Nadia Estates – Foxboro, MA – Condos
A private developer, Sage Realty Trust and officials of the Town of Foxborough have collaborated to provide this affordable housing opportunity in Foxborough. The development will have 36 units of which 9 homes are designated as affordable and sold to first time homebuyers with incomes at or below 80% of the area median income.
Nadia Estates is located off of Mechanic Street in Foxborough. The units will have 2 or 3 bedrooms and 1 or 1.5 baths. The units will have public water, natural gas and private septic systems.
The Town of Foxborough is a rural community located approximately 30 miles South of Boston. The town is a convenient commute to Boston to the north and historic Plymouth to the south. With five ponds, Foxborough is able to offer swimming, boating and fishing in the summer and ice fishing and skating in the winter months to residents and visitors. Approaching Foxborough, visitors pass the herring run and the park, a site which brings people from surrounding areas.
Foxborough’s town center is that of a typical New England town with many well-preserved historic buildings, picturesque and unique to the northeast Residents comment that if you live in Foxborough and work elsewhere, you are always happy to come home.
The affordable condominium units will be sold at the initial sales prices of $201,000 for the 2 bedroom units and $223,300 for the 3 bedroom units. It is estimated that the total monthly cost of your mortgage payment including Principal, Interest, Real Estate Taxes, Private Mortgage Insurance (PMI), Homeowners Insurance and Condo Fees of $120/month (2 bdrm) and $134/month (3 bdrm) will be approximately $1,539/mo for the 2 bedroom units and $1,710/mo for the 3 bedroom units. This assumes a 30 year fixed rate mortgage at current rates with a 5% down payment. You cannot rely on this estimated amount, this is only an estimate. Your actual mortgage payment may be different based on the actual interest rate and other factors. You should verify your actual mortgage payment with your lender and or accountant. This monthly mortgage payment is pre-tax and does not include the tax advantage of home ownership. To determine your net expense post tax, you should consult with your accountant or tax advisor.
All affordable homes will have a “Deed Restriction” that will be recorded with the mortgage at the time of purchase. This deed restriction in part, limits the amount the home can be resold for or refinanced for and requires that it be resold to another affordable buyer. A summary of the Deed Restriction is included with the lottery package. You may also log onto our web site www.DelphicAssociates.com for a complete typical Deed Rider.
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