Upscale developments march toward market

Greyrock Homes in Norwalk has two new estate communities in the development stages: Valley Ridge in Greenwich and the planned River Ridge in Wilton.

“We have one more house in Greenwich to what we call, ”˜Hollywood-up,”™ meaning it”™s all finished on the outside and unfinished on the inside,” said Jerry Effren, principal and founding member of Greyrock Homes. “Four homes are finished in total; one is rented, one is our model, one is a spec house and we”™ll finish the other homes as they sell.”

Valley Ridge features 10 homes with three to five bedrooms at 3,800 to 4,200 square feet. In what Greyrock calls “the quality and ambiance of an estate home, in a smaller, low maintenance package,” the homes feature customizable interiors that can be delivered within 90 days.

“Valley will run from about $2 (million) to $2.5 million, depending on the location of the unit, amenities and the view,” Effren said.

River Ridge in Wilton will feature 20 homes with three to four bedrooms at 2,300 to 3,300 square feet. The planned community of detached, clustered homes will run in the low $1-million range, Effren said, about a million less than Valley Ridge.

“With River Ridge, there was a four-year approval battle ”¦ we put in a road and infrastructure,” Effren said, noting the work now is on hold until Valley Ridge is sold. “We expect Valley Ridge to sell out in 2009 and we”™ll start River Ridge when Greenwich is done.”

River Ridge is in a “great project area,” Effren said. “It”™s close to Wilton Town Center, has great views and is very private.”

Effren said Greyrock has had to accept prices on Valley Ridge that were substantially lower than what they would have been two years ago.

“It takes a lot of time to get things up and running and in Greenwich, we”™re not making a profit,” Effren said. “But, even in this unusual collapse, we can sustain the losses and move on. We”™re a strong company; we can still have it be a great project.”

Valley Ridge won a 2008 HOBI Award for “Best Cluster Community,” sponsored by the Connecticut Home Builders Association Inc., adding to Greyrock”™s past wins for Pepper Woods in Stamford and New Canaan Way in Norwalk.