It appears that some in the real estate world think Connecticut residents are ready to lay down some serious cash for homes again. Toll Brothers, a Pennsylvania-based homebuilder, is getting ready to open not one, but two luxury home communities in the Nutmeg State.

These crème-de-la-crème neighborhoods in Stonington and Wallingford will sell single-family homes starting in the mid-$400,000. I don’t know about you, but this seems like a risky venture considering Connecticut’s economy – along with the rest of the nation’s – hasn’t exactly experienced a full recovery.

The median price for single-family homes sold in Connecticut for 2010 was $250,000, a nearly 4 percent increase from 2009, according to The Warren Group, publisher of The Commercial Record. That’s a cool $200,000 less than the starting asking price for one of the Toll Brothers homes.

This is a big move in Connecticut housing and not just for the luxury market. According to Toll Brothers, these housing developments will be the state’s first in five years. Are people ready to embrace these lux homes’ two-story entryways; nine-foot, first-floor ceilings; hardward floors; granite countertops and luxury master-bedroom suites?

They just might be. The latest figures from foreclosure marketplace RealtyTrac indicate that Connecticut has some of the lowest foreclosure numbers in the nation. While those numbers may be low, we all probably know that they aren’t quite accurate due to last fall’s robo-signing debacle.

But I guess we’ll all have to just wait and see how many of these homes get scooped up and (fingers crossed) how many of these new homeowners stay on top of their mortgage payments.

This entry was posted on Monday, March 7th, 2011 at 4:15 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.