New Canaan Weekly Activity January 7,2008 thru January 13, 2008 (Single Family Residential Only)

New Listings

30 Knapp Ln $599,00
221 Old Stamford Rd $859,000 (relisted)
57 Shaker Rd $1,119,000 (relisted)
834 Valley Rd $1,199,000 (relisted)
72 Shady Knoll Ln $1,950,000
20 Hawks Hill Rd $2,300,000
124 Thayer Pond Rd $2,695,000 (relisted)
20 Silvermine Rd $2,995,000 (relisted)
313 Elm St $2,995,000
103 Clearview Ln $3,995,000 (relisted)
85 Thurton Dr $3,995,0000 (relisted)
119 Proprietors Crossing $8,995,000 (relisted)
99 Huckleberry Hill Rd $11,250,000

Contracts Pending

61 Richmond Hill Rd $739,000
560 Ponus Ridge Rd $5,995,000

Homes Sold

4 Cecil Pl $1,200,000
36 Bowery Rd $1,285,000

How to sell your New Canaan home in 2008

Understanding market value. Market value is the price that a seller is willing to sell and a price a buyer is willing to pay. Forget about the price that your neighbor sold his home for two years ago, it’s all about today. Everything sells, especially in New Canaan. Just at the correct price.

Present your house in its best light. Buyers aren’t looking for fixer uppers. Fix what is broken and improve what you can. Present the rooms with fresh neutral paint. Get a pre listing building inspection which will reveal any potential defects and allow you time to make repairs? Provide a list of improvements to the prospective buyer.

Enlist the aid of a Top Producing Realtor. If you are paying the commission, you should hire the best. This is no time for new or inexperienced agents. Top Producers know what the right price is and can provide you with a professional marketing plan. Consider the agents percentage of listings sold as a strong indicator of successful performance.

Have a strong internet presence. Over 70% of savvy buyers are looking online. Placement on the internet through a website designed solely for your own home is an important advantage that I provide to every seller. In addition, inclusion in a comprehensive website such as Raveis.com is crucial. Raveis.com not only gives the buyers access to all MLS listings, photos and mapping but also provides current local housing data such as specific sales and new listings.

Consider renting. Some home sellers who aren’t attracting the prices they want may consider converting their homes to rentals. In my previous blog, I spoke about the 16.2% appreciation in rentals in 2007 in New Canaan. Some renters are delaying buying right now and some renters are new households. If you can rent out your home for a price that covers your mortgage payment, taxes, insurance and maintenance, this scenario may afford you the flexibility to move on.

Consider seller incentives. Instead of lowering the listed price of your home, you may consider buying down a buyer’s new mortgage by paying points. This allows the buyer to secure a mortgage at a much lower interest rate and will save the buyer much more money in the long term rather than a reduction in the purchase price. Joe Schwartz, our mortgage officer with Raveis Mortgage has several plans available which positions the home at a competitive advantage compared to other homes.

Stage your home. Curb appeal means a lot. Add some fresh landscaping, declutter the house and remove what you do not need on a daily basis. You are planning to move anyway, so start packing and store those boxes in an out of the way place.

Consider a home staging expert. I provide my sellers with a professional decorator to present your home in its optimum light and allow buyers a chance to envision the possibilities. Please contact me regarding the benefit of my “Resale Ready” professional home stager.

NEW CANAAN'S RENTAL MARKET SEES STRONG APPRECIATION

In summing up 2007’s rental housing market for apartments and single family residences, the final numbers are up. While the actual number of properties rented remained fairly constant when compared to last year, there was a considerable increase in rents. There were 144 properties that rented this year versus 141 in 2006, however the average price jumped to $4,105 up from $3,531 in 2006. This increase represents a 16.2% appreciation rate. The median price this year was $3,350 up from $2,800 last year or 19.6%. In addition, the average time it took to rent a property was 88 days. Some of you may want to consider purchasing rental properties as a long term investment as renters delay buying and new households turn to rentals. However, the same rules of real estate apply to rentals………. Location, Location, Location.

New Canaan Weekly Activity thru January 6, 2008 (Single Family Residential Only)

New Listings

45 Nursery Rd $995,000
46 Benedict Hill Rd $1,765,000 (relisted)
102 Rocky Hill Rd $2,175,000
93 Harrison Ave $2,895,000 (relisted)
401 South Ave $2,995,000 (relisted)
42 Ferris Hill Rd $2,999,998
92 Parish Rd $3,895,000
55 Stoneleigh Rd $12,500,000

Contracts Pending

25 Horton Lane $1,125,000
94 Glen Drive $1,249,000
379 South Ave $2,695,000

Homes Sold

30 Woodridge Circle $2,775,000

NEW CANAAN'S BEST VALUE. 5,100 SQ FT HOME ON 2 ACRES IN HOYT FARMS. $1,599,000

HOYT FARM HOME OF OVER 5100 SF ON TWO ACRES. NEW GOURMET KITCHEN, FOUR AND ONE HALF NEW MARBLE BATHS, THREE FIREPLACES, WINE CELLAR AND MUCH MORE. NEW CANAAN'S BEST VALUE PRICED AT $1,599,000. CALL DENISE WITH QUESTIONS

203-966-4444

The 2007 New Canaan Real Estate Market, a Year End Update

Although it may be a bit early to make predictions regarding the real estate market for 2008, there are many interesting observations to note at years end, which may be especially important to homeowners who are considering selling their homes this year.

Despite the bleak news about the housing market portrayed in the media, the actual New Canaan numbers show a different picture, one that pretty encouraging. The average price of residential homes increased to $2,301,878, up 13.8% from $2,021,208 one year ago, also the median price increased to $1,850,000 up 6% from $1,750,000 at the end of last year. Condos also gained in average price to $814,540, up 20.6% from $675,033 last year.

There are only 167 homes that are active on the market now, a considerable reduction from 202 available homes one year ago. This low number results from either homes being sold (a total of 252 sales this year versus 241 in 2006), or simply withdrawn from the market by their owners.

Breaking down these 167 homes results in the following categories: 35 under $1.5 million, 49 from $1.5 to $2.5 million, 44 from $2.5 million to $4 million and 39 over $4 million. The largest group being in the $1.5 to $2.5 million range, also the range where the average selling price in New Canaan falls. Also of interest: of the 167 available homes, 53 or almost 1/3 are new construction.

While it remains to be seen the full impact of the financial and mortgage markets on our housing market locally, New Canaan ended up with strong sales prices and better than expected sales numbers.

My advice to future sellers is to prepare now and put your home on the market early before your competition increases. Pinpointing an accurate price for your home as well as successful marketing strategies will place you in an advantageous position this coming year. I will be happy to discuss these numbers in greater detail. I will talk about the rental housing market in my next blog.

Happy New Year

HAPPY NEW YEAR

To all my friends old and new, my loyal clients and new customers, my neighbors and my colleagues,

I wish you a very happy and healthy 2008 filled with peace and serenity.

New Canaan Weekly Activity December 17, 2007 thru Year End (Single Family Residential Only)

New Listings

85 Salem Road $1,699,000
15 Ponus Ridge $1,895,000

Contracts Pending

94 Glen Drive $1,249,000
4 Cecil Place $1,325,000
855 Oenoke Ridge $4,999,000

Homes Sold

39 Lambert Road $2,460,000
70 Dunning Road $2,795,000
131 Pequot Lane $3,900,000

New Canaan to pay more for water

Aquarion Water Co will be allowed to increase water usage rates 33%. Along with Stamford and Ridgefield, New Canaan's rate hike is the biggest in the state. While Norwalk, Weston, Westport, Fairfield and Bridgeport will increase 15%, Greenwich and Darien will only increase 11%. These increases are to cover infrastructure improvements statewide since 2004.

While 33% does seem like a very large increase, it relates to an average of $29 each quarter. The last rate increase was granted in 1999 by the state Department of Public Utility Control, however, State Attorney General Richard Blumenthal may appeal increase as "unreasonable".

It almost seems that people who live in New Canaan are perceived as being able to afford more of an increase that people in other towns. These increases are to take place effective immediately.

New Canaan Weekly Activity through December 16, 2007 (Single Family Residential Only)

New Listings

53 Oak St $1,149,000
16 Park Place $1,895,000

Homes Sold

81 Mariomi Rd $925,000
12 Silvermine Rd $1,135,000
162 Logan Rd $1,200,000
87 Lone Tree Farm Rd $1,900,000
35 Deacons Way $1,937,500
148 Lambert Rd $3,300,000

How is New Canaan holding up? A comparison of sales and prices in Connecticut

I have read several articles recently which have been comparing this year’s median sales price to years past. In light of all the recent media scrutiny locally and nationally about the problems with the housing and mortgage markets after July's credit crunch, the local picture in New Canaan is surprisingly positive.

The Stamford Advocate quotes in an article on December 11, 2007, that Stamford homes have dipped in price. The median price of homes is the midpoint. Half the sales are above it and half below. Their figures used are based on findings of The Warren Group in Boston, publisher of the Commercial Record real estate report. In the same article they state that the median price both in Greenwich and Darien was up this year versus the same period last year. However, they also state that the median price in New Canaan was down to $1.7 million two months ago, compared to $1.83 million last year.

I decided to take a closer look at the numbers and based on the data in Promatch, the most comprehensive multiple listing service specifically covering all New Canaan MLS sales and I have found that the median price of sales in New Canaan as of 12/14/2007 was $1,802,500 versus $1,750,000 as of the same date in 2006. Also, the number of sales increased to 248 homes sold as of Friday this year, versus 235 during 2006.

In addition, the average sales price increased to $2,288,662 as compared to $2,033,707 last year. This certainly is not bad news and paints quite a different picture that is blanketed on the news.

Supporting this data, are recent sales numbers in Norwalk and Westport. In an article in the Stamford Advocate on December 12, 2007, the median sales price both in Norwalk and Westport are both up and the number of sales were up in Westport but down in Norwalk. Looking at the state of Connecticut as a whole, the year to date median price is up 1.1%. Also interesting to note, as stated in The New York Times today, the Manhattan market remains stable last month with the number of closed sales matching the same number of November 2006 and prices were considerably higher but equal to prices in the previous quarter.

I will do a year round update as soon as the numbers are available.

New Canaan Weekly Activity through December 9, 2007 (Single Family Residential Only)

New Listings

57 Gower Road $1,195,000
497 Lost District Drive $2,095,000
29 Hawks Hill Road $2,100,000

Contracts Pending

4 Holly Road $949,000
452 Hoyt Farm Road $2,395,000

Homes Sold

109 Weed Street $735,000
57 Brushy Ridge Road $1,000,000
72 Wellesley Drive $1,480,000
362 White Oak Shade Road $1,906,500
1035 Valley Road $2,180,000
26 Father Peters Lane $7,500,000