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Old Greenwich condos yield $6M in recent sales surge.

A surge of buyer interest during the waning weeks of last year and the first month of 1992 has yielded the potential of $6 million of new real estate sales at Old Greenwich Gables, the community of 167 condominium homes under development in this Fairfield County town.

Eighteen closings, contracts and reservations were recorded during the ten-week span, while traffic at the sales center averaged nearly 20 a week, according to Joan Collins, sales director at the housing community. Both represent significant increases over the same period in 1990-91, she adds.

"The continued low interest rates and strong stock market is undoubtedly responsible for much of the activity," said Collins. "Pent-up demand for new-construction condominiums in lower Fairfield County is another factor."

Nearly 75 percent of the new contracts are for a new housing product redesigned to attract a younger homebuyer market, notes Collins. Introduced last fall, the one-story homes - smaller and more affordable than the other Old Greenwich Gable housing - have proven very successful in attracting professional couples in the 35-to-45-year-old age bracket who have not yet had a chance to acquire equity from the sale of a previous residence.

"Nearly 70 percent of the homes in the initial construction phase of the redesigned residences has already been sold," according to Collins. "When we close on the contracts already in the pipeline, our current inventory of these homes will be virtually sold out, and we'll begin pre-selling a new 26-home section which started construction last month."
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Mar 4, 1992
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