New Listings
44 Summer St $ 800,000
60 Old Stamford Rd $1,239,000 (relisted)
93 Thayer Dr $1,425,000
1358 Ponus Ridge Rd $1,595,000
168 Proprietors Crossing $1,755,000
423 Carter St $2,100,000
74 Turtleback Lane West $2,275,000 (relisted)
11 Lakeview Ln $2,294,876
310 Greenley Rd $2,495,000 (relisted)
71 Oak St $2,695,000
81 White Oak Shade Ln $2,695,000 (relisted)
15 Hoyt St $2,875,000 (proposed new construction)
Contracts Pending
30 Knapp Ln $599,000
72 Shady Knoll Ln $1,950,000
449 Valley Rd $1,995,000
1937 Ponus Ridge Rd $2,325,000
102 Valley Rd $2,625,000
Homes Sold
118 Hickory Dr $949,000
497 Lost District Dr $2,025,000
4 Deer Park Rd $3,300,000
A serious and factual look into the housing market and homes for sale in New Canaan, Ct by Denise Gannalo,an experienced, trusted and knowledgable professional and Top Producer of William Raveis Real Estate for 15 years. WWW.NEWCANAANHOMES.BLOGSPOT.COM
Monday, February 11, 2008
Friday, February 8, 2008
Some Expectations for the 2008 New Canaan Real Estate Market
With so much negative press regarding the real estate market circulating around the credit crisis, downward economic pressure and political uncertainty, I might offer a different prospective in balancing clashing expectations even if they do not impact New Canaan in the same way.
We are all aware as to how New Canaan performed historically and why so many people feel it is a special, vibrant and important place to live and own a home. The quality of life that we experience in New Canaan is truly unique as well as our community commitment, school system and beautiful landscape and surroundings. It is important to remember that most people purchase a home because they have a life changing reason or a strong motivation that necessitates a move—not because they want to turn a quick profit. Finding the right home is a very personal experience made up of a mix of price range, space, bedrooms, views, neighborhood, architecture and a host of other personal factors. When the right house presents itself, something just clicks and we know it is the perfect place. It might be far better to act on it than to regret later that you lost the home of your dreams.
I am very confident about the viability of New Canaan’s real estate market. We are emerging from six years of unprecedented activity and growth during which a lot of families “traded up” thanks to record low interest rates and a significant baby boom. Many of these families are going to hold on to their homes, not because they changed their plans, they weren’t property flippers, but because they always intended to be in them for the foreseeable future. In the meantime, they will enjoy their homes and the community in which they live, watch their home equity grow while they raise their children and advance their careers, and live out their dreams in “The Next Station to Heaven”.
We are all aware as to how New Canaan performed historically and why so many people feel it is a special, vibrant and important place to live and own a home. The quality of life that we experience in New Canaan is truly unique as well as our community commitment, school system and beautiful landscape and surroundings. It is important to remember that most people purchase a home because they have a life changing reason or a strong motivation that necessitates a move—not because they want to turn a quick profit. Finding the right home is a very personal experience made up of a mix of price range, space, bedrooms, views, neighborhood, architecture and a host of other personal factors. When the right house presents itself, something just clicks and we know it is the perfect place. It might be far better to act on it than to regret later that you lost the home of your dreams.
I am very confident about the viability of New Canaan’s real estate market. We are emerging from six years of unprecedented activity and growth during which a lot of families “traded up” thanks to record low interest rates and a significant baby boom. Many of these families are going to hold on to their homes, not because they changed their plans, they weren’t property flippers, but because they always intended to be in them for the foreseeable future. In the meantime, they will enjoy their homes and the community in which they live, watch their home equity grow while they raise their children and advance their careers, and live out their dreams in “The Next Station to Heaven”.
Tuesday, February 5, 2008
When is the best time to sell a home in New Canaan?
Homeowners who are thinking of selling their homes often wonder which time of the year is the best time to sell. Whether you choose to sell in the spring, summer, fall or winter, the time it takes to sell your home and the selling price depends on the current market conditions. By understanding real estate selling cycles, you can decide the best time to sell based on your personal situation.
The real estate market tends to have some balance of buyers and sellers throughout the year based on a general pattern of strong and slow selling periods. In New Canaan, homes sales begin to pick up as early as February before going strong through May and June. This has typically been the strongest selling season of the year. While April and March, respectively are number one and two of the peak listing months, April and May respectively are number one and two of the peak binder months. The peak months for property closings are June, July and August. Much of this trend follows the school calendar as buyers start out early in the year in their search for a home and typically find it after one or two months of looking. It usually takes another 60 days from the time an offer is accepted by the seller to get to the closing table. That is because buyers need time to arrange for inspections, financing, moving and other details. The peak closing months of June, July and August also coincide with school’s summer vacation as many buyers want to move in and get situated before schools starts up again in the fall.
The market then slows down from late summer through September as many buyers have already found their home and prepare for vacation. It then picks up again in October through mid November but still not as strong as the very early spring market. From Thanksgiving to New Years the market slows as the holiday season begins.
If you are thinking of selling your home in 2008, the current time is the right time. Do not wait until the grass is green and the flowers are in bloom. Be aware of the supply and demand of buyers to homes. List your home when the largest amount of buyers are looking. Don’t wait until your neighboring competition put their homes on the market because as we get further into the year, the inventory of homes for sale increase. Right now, mortgage interest rates are incredibly low, which offers increased buying power for home purchasers.
I am always available and happy to discuss the other aspects of selling a home such as pricing your home accurately, presenting the home in its best condition and my comprehensive and professional marketing plan tailored for each property.
The real estate market tends to have some balance of buyers and sellers throughout the year based on a general pattern of strong and slow selling periods. In New Canaan, homes sales begin to pick up as early as February before going strong through May and June. This has typically been the strongest selling season of the year. While April and March, respectively are number one and two of the peak listing months, April and May respectively are number one and two of the peak binder months. The peak months for property closings are June, July and August. Much of this trend follows the school calendar as buyers start out early in the year in their search for a home and typically find it after one or two months of looking. It usually takes another 60 days from the time an offer is accepted by the seller to get to the closing table. That is because buyers need time to arrange for inspections, financing, moving and other details. The peak closing months of June, July and August also coincide with school’s summer vacation as many buyers want to move in and get situated before schools starts up again in the fall.
The market then slows down from late summer through September as many buyers have already found their home and prepare for vacation. It then picks up again in October through mid November but still not as strong as the very early spring market. From Thanksgiving to New Years the market slows as the holiday season begins.
If you are thinking of selling your home in 2008, the current time is the right time. Do not wait until the grass is green and the flowers are in bloom. Be aware of the supply and demand of buyers to homes. List your home when the largest amount of buyers are looking. Don’t wait until your neighboring competition put their homes on the market because as we get further into the year, the inventory of homes for sale increase. Right now, mortgage interest rates are incredibly low, which offers increased buying power for home purchasers.
I am always available and happy to discuss the other aspects of selling a home such as pricing your home accurately, presenting the home in its best condition and my comprehensive and professional marketing plan tailored for each property.
Monday, February 4, 2008
New Canaan Real Estate Activity January 28, 2008 thru February 3, 2008 (Single Family Residential Only)
New Listings
48 Anthony Ln $715,000 (relisted)
151 Danforth Dr $1,195,000
111 Glen Dr $1,200,000
737 Carter St $1,249,000
788 Ponus Ridge Rd $1,600,000
14 Turning Mill Ln $2,100,000
137 Old Kings Hwy $2,165,000 (relisted)
141 Old Kings Hwy $2,195,000 (relisted)
22 Ponus Ridge Rd $2,425,000
1770 Oenoke Ridge Rd $2,495,000 (relisted)
626 Weed St $2,795,000 (relisted)
31 Norholt Dr $3,095,000
Contracts Pending
127 Frogtown Rd $2,099,000
52 Indian Waters Dr $3,195,000
Homes Sold
61 Richmond Hill Rd $715,000
4 Holly Rd $810,000
48 Anthony Ln $715,000 (relisted)
151 Danforth Dr $1,195,000
111 Glen Dr $1,200,000
737 Carter St $1,249,000
788 Ponus Ridge Rd $1,600,000
14 Turning Mill Ln $2,100,000
137 Old Kings Hwy $2,165,000 (relisted)
141 Old Kings Hwy $2,195,000 (relisted)
22 Ponus Ridge Rd $2,425,000
1770 Oenoke Ridge Rd $2,495,000 (relisted)
626 Weed St $2,795,000 (relisted)
31 Norholt Dr $3,095,000
Contracts Pending
127 Frogtown Rd $2,099,000
52 Indian Waters Dr $3,195,000
Homes Sold
61 Richmond Hill Rd $715,000
4 Holly Rd $810,000
Monday, January 28, 2008
New Canaan Weekly Activity January 14, 2008 thru January 27, 2008 (Single Family Residential Only)
New Listings
47 Urban St $599,000
13 Summer St $639,000 (relisted)
568 Old Stamford Rd $775,000
221 Old Stamford Rd $845,000 (relisted)
18 Olmstead Court $859,000
817 New Norwalk Rd $879,000 (relisted)
17 Fieldcrest Rd (1,150,000) (relisted)
15 Turner Hill Rd $1,169,000 (relisted)
165 Orchard Dr $1,195,000 (relisted)
4 Village Dr $1,275,000
728 Carter St $1,485,000
93 Thayer Dr $1,495,000
59 Dogwood Ln $1,692,500
32 Old Studio Rd $1,839,000
792 North Wilton Rd $1,850,000 (relisted)
51 White Oak Shade Rd $1,950,000 (relisted)
449 Valley Rd $1,995,000 (relisted)
392 South Avenue $2,299,000 (relisted)
292 Brushy Ridge Rd $2,375,000 (relisted)
31 Beech Rd $2,495,000
109 South Ave $2,645,000 (relisted)
669 Cheesespring Rd $2,750,000 (relisted)
52 Indian Waters Dr $3,195,000
10 Hillcrest Dr $3,299,000 (relisted)
70 Welles Ln $3,300,000
57 Hickory Ln $4,299,000
390 Brushy Ridge Rd $4,350,000
25 Adams Ln $4,375,000 (relisted)
348 Canoe Hill Rd $4,750,000
131 Thayer Pond Rd $4,995,000
390/392 Brushy Ridge Rd $5,750,000
757 Oenoke Ridge Rd $6,950,000 (relisted)
584 West Rd $9,250,000
1191 Smith Ridge Rd $12,900,000
Contracts Pending
4 Holly Rd $949,000
15 Ponus Ridge Rd $1,895,000
497 Lost District Dr $2,095,000
4 Deer Park Rd $3,450,000
99 Huckleberry Hill Rd $11,250,000
Homes Sold
25 Horton Ln $1,000,000
67 Orchard Dr $2,175,000
88 Lukes Wood Rd $4,350,000
173 Ferris Hill Rd $6,100,000
47 Urban St $599,000
13 Summer St $639,000 (relisted)
568 Old Stamford Rd $775,000
221 Old Stamford Rd $845,000 (relisted)
18 Olmstead Court $859,000
817 New Norwalk Rd $879,000 (relisted)
17 Fieldcrest Rd (1,150,000) (relisted)
15 Turner Hill Rd $1,169,000 (relisted)
165 Orchard Dr $1,195,000 (relisted)
4 Village Dr $1,275,000
728 Carter St $1,485,000
93 Thayer Dr $1,495,000
59 Dogwood Ln $1,692,500
32 Old Studio Rd $1,839,000
792 North Wilton Rd $1,850,000 (relisted)
51 White Oak Shade Rd $1,950,000 (relisted)
449 Valley Rd $1,995,000 (relisted)
392 South Avenue $2,299,000 (relisted)
292 Brushy Ridge Rd $2,375,000 (relisted)
31 Beech Rd $2,495,000
109 South Ave $2,645,000 (relisted)
669 Cheesespring Rd $2,750,000 (relisted)
52 Indian Waters Dr $3,195,000
10 Hillcrest Dr $3,299,000 (relisted)
70 Welles Ln $3,300,000
57 Hickory Ln $4,299,000
390 Brushy Ridge Rd $4,350,000
25 Adams Ln $4,375,000 (relisted)
348 Canoe Hill Rd $4,750,000
131 Thayer Pond Rd $4,995,000
390/392 Brushy Ridge Rd $5,750,000
757 Oenoke Ridge Rd $6,950,000 (relisted)
584 West Rd $9,250,000
1191 Smith Ridge Rd $12,900,000
Contracts Pending
4 Holly Rd $949,000
15 Ponus Ridge Rd $1,895,000
497 Lost District Dr $2,095,000
4 Deer Park Rd $3,450,000
99 Huckleberry Hill Rd $11,250,000
Homes Sold
25 Horton Ln $1,000,000
67 Orchard Dr $2,175,000
88 Lukes Wood Rd $4,350,000
173 Ferris Hill Rd $6,100,000
Wednesday, January 16, 2008
The State of the New Canaan Market. What's happening in January 2008.
As of today, January 16, 2008, there are 193 homes for sale in New Canaan. This number is up from only 167 as of the end of the year resulting from 26 new listings in New Canaan. Of the 193 homes for sale, 56 are new construction. There are also 21 homes that have contracts pending and 6 of them are new construction.
The breakdown is as follows:
24 over $5,000,000
18 between $4,000,000 and $4,999,999
27 between $3,000,000 and $3,999,999
54 between $2,000,000 and $2,999,999
51 between $1,000,000 and $1,999,999
19 under $1,000,000
In line with the average selling price, the largest category of homes for sale is the $2-3 million bracket. As we progress further into the year, the number of homes for sale will rise. If you are thinking of selling your home this year, sooner is better than later. Get a jump on your competition by having a professional market analysis, preparing your home for prospective buyers and pricing it right. Many buyers have delayed purchasing homes last year because of media reporting about the market slowdown, however, many buyers are ready to make their move now. Buying a house is not just an investment, it is where people live and the center of their families. More importantly, for many different reasons, some buyers have to move now. With interest rates continuing to drop, buyers are getting out there and getting interested.
The breakdown is as follows:
24 over $5,000,000
18 between $4,000,000 and $4,999,999
27 between $3,000,000 and $3,999,999
54 between $2,000,000 and $2,999,999
51 between $1,000,000 and $1,999,999
19 under $1,000,000
In line with the average selling price, the largest category of homes for sale is the $2-3 million bracket. As we progress further into the year, the number of homes for sale will rise. If you are thinking of selling your home this year, sooner is better than later. Get a jump on your competition by having a professional market analysis, preparing your home for prospective buyers and pricing it right. Many buyers have delayed purchasing homes last year because of media reporting about the market slowdown, however, many buyers are ready to make their move now. Buying a house is not just an investment, it is where people live and the center of their families. More importantly, for many different reasons, some buyers have to move now. With interest rates continuing to drop, buyers are getting out there and getting interested.
Monday, January 14, 2008
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
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
Saturday, January 12, 2008
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.
Tuesday, January 8, 2008
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.
Sunday, January 6, 2008
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
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
Friday, January 4, 2008
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
Wednesday, January 2, 2008
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
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
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