[New Englander]

Originally Posted by Stylo

Cove is rough around the edges. But I see it getting better.

Agreed, I definitely see that potential.

[JayCT]

Originally Posted by Stylo

Cove is rough around the edges. But I see it getting better.

I agree. It is too well located to stay rough. Seems prime for investment. Jay

[lginlg]

An investment in a condo in Stamford would be more for income and tax benefits than appreciation. The town is not really a condo city ... Trump took 5 years to sell all condos, HighGrove started out as condo and became leasing as did the older Classic, which tried changing back to condo and now is leasing again. I hunch your due diligence will show resale on condos to be flat if not negative for the past decade. Most condo developers thought they would appeal to downsizers, but slow sales of single family throughout the city thwarted that strategy.

That said, the city is a hot lease town -- especially for the younger crowd who now prefer discretionary rental to fixed ownership -- so anything located near downtown restaurant, train, entertainment, and bar scene should lease out quickly. The Ridgeway area lies just a bit beyond that hot spot, but still well located.

[JayCT]

Originally Posted by lginlg

An investment in a condo in Stamford would be more for income and tax benefits than appreciation. The town is not really a condo city ... Trump took 5 years to sell all condos, HighGrove started out as condo and became leasing as did the older Classic, which tried changing back to condo and now is leasing again. I hunch your due diligence will show resale on condos to be flat if not negative for the past decade. Most condo developers thought they would appeal to downsizers, but slow sales of single family throughout the city thwarted that strategy.

That said, the city is a hot lease town -- especially for the younger crowd who now prefer discretionary rental to fixed ownership -- so anything located near downtown restaurant, train, entertainment, and bar scene should lease out quickly. The Ridgeway area lies just a bit beyond that hot spot, but still well located.

Most of the problems with those projects had to do with timing. They came on the market during a recession. And the OP seems to want to rent the place out, not flip it. If Stamford is a lease city as you say it could be a good investment. Jay

[lginlg]

Originally Posted by JayCT

Most of the problems with those projects had to do with timing. They came on the market during a recession. And the OP seems to want to rent the place out, not flip it. If Stamford is a lease city as you say it could be a good investment. Jay

Absolutely. if the intention is rental not resale, then a smart investment. And yes the examples I offered came to market during 2007-2010. However, Jay, there's more recent evidence that the market in Stamford totally prefers lease to purchase.

Consider the Beacon high rise in Harbor point that opened in the past couple of years. Originally designed as a two tower condo and hotel, BLT changed course and brought it to the market exclusively as rental apartments. Of the 2400 units that make up the residential building boom of Harbor Point, none is condo. Moreover, all the new residential downtown construction (including such stalwarts as Summer House, Vela, 66 Summer, BLVD, Element 1, Bedford Hall, the Hole in in the Ground complex, and the about to open Atlalntic Station) none are conceived or marketed as condo. Now that I think about it, I can't point to any new condos in Stamford that have been built in the past 10 years.

[New Englander]

Originally Posted by lginlg

Absolutely. if the intention is rental not resale, then a smart investment. And yes the examples I offered came to market during 2007-2010. However, Jay, there's more recent evidence that the market in Stamford totally prefers lease to purchase.

Consider the Beacon high rise in Harbor point that opened in the past couple of years. Originally designed as a two tower condo and hotel, BLT changed course and brought it to the market exclusively as rental apartments. Of the 2400 units that make up the residential building boom of Harbor Point, none is condo. Moreover, all the new residential downtown construction (including such stalwarts as Summer House, Vela, 66 Summer, BLVD, Element 1, Bedford Hall, the Hole in in the Ground complex, and the about to open Atlalntic Station) none are conceived or marketed as condo. Now that I think about it, I can't point to any new condos in Stamford that have been built in the past 10 years.

Thanks for the response. Jay is absolutely right, I would be holding not flipping the condo.

I'll check out Beacon high rise as well as the other buildings downtown to see if there are any good deals available.

Very informative!