When it comes to real estate agents, the glass is never half, or even completely, full. It’s always overflowing.
A walk-in closet becomes a “unique home office.” The train tracks in your backyard are transformed into “walk to the station!” I actually saw an Old Hill Road property that touted “beach access.” Sure — buy your sticker, like everyone else.
But a recent mailing from KMS Partners caught my eye. The principals — experienced professionals all, and longtime Westport residents — did what realtors seldom do: They addressed a continuing land-use debate head on.
Impressed by their willingness to confront the issue of teardowns, I asked if I could reprint their message on “06880.” I warned them that our commenters can be a frothy bunch, and there might be some criticism.
Go ahead, KMS said. We welcome the discussion. So read what they had to say — and feel free to add comments at the end. Real names, please!
In any town in Fairfield County, the topic of new construction homes creates a lively discussion. At KMS Partners, we have found you either love it or hate it. But no matter what your opinion is, new construction is the hottest market niche in the majority of towns across Fairfield County.
What makes new construction so popular? Buyers’ behaviors, plain and simple. Today’s buyer wants ease of transition: the latest trends in amenities, the most efficient systems, design teams to help select decor and finishes, top-of-the-line appliances, builders’ warranties, smart home technology, low maintenance, fresh paint and gleaming finished floors — for starters.
What happened to the “fixer-upper buyers”? They are the minority these days.
With all this demand for new homes, across various price points, builders naturally search out properties to meet the demands of their clients. The result is increased competition for land. That drives up land values, to the point where land is sometimes more valuable than the house the land sits on.
A charming 50-year-old colonial, lovingly lived in yet in need of updates,will not attract an end-user buyer as much as a builder (assuming the land is suitable for a new construction home). Yep, your house could be worth more as a teardown.
While these are broad statements, it is best to consult an experienced agent to ascertain the full potential of your property.
For those who loathe another “teardown of the day,” consider this scenario. An agent or builder approaches a homeowner with a legitimate offer to purchase the property. Cash, “as is” or with minimal contingencies, closing at your convenience and an attractive purchase price for the property.
The house is tired, in need of repairs and not appealing to buyers today. This is your nest egg. You are ready to move on to the next chapter of your life. It’s an easy sale. Suddenly a “teardown” doesn’t sound so bad.
But what about the character of our towns? And who will be able to afford to live here? There must be some balance to this phenomenon.
We agree. We work with clients who have strong opinions on all these points. For our sellers, we honestly advise how they can maximize the potential of their property. Not every “resale house” is a teardown. To the surprise of many of our resale clients, their homes are attractive to today’s buyers.
For our buyer clients who do want new construction, we are always in search of land and will navigate them through this process. When builders ask our opinions, we are not shy to express them.
We love our towns and the characteristics unique to them. We encourage builders to strike the balance of new and New England when creating their projects. We also encourage our new construction buyers to do the same. We would love to hear your opinion on this topic.