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Recession Driving Strong Demand For Homes Near Downtown

Demand for large homes on multi-acre parcels in northern New Canaan has reportedly waned with the recession, while demand for smaller homes near downtown has increased.

 

In bucolic New Canaan, demand for "McMansions" on large, multi-acre lots has reportedly waned with the recession, while demand for smaller homes and condos near the idyllic town center has skyrocketed.

In a report in the Wall Street Journal's real estate section, Bill Taylor, a real estate broker with Brotherhood & Higley, said there is increased demand for homes close to the downtown costing less than $1.5 million.

"There's really a trend toward in-town living," Taylor told the WSJ. "I think a lot of families find it's easier, when they're making three runs to town every day, to be within a half-mile of the village."

"The Next Station to Heaven" — where one can always get a seat on the train in the morning — remains one of the most sought-after communities in the county for families, according to the report, thanks in part to its charming town center with upscale restaurants and shops; excellent schools; private country clubs; town parks; and of course, close proximity to New York City.

For more, check out the Wall Street Journal report.

W. H. Taylor February 04, 2013 at 04:21 AM
FYI, I also told the WSJ reporter that some of the best current values in New Canaan can be found several miles from the village.
Glen K Dunbar February 04, 2013 at 06:42 PM
Yes, but one needs a car if you live far out of town.

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