What is the condo market outlook for the next 5 years in Stamford?

Asked by matrix607, 06902 Thu May 19, 2011

I have been hearing that there are a lot of condos slated to be built in the next 5 years, and as a prospective buyer I am curios about the following questions.
- What effect will this have on the current prices of condos?
- What effect will this have on the current rental prices of condos?
- Which pricepoint are these new condos targeting?
- What areas are these condos targetting?
- Are there comparable areas where this has happened and what was the effect?

Any other info would be great! Thanks!

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Judith "Judy"…, Agent, New Canaan, CT
Wed Jun 8, 2011
Great questions on the effect of building more condos in Stsmford. Due to tightened lending rules, it appears that many people will rent instead of buying in the near future. Affordable condos may be attractive for first time home buyers as long as common charges stay low (more buying power). A glut of condos can drive down the values. There is a need for mid range condos (300-500,000) for those professionals commuting to NYC or new executives in the Stamford area. These professionals want newer upscale homes. Several new developments haven't sold quickly, which may mean lower priced condos are warranted. The renaissance of downtown Stamford has been very effective. It's a great city to walk around and try new restaurants, catch a movie, and go shopping. As long as the taxes stay low, resell values should appreciate over the long term.
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Laura Feghali, Agent, Stamford, CT
Thu May 19, 2011
Hello Matrix,
The South End/Waterside area of Stamford is undergoing redevelopment. Numerous projects have been planned and some are already built and in operation. A couple of luxury rental communities have been completed and doing well. Office buildings, a 5 star hotel, condominiums, and a park are in the plans.
The area is targeting the middle to upper end of the rental and condominium market. Currently, the rental market is very brisk and will probably continue to be for awhile in this economy while the condo market is sluggish.
Check out these links for more information about Stamford's Master Plan and the developments in the works:

http://www.ci.stamford.ct.us/content/25/52/138/164/202/88493.aspx

http://harborpt.com/

Hope you find this useful.

Laura Feghali
Prudential Connecticut Realty
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