![Residential construction accounted for 44% of spending in October. (iStock)](https://static.therealdeal.com/wp-content/uploads/2020/12/ft-construction-spending-housing-200x143.jpg)
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Suburban condos get competitive
Greenwich sees contracts triple in November
![After a rush for suburban houses, condos in the ’burbs are seeing more interest too. (iStock)](https://static.therealdeal.com/wp-content/uploads/2020/12/competitive-homes.jpg)
As the homebuying competition mounts in New York area suburbs, condos are making their way into the mix.
The number of single-family homes on the market has dwindled, and empty-nesters looking to downsize are considering apartments, pushing up interest, according to Bloomberg.
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![Residential construction accounted for 44% of spending in October. (iStock)](https://static.therealdeal.com/wp-content/uploads/2020/12/ft-construction-spending-housing-200x143.jpg)
![A new report finds that Hamptons prices skyrocketed as demand outpaced supply this year (iStock)](https://static.therealdeal.com/wp-content/uploads/2020/10/ft-hamptons-rental-boom-1-200x143.jpg)
“Affordability is a challenge, and with record prices being set, condo becomes a competitor again,” Jonathan Miller, president of appraiser Miller Samuel Inc., told the publication.
In Greenwich, contracts to buy condos more than tripled in November year-over-year to 25, according to a Wednesday report by Miller Samuel and brokerage Douglas Elliman Real Estate. A majority of those deals were priced between $500,000 and $999,000.
Condo contracts also increased in Westchester County, by 24 percent.
On Long Island, excluding the Hamptons and the North Fork, they rose a modest 6.5 percent. But there were 16 deals there to buy apartments for $1 million or more, up from just eight in that price range a year earlier.
[Bloomberg] — Sasha Jones