New Canaan Real Estate Activity June 16, 2008 through June 22, 2008 (Single Family Residential Only)

Just Listed. Elegant New Stone Colonial at Unbelievable Price $3,890,000




New Listings

83 Parade Hill Lane $729,000
42 Holly Rd $999,000
381 Old Stamford Rd $1,250,000
15 Snowberry Lane $1,579,000
16 West Rd $2,849,000
236 South Bald Hill Rd $3,890,000 (relisted)

Contracts Pending

151 Danforth Dr $1,195,000
19 Clapboard Hill $1,299,000
34 Brookwood Lane $1,399,000
17 Hawthorne Rd $2,349,000
292 Brushy Ridge Rd $2,375,000
74 Dogwood Lane $3,395,000
1578 Ponus Ridge Rd $5,695,000

Homes Sold

113 Little Brook Rd $1,250,000
571 Cheesespring Rd $1,285,000
728 Carter St $1,300,000
1937 Ponus Ridge Rd $2,100,000
131 Soundview Lane $2,150,000
10 Hillcrest Rd $3,100,000
362 South Ave $4,500,000

New Canaan Real Estate Activity June 9, 2008 thru June 15, 2008 (Single Family Residential Only)

New Listings

115 Richmond Hill Rd $795,000
76 East Ave $800,000
534 Valley Rd $1,395,000
2 Holmewood La $2,195,000
37 Lambert Rd $3,100,000
474 Ponus Ridge Rd $5,950,000 (relisted)

Contracts Pending

19 Clapboard Hill Rd $1,299,000
1037 Valley Rd $1,345,000
728 Carter St $1,385,000
927 New Norwalk Rd $1,695,000
178 Skyview Lane $1,699,000
126 Wellesley Dr $1,725,000
17 Hawthorne Rd $2,349,000

Homes Sold

29 Myanos Rd $1,705,000

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

New Canaan Open Houses This Weekend Sunday June 8, 2008 1-4pm

931 Ponus Ridge

$2,495,000

www.931ponusridge.com

47 Shagbark

$2,695,000

www.newcanaanresidence.com

198 West Hills Rd

$1,595,000

www.198westhills.com

New Canaan Real Estate Activity May 26, 2008 through June 1, 2008 (Single Family Residential Only)

New Listings

60 Fawn Lane $1,289,000
38 Harrison Ave $1,375,000
93 Weed St $1,440,000
927 New Norwalk Rd $1,695,000
17 Hawthorne Rd $2,349,000
85 Indian Rock Rd $2,495,000
45 Shagbark Dr $2,550,000
111 Hawks Hill Rd $2,595,000
81 Valley Rd $6,250,000
26 Parkers Glen $6,775,000

Pending Contracts

1668 Ponus Ridge Rd $1,395,000
17 Toquam Rd $1,695,000
290 Lapham Rd $1,999,999
93 Harrison Ave $2,625,000
401 Brushy Ridge Rd $2,775,000
81 Ramhorne Rd $2,950,000
78 Thurton Dr $3,695,000

Homes Sold

412 Main St $625,000
129 Woodridge Dr $1,499,000
129 Kimberly Pl $1,775,000
25 Adams La $4,025,000

Open House this weekend in New Canaan

Visit www.2sleepyhollow.com

Open House Sunday June 1, 2008

1-4pm

2 Sleepy Hollow Rd

New Canaan, Ct

$1,695,000

New Canaan Real Estate Activity May 18, 2008 thru May 25, 2008 (Single Family Residential Only)

New Listings

480 Cedar Lane $1,195,000
19 Clapboard Hill Rd $1,299,000
112 Lone Tree Farm Rd $1,995,000
11 Park Lane $2,150,000 (relisted)
490 West Rd $2,250,000
277 Old Stamford Rd $2,895,000
46 Park St $4,195,000
1801 Ponus Ridge Rd $4,895,000
558 Ponus Ridge Rd $6,450,000

Contracts Pending

30 Sunrise Ave $695,000
202 Main St $1,225,000
32 Colonial Rd $1,295,000
499 Country Club W $1,595,000
68 Sherwood Lane $1,750,000
29 Hawks Hill Rd $2,100,000
131 Soundview Lane $2,200,000
25 Adams Lane $4,195,000
348 Canoe Hill Rd $4,750,000

Homes Sold

28 Brinckerhoff Ave $1,100,000
38 Fitch Lane $1,450,000
55 Wahackme Rd $4,750,000

HAPPY MEMORIAL DAY

Have a wonderful weekend.

New Canaan Memorial Day Parade starts at 9:30AM, Monday May 26

OPEN HOUSE SUNDAY MAY 25 1-4PM

47 SHAGBARK DRIVE

Visit www.newcanaanresidence.com

What is really happening in the New Canaan Real Estate market.

In analyzing the sales statistics for the year to date, it is no surprise that New Canaan’s numbers are not as stellar as they were in past years. The number of residential sales so far this year add up to 52 closings. Compared to the past years, this is the tally:

2008 - 52 closings
2007 - 86 closings
2006 – 81 closings
2005 – 97 closings
2004 – 112 closings

Clearly, the number of transactions are significantly lower than one year ago and more than 50% lower than 4 years ago in the year 2004. However, the average sales price to date this year remains at the lofty level of $2,444,716 and the median price tops out at $2,025,000. While these numbers reflect the solid base of New Canaan real estate values, it is important not to paint a false picture. Homes that are priced well are the homes that have sold. Even though the average price to date this year is at a record level, it reflects transactions of homes that would have sold at much higher levels in the several years past. Crucial to selling your home in the current marketplace is pricing. In New Canaan, every home will sell, but only at the right price and the right price is a delicate balance of value, location and condition.

New Canaan Real Estate Activity May 12, 2008 through May 18, 2008 (Single Family Residential Only)

New Listings

30 Summer St $695,000
115 River St $699,000
82 Lakewind Rd $1,225,000
868 Silvermine Rd $1,390,000
185 Silvermine Rd $1,395,000
143 Old Stamford Rd $1,425,000
89 South Bald Hill Rd $1,995,000
68 Running Brook La $2,199,000
81 Ramhorne Rd $2,950,000
52 Parade Hill La $2,995,000
284 Hawks Hill Rd $3,249,000
198 Bridle Path La $6,200,000

Pending Contracts

366 Ponus Ridge Rd $1,189,000
39 Grace St $1,250,000
571 Cheesespring Rd $1,295,000
34 Brookwood La $1,399,000
109 Beech Rd $1,544,250
499 Country Club Rd W $1,595,000
29 Myanos Rd $1,890,225
82 Canoe Hill Rd $3,095,000
362 South Ave $4,695,000