Palmer Hill Partners Adds New Phase to Conn. Devp.
- Mar 15, 2010
Stamford, Conn.–Palmer Hill Partners is now preparing for a new phase of construction on the Palmer Hill luxury condominium community in Stamford, Conn., which will consist of a second condominium building with 27 homes, and 20 new townhomes.
Palmer Hill is set on nearly 20 acres of landscaped grounds and conservation areas, and is designed in the traditional coastal style of New England architecture.
The community will feature 195 residences, consisting of 114 townhomes and 81 condominiums, with 57 units now built, 50 closed, and 10 other sold, but not yet closed.
When the project was planned, Palmer Hill thought twice as many units would now be sold, Bob Dale, a partner in the company says.
“I think we’ve done extremely well, given the condition of the market,” Dale says. “We’re outselling the rest of the market, combined.”
Dale says he is seeing a “better attitude” among prospective buyers, compared to a year ago. Then, many prospects liked what they saw at the development, but were reluctant to put down a deposit, because they were unsure they could sell their home in an eight- or nine-month time frame, he says.
There are five single level, two- and three-bedroom condominium plans, with homes ranging in size from 1,200 to over 1,800 square feet, and priced from approximately $500,000 to $800,000. Townhomes range in size from approximately 2,000 to 3,500 square feet, and offer private two-car garages and brick paver driveways and walkways, and are priced from $700,000 to over $1 million.
Bill McGuinness, a partner in Palmer Hill Partners, is optimistic about the market going forward, as he says people are feeling better about their jobs, and are more confident in their ability to sell their homes.
“There’s a lot of pent-up demand,” he says.