Around the country, there are locations with much more raw land--and therefore much more new construction--than in our region. However, we have just listed a new condominium complex on the harbor in New Haven, and we are experiencing some of the excitement that accompanies new projects in this improving real estate market.
There are 31 units listed, and 8 went on reservation as of the first weekend! Visitors to the complex, called Breakwater Bay, were blown away by the water views and expansive space of the units, which range in size from 1870 sf to 1915 square feet. All have luxurious fixtures and detailing, and the response has been so good that prices on later reservations have already risen.
New construction tells us a lot about the state of the market, since older homes can usually be gotten for less. The confidence to buy new shows that buyers believe that prices will rise. It's really nice to have that feeling again after much too long!