Fairfield Condo Yearend Update - 2007
Condos in Fairfield come in a wide variety of shapes and sizes from duplex Townhouses to former Apartment Buildings or complexes to Planned Condo Developments. A recent trend has been to "tear down" a 1950's Cape or Ranch style home and replace it with a New Duplex.
This trend addressed to consumers desire for living in a new construction home with all the latest amenities - yet at a price far below the cost of New Construction in a Single Family lot. As an example, a builder might buy a Cape for $450,000. This Cape would then be replaced with a Duplex with 9Ft ceilings, Gourmet Kitchen with Granite and Stainless Appliances, Master Bedroom Suite with Oversized Master Bath, 2nd Floor Laundery, Garage, Central Air, etc. Each Half Duplex might then sell for $650,000 or $1.3 Million total.
The consumer gets all the amenities of a New Home but at half the cost of a Newly Constructed Single Family home on its own lot.
Fairfield Update | |||||
Year to Date Sales of Condominiums | |||||
As of December 31 | |||||
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| 2007 | 2006 | 07 vs 06 | 2005 | 07 vs 05 |
Closes | 117 | 128 | -9% | 144 | -19% |
Median Price | $415,000 | $382,000 | 9% | $405,000 | 2% |
Avg Selling Price | $499,444 | $479,229 | 4% | $484,261 | 3% |
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Prepared by the TETREAU Real Estate Group from W. Raveis Real Estate | |||||
Or visit my web site at: www.tetreau.com
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