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Print ArticleStamford condominium developer Randy Salvatore isn't waiting for market conditions to improve as he builds the 36-unit Marquis on the River project on the banks of the Norwalk River in East Norwalk.
He said he believes now is the right time to sell the luxury condos at 142-144 East Ave., where Gibbs College had been.
Salvatore, president of RMS Construction of Stamford, said construction of the two-building project began in January and will be done by the end of the year.
"While many parts of the country are facing sales declines and steep price reductions in the housing market due to an aggressive overbuilding of speculative properties, the underlying fundamentals of Fairfield County's real estate market remain strong," Salvatore said. "There really has never been a better time to buy in more than a decade."
He said weak housing starts in California and Miami have led to a significant drop in the cost of building materials and labor. "We will be passing on these savings to the buyers of our new units at Marquis on the River," Salvatore said.
