above: Listed by Joseph Barbieri of Sotheby’s International Realty, the property at 140 Wallacks Drive on storied 3.5-acre Caritas Island (previously called Greenway Island) is offered for $7.495 million. The main house, accessible by a gated causeway, has 12 bedrooms and 10 baths.
Photography: Wallace Drive By Daniel Milstein; others contributed
Nearly 1,000 apartments opened in Stamford in 2024, including units at The One Atlantic and The Asher.
Real estate is an industry driven by numbers. Whether it’s the cost of a home, interest rates, or managing family budgets, purchasing a house comes down to arithmetic. In most cases, it’s a matter of getting the money together for a down payment, managing the mortgage payment and taxes, and balancing living expenses. Good thing smartphones are equipped with calculators.
Over the past few years, however, the Stamford real estate community has been impacted by a figure rarely discussed over bites of burgers at the family dinner table. Inventory—notably, the lack of homes available for purchase—continues to play a key role in the city’s housing market. Would-be homeowners continue to be frustrated in their quest simply because they cannot find properties for sale.
“There are a couple of factors,” says Jodi Boxer of Keller Williams. “One, there is a high demand despite higher interest rates. Two, there is a very low supply. So many sellers are locked into low interest rates. It will cost them a lot of money to move to a house with a different mortgage rate. People are electing not to sell, and some are even holding on to their homes as investment properties.”
The city’s supply-and-demand conundrum has dragged on since the pandemic threw the market into a tizzy in 2020. Home prices continue to rise—the median sale price for a Stamford home rose 8% year after year by the end of the third quarter, according to statistics from William Pitt Sotheby’s—but inventory is short. According to Federal Reserve Economic Data (FRED), inventory in the region that includes Stamford, Bridgeport and Norwalk has declined by more than 5,000 units since 2017.
“I’ve never seen this kind of market before,” says Staci Zampa, a founding agent of Compass with more than two decades of experience. “I am hoping this is the year it comes to an end.”
SHAKING LOOSE
The most critical aspect in freeing up inventory is likely to be a decline in interest rates. While they have declined slightly in recent years, many homeowners locked in at rates well below current market standards. Further de-escalation could propel significant movement.
“If interest rates go down, that would be a big help,” says Barbara Hickey of William Pitt Sotheby’s. “Some homeowners have an interest rate in the low threes. You’re not touching that mortgage. How many people are out there with those low interest rates? Even if they want a bigger house, it might not be worth it to move.”
Inventory could also increase if businesses start to require employees to return to the office. In the wake of COVID-19, many companies permitted employees to work from home. Now, however, some want employees back in the office, even if it’s on a hybrid basis.
LUXE LOTS
“La Gentilhommiere,” a stately limestone residence at the end of a long-gated driveway on Riverbank Road in North Stamford, evokes the romance of the French countryside. The five-bedroom, five-bath house on 3.54 acres spans nearly 7,000 square feet. Susan Vanech, a founding member of Compass, sold the property for $6.8 million and worked with co-marketing partner Barnes International to reach international buyers.
Vanech said she sold the home, which was built in 2001, to a couple who have multiple properties worldwide but were seeking a residence away from the hustle and bustle of New York City.
“The house today would cost $15 million to build,” Vanech says. “I think what makes it unique is, aside from being an authentic chateau, it captures what it means to live in Northern France but right in New York City’s backyard. The house is an art piece, and we approached it like we were selling a rare gem or an auction house item.”
Inspired by the Chateau de Givenchy-le-Noble, the home is a limestone masterpiece that seamlessly blends European elegance with modern comfort. The materials used to create this treasure are authentically French, including centuries-old beams, 18th-century parquet de Versailles floors, Remy Garnier hardware and a range from La Cornue, an ultra-high-end manufacturer that was founded in Paris in 1908 by Albert Dupuy.
“The main residence’s four en-suite bedrooms are located on the arrival level of the home, in the tradition of many period manor homes,” Vanech says. “The public rooms are on the upper level.”
A guest house, pool and accompanying house with gas fireplace, and surround sound home theater are also all located on the property.
“This was the perfect choice for the buyers,” Vanech says. “They have an international background, and they wanted something outside of the city to entertain and have privacy. From the research we’ve done, this is the highest-price sale of a Stamford home that’s not on the waterfront that we’ve ever seen. It’s an amazing property.”
One waterfront home that has garnered significant attention is the storied 3.5-acre Caritas Island (previously called Greenway Island) on Long Island Sound. Listed by Joseph Barbieri of Sotheby’s International Realty, the property at 140 Wallacks Drive is offered for $7.495 million. The compound is accessed by a gated causeway.
The stone main house was built in 1909 and includes 12 bedrooms and 10 baths. The property also includes a three-bedroom stone guest cottage, and a six-car detached garage with two apartments for staff. Stunning waterside terraces, a lap pool, greenhouse, pond, sandy beach and natural swimming cove are also included, along with a 200-foot pier that can accommodate a 75- to 150-foot boat. Wallacks Point juts out into Long Island Sound between the public beaches at Cummings Park and Cove Island Park.
“This is a unique property on an exquisite compound,” Barbieri says. “There are very few places where you can get your own causeway. In 115 years, this property has had just three owners. When I’m there I feel like I could be on Block Island. Wallacks Point is a beautiful community that’s off the beaten track.”
The luxury market in Stamford reflects the market as a whole. Low inventory continues to frustrate buyers, even with homes that are listed for several million dollars.
“The demand is good, and waterfront sales are strong,” Barbieri says. “We’ve had some significant off-market sales. The market is quite good for sellers, but finding quality inventory has been the challenge.”
RENTALS ON THE RISE
It can be hard to find housing in Stamford, especially for younger people who are just starting their careers. There may be hope, however, as more condominiums and apartments become available over the next few years.
Nearly 1,000 apartments opened in Stamford in 2024, including units at The Asher and The One Atlantic. Another 395 are imminently on the way at 18 Dock. In 2025, the city should see another 1,000 apartments open for leasing.
Additionally, multiple plans were put forth last year to build more condos in Stamford, including one in December that called for 56 units in 13 two-story townhouse structures off Top Gallant Road. The building was the former home of the Playtex Corporation.
Just a few days earlier, the Stamford Zoning Board approved 280 apartments on Broad Street in a building formerly occupied by the retail store Burlington, near the Ferguson Library.
F.D. Rich expects to break ground this year for the Broad Street Apartments, which will bring 200 rentals to market in 2026. Another new one on the horizon—though no date has been set for ground-breaking—is a 400-unit complex at Landmark Square. The 31-story high-rise will be the third tallest building in Stamford and is being developed by the Capelli Organization.
“Virtually any centrally located parcel is being converted,” says Melodye Colucci of Coldwell Banker. “There is a strong demand for rentals, as we see by the 99% occupancy rate in virtually all of the rental communities, and condos have been in short supply for a while.”
Inventory has been distressingly tight for single-family homes in Stamford for several years, but the condo market has been even harder to navigate and due to the lower price point when compared to a single-family home, it makes “the American dream” of homeownership even harder to attain for those first-time buyers.
“A lot of people have their hands tied,” Colucci says. “Many people are asking ‘why pay rent when I could be paying a mortgage and paying myself back versus paying the landlord’s mortgage?’ but there’s just nothing for buyers to purchase. There is a lack of availability that makes it very difficult for young people. If some of these apartment rentals were to enter the market or be built for sale, they would sell like hotcakes and ease some of the housing tensions we are currently seeing.”
The housing dilemma, however, can’t be discussed without growing concerns about quality of life. Traffic continues to jam city streets, and even a short drive can feel like an eternity.
“It can take 20 minutes to go two miles now,” Colucci said. “It’s almost absurd at this point. If we keep growing at the rate at which we’re growing, it’s going to be a complete nightmare.”
The River Bend Center had an office vacancy rate of around 65 percent last spring. Many businesses in the park in Springdale exited as employees moved to work-from-home roles. In September, the city voted to approve residential units at the 37-acre center. However, the decision is being challenged in a lawsuit filed in December by the Stamford Neighborhoods Coalition citing density and traffic concerns like the ones Colucci raises.
The broad choice of housing (when available) has always made Stamford’s real estate story dynamic, fluid and in a constant state of evolution. There is no expectation that will change in 2025.
There were a lot of buyers from New York City who were excited about moving to the suburbs,’’ says Melodye Colucci of Coldwell Banker. “But a lot of people went back. People forget about the fear that they had during Covid and went on to resume life as they knew it pre-Covid. Some found that they wanted to stay, but there are a lot of different scenarios for why people move. The question becomes: If I sell my house, where am I going to go?”
In one of Colucci’s transactions last year, her client returned to Montana after coming to Stamford for employment. “There’s a lot of sticker shock,” she says. “They thought it would be a great opportunity to move to Stamford, but it just wasn’t for them.”
LOTS TO OFFER
Homes that do come on the market continue to get scooped up quickly. In many cases, sellers are still receiving multiple bids on their properties, though not as many as in previous years.
“Each home that we sold this year continued to go above asking,” Zampa says. “What was crucial this year was making sure that you priced the house correctly. Aspirational pricing hurt some sellers. We have real conversations with sellers about how we should price the home. We can be under the market, to the market average, or seek aspirational pricing. But if you choose for the aspirational price, you’re going to be on the market much longer and you’re probably going to have to drop the price.”
The lack of inventory has not slowed demand. Stamford’s proximity to New York City, amenities and comparative pricing to communities in Westchester County and Long Island make the city an attractive choice for many people.
“It’s always been expensive,’’ Hickey says. “I don’t see that changing. People are drawn to Stamford due to its genuine diversity. More and more people are looking for that.”
Stamford also has broad housing diversity. The pricier pockets along Long Island Sound and North Stamford generate some eye-popping properties, while neighborhoods such as Springdale, Glenbrook, and Turn of River continue to appeal to families looking for nice areas with good schools.
Many of the buyers flocking to Stamford are coming from Westchester and New York City, where they can find lower taxes and more housing for the money. “We’re especially seeing empty nesters,” Hickey says. “If they had four acres in Westchester County, they might be paying close to $100,000 in taxes. At their age, they want to get away from that. They want to manage their assets the best way possible.”
INFLECTION POINT
Predictions are difficult to make, especially with a fresh federal administration prone to unorthodox political wisdom. Sooner or later, however, most industry experts feel that Stamford real estate will settle back to equilibrium, and that 2025 could usher in that return to normalcy.
“Eventually, that pendulum has to swing back to a more balanced market,” Boxer says. “It might not swing to a buyers’ market, but prices have gone up so much that it must slow down. The market will eventually open up and it will help buyers make their move.”
As the housing market turns to spring, perhaps the most important concept for buyers and sellers to remember regarding Stamford real estate is that the city remains a coveted place to call home. The population has swelled by more than 16% since 2000 and is now the state’s second-largest city, trailing only Bridgeport. Stamford’s population is soaring with no let-up in sight.
“We’re seeing more inventory coming on,” Zampa says. “Buyers are coming in a little bit smarter and we’re seeing more activity with each listing. We’ve had limited inventory for a few years now, but I think this is the year it comes to an end.”