ARA-New England "reports an uptick in land sale activity," according to a release and sees prices dropping as a cause. "We're seeing that sellers are being more realistic in price," Reilly tells GlobeSt.com. This could be the start of the much-anticipated reduction of the bid-ask gap. "Prices are coming down because there's been no activity and people realize in order to sell they're going to have to reduce their price," Reilly elaborates.

The Annandale on the River is known as an "active adult community," indicating an independent, older community, as opposed to a home-care or live-in healthcare facility. The sale incorporated the permits and site plan approvals which were already in place for a total of 57 homes. The remaining 41 units of Phase II will be continued by the new owner.

"The buyer immediately started finishing the units that were half complete and putting them up for sale," Reilly explains to GlobeSt.com. "And they already started laying foundations on three other lots." Annandale on the River is off Route 3A with shore space on the Merrimack River. The price of the purchase was not disclosed.