Unlike stocks, you cannot easily “short” a developer, and that’s a good thing, in the case of builder John Fareri, because you would lose money betting against him!
Fareri and team appeared to have a hard time initially getting the first phase of this project (development of the old Manero’s Restaurant land) sold, but that had more to do with the US government-caused real estate meltdown of 2008.
The next phase, eleven more luxury condos, some direct waterfront, completely sold out before they were even half finished. Named “The Harbor At Greenwich”, it’s located at the corner of Steamboat Road and Oneida Drive, across from the Delamar Hotel. Prices ranged from $3,325,000 to $5,650,000.
I recall taking a client to the site many months ago. At the time, it was just a muddy field with the bare beginnings of site work. My client wasn’t impressed and confidently predicted, “They’ll never get these prices!” The client was terribly, terribly wrong.
Here’s the website: The Harbor At Greenwich
Here’s an alternative link to some of the listings: 2 Oneida Drive