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New Canaan Condos
The Condominium Market in New CanaanMany of us are considering a move to a condo, both because of the lower maintenance and the greater ease of sale in future years. The question becomes whether one should look at the larger units which more closely resemble a house, or the smaller units more akin to an apartment. Which is the better value today? And which will hold its value better in the future?
To the degree that you or your family are considering a condominium or a co-op, the market is has softened considerably in 2005 as Buyers continue to look for new construction, or at least fully renovated units. Neither exists right now so sales are lagging as prices continue to rise.
Regional Comparisons
In New Canaan, prices rose roughly 18% in the first six months of 2005 and only 36 units are on the market today.
Description of the New Canaan Condo MarketA large part of New Canaan's supply of condo's and coops is considered 'old', namely, fifteen to twenty five years of age. Older units receive lower prices than newer ones, such that units of 25-35 years garnered an average price equal to a 25% discount to the average price. New construction receives premium prices and restored antiques fetch the highest prices of all. The same phenomena holds in both Greenwich and Manhattan.
In terms of bedrooms, the two bedroom condo is the clear preference ' both for renters moving up, and for retirees downsizing. In New Canaan however, the stock of 3 bedroom units far exceeds that of 2 bedroom condos, thereby further aggravating the pricing pressure on these units.
The style of design does not appear to significantly affect the price per square foot received. Townhouse condos are the most common and sell for somewhat less, but one level 'ranch' style condos and colonials alike sell for roughly the same price per foot. The presence, or absence, of stairs is not a major factor for buyers of condos, or coops.
Condo Sales have Heated Up !!Recent TransactionsCondos in New Canaan have set record high prices this spring and summer. Well done condos will now cost $1.5 to $1.8 million and one can expect that condos with water views will fetch still more.
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