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.

New Canaan's Tax Assessment

Jeb Walker, the first Selectman, met with the New Canaan Board of Realtors today at our monthly membership meeting. The hot topic was the new assessment. He said that while the new assessment valuations are going up 30% based on a median number, it is expected that the mill rate will drop substantially. The mill rate will be based on the budget of the town after the grand list is finalized. So even though it appears that your assessment has increased substantially, your taxes may not increase to that degree. The town has a shortfall in the budget to cover, and the town is working on cost saving measures to make things work.

The town's assessor was also present at the meeting. In the course of his conversation, he mentioned that the town divides the geographical area into 16 neighborhoods, each allocated with a different number and different land valuations. Although building assessments are based on square footage and are fairly consistant, the location of the property will dictate the land valuation. This information is public and available at the tax assessors office.

Ryan Associates, the tax appraisal company hired by the town to conduct the new assessment, has been having informal hearings with residents who feel that their new assessment is in error. They have concluded these meetings. However, if you feel that your new assessment is miscalculated, you will have the opportunity to meet with the Board of Assessment Appeals through March before the grand list is finalized. Contact the tax assessor's office for further information.