Recession Driving Strong Demand For Homes Near Downtown

In bucolic New Canaan, demand for "McMansions" on large, multi-acre lots has reportedly waned with the recession, while demand for smaller homes and condos near the idyllic town center has skyrocketed.

In a report in the Wall Street Journal's real estate section, Bill Taylor, a real estate broker with Brotherhood & Higley, said there is increased demand for homes close to the downtown costing less than $1.5 million.

"There's really a trend toward in-town living," Taylor told the WSJ. "I think a lot of families find it's easier, when they're making three runs to town every day, to be within a half-mile of the village."

"The Next Station to Heaven" — where one can always get a seat on the train in the morning — remains one of the most sought-after communities in the county for families, according to the report, thanks in part to its charming town center with upscale restaurants and shops; excellent schools; private country clubs; town parks; and of course, close proximity to New York City.

For more, check out the Wall Street Journal report.