Otis & Ahearn Real Estate. "Any feedback is welcomed and appreciated."
Otis & Ahearn recently joined CC&F on the project and plans to work with local real estate agents to design and market the upscale residential units. Once units open, the company plans to act as a listing agent to help agents with sales, taking a 2.5 percent commission.
"We feel there's a huge pent-up demand for this type of development," Ahearn told the brokers.
Many agents were quick to agree.
"Westwood doesn't have condos," said Lois Baho of Jack Conway & Co. "A lot of people want to downsize. I think it's a great idea for this area."
Christy May of Re/Max said she has a list of 63 people who request information updates, eager to move into the development.
"People are renting elsewhere so they can come back and buy here," May said.
Despite the seemingly booming market, CC&F President Jay Doherty stood by his claim that some of the residential units need to open as rentals.
"I think they're correct in saying there's pent-up demand," Doherty said. "A project like this would do good to sell 10 units a month. More typically, you sell six or seven units a month."
Yet for all the excitement of a new housing market, some local agents find themselves balancing Westwood Station between their professional and personal lives.
Alex Woycik, owner of Real Estate Store in Westwood, observed that the entire region is changing with projects like Westwood Station, Legacy Place in Dedham and Patriot Place in Foxboro.
"It's a really exciting time. That's my observation as a real estate broker," said Woycik, a Westwood resident and father of a fifth-grader. "As a Westwood resident, I have concerns about the number of kids going to the schools and the budget for the schools. I have to look at the project from both sides."
Woycik remains optimistic however, adding, "I don't see them being completely at odds. If it's done in a well thought-out manner, change can be good."
The first set of 40 units is scheduled to open in January 2009. Another 38 to 40 units would enter the market each subsequent month during the first phase of the project, which includes 495 residential units. At full build, the project would have 1,000 residential units, 1.5 million square feet of office space, 1.35 million square feet of retail space and two hotels.
Although early in the process, Ahearn said the prices of the units could start in the high $300,000s and range up to the $800,000s.
Daily News staff writer Greg Duggan can be reached at 781-433-8355 or gduggan@cnc.com.
