Interesting Real Estate Activity in New Canaan this week

New Canaan Holiday Stroll December 4, 2009
The town looked beautiful all decked out in holiday lights and the crowds really enjoyed the evening.

In the last five days there were 4 sales which closed. All of them were definately in the lower end of the market
238 Old Stamford Rd $755,000
124 Farm Rd $804,500
57 Shaker Rd $848,750
8 Hampton Lane $1,100,000

However,contradicting this trend, there were also two pending contracts in the higher end of the market

57 Welles Lane $2,700,000
945 Oenoke Ridge Rd $3,875,000

New Canaan Real Estate Activity November 2009

MEAD PARK ON NOVEMBER 29, 2009


To sum up how the month fared, I am noting a gradual increase in activity with 13 closed sales as compared to November 2008. The average sales price this past month was $1,836,555 which is a decrease of 6% over last November's average sales price of $1,921,000. Compared to the third quarter 2009, which marked a decrease of 20% over third quarter 2008, the 6% shows an improving trend. The average days on the market for closed sales was 237 days and the list to sales ratio is 90.8%, fairly consistant with November 2008 ratio of 90.9%.

The following is the list of closed residential transactions for November

817 New Norwalk Rd $669,000
60 Fawn Lane $890,000
73 Bridle Path $1,105,000
161 Skyview Lane $1,260,000
6 Parish Rd $1,305,000
161 Bowery Rd $1,411,000
128 Dunning Rd $1,500,000
184 Lukes Wood Rd $1,900,000 (HOORAY!!!!!!!!!!!)
928 Ponus Ridge Rd $1,920,000
68 Ludlowe Rd $2,300,000
253 Oenoke Ridge Rd $2,400,000
78 Thurton Dr $3,110,000
119 Clearview Lane $3,975,000


In addition there are 9 pending transactions awaiting closing

129 Weed St $697,000
4 Village Dr $857,000
124 Farm Rd $875,000
103 South Ave $1,145,000
31 Thurton Dr $1,695,000
1313 Smith Ridge Rd $1,749,000
327 Frogtown Rd $2,395,000 (HOORAH!!!!!!!!!!!)
31 Beacon Hill Rd $2,695,000
945 Oenoke Ridge Rd $3,875,000

Happy Thanksgiving Day

Thanksgiving gives me the opportunity to tell you how much your friendship means.

The state of the market. My next article in The New Canaan Advertiser's Online Real Estate Column

The state of the market

Posted using ShareThis

184 Lukes Wood Rd, New Canaan, Ct. Rented until 6/30/2010.

This exceptional property will be offered for rent again on July 1, 2010. It is currently rented. Over 8,000 sq ft of living space with 6 bedrooms, 3 car garage, 7+ private acres and a fully finished lower level which is an entertainment center extraordinaire. Visit website at www.newcanaancountryestate.com or click on title.

184 Lukes Wood Rd Rented

This luxury home is now sold and closed. The new owner offered this property for rent at $10,000 per month and we found a tenant quickly. This property will be available for rent again starting July 1, 2010.

Bill Raveis speaks about how to analyze data to buy or sell your home

The last one minute of this video offers some very helpful hints.

Click on the title to view the video

184 Lukes Wood Rd, Sold and Closed

After 457 days on the market this bank owned property sold. The buyer is extremely happy and received an outstanding value.

OPEN HOUSE IN NEW CANAAN THIS SUNDAY NOV 15 ECO FRIENDLY NEW CONSTRUCTION

274 MARIOMI RD
NEW CANAAN, CT
$3,795,000

12-2PM

This home leads the way in 'green' construction. Built with eco friendly materials such a hardiplank siding, azek trim, 100 yr shingle roof and a geothermal heating and cooling system with icynene insulation, this home is in a class by itself. With over 8000 sq ft of living space and state of the art kitchen and baths by Kitchens by Deane, it is definately worth a look. Stop by on Sunday and see for yourself.

OPEN HOUSE IN NEW CANAAN SUNDAY NOVEMBER 15 1-3PM

74 THAYER DRIVE, NEW CANAAN
AN INCREDIBLE PRICE FOR THIS SPACIOUS NEW CANAAN HOME
SPRAWING RANCH HOME WITH 4 BEDROOMS, FULLY FINISHED LOWER LEVEL AND MORE
SWEEPING HILLTOP VIEWS OVER TREETOPS AND 2 ACRES OF ROLLING LAND ON QUIET CUL DE SAC

ROCK BOTTOM PRICED AT $849,000

First Time Tax Credit Not Just For First Time Buyers

* Extends the $8,000 first time Homebuyers Tax Credit and creates
> a new $6,500 tax credit for qualifying "move-up buyers" purchasing a
> home before April 30, 2010.
> * Qualifying "move-up" buyers include homebuyers who already own a
> home that they have used as a principal residence for 5 years or more.
>
> * Homebuyers with binding contracts as of April 30th will also
> qualify for the credit so long as they complete the transaction within
> 60 days.
> * Available to homebuyers with incomes of up to $125,000 for a
> single return or $225,000 for a joint return.
> * Available for homes which cost less than $800,000.
> * Provides authority to the IRS to do greater oversight while
> processing the return and requires that the taxpayer claiming the
> credit be 18 or older.
> * Members of the military, military intelligence, and foreign
> service who are on qualified extended official duty are not subject to
> the recapture fee and individuals who have been deployed overseas for
> 90 days or more in 2008 or 2009 can claim the credit through April 30,
> 2011

The State of the New Canaan Real Estate Market as of October 31, 2009

As dismal as the year started with very little activity in January and February, the New Canaan market slowly but steadily picked up momentum and has ended its tenth month with marked improvement.

During the last three months of this year, we have actually exceeded last year’s activity during the same three month period by 15% with the number of closings increasing from 46 in 2008 to 53 in 2009.

Year to date, while the average price of sold homes this year is $1,723,241, representing a decline of 20% from last years average price of $2,144,299, the average price of sold homes at the end of September 2009 as compared to the same period in 2008, where the average price was down 21%, it does slow some improvement.*

Regarding the number of closed transactions of residential homes in New Canaan, this year’s numbers are also down 20% as 126 homes sold as compared to the same period in 2008 where 156 homes sold.

There are currently 249 homes on the market now with the average time on the market of 201 days. The average list to sell ratio is 89.25%.

Of the 25homes with pending contracts, 5 are under 1 million, while 10 are pending in the 1 million to 1.5 million category, representing the bulk of the pending transactions.
There are 8 pending contracts in the 2-3million price range and only two pending contracts from 3.5 million to 4.25 million.

Of the contributing factors of sales starting to increase may be that brokers are advising sellers that they have to price their homes more appropriately to attract people who have been waiting in the wings to buy. Even though it is still a buyers market and taking into account an upward trend in sales volume, prices are attractively low and interest rates are also extremely low. Looking at the higher end of the housing market, some owners who had held to their pricing are ready to listen to offers now.

While traditionally the months of November and December in New Canaan are much slower in activity, the spring market is just around the corner. I believe there is much pent up buyer demand for housing as many would be buyers have opted to rent over the last year or two, but they can be expected to purchase in the next year or two. Some of the values of homes being offered in New Canaan are really outstanding, as some sellers are more motivated to sell than others. Buying in November or December may a very smart move as some sellers are really ready to move and don’t want to wait until spring. Understanding the values in the marketplace right now is key to buying intelligently which will pay off as a long term investment.

*Data supplied by Promatch MLS