OPEN HOUSES THIS WEEKEND SUNDAY MARCH 1, 2009

236 South Bald Hill
$3,490,000 Just Reduced
1-3PM
Magnificent New Stone Colonial on 2 perfect acres
www.newcanaanexceptionalproperty.com


36 Hoyt St
$899,900 Just Reduced
1-4PM

Charming In town Antique just steps from town
www.36hoytstreet.com

2 Sleepy Hollow Rd. Creative Seller Offering 90% Financing

This motivated seller is offering to finance the mortgage on this exceptional property up to 90%. No points, no fees, no charges, no red tape and no holdups. The price of this exciting contemporary has just been reduced to $1,499,000 and this offer is unbelievable. 6% financing, interest only, 4 year balloon payment. This offer will make some lucky buyer's dream become a reality. Click on the title above for more details.

WWW.NEWCANAANLISTINGBOOK.COM An invitation to you to search the MLS like an agent

I have access to a new service to help track the real estate marketplace.
If you are a seller you can track the real estate marketplace
If you are buyer you can search for any listing that meets your needs
If you are just curious you can stay on top of the market.

Visit
http://www.newcanaan.listingbook.com and check it out or click on the title above.

5 SMARTEST HOME FIXES

Barbara Corcoran had some great advice on the Today Show this morning regarding some small things to do to your home to help you sell it in today's market. She likens it to finding a date (no sexism intended) but she says if there are 500 men out there and only 50 women, you really have to dress yourself up to make you stand out.

The five quick fixes are:
Fix up the Front Yard
Change your Main Entrance
Install New Windows
Move the Laundry Upstairs
Put in a Stainless Steel Refrigerator

Click on the title to view the video.

Greenwich Times Reports Silvermine Tavern to Close Today

It was last on the market for 4.5 million, however, the asking price today is not disclosed.

OPEN HOUSES THIS WEEKEND SUNDAY, FEBRUARY 22, 2009

73 Seminary St $739,000 1-3PM. 3 Bedroom Townhouse in Mint Condition near town
www.newcanaancondo.com


383 Greenley Road $2,395,000 1-3PM. 6,000 sq ft Colonial in prime location
www.383greenleyroad.com


687 Carter Street 1-4PM $2,395,000Renovated 5 Bed Colonial with pool and Sport Court
www.687carterstreet.com


184 Lukes Wood Road $2,900,000 8,000 sq ft Bank Owned Home Ready for Quick Sale
www.newcanaancountryestate.com

More on the Stimulus Plan

This article in the Wall St Journal today spells out the some of the details of Obama's plan being unveiled today in trying to break the cycle of foreclosures and falling home prices. Key to this plan is a government subsidy to help banks modify troubled loans. Click on the title to read the story.

First Time Home Buyers Tax Credit...The Details

In order to understand the benefits more clearly, I'm posting a chart, compliments of the National Association of REALTORS®. As you probably have heard, both the House and Senate have passed the Stimulus Bill and the President signed it today. This one offers a non-payback plan. That is non-payback as long as the borrower owns the home for over 3 years. The good news for first-time home buyers who have purchased in 2009, this bill is retroactive.

In addition to the Stimulus Bill, the President is scheduled to announce the Administration’s comprehensive housing recovery program tomorrow. I will be in touch with more details about this announcement as it is released. It will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).

New Canaan Real Estate Activity February 1, 2009 through February 15, 2009 (Residential Only)

New Listings 20

Price Changes 27

Contracts Pending 6

Total Homes on Market 237

By Category
Under 1 million 38
1 to 1.5 million 38
1.5 to 2 million 28
2 to 2.5 million 21
2.5 to 3 million 21
2.5 to 3 million 28
3 to 4 million 29
4 to 5 million 13
Over 5 million 31

While there are no closed sales to report, there is an increase in the number of pending contracts. Activity at open houses is very brisk as many buyers are coming out to check out the current inventory to see what is new and stay current with the market. The number of homes for sale under one million represents a much larger selection that we have seen in a very long time. For first time buyers, this may be a window of opportunity to purchase a solid home in New Canaan and still be eligible for the federal tax credit of $8000 which does not have to be repaid.

4 Lot Subdivision in New Canaan(10.69 acres) reduced to $3,900,000

The owners of this property are motivated to sell. This subdivision is fully approved by the town of New Canaan and is ready to go. Each lot of over 2+ acres is approved for a 6 bedroom home and a pool. The owners are even starting the road.
Great opportunity for a builder, investor, developer or end user to purchase 4 lots now priced at under one million per lot.

Luxury Rentals Take a Big Hit

Today's Wall St Journal prints a story about the luxury rental market and a softening of prices. Click on the title above to read the story. Larry Story of Brotherhood and Higley in New Canaan is quoted in the story also. Here in New Canaan there seems to be an increasing inventory of homes on the market for rent. At the present time there are 113 rentals on the market including all types of rentals from studio apartments to luxury homes. Of all the properties on the market, 46 are over $5,000 per month. However, this is due to the fact that most of these homes are also for sale and the owners are offering to rent or to sell. Of the 46 homes over $5,000 per month, 35 of them are also for sale and have not sold yet because of the slower market.

I looked at the year 2008 expecting to see a huge contrast but I found that that 43 of the homes for rent over $5,000 per month did rent. So the news here is not so bad.

Some reasons to think about buying a home

The title links to an article I read in The Wall Street Journal about some reasons that buying a home might not be a bad idea right now.


The affordability index is much better

There is a healthy inventory of very good homes to choose from

Owners are offering discounts or reductions off asking prices

Mortgage interest rates are at historic lows.

Federal Tax Credit
The House and the Senate agreed on a compromise $789 billion fiscal stimulus plan. It is expected to pass before the end of the week. The Obama administration estimates that 3.5 million jobs will be added or saved by the plan. The Senate version contained a provision for a $15,000 homebuyer tax credit, but that was dropped in the final version. Instead, the $7,500 first time homebuyer tax credit will no longer need to be repaid.