BRAND NEW LISTING IN LOST DISTRICT

Spacious 6 bedroom Colonial on 4+ acres with swimming pool and pond. Enjoy all that nature has to offer in this quiet setting where you can fish, swim, canoe, ice skate or birdwatch. Lovely private cul de sac location. $1,649,000

Housing Lifts Recovery Hopes from The Wall St Journal

A bit of positive news.
Click on the title to read the article

109 SAGAMORE TRAIL, NEW CANAAN. JUST REDUCED TO $1,499,000

What a fantastic buy. Almost 5,000 sq ft on West Side Cul de Sac.
Unbelievable Opportunity.

New Canaan Homeowners are paying their property taxes

More owners sent their property taxes in on time compared with 2008.

MORTGAGE DISCLOSURE IMPROVEMENT ACT

Consumers have another level of protection in choosing their mortgage plan under the passing of the Mortgage Disclosure Improvement Act (MDIA).

In the past, consumers could be charged application and appraisal fees before seeing the details about the mortgage program they chose. No longer.

No monies may be collected from the borrower with the exception to a credit report fee until they receive the initial disclosures. This may cause a delay in when the appraisal is ordered, as we cannot order the appraisal without the signed disclosures.

Additionally, if the APR on a fixed-rate loan increases by more than 0.125%, new disclosures must be prepared and delivered to the borrower. There is now a three-day waiting period from delivery of disclosures until an appraisal report can be ordered. If re-disclosure is necessary, three more days of waiting follow before loan documentation can be signed. Also, the loan can never close fewer than seven days from the initial, accurate disclosure.

There are unintended consequences from this new rule. This means longer closing times for all types of mortgage loans. If inaccurate fees for any service provider (attorney, title insurance, appraiser, etc) are listed, re-disclosure means a longer wait.

Be sure to allow sufficient turn times in your purchase transactions, as three weeks for a mortgage contingency and the usual 30-day period for closing may now be insufficient.

First Time Home Buyer Tax Credit

Just thought I would give you all a reminder of the $8,000 Home Buyer Tax Credit at a glance.



The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchase on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.


Let me know if you have any questions.

New Canaan Real Estate activity thru August 9, 2009

142 Overlook Drive
Great Buy at $965,000
Sold and Closed in 71 Days
4 Bedrooms, 3 Baths, 2361 sq ft. One level acre on cul de sac and updated condtion.

Also closed this week

18 Olmstead Court $715,000
321 Frogtown Rd $950,000
175 Woodland Rd $1,875,000
234 Indian Rock Rd $2,410,000

There are 32 homes in contract at this time and 262 houses actively on the market.

234 Indian Rock Road, New Canaan. CLOSED.

CLOSED TODAY
117 DAYS ON THE MARKET

New Canaan Real Estate Activity July 13 through August 2

New Listing

Charming Tudor in New Canaan on 2 flat acres on Cul de Sac
Call me for details
$1,150,000

Is this the bottom of the market?????????
Things are definately on the move

14 New Listings
18 Pending Contracts
17 Closings

Is this the bottom of the market????????????

Frank Lloyd Wright at the Guggenheim

FROM WITHIN OUTWARD
Wrights mission became clear: to develop a new architectural forms that met the needs of contemporary life. A great exhibiiton of his drawings across America.
Now thru August 23.

Terrific Value in New Canaan

This bank owned home stands out as an incredible value in New Canaan. With 8,000 sq ft of living space on three fully finished levels, it has 6 bedrooms, 5 1/2 baths, lower level recreational facility with gym, rec room, entertainment center, bedroom, bath, wine cellar and office. Set on over 7 private acres on Lukes Wood Road, this handsome estate is an exceptional buy at $2,599,000. Visit website at www.newcanaancountryestate.com

Zillow's chart of New Canaan Home Values

By the data supplied by Zillow, it appears that New Canaan's home values are at 2003 home values.

New Canaan
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