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Look Back to Move Forward: Fairfield County Real Estate Market Stats for 2009

Ever wonder why our cars have a rear view mirror?  Henry Ford learned this lesson long ago that to move forward safely, it’s always important to know where you’ve just been.  Real estate?  Same thing!

2009 presented many challenges for sellers, agents and believe it or not, buyers too.  Check out the 2009 stats in the table below and you’ll see that in all the Fairfield County municipalities listed, prices fell about 11% on average.  Transaction volume, well that was off in the towns but not so much in the cities.  Stamford and Norwalk each posted about a 5% increase in the number of deals while Danbury showed a modest decline.

As prices fell throughout the year, the smart sellers made repairs, priced their house at market value and were able to sell quickly and painlessly.  Others found the market to be hostile.  Overpriced homes (probably 50% – 75% of the 2009 inventory) languished on the market, frustrating owners who did not believe that declining values hit THEIR property.  Those in denial paid in frustration, anguish and ultimately a lower price for their home because it was on the market longer as prices declined.

For buyers, 2009 was a year of good deals, great deals (foreclosures and short sales) and some difficult deals as personalities, attitudes and anger made made for many acrimonious negotiations.  For the most part, residential property values fell back to around 2003 levels.

Real estate agents found 2009 to be a challenge.  The good ones worked on developing the new skills that the market now demands.  For me, I can say that I worked harder than ever to make sure my clients’ worked out in their favor.  Negotiating last year’s deals and seeing them through to close required strict attention to all the details, patience and skill.

2009 meanPct Chg from 20082009 medianPct Chg from 20082009 #TransPct Chg from 2008
Brookfield 417,420 -11.8% 384,000 -8.5%125-23.3%
Danbury 309,927 -13.9% 290,000 -12.1%324-3.0%
Newtown 428,668 -15.2% 420,000 -9.3%212-7.0%
Norwalk 529,423 -22.7% 440,000 -14.3%4395.5%
Redding 664,338 -7.4% 559,000 -12.0%70-6.7%
Ridgefield 759,494 -11.4% 645,000 -11.0%220-8.3%
Stamford 665,915 -13.0% 575,000 -10.2%4884.9%
Weston 936,173 -20.4% 825,000 -11.3%92-20.7%
Westport 1,419,436 -16.9% 1,188,500 -12.0%250-7.7%
Wilton 915,137 -12.9% 756,250 -10.7%136-16.6%

All data is from the CMLS and believed to be accurate and reliable.

Spoken by Rob Gutman | Discussion: 2 Comments »

Hey, What’s the Big Deal! 2009’s Biggest Home Sales and What This Means for 2010

Ridgefield Real EstateHow big were the biggest deals of 2009?  Big? Really big? Well, actually, not so big.  Last year we witnessed a major pullback in luxury home sales at the highest end of the market.  In the 7 towns surveyed, the average “biggest deal” was down 20% from 2008.

The transaction price erosion we saw at the highest level is driven mainly by 2 factors: overall decline in market values and the shifting focus of buyers toward more modest dwellings.

Anyone care to make a prediction?  Will the high-end buyers be back in 2010?  Personally, I think we’ll see more attention on luxury homes in the coming year as pent up demand will bring more buyers to this market segement while at the same time, many are tiring of the selling process and will do “whatever it takes” to get their homes sold.

Northern Fairfield County’s Biggest Deals of 2009 list won’t make the Forbes World’s Most Expensive Homes list, but they are beautiful and luxurious.  Check out all the 2009 biggest deals below:

Biggest Residential Real Estate Deals of 2009

TownAddressBR Acres 2009 Sold Price2008 Biggest DealPercent Change
BETHEL6 JENNIFERS WAY41.9$720,000 $1,100,000 -35%
BROOKFIELD38 SUNSET COVE RD31.0$1,350,000 $1,850,000 -27%
DANBURY19 PETERSONS LN52.0$1,595,000 $1,817,000 -12%
NEWTOWN26 BUTTERFIELD RD55.1$1,150,000 $1,600,000 -28%
REDDING118 MOUNTAIN RD45.9$2,300,000 $2,950,000 -22%
RIDGEFIELD3 PARLEY LN41.3$2,500,000 $5,500,000 -55%
WILTON16 MIDDLEBROOK LN54.2$4,000,000 $2,940,000 36%

Spoken by Rob Gutman | Discussion: 2 Comments »

How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters

Ridgefield, CT Real Estate TaxesYou’re just a few clicks away from knowing what any house is worth! Whether you’re buying a house, selling a house or just living in your house for the time being, it’s always good to know the local tax assessment. Assessments in Connecticut are updated every 5 years and represent 70% of a homes true market value.

Take Ridgefield for example. In 2007 the Tax Assessor (Al Garzi), worked with a vendor to revalue every property in town. Based on actual sales, they objectively assign a dollar value to each parcel in order to fairly divide up Ridgefield’s tax burden. If a house has recently changed ownership, it is likely that that the new assessment will reflect this transaction price.

When I value a home for sale or purchase, I present my client with 4 different market valuation models based on several factors. The tax assessment is a major input to my valuation model for any individual home. Not only the assessment for that particular house, but the assessments for all the comparable houses that have recently sold and are currently on the market.

Contact me to learn more about how to accurately model the value of any home. Weather you’re buying, selling, or just tracking the value of you current home, it’s important to keep an accurate read on it’s market value.

Online Tax Assessments for Ridgefield, Redding, Wilton and other area towns in Fairfield County

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Spoken by Rob Gutman | Discussion: 2 Comments »

Home Sales Roundup – Ridgefield, Redding and Wilton CT Real Estate – November 2009

Closings in November reflect home sales that were negotiated in the prior 30-90 days. Each of these transactions closed during the month. The list includes all of the single family home sales for Ridgefield, Redding and Wilton, Connecticut for the month of November 2009. Contact us with any questions regarding today’s real estate market and how best to benefit from it.  I am always here to help in any way I can.

Street NumberStreet NameTownBedroomsList PriceSale Price
43OLMSTEAD RDREDDING3$334,900$325,000
13STARRS RIDGE RDREDDING3$398,000$398,000
5SIDE CUT RDREDDING4$400,000$450,000
8BALD ROCK RDREDDING3$549,000$520,000
19INDIAN HILL RDREDDING4$750,000$705,000
28WOOD RDREDDING4$795,000$680,000
24BEEHOLM RDREDDING3$825,000$775,000
4JOHN TODD WAYREDDING5$1,035,000$925,000
15CLEARVIEW TERRIDGEFIELD2$309,000$310,000
60LAUREL LNRIDGEFIELD3$344,900$305,000
14BOBBYS CTRIDGEFIELD4$389,000$382,500
86OLD WEST MOUNTAIN RDRIDGEFIELD3$399,000$380,000
167HAVILAND RDRIDGEFIELD4$449,000$440,000
26BUCK HILL RDRIDGEFIELD4$464,900$441,500
23BAYBERRY HILL RDRIDGEFIELD3$469,000$467,000
366WILTON ROAD WESTRIDGEFIELD3$480,000$420,000
105NEW STRIDGEFIELD3$514,900$470,000
24FULLING MILL LNRIDGEFIELD4$525,000$475,000
36RITCH DRRIDGEFIELD3$578,900$601,900
124MOUNTAIN RDRIDGEFIELD3$619,000$595,000
72SAUNDERS LNRIDGEFIELD3$635,000$600,000
1PEACEABLE HILL RDRIDGEFIELD3$659,000$620,000
56CIRCLE DRRIDGEFIELD4$669,000$650,000
39BRIAR RIDGE RDRIDGEFIELD4$695,000$645,000
36ACORN PLRIDGEFIELD3$698,000$650,000
42MIMOSA CIRRIDGEFIELD5$750,000$665,000
110RAMAPOO RDRIDGEFIELD4$877,000$852,000
346OLD BRANCHVILLE RDRIDGEFIELD4$1,135,000$1,000,000
10LISA LNRIDGEFIELD5$1,299,000$1,150,000
346STURGES RIDGE RDWILTON3$579,000$555,000
21GRUMMAN AVEWILTON4$669,000$645,000
139GRUMMAN HILL RDWILTON4$692,000$670,000
264HURLBUTT (AKA HYLAND RD) STWILTON4$699,000$636,500
21FULLIN LNWILTON3$725,000$685,000
31CLOVER DRWILTON4$759,000$692,500
46GLEN HILL RDWILTON5$839,000$790,000
9RICHDALE DRWILTON4$1,249,000$1,150,000

Spoken by Rob Gutman | Discussion: 2 Comments »

Home Sales Roundup – Ridgefield, Redding and Wilton CT Real Estate – October 2009

Closings in October reflect home sales that were negotiated in the prior 30-90 days. Each of these transactions closed during the month. The list includes all of the single family home sales for Ridgefield, Redding and Wilton, Connecticut for the month of JOctober 2009. Contact us with any questions regarding today’s real estate market and how best to benefit from it. I am always here to help in any way we can.

Street NumberStreet NameTownBedroomsList PriceSale Price
173PICKETTS RIDGE RDREDDING4$340,000$332,000
72OLD STAGECOACH RDREDDING4$399,777$452,024
20DEACON ABBOTT RDREDDING4$405,000$402,500
573REDDING RDREDDING3$539,000$530,000
7SULLIVAN DRREDDING4$550,000$525,000
280BLACK ROCK TPKEREDDING4$1,159,000$995,000
252BENNETTS FARM RDRIDGEFIELD3$239,900$239,000
350BENNETTS FARM RDRIDGEFIELD3$335,000$297,050
10ISLAND HILL AVERIDGEFIELD3$399,900$385,000
340BARRACK HILL RDRIDGEFIELD4$488,876$447,500
34MADELINE DRRIDGEFIELD3$499,900$479,500
45TACKORA TRLRIDGEFIELD3$539,900$495,000
15DOWLING DRRIDGEFIELD3$599,900$430,000
27SARAH BISHOP RDRIDGEFIELD4$639,900$617,000
35MARSHALL RDRIDGEFIELD5$668,800$640,000
12EVERGREEN PLRIDGEFIELD4$699,000$659,500
266BRANCHVILLE RDRIDGEFIELD3$722,900$722,000
13CASA TORCH LNRIDGEFIELD4$739,000$718,000
10MCKEON PLRIDGEFIELD4$749,000$715,000
131NEW RDRIDGEFIELD4$1,029,000$980,000
14RED OAK LNRIDGEFIELD5$1,239,000$1,175,000
20AARONS CTRIDGEFIELD4$1,249,000$1,155,000
10KEELER CTRIDGEFIELD4$1,299,000$1,185,000
11TURTLE RIDGE CTRIDGEFIELD5$1,399,000$1,225,000
8KEELER CTRIDGEFIELD5$1,475,000$1,230,000
217OLD BRANCHVILLE RDRIDGEFIELD6$2,475,000$2,200,000
24ROLLING RIDGE RDWILTON3$424,000$395,000
134RIDGEFIELD RDWILTON4$549,000$509,000
7MAYAPPLE RDWILTON4$634,000$585,000
254NEW CANAAN RDWILTON4$699,000$671,000
411OLMSTEAD HILL RDWILTON5$719,000$670,000
31WEEBURN LNWILTON4$799,900$750,000
33SEIR HILL RDWILTON5$988,000$991,000
281STURGES RIDGE RDWILTON4$1,195,000$1,100,000
269STURGES RIDGE RDWILTON5$1,695,000$1,500,000
21WOLFPIT LNWILTON5$1,699,000$1,625,000
6HUNTING RIDGE LNWILTON5$2,399,000$2,100,000
7SPRUCE MEADOW CTWILTON6$3,190,000$2,860,000

Spoken by Rob Gutman | Discussion: No Comments »

How Real Estate is Like Fishing. Warning: This Strategy WILL SELL Your Fairfield County House

Real Estate is Like FishingNo matter what you’re hearing, area homes ARE selling. Not like iced tea on a hot summer day, but homeowners that need to sell are getting the job done. I just checked the MLS and here’s the proof: 140 area homes have taken a deposit or have a signed contract. These are all recent real estate deals that have been negotiated and/or contracted but not yet closed. That’s 140 houses!

Home sellers are asking me “how can I be the next one?” If you really want to sell, then let’s talk about a pricing strategy that works. You see, selling real estate is kind like fishing. You can have the best gear, the best bait and even be in the best fishing spot. However, if the fish are 30 feet down and you only let out 10 feet of line, you can fish all day and still have nothing for dinner! Let out 10 more feet, not a bite. 10 more feet and then you’ll be eating fillets for a week!

If you’ve got a great house and your realtor has a proven marketing system and you’re still not seeing satisfactory activity or offers (i.e. no bites), then your bait’s not low enough. Your not fishing where the fish actually are. It’s time to let out more line. And then keep letting it out until you hook your buyer.

The Home Sales Strategy That Will Sell Your House!

First, realize that today there are many more houses for sale than buyers to buy them. Not what you were hoping for but the good news is that if you’re buying something on the other end, then you’ll be benefiting from this situation too! The sooner you “get to 30 feet”, the faster you will hook a buyer and you will actually sell for a higher price than if you stayed at 10 feet for too long. Price your house as competitively as possible. Then for every 2 weeks without an acceptable offer, drop your price by $10,000 – $20,000. Today’s buyers make decisions based on value. That’s it. A periodic price adjustment strategy will get your house sold. Guaranteed!

Northern Fairfield County Real Estate IS selling and at ALL price levels:

Bethel. . . . . 14 transactions currently in process between $314,000 and $549,900
Brookfield . 20 transactions currently in process between $290,000 and $990,000
Danbury . . 45 transactions currently in process between $180,000 and $1,600,000
Newtown . .20 transactions currently in process between $175,000 and $1,199,999
Redding . . . .9 transactions currently in process between $190000 and $1,750,000
Ridgefield. . 19 transactions currently in process between $375,000 and $3,500,000
Wilton . . . . .12 transactions currently in process between $390,000 and $2,399,000

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Contact Brad and Rob anytime for free advice: 203-438-8000

Spoken by Rob Gutman | Discussion: No Comments »

Just How Many Homes Really Are Selling in the Region (Ridgefield, Redding, Wilton, …)

Fairfield County Home Sales

As the media bombards us with enough doom and gloom to last for the next 10 years, you can be sure there’s more to come. But everyone keeps asking me “how bad is it… really? You know, with real estate”

Truth is, no matter how bad the market appears on the new, people still need to buy and sell homes. Workers are still being transferred, families are still growing, folks are still dying, divorces are still occurring,life dreams are still being realized… So you see, life goes on no matter what happens in Washington or on Wall Street. An believe it or not, mortgage money is freely available to ALL qualified buyers! And at great rates.

It’s not fair to say all is rosy but you can’t say the real estate market has totally fallen apart either. Overall, compared to 2007 (which by the way was not stellar but not so bad either), the region shows a 27% decline in single family home sales. 27% fewer players means a little less liquidity in the market and generally you’ll find it takes a longer to sell. However, the market is still active, just not as much as last year. As the market has shifted to favor the buyers in price negotiations, and prices will continue to decline somewhat, it’s crucial for sellers to price their homes at or below market value.

Bottom line for sellers is that to be included in the 73% of transactions that continue to occur, be smart and price to market. Overpricing you house will be frustrating, stressful and ultimately leads to more stress and less money.

Spoken by Rob Gutman | Discussion: No Comments »

Ridgefield, CT Real Estate Market Report: Home Sales August 2008

ridgefield, ct real estate median sales

Do we have a national weather report? You know, just one report like “in the US today it will be sunny day in the mid-80’s…” Never seen that? It doesn’t work because weather is local.

It can’t be done with real estate either… just like weather, real estate is local. So all these headlines shouting “20% foreclosure rate” and “prices down over 30%” might apply to other locales but I can tell you they’re not talking about Ridgefield, CT!

Ridgefield Real Estate Report

What we’ve seen thru the beginning of August is a real estate market that remains active and still shows significant activity. Year-to-date, the number of transactions still trail last year by about 30% and, by looking at the Ridgefield median home price, prices have only dropped about 10% over the last 18 months. Inventory has started to wane as the good houses (best condition, best price) are quickly bought while the others will continue to linger on the market. Buyers are still blessed with access to low mortgage rates and Brad and I keep relationships with the best mortgage professionals in the business so you can be certain that with a good credentials, borrowing money will never be a problem.

A closer look at the numbers reveals an interesting trend this year: sales activity is focused on the lower end of the market. The graph shows a distinct shift in 2008 from Ridgefield luxury real estate and more towards the entry and mid levels. We’re definitely seeing more young families getting into town for the terrific schools and other sought-after amenities while owners at the high end are holding onto their homes and anticipating better times to come.

Ridgefield real estate sales by segment

I can’t say exactly when things will bottom-out but I can tell you that just like the weather, the report is local but it is also affected by many larger forces. As the election shakes out, oil prices drop back to reasonable levels and the banks realigned themselves with manageable lending behavior, the Ridgefield real estate market will see some gains again. It might not be until 2009 or 2010, but all markets are cyclical and we’ll ride this out better than 98% of the rest of the country.

Don’t ever hesitate to call us if you have any questions about this information or anything else. We’re always available to help in any way we can.

Related Posts on Real Estate Chocolate:

Spoken by Rob Gutman | Discussion: 1 Comment »

Ridgefield, CT Real Estate Market Report: Home Sales July 2008

Ridgefield Real Estate Market Stats - Sales

Ridgefield Real Estate Market Commentary

We’re still tracking behind 2007 in number of Ridgefield real estate sales but the inventory level has fallen well below 2007 as well… and that’s a good thing. What this means that although we’re still seeing some softness in the market, many of the unrealistic sellers have let their listings expire or canceled them outright. YTD transaction volume is down about 33% but we are seeing the expected seasonal uptick in sales pending and sales closed.

Ridgefield Real Estate Market Stats - Market Summary

The Ridgefield real estate market continues to be active. For home buyers the word is “value”. They are looking for the best values which include not just a home’s amenities but also it’s condition and location. I’ve recently seen several properties sell quickly and some are even selling for over asking price. These are the homes that provide the best value and these are the Ridgefield homes that are priced at the market.

Ridgefield Real Estate Market Stats - Listings

It continues to be a great time to buy a house and trade-up opportunities abound. Interest rates are still low, there’s a good selection to choose from and although no is “giving their house away”, there are deals to be had. Buyers who are waiting to make decisions are losing their homes of choice to other buyers. Stay tuned to see how the market progress into the summer and fall selling seasons.

Spoken by Rob Gutman | Discussion: No Comments »

Ridgefield, CT Real Estate Market Report: Home Sales June 2008

Ridgefield CT Real Estate Stats

Ridgefield Real Estate Market Commentary

May brought us into Ridgefield’s Spring real estate selling season. We continue to see a decline in the number of closed transactions from the previous year, down by almost half compared to May, 2007 and down about 35% year-to-date. After a few months of decline, one measure of price levels, price-per-square-foot, has rebounded to $287 on average – back in line with historical levels of the past couple of years. . Buyers are still in control but they are generally taking a long time to make decisions and are most nervous about a market decline. Although sales are down, luckily Ridgefield has not experienced a huge erosion in property values mostly due to how desirable people find the town. Great schools, proximity to New York City, many employers and corporations within a manageable drive and overall property values (AND TAXES) that remain extremely attractive compared to Westchester County and lower Fairfield County towns like Darien and New Canaan.

The savvy buyers are taking advantage of current market conditions (lower prices, GREAT SELECTION) to “trade up” to a more expensive house for themselves and their families. They are realize that they might have to “give a little” on the sale side but “make it up in spades” on their purchase. Read this Time Magazine article: Ignore the Headlines.

Ridgefield CT Real Estate Stats

The question most often heard from buyers is about their new house maintaining value in the short term. My view on this is that you can’t “day trade” houses like you can try to do with stocks. Prices will fluctuate up and down in the short term but history has totally proven that in the medium to long term (say 3-4 years plus), real estate will reliably return above average investment gains. And while your asset appreciates, you can also LIVE IN IT! You can’t live in a stock certificate, can you?

Ridgefield CT Real Estate Stats

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