Can-do condos
Thirty years ago, the tallest condo in Stamford topped off with 18 floors. Today, like people, condos are taller ”“ and more numerous.
With the influx of well-paid UBS employees followed by those at RBS and the region”™s hedge funds, the residential high-scale condo market in Stamford has recently seen speculative growth.
Trump Parc Stamford and Highgrove Condominium, both luxury condo developments, both promising the ability to walk to work in Stamford and boasting lavish amenities, have recently opened for sale.
According to Christina Tracy, a Stamford-based Realtor, building in Stamford in 2009 was not limited to these two large-name residences. She said developments including Palmer Hill Condos and Townhouses, The Classic, River Oaks Luxury Homes, Eastside Commons Condos, The Maples and Center Ridge Condos all saw optimal construction within city limits.
“There are many great new construction values in both homes and condominiums ranging from $450,000 to over $3 million available in Stamford,” said Tracy. “Over the past several years, Stamford has experienced a tremendous amount of growth with new construction booming in the area and reaching new highs.”
Tracy said in fact Trump Parc and Highgrove have seen many prospective tenants pulling out because the condos are not adjusting rates as readily as many people think the market dictates.
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“They”™re not willing to adjust, or are willing to adjust to rates presented in preconstruction offerings,” said Tracy of Trump Parc by way of example. “What was selling for $1.6 million is more like $1.2 million.” But the market remains strong. “The developers are in a good position; they”™re not hurting.”
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Tracy said the higher-end developers can afford to wait for people who will pay high rates. She said with New York City proximity and lower tax rates than across the border in New York, Stamford is an increasingly viable option for those with choices.
“It is in the entry-level market where there”™s been a lot of hesitation,” said Tracy. “The entry-level market is a little more frozen than the luxury.” Tracy said as the market continues to correct, the entry-level residential urban market in Stamford will quickly thaw.
“When you see that high-end market moving that”™s exciting, that”™s when you know that things are moving,” said Tracy. “It”™s going to be a good spring. I think there are a lot of people who”™ve waited last year and are ready to go.”
Pat Brandrup, branch manager of Coldwell Banker Stamford, echoed the positive townhouse market in Stamford.
“Our office just sold one of the Trump condos,” said Brandrup. “It”™s not only the UBS and RBSers, people believe Stamford is history in the making. Since we”™ve gotten our new mayor things are humming. Young professionals are looking at the proximity to New York, the 83 restaurants and a vibrant downtown and are excited. They”™re excited to live here, there”™s and upbeat feeling here. The deals are very good right now, the time is right.”
Brandrup said depending on the individual”™s income, many are still taking advantage of the tax credit that can offer those in the market up to $8,000 to live in Stamford.