Just Listed. Elegant Modern in New Canaan, Ct.

Designed by Dinyar Wadia, noted architect, with new additons by Frank Palmer, this 5000 sq ft signature home has never been on the market. Click on the title to view the website.  Priced at $2,395,000, it is truly one of New Canaan's most exceptional properties.

$8000 Tax Credit Reminder to Homeowners.

Thirty Days and Counting: Treasury Reminds Potential Homebuyers of Deadline on Recovery Act Expanded Tax Credit
Up to $8,000 Available to Homebuyers Under Contract Before May 1, 2010

Credit Has Helped 1.8 Million Taxpayers Buy a New Home

WASHINGTON – The U.S. Department of the Treasury today reminds potential homeowners that they have 30 days left to take advantage of the First Time Homebuyer (FTHB) tax credit before it expires. The FTHB credit provides qualifying taxpayers with up to $8,000 to buy a new home and is available for home purchases under contract before May 1, 2010.
"The First Time Homebuyer credit has helped nearly two million families achieve the American dream of owning their own home," said Deputy Treasury Secretary Neal S. Wolin. "The expanded tax credit has been one of the great successes of the Recovery Act. Potential homeowners across the country should know about it and should take advantage of it."

Last year, more than 700,000 taxpayers were able to buy their first home with assistance from the Recovery Act expansion of the First Time Homebuyer Credit. Overall, nearly 1.8 million taxpayers have collected $12.6 billion in tax credits to buy a home, due largely to the Recovery Act.

The Recovery Act expanded the First Time Homebuyer credit by increasing the credit amount to $8,000 for purchases made before Dec. 1, 2009. The Worker, Homeownership and Business Assistance Act, which became law on November 6, 2009, extended the deadline and expanded eligibility to help more American taxpayers. The new deadline extended eligibility to taxpayers who have a binding contract to purchase a home before May 1, 2010 and who close on the home before July 1, 2010. Taxpayers who are long-time residents of the same home are also eligible for a credit of up to $6,500 if they purchase a new principal residence by this deadline.

"This tax credit has helped put money back into the pockets of Americans at a time when they need it most, and it has played a significant role in the Administration's efforts to stabilize the housing market and the economy as a whole," Deputy Secretary Wolin added.

The FTHB credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 tax return, due April 15, 2010, or their 2010 tax return, due April 15, 2011. Qualifying homebuyers who purchased a home in 2009 could claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010.

Is this the spring market?

As we approach the end of March, which would traditionally be the beginning of the spring market, the activity certainly has not sprung yet. However, there is some movement with the market, but not the flurry of activity that some of us would like.  The single family home inventory in New Canaan is beginning to climb. As of today there are 237 homes on the market which is up from last month and that is due to the 31 new listings which came on the market this month, which does not include any homes that were relisted.  We have 10 new pending contracts (not terrible) and there were also 9 sales.  The properties that closed were:

110 Forest St $419,000
17 Strawberry Hill $850,000
45 Weeburn Drive $1,050,000
226 Putnam Rd $1,400,000
198 North Wilton Rd $1,450,000
498 Valley Rd $1,637,500
82 Arrowhead Trail $2,275,000
34 Brookwood Lane $3,200,000
945 Oenoke Lane $3,815,000

Of these sales, the average selling price was $1,788,500 with a list to sell ratio of 94.95%. They were on the market for an average of 199 days.

If you are thinking of selling your home this year, act soon before the inventory continues to climb and before any significant mortgage interest rate rises which discourage buyers.  And most importantly, price accordingly. Look at the recent sales, not the prices of homes on the market because the homes on the market are the ones that have not sold.