What Are the Options for New Construction in Greenwich CT?

New Construction in Greenwich

New construction has become a significant part of the Greenwich real estate market. Buyers who want modern floor plans, today's finishes, and the latest in energy efficiency and smart home technology increasingly choose to build or buy new rather than renovate an older home.

Here's what you need to know, based on my 40 years of experience in this market, including renovating four homes of my own across different Greenwich neighborhoods.

Three Paths to New Construction

1. Teardown-Rebuild

This is the most common path to new construction in Greenwich. Buyers purchase an older home primarily for the lot and location, demolish the existing structure, and build a new home from the ground up.

Why it works:

• Greenwich has very little vacant buildable land remaining
• Many homes from the 1950s-1970s sit on excellent lots but have floor plans that don't meet today's expectations
• Zoning regulations are already established for the lot
• You get a new home in an established neighborhood

2. Spec Homes

Spec homes are built by developers or builders on speculation (without a committed buyer). In Greenwich, spec homes range from high-quality to exceptional:

• Typically priced $3M-$8M+
• Move-in ready with designer finishes
• Located in desirable neighborhoods, particularly Mid-Country and Old Greenwich
• The builder has already navigated permits, zoning, and construction

Spec homes are a good option for buyers who want new construction without the 12-18 month wait of a custom build.

3. Custom Build

For buyers who want full control over design and finishes, a custom build offers the most flexibility. This typically involves:

• Finding a lot (either vacant or teardown)
• Hiring an architect and builder
• Designing the home to your specifications
• Managing the permitting, construction, and finishing process

Custom builds require more time and involvement but deliver exactly the home you want.

Popular Neighborhoods for New Construction

Mid-Country is currently the most active area for new construction in Greenwich. The larger lots (1-5 acres), central location, and strong resale values make it attractive to both builders and buyers. Round Hill Road and surrounding lanes see regular new construction activity.

Old Greenwich has also seen significant new construction, particularly teardown-rebuilds on smaller lots closer to the village and waterfront. The premium location justifies the higher per-square-foot cost.

Back Country sees new construction estates on the largest lots, typically $5M-$15M+ for homes on 4+ acres with modern amenities on historically significant parcels.

What New Construction Costs

Rough price ranges for new construction in Greenwich:

| Type | Price Range | |---|---| | Spec home (Mid-Country, 4-5 bed) | $3M-$6M | | Custom build (Mid-Country, 5+ bed) | $4M-$8M+ | | Old Greenwich teardown-rebuild | $3M-$7M+ | | Back Country estate | $5M-$15M+ |

Construction costs in Greenwich generally run $400-$700+ per square foot depending on the level of finish, not including land. High-end custom builds with premium materials can exceed that range.

Timeline

Expect the following approximate timeline for a custom build or teardown-rebuild:

• Architectural design: 3-6 months
• Permitting and approvals: 2-4 months
• Construction: 12-18 months
• Total from purchase to move-in: 18-28 months

Spec homes eliminate the design and permitting phases, so you can be in the home as soon as closing is complete.

What to Watch For

A few things I always advise new construction buyers to keep in mind:

• Zoning regulations vary by zone and affect setbacks, lot coverage, building height, and FAR (floor area ratio). Understand these before you buy a lot.
• Well and septic requirements apply in some parts of Greenwich (particularly Mid-Country and Back Country). These affect site planning and cost.
• Builder reputation matters enormously. Ask for references, visit completed projects, and verify licensing and insurance.
• Budget for overruns. New construction projects almost always cost more than initial estimates. A 10-15% contingency is standard.

Having renovated four homes myself, I understand the new construction process from both sides of the transaction. If you're considering building or buying new in Greenwich, I'd love to share what I've learned.

Martha Z Jeffrey | Sotheby's International Realty | (203) 964-7800 | marthazjeffrey.com