Palmer Hill Begins Work on New Condos
- Oct 05, 2011
Stamford, Conn.—Palmer Hill Parters has started Phase III, or the East Building, of Palmer Hill in Stamford. The East Building property will offer 27 garden condominiums in five different floor plans, with closings anticipated to take place in spring 2012.
Palmer Hill is set on nearly 20 acres of grounds and conservation areas, and is patterned after the traditional architectural style of coastal New England. All together, the gated community features 195 residences, including 114 townhomes and 81 condominium residences.
Thus far the developer has sold about 100 residences at Palmer Hill. Since the beginning of 2011, buyer traffic has resulted in 30 home sales totaling over $20.2 million. Currently 90 families are currently living at the property, and 15 more are scheduled to move in by year-end.
“Palmer Hill attracts not only empty-nesters, but has appealed to a lot of younger families and first-time homebuyers, given the affordable price points and the opportunity to live within a resort-style community,” Bill McGuinness, principal of Palmer Hill Partners, tells MHN. “The condominiums feature layouts that suit many young lifestyles looking for a home with an easy commute to the city.”
McGuinness adds that while lending requirements have tightened, “we continue to provide qualified buyers unique options to finance their home purchases. With Palmer Hill having previously received FHA approval, the community has been able to offer more flexibility for buyers wanting to close on a condominium than those trying to close on another condominium resale or single-family home in the area.”
The condo residences will range in size from 1,200 to over 2,000 square feet, and are priced from the $500,000s to the high $700,000s. The condominium buildings are designed in traditional shingle-style architecture and are set on a centrally located landscaped courtyard. Condominium residents will have access to garage-parking space for two cars each, as well as direct elevator access to each floor.