"The more affordable units there are, the more expensive the market rate units will be." Steve Garfinkle, who leads Encore Properties, said this in 2023 while describing the 34-condo project now called The Bellwether on Worcester Street. That one sentence explains Wellesley's new condo pipeline better than any median price does. Each project in town sets aside a share of units at deed-restricted prices, and the remaining units carry that cost. Buyers end up with two ways into a new Wellesley condo and very little in between.
For a buyer hoping that new zoning near the train stations would bring in starter homes, that changes the plan. The condos on the way are real, and several are close to approval. Most of them are priced for a buyer who already owns something.
The Albion Showed Both Price Points
The Albion at 16 Stearns Road is the clearest recent example because it is finished. The 24-unit complex sits at the end of a dead-end street between Route 9 and the Sprague Elementary School fields. In July 2025, The Swellesley Report published the lottery terms for its six affordable units:
| Albion unit type, July 2025 | Price | Monthly condo fee |
|---|---|---|
| Affordable two-bedroom, five units | $306,800 | $140.06 |
| Affordable three-bedroom, one unit | $341,000 | $155.67 |
| Market-rate two-bedroom, starting price | $1,000,000 | Not reported |
| Market-rate two-bedroom, 1,788 sq. ft., listed | $1,748,800 | Not reported |
These figures are from a July 2025 snapshot, not current asking prices. Even so, the structure is what matters here. The top affordable price was $341,000, and the lowest market-rate price was $1 million. A two-bedroom unit in the same building could cost about $307,000 or more than $1.7 million, depending on whether it was deed-restricted. The listed 1,788-square-foot unit worked out to about $978 per square foot.
The affordable units were sold through an application and lottery with a September 5, 2025 deadline. Deed-restricted units come with their own resale terms, so they work as a separate market with separate rules. They are not a cheaper version of the market-rate units.
Why the Gap Persists
Garfinkle laid out the economics plainly. The required affordable units are set by a state formula, and the rest sell "at market rates—in other words, whatever people are willing to pay. In Wellesley, that typically means $1M-plus." Every unit sold below cost has to be paid for by the units sold above it.
He also described a version of The Bellwether that might have filled the gap. The original idea was to price below market and attract first-time buyers. He said whether that could happen depended on two numbers: how many square feet the developer could build, and the mix of affordable and market-rate units the town required. His view of who would actually buy was direct: "Let's be realistic: The market in Wellesley is a luxury market." Based on what other new developments in town were seeing, he expected most buyers to be people moving down from single-family homes.
The unit sizes in the current proposals fit that buyer:
- 10 Railroad St. proposes market-rate three-bedroom townhomes of about 3,800 square feet with garages, near the Wellesley Square station.
- 136–140 Worcester St. proposes two- and three-bedroom units of about 1,800 to 2,800 square feet with indoor parking.
- 592 Washington St. was described in January 2026 as a 19-unit "high-end" condo complex of for-sale, low-maintenance homes.
- The Bellwether was planned in 2023 with one-, two- and three-bedroom units from just over 1,200 to just under 2,000 square feet.
A 3,800-square-foot townhouse with a garage is built for a household leaving a large house, not for someone buying a first home. The pricing logic and the floor plans point to the same buyer.
Where Each Project Stands in October 2026
Across the five condo and townhouse proposals with published affordable counts, 22 of 104 units are set aside as affordable. That is a little over one in five, and it is the share the remaining 82 units have to carry. The status of each project matters as much as its count, because a unit that is still in hearings is several years from a closing table.
| Project | Units / affordable | Most recent confirmed status |
|---|---|---|
| The Bellwether, 192–194 Worcester St. & 150 Cedar St., Encore Properties | 34 / 7 | Cleared ZBA site-plan review in September 2025. Demolition was projected for late 2025 and construction for early 2026, but a start has not been confirmed in local reporting. |
| The Laurel, 16 Laurel Ave., Babson House LLC | 28 / 6 | Conversion of a 1919 Roger Babson office building. A ZBA hearing was planned for April 16, 2026. The developer hoped to begin excavation in summer 2026 and estimated about 18 months to finish. |
| 592 Washington St., Dean Behrend | 19 / 4 | Planning Board approved the special permit 5–0 in a decision dated May 4, 2026. A ZBA hearing was scheduled for September 24, 2026. |
| 136–140 Worcester St., Dean Behrend | 15 / 3 | Presented to the Planning Board in June 2026. Requires a Town Meeting zoning-map change from General Residence. |
| 10 Railroad St., Dinosaur Linden LLC | 8 / 2 | Went through Design Review in April 2026. A ZBA hearing was scheduled for September 24, 2026. |
Two of these projects shared one evening. The Zoning Board of Appeals agenda for September 24, 2026 listed 592 Washington Street as case ZBA 2026-53 and 10 Railroad Street as ZBA 2026-54. We could not find a published result of that hearing, so neither project should be treated as approved until a decision is filed. The Planning Board's decision on 592 Washington states that ZBA site-plan approval and other permits are still required before the project can go ahead.
Larger sites sit further out. MassBay Community College has been looking to sell land across from its Oakland Street campus for multifamily housing, and The Swellesley Report's roundup lists about 180 possible units with no named developer. 49 Walnut St. in Lower Falls is back with a 28-unit proposal after Special Town Meeting rejected a rezoning for the site in 2024. The Wellesley Park 40R district on William Street is zoned for 850 units, has 350 built as The Nines apartments, and had no further plans announced as of late summer 2026.
Time Is Part of the Price
The Albion was in the works from 2017. Its affordable-unit lottery closed in September 2025. That is roughly eight years from early planning to keys for a 24-unit building. The projects in the table are now going through the same steps: Planning Board special permits, ZBA site-plan review, and in one case a Town Meeting vote on a zoning map change.
For a buyer comparing Wellesley with other towns, the timing affects the math. The Laurel's own hoped-for schedule was a summer 2026 start and roughly 18 months of construction. Even if that held, the units would not be ready before 2028. A buyer who skips today's market to wait for "the new condos" is waiting years for homes priced like the ones described above.
Wellesley met the state's MBTA Communities Act requirements in 2024. As of the state's 2023 figures, 10.68% of its housing stock counted as affordable, just above the 10% line that opens a town to unsolicited Chapter 40B projects. Being above that line means new density comes through town-approved routes like these, one hearing at a time.
Questions Worth Asking Before Committing to a New Wellesley Condo
Whether a buyer is looking at a deed-restricted unit or a market-rate one, the same documents answer most of the important questions:
- Which permits are final? Planning Board approval and ZBA site-plan approval are separate steps. Town agendas and decisions show which ones have been granted.
- Is the unit deed-restricted? Lottery units have their own application process and long-term resale terms, apart from the market-rate units in the same building.
- What does the size buy? At the 2025 Albion listing, a 1,788-square-foot two-bedroom was priced near $978 per square foot. Comparing per-square-foot figures at the time of an offer shows whether the price reflects the building or the floor plan.
- What is within walking distance? In 2023, the Swellesley Report noted that The Bellwether's Route 9 site had one restaurant within walking distance, unlike newer projects near Linden Square and Wellesley Square. A downsizer giving up a yard may care about this as much as the finishes.
Common Questions
Will the new condos bring down Wellesley condo prices? The developers' own statements point the other way. Market-rate units are priced to cover the affordable units, and Encore's leader described the target as a luxury market made up mostly of downsizers.
When could someone actually move into one of these projects? The Albion is the only one in this group reported as complete. The rest range from approved but not confirmed under construction, like The Bellwether, to proposals that still need a Town Meeting zoning change, like 136–140 Worcester St.
How are the affordable units priced? At The Albion in 2025, affordable two-bedrooms were priced at $306,800 and the three-bedroom at $341,000, through a public lottery. Each project runs its own lottery with its own terms.
If you are weighing an existing Wellesley condo against one of the projects still in permitting, the decision depends on dates, deed terms and price per square foot more than on the headline price. Nekky Parkiotis can walk you through where a specific building stands and what its numbers mean for your timeline. Let's Connect.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
