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New phase to attract today's buyer at Old Greenwich Gables.

New phase to attract today's buyer at Old Greenwich Gables

A new housing phase scaled to attract today's homebuyer market has begun construction at Old Greenwich Gables, the community of 167 condominium homes under development in Old Greenwich Gables, Fairfield County.

Nearly half of the one-story residences in the new phase --smaller and more affordable than the community's previous housing -- have already been sold, according to Arthur Collins, who is developing Old Greenwich Gables. Initial occupancy is expected in January, 1992.

"We're aware that our market has changed over the past two years from empty nesters with equity from the sale of a previous home to younger professional couples who have not yet had a chance to acquire equity," reports Gregory E. Kamedulski, who is managing the community. "We decided to introduce a new housing design more in tune with the lifestyle requirements of the young professional market.

Prices for the new homes at Old Greenwich Gables range from $240,000 for a 900-square-foot, one-bedroom apartment, to $370,000 for a 1,300-square-foot, three-bedroom home. Previously, the community offered mostly two-story townhouses which ranged from $280,000 to $600,000 in price, and from 1,000 to 2,200 square feet in size.

"Yet buyers of our new homes give up none of the amenities, conveniences and luxuries with which Old Greenwich Gables has always been associated," noted Kamedulski. "Indoor and outdoor parking for 380 cars are provided.
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Publication:Real Estate Weekly
Date:Aug 14, 1991
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