To all my friends old and new, my loyal clients and new customers, my neighbors and my colleagues,
I wish you a very happy and healthy 2008 filled with peace and serenity.
I wish you a very happy and healthy 2008 filled with peace and serenity.
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, December 31, 2007
Sunday, December 23, 2007
New Canaan Weekly Activity December 17, 2007 thru Year End (Single Family Residential Only)
New Listings
85 Salem Road $1,699,000
15 Ponus Ridge $1,895,000
Contracts Pending
94 Glen Drive $1,249,000
4 Cecil Place $1,325,000
855 Oenoke Ridge $4,999,000
Homes Sold
39 Lambert Road $2,460,000
70 Dunning Road $2,795,000
131 Pequot Lane $3,900,000
85 Salem Road $1,699,000
15 Ponus Ridge $1,895,000
Contracts Pending
94 Glen Drive $1,249,000
4 Cecil Place $1,325,000
855 Oenoke Ridge $4,999,000
Homes Sold
39 Lambert Road $2,460,000
70 Dunning Road $2,795,000
131 Pequot Lane $3,900,000
Saturday, December 22, 2007
New Canaan to pay more for water
Aquarion Water Co will be allowed to increase water usage rates 33%. Along with Stamford and Ridgefield, New Canaan's rate hike is the biggest in the state. While Norwalk, Weston, Westport, Fairfield and Bridgeport will increase 15%, Greenwich and Darien will only increase 11%. These increases are to cover infrastructure improvements statewide since 2004.
While 33% does seem like a very large increase, it relates to an average of $29 each quarter. The last rate increase was granted in 1999 by the state Department of Public Utility Control, however, State Attorney General Richard Blumenthal may appeal increase as "unreasonable".
It almost seems that people who live in New Canaan are perceived as being able to afford more of an increase that people in other towns. These increases are to take place effective immediately.
While 33% does seem like a very large increase, it relates to an average of $29 each quarter. The last rate increase was granted in 1999 by the state Department of Public Utility Control, however, State Attorney General Richard Blumenthal may appeal increase as "unreasonable".
It almost seems that people who live in New Canaan are perceived as being able to afford more of an increase that people in other towns. These increases are to take place effective immediately.
Monday, December 17, 2007
New Canaan Weekly Activity through December 16, 2007 (Single Family Residential Only)
New Listings
53 Oak St $1,149,000
16 Park Place $1,895,000
Homes Sold
81 Mariomi Rd $925,000
12 Silvermine Rd $1,135,000
162 Logan Rd $1,200,000
87 Lone Tree Farm Rd $1,900,000
35 Deacons Way $1,937,500
148 Lambert Rd $3,300,000
53 Oak St $1,149,000
16 Park Place $1,895,000
Homes Sold
81 Mariomi Rd $925,000
12 Silvermine Rd $1,135,000
162 Logan Rd $1,200,000
87 Lone Tree Farm Rd $1,900,000
35 Deacons Way $1,937,500
148 Lambert Rd $3,300,000
Sunday, December 16, 2007
How is New Canaan holding up? A comparison of sales and prices in Connecticut
I have read several articles recently which have been comparing this year’s median sales price to years past. In light of all the recent media scrutiny locally and nationally about the problems with the housing and mortgage markets after July's credit crunch, the local picture in New Canaan is surprisingly positive.
The Stamford Advocate quotes in an article on December 11, 2007, that Stamford homes have dipped in price. The median price of homes is the midpoint. Half the sales are above it and half below. Their figures used are based on findings of The Warren Group in Boston, publisher of the Commercial Record real estate report. In the same article they state that the median price both in Greenwich and Darien was up this year versus the same period last year. However, they also state that the median price in New Canaan was down to $1.7 million two months ago, compared to $1.83 million last year.
I decided to take a closer look at the numbers and based on the data in Promatch, the most comprehensive multiple listing service specifically covering all New Canaan MLS sales and I have found that the median price of sales in New Canaan as of 12/14/2007 was $1,802,500 versus $1,750,000 as of the same date in 2006. Also, the number of sales increased to 248 homes sold as of Friday this year, versus 235 during 2006.
In addition, the average sales price increased to $2,288,662 as compared to $2,033,707 last year. This certainly is not bad news and paints quite a different picture that is blanketed on the news.
Supporting this data, are recent sales numbers in Norwalk and Westport. In an article in the Stamford Advocate on December 12, 2007, the median sales price both in Norwalk and Westport are both up and the number of sales were up in Westport but down in Norwalk. Looking at the state of Connecticut as a whole, the year to date median price is up 1.1%. Also interesting to note, as stated in The New York Times today, the Manhattan market remains stable last month with the number of closed sales matching the same number of November 2006 and prices were considerably higher but equal to prices in the previous quarter.
I will do a year round update as soon as the numbers are available.
The Stamford Advocate quotes in an article on December 11, 2007, that Stamford homes have dipped in price. The median price of homes is the midpoint. Half the sales are above it and half below. Their figures used are based on findings of The Warren Group in Boston, publisher of the Commercial Record real estate report. In the same article they state that the median price both in Greenwich and Darien was up this year versus the same period last year. However, they also state that the median price in New Canaan was down to $1.7 million two months ago, compared to $1.83 million last year.
I decided to take a closer look at the numbers and based on the data in Promatch, the most comprehensive multiple listing service specifically covering all New Canaan MLS sales and I have found that the median price of sales in New Canaan as of 12/14/2007 was $1,802,500 versus $1,750,000 as of the same date in 2006. Also, the number of sales increased to 248 homes sold as of Friday this year, versus 235 during 2006.
In addition, the average sales price increased to $2,288,662 as compared to $2,033,707 last year. This certainly is not bad news and paints quite a different picture that is blanketed on the news.
Supporting this data, are recent sales numbers in Norwalk and Westport. In an article in the Stamford Advocate on December 12, 2007, the median sales price both in Norwalk and Westport are both up and the number of sales were up in Westport but down in Norwalk. Looking at the state of Connecticut as a whole, the year to date median price is up 1.1%. Also interesting to note, as stated in The New York Times today, the Manhattan market remains stable last month with the number of closed sales matching the same number of November 2006 and prices were considerably higher but equal to prices in the previous quarter.
I will do a year round update as soon as the numbers are available.
Monday, December 10, 2007
New Canaan Weekly Activity through December 9, 2007 (Single Family Residential Only)
New Listings
57 Gower Road $1,195,000
497 Lost District Drive $2,095,000
29 Hawks Hill Road $2,100,000
Contracts Pending
4 Holly Road $949,000
452 Hoyt Farm Road $2,395,000
Homes Sold
109 Weed Street $735,000
57 Brushy Ridge Road $1,000,000
72 Wellesley Drive $1,480,000
362 White Oak Shade Road $1,906,500
1035 Valley Road $2,180,000
26 Father Peters Lane $7,500,000
57 Gower Road $1,195,000
497 Lost District Drive $2,095,000
29 Hawks Hill Road $2,100,000
Contracts Pending
4 Holly Road $949,000
452 Hoyt Farm Road $2,395,000
Homes Sold
109 Weed Street $735,000
57 Brushy Ridge Road $1,000,000
72 Wellesley Drive $1,480,000
362 White Oak Shade Road $1,906,500
1035 Valley Road $2,180,000
26 Father Peters Lane $7,500,000
Monday, December 3, 2007
New Canaan Weekly Activity through December 2, 2007 (Single Family Residential Only)
New Listings
70 Thrush Lane $3,499,000
142 Michigan Road $4,349,000
44 Four Winds Lane $5,500,000
Contracts Pending
67 Orchard Drive $2,298,000
131 Pequot Lane $4,200,000
88 Lukes Wood Road $4,900,000
173 Ferris Hill Road $5,999,000
Homes Sold
330 Laurel Road $1,800,000
70 Thrush Lane $3,499,000
142 Michigan Road $4,349,000
44 Four Winds Lane $5,500,000
Contracts Pending
67 Orchard Drive $2,298,000
131 Pequot Lane $4,200,000
88 Lukes Wood Road $4,900,000
173 Ferris Hill Road $5,999,000
Homes Sold
330 Laurel Road $1,800,000
Wednesday, November 28, 2007
A Look at the Rental Market. Good News for Investors.
With all eyes turned on the real estate sales market, I decided to take a look at the rental market and how it stacked up. Typically, when sales and prices take a downturn, rentals pick up. However, after analyzing the data to date this year, the results are very surprising.
Regarding residential sales year to date, our average price is $2,299,955 up 17.7% from $1,954,116 during the same time period last year. There have been 235 closed sales to date this year versus 222 closed sales last year. Because there have been 17 high end sales over 5 million this year and 4 more that are under contract, I then looked at sales under 4 million. The average price of homes under 4 million to date this year is $1,857,810 up 5.8% from $1,756,432 during the same time period last year. Also of interest is that the same number of properties under 4 million, 209, closed as of this date in both years
The rental market is really surprising. Of the 142 rentals in 2007, the average rental price is $4,110. There were 140 rentals in 2006 and the average rental price was $3,342. This represents an increase of $768 or a 23% increase in rental rates. Obviously, the number of rentals in New Canaan remain fairly even because the amount of rental properties do not increase or decrease very much and remain fairly constant. However, the increase in the average price is very noticeable as well as the increase in the median price, up from $2800 last year to $3200 this year. Rental prices have significantly increased. This is good news for investors and anyone who is considering purchasing investment properties in New Canaan in the near future.
Regarding residential sales year to date, our average price is $2,299,955 up 17.7% from $1,954,116 during the same time period last year. There have been 235 closed sales to date this year versus 222 closed sales last year. Because there have been 17 high end sales over 5 million this year and 4 more that are under contract, I then looked at sales under 4 million. The average price of homes under 4 million to date this year is $1,857,810 up 5.8% from $1,756,432 during the same time period last year. Also of interest is that the same number of properties under 4 million, 209, closed as of this date in both years
The rental market is really surprising. Of the 142 rentals in 2007, the average rental price is $4,110. There were 140 rentals in 2006 and the average rental price was $3,342. This represents an increase of $768 or a 23% increase in rental rates. Obviously, the number of rentals in New Canaan remain fairly even because the amount of rental properties do not increase or decrease very much and remain fairly constant. However, the increase in the average price is very noticeable as well as the increase in the median price, up from $2800 last year to $3200 this year. Rental prices have significantly increased. This is good news for investors and anyone who is considering purchasing investment properties in New Canaan in the near future.
Sunday, November 25, 2007
New Canaan Weekly Activity through November 25, 2007 (Single Family Residential Only)
New Listings
90 North Wilton Road $1,375,000
105 Parade Hill Road $1,850,000 (Not built yet, only proposed from plans)
109 Parade Hill Road $1,999,000 (Not built yet, only proposed from plans)
Contracts Pending
15 Old Norwalk Rd $925,000
27 Woodridge Circle $1,499,000
1035 Valley Road $2,249,000
Homes Sold
73 South Avenue $1,125,000
74 Kimberly Place $1,400,000
126 Hoyt Farm Road $2,000,000
881 Valley Road $2,800,000
Monday, November 19, 2007
New Canaan Weekly Activity through November 19. 2007 (Single Family Residential Only)
New Listings
36 Mortimer St $789,000
72 Gerdes Rd $1,098,000
88 Fieldcrest $2,395,000
Contracts Pending
57 Brushy Ridge Rd $1,139,000
162 Logan Rd $1,349,000
47 Stonehenge Dr $2,200,000
30 Woodridge Circle $2,950,000
Homes Sold
185 Sleepy Hollow $910,000
748 South Avenue $1,110,000
48 Marshall Ridge $1,680,000
57 Chichester Rd $2,825,000
104 Devonwood Ln $5,300,000
142 Michigan Rd $5,675,000
Thursday, November 15, 2007
A look at fourth quarter sales and some advice to home sellers.
As we are at the half way point in the quarter, the number of sales transactions are down this year as compared to last year. There have only been 13 sales of residential homes in New Canaan in October and to date in November, as compared to 21 sales in 2006 during the same period. If you currently have your home listed for sale you might consider that properties listed above the market just sit there. Sometimes it depends when the seller bought his home. Someone who bought at the peak might be tempted to list the home higher than someone who had bought at a time when prices were lower. However, if the seller can’t sell his house because he is asking too much, then the same seller can’t become a buyer of his next home. This contributes to a slowdown in the market.
If you are holding out for an above the market price to maximize your investment, this may not be the time. If you want to sell your house then list it at the market price and you will sell it. If you don’t really want to sell, then don’t put it on the market. It is very stressful to have your home on the market. Cleaning up every morning, having people walk through at inconvenient times and then reject the house is very painful and expensive. This may be the time to take a fresh look at your motivation to sell or not.
If you are holding out for an above the market price to maximize your investment, this may not be the time. If you want to sell your house then list it at the market price and you will sell it. If you don’t really want to sell, then don’t put it on the market. It is very stressful to have your home on the market. Cleaning up every morning, having people walk through at inconvenient times and then reject the house is very painful and expensive. This may be the time to take a fresh look at your motivation to sell or not.
Monday, November 12, 2007
New Construction statistics
New homes are a huge part of the New Canaan real estate market and they hold a great appeal for many buyers because their features are fresh and exciting and the new buyer does not have to do any fix up or remodeling. Of all the 249 homes that are actively on the market for sale today, 26.5% are new construction and 18.7% of all sales this year have been new construction.
However, a buyer might realize a better value if they were to purchase a home that needed some renovation or updating and controlling the project themselves to ultimately attain the house of their dreams. Understanding the scope of the project and gathering accurate information about architects, contractors and materials might be somewhat time consuming, but the result of ending up with a home that you really love at a better value might be worth the effort.
I would be happy to share my insight into homes that have unrealized value and my network of professionals to help you design your perfect home.
However, a buyer might realize a better value if they were to purchase a home that needed some renovation or updating and controlling the project themselves to ultimately attain the house of their dreams. Understanding the scope of the project and gathering accurate information about architects, contractors and materials might be somewhat time consuming, but the result of ending up with a home that you really love at a better value might be worth the effort.
I would be happy to share my insight into homes that have unrealized value and my network of professionals to help you design your perfect home.
Friday, November 9, 2007
The State of the New Canaan Real Estate Market
In spite of the perceptions regarding the housing market here, the statistics are very interesting and not what you might expect. The fact is that the number of houses sold and the average selling price in 2007 to date as compared to the same period in 2006 is actually up. This year, 225 houses have sold compared to 218 last year. In fact, there were 27 sales this year over 4 million dollars as compared to only 12 last year. That means a 4 million dollar or over sale occurred approximately every two weeks.
In determining average prices, I realize that these high end sales might distort the numbers. Therefore, eliminating every sale over 4 million, the average price in New Canaan this year is $1,862,847 vs. $1,757,715 in 2006 or an increase of 6%.
In each price category, 1 million+, 2 million+ and 3-4 million the number of sales were almost identical. The average days on the market is 182 days, however, that number may increase as there are 249 homes actively on the market for sale as opposed to the 225 sales, which results in a one year inventory.
Not to be overly optimistic, however, these numbers report the picture of the market. It will be interesting to recalculate at the end of the year and analyze how the fourth quarter affected the total yearly statistics.
In spite of the perceptions regarding the housing market here, the statistics are very interesting and not what you might expect. The fact is that the number of houses sold and the average selling price in 2007 to date as compared to the same period in 2006 is actually up. This year, 225 houses have sold compared to 218 last year. In fact, there were 27 sales this year over 4 million dollars as compared to only 12 last year. That means a 4 million dollar or over sale occurred approximately every two weeks.
In determining average prices, I realize that these high end sales might distort the numbers. Therefore, eliminating every sale over 4 million, the average price in New Canaan this year is $1,862,847 vs. $1,757,715 in 2006 or an increase of 6%.
In each price category, 1 million+, 2 million+ and 3-4 million the number of sales were almost identical. The average days on the market is 182 days, however, that number may increase as there are 249 homes actively on the market for sale as opposed to the 225 sales, which results in a one year inventory.
Not to be overly optimistic, however, these numbers report the picture of the market. It will be interesting to recalculate at the end of the year and analyze how the fourth quarter affected the total yearly statistics.
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