Spec Houses in Westport CT.
Interesting comments on houses being built on spec. in wealthy Westport Connecticut. We are seeing alot of this kind of building in Rumson and Little Silver.
"While not an Achilles heel for Westport, houses built for speculation, especially those in the $2 million plus range, are increasing inventory, according to real estate agents. This causes houses to remain on the market longer, which in turn forces sellers to be more competitive, and ultimately affects the price.
"What we're seeing is a lot of new construction and increased inventory over $2 million, and only about 25 percent of them are selling," said Michele Genovesi, owner of Michele & Company at William Raveis in Westport."
"While not an Achilles heel for Westport, houses built for speculation, especially those in the $2 million plus range, are increasing inventory, according to real estate agents. This causes houses to remain on the market longer, which in turn forces sellers to be more competitive, and ultimately affects the price.
"What we're seeing is a lot of new construction and increased inventory over $2 million, and only about 25 percent of them are selling," said Michele Genovesi, owner of Michele & Company at William Raveis in Westport."
posted by Little_Silvered at 10:45 AM
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