After 21 years as a commercial lawyer and investment banker on Wall Street, Mark Peters decided it was time to try something new. I started building spec houses back in 1995, he says. With the market for luxury homes booming in Darien, Peters transitioned full time into real estate in 2005. He got his license and signed on with William Raveis in Darien.
Peters had several good years, buying and selling houses. Then 2007 came along. Fortunately, he says, I lost every property I bid on. But a lot of people got hurt. Many builders were unable to borrow the money they needed to complete construction projects and houses sat half-finished.
Peters is currently looking for a buyer for a 7,000 square-foot, five-bedroom home in the Tokeneke section of Darien, down by the water. He rescued the house from foreclosure last year and has finished it off. The house was all roughed out, he says, meaning that the plumbing and electrical work had been completed. The hardwood floors had been installed, too, as well as the kitchen cabinets. We changed many of the details, he says, pointing out the heavy moldings his carpenters used to create gracious cased openings to replace the out-dated arches the original builder had installed. The house has a large combination kitchen/family room setup, and many luxury touches, including an elevator. The stone and tiles are from Bella Pietra in Darien. Bill is the greatest tile guy, Peters says.
As soon as Peters finds a buyer for the Tokeneke house hell look for another property to develop. He thinks that all the big building companies are just waiting for the market to improve. Were in the new normal, Mark Peters says.
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