2014 was a banner year for new construction. Westport saw a huge number of homes being bought as tear downs and also saw the arrival into town of a number of new builders and developers. As a result, there are less affordable homes for the entry level buyers and end users. It is expected that 2015 should again be a year of active new construction building.
There are currently 88 new homes that are listed on the CMLS as “under construction” and that number will definitely increase as more homes are expected to come on to the market this year. We currently have more $3million+ new homes being offered for sale than ever before. As long as the demand continues to be there, things should be fine, but should it drop, builders will have to bring their prices down to sell and there will be a change in the new construction picture.
54 new homes were sold last year (see the table by clicking here ). The most expensive home was on Hillspoint Road at Compo Road and it past title at $7,526,000.
12 new homes have sold sold since the beginning of the year and the most expensive one is $11,906,000 at 2 Manitou Court. There are currently 5 new construction homes under contract.
Land is in short supply and really good one acre lots are going at a premium. In order to build homes under $2 million, builders are purchasing very small lots on roads that have not seen new construction before.
The most desirable new homes are those close to town and south of I-95 (Greens Farms and Saugatuck). Those north of the Merritt tend to take a longer time to sell.
Sellers of tear downs are going directly to the builders in many cases and often the properties do not make it onto the market.
Buyers of these new homes tend to be young families moving from New York City or Brooklyn or current residents trading up or trading down. Most buyers are looking for houses that have open plans, great flow, high quality materials and low maintenance features. The size of properties does not seem to be as important as it was in previous years and in many cases buyers will not focus that heavily on location, if it means getting a new home.
Most interiors are not as traditional as before. They have transitional touches and clean lines with lighter trim work and moldings. There are many modern elements included in the design work.