During the downturn in the real estate market from 2008 to 2011, buyers wanted new or nearly new homes. New construction sold, while existing homes sat on the market. In 2012 and 2013, we saw a change in the market. As it started to turn around, new construction sales continued to be strong and created a huge demand for these new homes. As a result, many more builders are present in Westport, and they are all looking for land or tear downs so the demand for buildable lots is huge. The scarcity of this property will surely lead to a jump in the price of land so we should expect increased prices in new construction as we head in to 2014.
During 2013, all price ranges in new construction were in demand, including the high end. The sweet point in this market place is $1.5-$2 million, where the demand is much greater than the supply. We saw multiple bids in this price range.
Most of the buyers looking for these new homes came from NYC and were young families looking for homes in the transitional style; open plan with a clean uncluttered look. Homes that are located close to downtown and the train were most desirable and having more land was not necessarily a deciding factor.
Jillian Klaff, GRI, ABR, Jillian Klaff Homes at William Raveis Real Estate.
Visit jillianklaffhomes.com to learn more.