What is your opinion about the New Development Market???

Asked by Paul Macapagal, NY, NY Wed Jul 11, 2007

Is the new development market picking up speed? Too much New development inventory? A good buy for investors? Prices too High?

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2
Victoria Lor…, , Fairfield County, CT
Thu Jul 12, 2007
That is a very broad question. It really depends on the type of development and where it is located. Here in Fairfield County we have a 2 year supply or more of new homes over 2 million dollars. On the other hand, we are slated in Stamford for more than 5000 condos over the next 5 years. While the market is soft , those who look at the numbers are predicting an eventual housing shortage as we all age and that's those developers are looking at and banking on.

Victoria

http://www.HomesofFairfieldCounty.com
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Stan Mikhals…, , 33160
Thu Jul 12, 2007
I cannot tell about New York but in Florida, we overdeveloped. For investors it is not a field where they prefer to be -- they are buying foreclosures that are plenty. Prices maybe high but developers are giving away tons of incentives. However, it could attract first time buyers but not investors. Especially, in condos, because as soon as building is transferred from developer to association, this scavengers are raising maintenance prices at least twice. And new buyers have to deal with unexpected expenses.
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