[jjbradleynyc]

Stamford currently has under construction the Trump Parc Tower, The Highgrove and a couple of condo buildings on the east side that will be ready by the end of this year. Also on the proposed block is the Ritz-Carlton hotel and condo towers. The South End also has planned housing, as well as a tower proposed by the mall downtown that will be 300 ft high.

My question is if this is all going to be too much housing construction for the market to absorb? Or, is luxury/high end apartments in demand that much in lower Fairfield County? What are people's thoughts?

[skytrekker]

New York cities housing market is still holding up well. However I am reading that cracks are starting to appear there as well. New York has been competing with London as the worlds leading financial center, but the UK and London are also slowing. Also the City has a multitude of high end condo's under construction.

As for Stamford its hard to say, but when firms like Bear Stearns have to be bailed out by the Feds-this is not a good omen for real estate anywhere-including New York . Stamford's real estate market is basically included with New York.

The rest of Connecticut is seeing a large drop in sales and sliding prices, I believe the Hartford Courant said that prices had fallen 8% in January alone! With Stamford's strong ties economically to the City, the problems on Wall street are bound to have a negative impact, especially for high end condo's. Add to this sliding prices and a large inventory in many areas of CT.

As Martin Feldstein President of the National Bureau of Economic Research, the possibility exists for the deepest recession since WW II - definitely not good for real estate in CT or NYC.

See U.S. faces severe recession: NBER's Feldstein - Yahoo! News (broken link)

[Rich Lee]

Originally Posted by skytrekker

As Martin Feldstein President of the National Bureau of Economic Research, the possibility exists for the deepest recession since WW II - definitely not good for real estate in CT or NYC.

See U.S. faces severe recession: NBER's Feldstein - Yahoo! News (broken link)

It's a lot worse than most Americans realize.

[skytrekker]

Yes

It is allot worse then some realize- and the Feds destruction of the dollar will make things worse.

[jjbradleynyc]

I realized there are quite a few more proposed or under construction housing and condos in and around Stamford. Maybe the market will start to turn when the majority of the projects are finished in late 2008 and 2009. If the market still does not turn, I still think Stamford is overbuilding somewhat.

I just don't think enough people are moving into Stamford to buy these new units--are they? Maybe I'm wrong. But according to the census, Stamford isn't growing super fast, just slightly growing. Maybe a new surge of people is the projected trend??