New Year's Wishes

I was thinking about the upcoming year and what I would personally like to accomplish. In doing so, I started to reflect on my goals for my clients and what the real estate industry is really about. Despite the current economical situation, plans change and people's needs change also. However, I think it is fair to say that everyone desires to have a home to go to so my wishes for you in 2010 are as follows:

A place where you can put your first mark of adulthood after college pay off

A place where you can lay your head after a busy workday

A place where you can mark the kitchen wall with your children's height

A place where friends and family can come and be welcome

A place where you can retire with ease and comfort

A place where you can grow and watch things grow


Things will not be the same tomorrow and tomorrow can change in a day or a year but everyone should have a place called home.
Best Wishes for a Happy and Healthy New Year

Happy Holidays

WHAT A DIFFERENCE A WEEK MAKES


MEAD PARK SUNDAY DECEMBER 20


MEAD PARK DECEMBER 27

Peace and Goodwill

Throughout this Holiday Season Best Wishes to you and your family and friends.

Short Sales, A Long Process

Having been involved in several short sales and anticipating more to come, I found this article in The New York Times very interesting.

Taxable Debt in a Short Sale

Up to 2 million in taxable income may be forgiven for the years 2007 through 2012 according to IRS Mortgage Debt Relief Act of 2007.This law prevents debt forgiven by a lender from being counted as income by the IRS. HR 3648. If a homeowner negotiates any type of short sale with a lender, the homeowner will not be liable for any taxes on the forgiven debt. Click on the title to read more.

Wall St Journal Article Today. If you want a house that's environmentally friendly, here's what to look for

Click the title to read more

Real Estate Tax Appeal Deadline February 20. 2010

It is not too soon to begin planning if you are thinking about filing tax appeal for your New Canaan property taxes. By statute, property owners who wish to challenge their tax assessment on the October 1. 2009 Grand List must file an appeal with the Board of Assessment Appeals by February 20, 2010. An appeal must be based on appropriate legal and valuation grounds, never on a mere belief that the taxes are "too high". If you have any questions, call me to discuss.

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

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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

Bank Owned Home at 184 Lukes Wood Rd in New Canaan just reduced again today by another $250,000.

This is too good to be true. Another price reduction today bring the new price to $2,350,000. This bank is determined to sell this property. I believe it is going to be New Canaan's best deal and everyone will be talking about the one that got away.

Tax Credit to First Time Homebuyers to be Extended???

Most of the information coming from Washington DC indicates that the First Time Home Buyer Credit will be extended, as noted from lobbyists in DC.

Tax Credit Extension & Expansion

There will be an important vote in the Senate this week on the housing tax credit provision. The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.

Prospects: I still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.

NAR is making a major push for the expansion of the tax credit to all homebuyers. While it appears unlikely that it will be expanded beyond first-time homebuyers, NAR efforts could have a positive impact on the outcome.

BRAND NEW OFFERING. OENOKE RIDGE NEW CANAAN COMPOUND ON 4+ ACRES JUST LISTED AT $1,595,000

Remarkable but true, this incredible private oasis is just listed at $1,595,000. Set on 4.65 acres of privacy and tranquility behind a gated entrance, this fabulous 5 bedroom Center Hall Colonial has been restored and upgraded to the minute. New kitchen, baths, roof, furnace,a/c, windows, siding etc. There is nothing left to do but enjoy the beautiful free form swimming pool and spa. This property is priced to sell and wont last long.

New Canaan Opportunity. Major Price Reduction

74 Thayer Drive has just been reduced to $849,000. This spacious country home with an open floor plan is set on 2 acres in an area of luxury homes and has tremendous potential for the saavy buyer. It has expansive hilltop views and a full finished lower level. There is a town approved code compliant 6 bedroom septic system designed for future expansion or renovation.

GRAND OPENING. NEW CANAAN'S NEWEST GREEN HOUSE. LEADING THE WAY IN NEW CONSTRUCTION

274 Mariomi Road, New Canaan, Ct
GRAND OPENING THIS SUNDAY, OCTOBER 25,2009
2-4PM

Amy Gabriele and I have just listed this incredible new home.
Just finished and ready for showing, this home is ahead of its time.
With over 8,000 sq ft of living space and 6 bedrooms and 8 1/2 baths, it is heated and cooled geothermally.
Numerous energy efficient features include Hardiplank siding, Azek trim, Pella energy star windows, 100 yr slate style architectural roof.
The kitchen and all bathrooms are designed by Kitchens by Deane and the house sits magestically on 2.8 acres of high land with hilltop views.
Priced at $3,795,000.
Amy and the builders, 2G Construction, will be on hand to answer any questions.
Click on the title to view the website www.274mariominewcanaan.com

Retirees and Empty Nesters Flock to Manhattan

MARK YOUR CALENDARS. THIS REALLY IS VERY HELPFUL. HAZARDUS WASTE DAY IN NEW CANAAN IS OCTOBER 17

Great time to clean out the basement and garage. Bring your old and unwanted paints, chemicals and toxic material to the Wastewater Treatment Plant between 8:30am and 2pm on Saturday October 17.

New Canaan Real Estate Market Activity Third Quarter Summary

NEW LISTING. NEW CANAAN'S CUTTING EDGE "GREEN HOUSE" NOW FINISHED AND LISTED FOR $3,795,000. GRAND OPENING TO BE SCHEDULED SOON.

The real estate market has picked up substantially after the dismal first quarter, however, statistics show that the decline from 2008 numbers are still significantly down.

The average price of sold homes this year as of September 30 was $1,745,705, representing a 20% decline from the average sold price in 2008 of $2,180,838.

The number of sold homes is also down from 149 last year to 114 this year, representing a decline of 24%.

The average days on the market to date this year is 193 with a list to sell average of 88.9%

There are currently 257 homes on the market right now and there are 24 that are pending.

The following homes went pending in the last week

49 Parting Brook $849,000
6 Parish Rd South $1,388,000
161 Skyview Lane $1,395,000
87 South Bald Hill $2,295,000
1484 Oenoke Ridge $2,495,000
226 Buttery Rd $3,595,000
119 Clearview Lane $4,250,000

SHORT SALE OPPORTUNITY IN NEW CANAAN

Listed at $550,000, this Forest Ridge townhouse is offered far less that the last purchase price. Take advantage of this opportunity for this 3 bedroom townhouse with first floor master suite and attached 2 car garage.

ARE DISTRESSED HOMES WORTH IT?

Click on the title to read The Wall St Journals article about distressed homes. It is very well explained.

Brand New Modern Home Hits The New Canaan Market

New Canaan was abuzz on Sunday for the Grand Opening at 173 Park St, the very modern house built by Dave Prutting of Prutting and Company Builders and is listed by William Pitt. I think the attendance definately set a record for open house traffic. There was a non stop stream of people lining up in the rain to tour the latest example of trendy architecture in town. The stark lines, glass walls, dramatic baths and very cool rooftop garden with outdoor kitchen, fp, garden and pool site add to the dramatic flair. You can walk to the town and train from this 4 story home complete with an elevator and for the environmentally conscious, there is a photovotaic system. LEED certification is pending. Priced at 4,950,000, it is one of New Canaan's priciest homes, however, it is also one of a kind. Dave Prutting did an incredible job.

Index shows home prices rose for 3rd month in July - Boston.com

Index shows home prices rose for 3rd month in July - Boston.com

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NEW CANAAN'S NEWEST AND EXCITING 'GREEN ' NEW CONSTRUCTION

Priced at $3,795,000 this home is just finished and fresh on the market.It certainly sets a new standard for environmental conscious new construction in keeping with New Canaan's traditional market appeal. More details to come including dates for Grand Opening Sunday Open House.
MAGNIFICENT ECO FRIENDLY HOME HILLTOP HOME IN NEW CANAAN BOASTS PHENOMENAL GREEN FEATURES WITH STATE OF THE ART GEO THERMAL HEATING/COOLING, HIGH PERFORMANCE ICYNENE INSULATION, ENGERY STAR PELLA WINDOWS/DOORS, 100 YEAR ARCHITECTURAL SLATE SYTLE ROOF WITH COPPER GUTTERS. MAINTENANCE FREE HARDIPLANK SIDING AND ARCHITECTURAL AZEK EXTERIOR MOLDING AND TRIM. GRAND TWO STORY ENTRANCE WITH MAHAGONY CURVED STAIRCASE, 4 STONE FIREPLACES, KITCHEN, BUTLERS PANTRY AND BATHS ALL DESIGNED BY "KITCHENS BY DEANE", COVERED OUTDOOR ROOM WITH FIREPLACE, 3 FINISHED FLOORS, HOME FRAMED FOR FUTURE ELEVATOR. POOL SITE AVAILABLE. FULL WALK OUT BASEMENT READY FOR FINISHING WITH COMLETE BATH. SETTING A NEW STANDARD IN ENVIRONMENTAL CONSCIOUS NEW CONSTRUCTION.

The French Quarter in New Orleans Now

I had the opportunity to visit New Orleans for a few days and was pleasantly surprised to see an interesting place. In fact, it is called "America's Most Interesting City". Click on the title to read the feature story in The Times Picayune regarding the comeback of home values in the French Quarter. The homes I have photographed are located along the street car line on St Charles Avenue near Tulane and Loyola Universities.

Big Price Cut to $999,000

This tudor style house is a charmer. 4 bedrooms, cul de sac location and 2 acres of flat land on Lantern Ridge Rd

Tracking the Continuing Progress of New Canaan's Sustainable Home

This is the second article in a series that I am writing for The New Canaan Advertiser Online published this week which features the construction of a fascinating "green home" in New Canaan using geothermal heat. The home is nearing completion and is going to receive a very high LEED platnium rating. Click on the title above to see more pictures.


Tracking the continuing progress of New Canaan’s sustainable homeWritten by Denise Gannalo
August 31, 2009



It has been several months since I last visited this celebrated home currently under construction in New Canaan. Nate and Etta Kantor are continuing to make remarkable progress on their home and plan to move in this fall, hopefully by the end of October. As you approach the property on Trinity Pass Rd in the pastoral north area of New Canaan, you see a remarkably well sized and proportioned residence on 4.6 acres with much available space surrounding it. The home is approximately 3500 sq ft with an additional 1500 square feet of living space in the walk out lower level. The exterior design is Adirondack style with a Mission/Arts and Craft influence. It has natural siding consisting of cedar shingles which are classified FSC (Forest Stewardship Council) and the trim color is forest green. There are many overhangs over the windows which shade the home from the summer sun. The exterior front door is extremely handsome and is an antique door utilizing reclaimed wood that was found at United Housewreckers. The interior floors are now installed using antique oak. The walls are amazing. The first floor walls are American Clay. The other walls are painted in natural colors using Benjamin Moore Aura line of paints which is environmentally friendly and less toxic than conventional paints. All the windows are energy rated triple pane. The sensible size still lends itself to a striking great room consisting of kitchen/dining room/living room and fireplace, a first floor master suite, 3 bedrooms on the second floor plus 2 offices and a lower level with an exercise/ playroom, family room, fireplace, pool bath with steam shower and storage rooms. The flooring in the lower level is carpeted with floor tiles made from recycled natural materials. All the countertops in the kitchen (except the center island) and bathrooms are made of Ice Stone which is recycled glass and cement and is made locally in Brooklyn, NY. The center island of the kitchen will have an antique oak counter.

Being sensitive to the environment, The Kantors designed the house to be heated by solar power. There is a large tank in the basement which holds the water to heat the house and pool. The temperature of the water is 100 degrees. The concept of the design is that the home is self sufficient with little impact on the environment. The house is part of the power grid which means it can use electric power when needed because of cold or overcast weather conditions but it will sell back to the grid when there is excess and the electric meter will run in reverse. The goal here is to net zero. The water supply to the house for bathing, drinking water, laundry and cooking is from the well but a gray water system is used for toilets except for the master bathroom which will have a compost toilet. Underground cisterns will collect rainwater for irrigation of gardens and landscaping. In the rear of the property is a very generous garden about 30x130 feet to be used for organic gardening.

This home is expected to earn more than sufficient points to qualify for platinum LEED certification. LEED stands for Leadership in Energy and Environmental Design. It is a rating system from the US Green Building Council dedicated to the expansion of green building. It has emerged as the most important force in the accelerating market for green building by federal agencies.

I will continue to update the progress of this project as it gets closer to completion.

Denise Gannalo is a sales vice president at William Raveis Real Estate, located at 4 Elm Street. She has more than 26 years experience in the New Canaan real estate market. For more information, call Denise at 966-3555 or visit denisegannalo.raveis.com.

Bernie Madoff's Beach House in Long Island

Unbelievable but there are multiple bids on this house. It is a nice house but unfortunately it was at the expense of so many people. Greed does not pay off.
Click on the title to read the article and see a slide show of the house.

Newly Listed. Elegant Brick Colonial on Frogtown Rd

This spacious traditional Colonial has it all. Over 5,000 sq ft of living space on 2 private acres near town. Gorgeous landscaped property with private in ground pool.
Priced at $2,395,000

New Canaan Residential Activity August 2009

Although, it did seem very quiet around town in August, the real estate activity did certainly pick up from earlier this year. We see that trend in August as transactions hit the closing table.

This August, with 279 homes actively for sale on the market, we had 20 new listings but notably important was the 30 closings that took place in August. The average price of those August closings was $1,603,300 with a median price of $1,435,000. The average time it took to close was 155 days and the list to sale ratio was 91.09%

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.