New Listing 480 Cedar Lane, New Canaan, Ct

Just Listed for $1,195,000

Location, Location, Location. This 4 bedroom home sits superbly on a lovely corner property and is approached by a sweeping drive. The 1.3 acre property is landscaped and designed with specimen trees and plantings. Spacious living room with dramatic high ceilings, oversized dining room, 3 full and one half baths, 2 fireplaces, solarium, central air and 3 car garage are just some of its features. This property has tremendous potential for improvement, expansion or a completely new home. Call me today for a personal tour.

A real look at New Canaan’s second quarter numbers as of June 8, 2008.

In trying to analyze the speculation regarding the New Canaan real estate market, I compared some figures from 2007 to the current year. As expected, the number of transactions is significantly lower. There were 102 closed residential sales as of June 8, 2007 versus 65 closed sales so far this year representing a 36% decline in transactions. In addition, there were 76 properties that went pending (in contract but not closed) during the time period from April 1, 2007 through June 8, 2007 versus only 33 pending contracts during the same time period this year. This represents a decline of 57% in pending contracts. However, the sales numbers paint a different picture. Of the 65 sold homes this year the average sales price is $2,331,126 versus the average sales price last year of $2,358,635, an insignificant change. The median price figures are even more surprising.
The median price of sold homes to date this year is $1,872,000, while the median price as of June 8, 2007 was $1,781,000. On the surface, these figures paint a more positive picture; however, the difficulty in accurately portraying this comparison is that these figures are not accurately comparing apples to apples. What is really happening here is that the homes that are selling are selling at lower prices than they would have one or two years ago. These sellers have negotiated sales prices at varying degrees of discount so they could achieve their end goal, which is the sale of their home. There is significantly more value in the homes selling currently and a savvy buyer can end up with much more home than he would have in 2006 or 2007. Conversely, a motivated seller can certainly sell his New Canaan home, but not at the price he would have sold in the past stronger markets. Each transaction is subject to its unique negotiations and the motivations of each buyer and seller. There are many fine properties for sale and there is a buyer for each and every one of them. Keeping an open mind and recognizing a good opportunity is key for all sellers and buyers alike.

New Canaan Real Estate Activity June 2, 2008 thru June 8, 2008 (Single Family Residential Only)

New Listings

8 Tommys Lane $1,125,000
498 Valley Rd $1,995,000
7 Indian Waters Dr $2,050,000
46 Elm Place $2,075,000
29 Pequot Dr $2,450,000
89 West Rd $2,795,000
96 Stoneleigh Rd $3,499,000
114 Bridle Path Lane $4,595,000
93 Louises Lane $5,000,000

Contracts Pending

44 Hickok Rd $1,199,000
728 Carter St $1,385,000
401 Cedar Lane $1,649,000
29 Myanos Rd $1,890,225
392 South Ave $1,980,000
68 Woods End Rd $6,795,000

Homes Sold

737 Carter St $1,150,000
277 Country Club Rd $1,460,000
32 Old Studio Rd $1,780,000
290 Lapham Rd $1,800,000
364 Smith Ridge Rd $2,150,000
316 Turtleback Rd $4,998,000