It’s hard to hide a 12,000-square foot house.
But for anyone living under a (very heavy) rock — with no idea that some very large homes are going up all around town — the secret is out.
Tomorrow’s New York Times real estate section splashed us all over Page 1.
The story is headlined: “In Fairfield, The Builders Are Back.”
“Fairfield,” of course, is Fairfield County. And — just as we’ve taken the lead with some big-ass houses — Westport leads the article too.
On a recent Sunday afternoon here, anyone visiting open houses might have thought the recession never happened. At one new multimillion-dollar colonial after another, real estate agents were eagerly waiting to show visitors high-ceilinged kitchens anchored by immense white-marble islands; fireplaces hefty enough to offset mega-size flat-screen TVs; exercise rooms with saunas and steam showers; and marble bathrooms with freestanding tubs and heated floors.
En-suite bathrooms for every bedroom are “really big right now,” said Lisa Watkins, an agent with William Raveis, who was showing a $2.699 million house on the outskirts of the sought-after Compo Beach area.
So are “fabulous outdoor spaces,” said Todd Gibbons, an agent with William Pitt Sotheby’s International Realty, who was holding an open house at a $4.35 million home (since reduced to $4.199 million) with multiple stone terraces that incorporated a pool, a spa and a fire pit.
Builders’ expectations for the spring market here are clearly high. After a recession-induced lull, new construction catering to wealthy buyers is back in a big way in Westport and a few other select areas of Fairfield County, particularly New Canaan and the neighborhoods around the beach. And the voracious demand for teardown properties where that new construction can be built is raising the already-high bar for first-time buyers, pitting them against builders looking for older homes on decent-size lots.
The piece notes the pressure put on owners of older homes. “It’s not uncommon for builders in Westport to pay upward of $1 million for a teardown, and $2 million or more near the water,” the Times says.
The story adds that while construction dropped nearly 60% during the recession, it’s zoomed since 2012. The driving force: “demand for new homes for well-to-do buyers — many of them from the city, agents say — who want the latest in design and technology, and aren’t willing to renovate existing homes.”
Life is good for new-home buyers — and realtors. The Times‘ look at Westport noted:
Earlier this month, a remarkable 93 new homes in various stages of completion were listed for sale in Westport, said Jillian Klaff, a broker specializing in new construction. About 40 of them were priced over $2.5 million, which, as she observed, is “a lot of houses.” Especially given that in 2014, only 25 sold in that price range.
The story briefly touches on other towns, including Fairfield and New Canaan. But I’ve summarized the most important points.
Now you don’t have to read it. Why waste time with the Times, when there are so many new homes to buy?
(Hat tip: John Karrel)