Stimulus in the Suburbs

The government stimulus package aside, here is a “real time”, cost effective stimulus guaranteed to shake off the malaise, lift the spirits and raise your confidence.

Thirty minutes from New Canaan is Grand Prix New York, a 120,000, sq. ft facility dedicated to the best indoor recreational racing I have yet experienced. And trust me; married to a long time racing aficionado I have experienced a few tracks. This is not your Grandfather’s soap box derby. Roaring engines, two European style racing tracks, posh facilities and an award winning restaurant…this is the real deal.

Eleven of us arrived on a late Sunday afternoon after a week of apprehension with emails flying back and forth trying to decide whether we were nuts and maybe this should be a spectator sport instead. We were asked to sign in and choose a racing name suitable for the thrill of the event; mine was Uvegottobekidding ,but those with more of an edge had names like Rover, Blue Thunder, Dizzy D, BlondeAmbition and yes, Whimpy. We sat for a 15 minute tutorial and safety video and then it was off to the dressing room to be outfitted with racing suits, neck guards and helmets.

Stepping out onto the track with its twists and turns, flashing lights, roaring engines, hearing your name called, easing  yourself into the Kart, pulling your visor down, watching the Track Marshal  signaling you like a traffic cop on too much caffeine and sugar…this is where the heart rate starts to rise and you realize you can’t back out now and “just what was I thinking?”. The lights go green, the flag comes down and somehow you find your foot flat down on the accelerator, faster, braking, turning, picking up speed again, straightaway, go, skidding,  and you can’t tell who just passed you except by the color of their sneakers… did I really just get passed by my daughter…oh no you don’t! Suddenly the checkered flag waves in front of you and the first race is over. Your insides are still humming, the helmets come off and everyone is talking all at once; “you squeezed me out of the corner”, “I have got to get me one of these”, “can we go again”, “that was awesome”, “you are so dead the next time”.

Several races later we collapsed into the restaurant on the premises. Eau Rouge is reasonably priced and a wonderful surprise with a variety of salads, appetizers, and entrees that one would enjoy while watching Formula One racing in France. Pictures and stories were shared by good friends after the adrenaline rush of afternoon racing. Other than my husband and a friend of his who both race competitively, the rest of the group had been a bit uneasy and nervous about racing go-karts. All the previous anxiety and trepidation were for naught. This is a safe, fun and thoroughly exciting experience. The New York Times’ recently had an article that read, “don’t dismiss the importance of confidence at a time when spirits hang low”. Suiting up, showing up, completing the race, and catching up to that daughter who passed you on turn 7 was well worth it.  It’s a definite confidence builder and worth the short trip. See for yourself at www.gpny.com. Yes, tomorrow you may be a bit sore, but think of that green flag waving and your day may start in a higher gear and with a smile.

New Listings in New Canaan March 23 - April 3

Birchwood Lane /         4 bedroom/ 4 bath      Colonial        $1,299,000.

Sleepy Hollow/             4 bedroom/3 bath      Colonial         $1,299,000.

Marvin Ridge Road /      4 bedroom/ 3 bath      Colonial        $1,525,000.

Skyview Lane/              4 bedroom/ 5 bath      Cape Cod      $1,525,000.

Twin Pond Lane/           4 bedroom / 4 bath     Colonial        $1,595,000.

North Wilton Road/        5 bedroom/4 bath       Colonial         $1,640,000.

Brushy Ridge Road /      5 bedroom/ 5 bath      Colonial        $1,650,000.

Shady Knoll Lane /        5 bedroom/4 bath       Colonial        $1,695,000.

Adams Lane /               6 bedroom/ 6 bath    Contemporary  $1,750,000.

Oenoke Ridge /             5 bedroom/3 bath       Colonial         $2,095,000.

Lambert Road /             6 bedroom/4 bath       Colonial         $2,200,000.

Ponus Ridge /               4 bedroom/ 3 bath      Colonial         $2,495,000.

Middle Ridge Road /      5 bedroom/ 4 bath      Colonial         $2,595,000.

Oak Street /                 6 bedroom/6 bath      Colonial          $2,635,000.

Louise’s Lane /             4 bedroom/ 4 bath     Cape Cod       $3,195,000.

Carter Street /               5 bedroom/6 bath      Colonial         $3,295,000.

Brushy Ridge Road /     5 bedroom/ 5 bath     Georgian        $4,999,000.

Smith Ridge Road /       7 bedroom/ 6 bath     Georgian        $9,400,000.

New Canaan Monthly Sales Summary - March 2009

Address                  Original Price      List Price       Sold price         L/S%

22 Urban Street                $699,000.      $599,000.      $485,000.        69%

577 Cheesespring Road  $1,189,000.   $1,189,000.   $1,189,000.      100%

28 Frogtown Road           $1,349,000.   $1,349,000.   $1,300,000.       96%

142 Parade Hill Road       $2,570,000.   $2,049,000.   $1,875,000.       72%

93 Lousies’s Lane           $5,00,000.     $5,000,000.   $3,050,000.       61%

102 Devonwood Lane       $5,495,000.   $4,795,000.   $3,900,000.       70%

358 Lukes Wood Road     $8,995,000.   $6,295,000.   $5,250,000.       69%

266 Michigan Road          $6,795,000.   $6,795,000.   $5,500,000.       80%

New Canaan Housing Update

Houses Currently on the Market 268
Condominiums Currently on the Market 72

Contracts Pending

  • 22 Urban St $599,000
  • 279 Park Street $ 780,000
  • 264 Mill Rd $899,000
  • 151 Danforth Rd $995,000
  • 5 Deer Park Rd $999,000
  • 274 Buttery Rd $999,000
  • 155 Fieldcrest  $1,070,000.
  • 46 Oak Grove Pl $1,095,000
  • 103 South Avenue $1,145,000
  • 48 Salem Rd $1,249,000
  • 295 Smith Ridge Road $ 1,250,000
  • 30 Mariomi Rd $1,250,000
  • 77 Douglas Rd $1,895,000
  • 26 Shagbark Rd $1,975,000
  • 626 Weed St $1,995,000
  • 45 Shagbark Rd $2,099,000
  • 93 Louises La $5,000,000
  • 266 Michigan Rd $6,795,000

New Listings in New Canaan March 7th - March 14th

Park Place    3 bedrooms/2 baths     Colonial             $ 749,000.
Oak Street    4 bedrooms/2 baths     Tudor                $ 900,000.
Village Drive 4 bedrooms/3 bath      Colonial Split       $1,038,000.
Bayberry Road 5 bedrooms/3 bath      Ranch                $1,195,000.
Hidden Meadow 3 bedrooms/2 baths     Colonial             $1,195,000.
Michigan Road 4 bedrooms/ 3 baths    Colonial Split       $1,350,000.
Brushy Ridge  5 bedrooms/ 5 baths    Colonial             $1,650,000.
Benedict Hill 5 bedroom/5 bath        Colonial            $2,050,000.
Green Meadow  5 bedroom/6 baths      Colonial             $2,249,000.
West Road     5 bedroom/ 6 baths     Colonial             $5,195,000.

Signs of Life in New Canaan Real Estate

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The most common question I am asked, and it is normally asked with that expression one has after they have heard one of your relatives has taken sick,  “How is the real estate market in Fairfield County?”.  In fact, activity has picked up in the past two months, as it tends to do at this time of year.  Despite the weather, buyers are out there looking and sellers are continuing to list their homes.

Since the beginning of March, 9 days ago, in New Canaan we have seen 16 new real estate listings come on and 5 homes go to contract. Most of the purchases in February and March have been homes priced below 2 million dollars. Additionally there are 3 houses being purchased close to $5,000,000. and higher.

There has been a lot of talk out there regarding the housing market; economy experts, talk show pundits, newspaper columnists and the party circuit. There is some truth in what is reported and then there are the sensationalists.  The news people work in newsrooms and not in the actual field of real estate and sound bites do not reflect the actual pulse of the market. They all agree that housing has been ailing, but don’t write the old girl off yet.

Everyone seems to be waiting for the “bottom of the market”. Truth is, by the time we realize it the bottom has already happened. I have heard that we won’t see the bottom for another year and I have also heard we are currently there. Being in the trenchs, as they say, and talking with my fellow Realtors who are all experienced, seasoned professionals, I believe the reality embraces both.

There are some great values out there. It is a good time for those with equity to purchase. For those who want to down size or upgrade they might get less for their existing home, but they save money on the purchasing side. If prices continue their downward trend, the same strategy applies. What is interesting is seeing some investors getting back into the  real estate market and picking up some bargains.

I choose not to gauge the New Canaan housing market through the pessimistic eyes of the media, but to balance somewhere inbetween them and the hopeful Realtor.  The patient isn’t in a coma however, I will keep monitoring her vitals which have shown increased signs of life.

Monthly Sales Summary February 2009

Address                      Original price       List Price          Selling Price     L/S %

51 White Oak Shade   $1,950,000.        $1,195,000.       $1,150,000.         96%

312 Elm Street             $830,000.            $830,000.          $760,000.        92%

44 Valley Road            $1,375,000.        $1,375,000.       $1,077,000.        78%

New Listings March 1 - 7, 2009

66 Heritage Hill 1 bedroom/1bath     Condo       $339,000.

94 Heritage Hill 2 bedroom/1bath     Condo      $425,000.

415 Main Street 5 bedroom/3 bath    Cape Cod   $ 899,000.

47 Weed Street 4 bedroom/3 bath    Antique      $ 899,000.

25 Meadow Lane 4 bedroom/2 bath     Ranch      $ 1,099,000.

985 New Norwalk Road 4 bedroom/4 bath    Colonial     $ 1,150,000.

10 Nutmeg Lane 4 bedroom/2 bath    Colonial     $ 1,195,000.

16 Hidden Meadow Lane 5 bedrooms/4 baths   Contemporary    $1,295,000.

53 Fitch Lane 4 bedroom/3 bath    Contemporary    $ 1,299,000.

175 Hawks Hill 5 bedroom/3bath      Colonial      $ 1,895,000.

423 Carter Street 5 bedroom/4 bath      Modern     $ 1,899,999.

116 Adams Lane 4 bedroom/3 bath     Colonial      $ 1,992,000.

29 Beacon Hill Lane 5 bedroom/5 bath     Colonial     $ 2,995,000.

97 Charter Oak Drive 5 bedroom/6 bath     New Construction     $ 3,400,000.

64 Wydendown Road 9 bedroom/9 bath     Colonial     $ 10,900,000.

Monthly Housing sales 2007-2009

monthly-house-sales-figures3

The green and blue lines show the number of homes sold per month for the past two years.

As the chart indicates the market started to dip in October of 2007, but still had some life in it through 2008.

The sharp drop in closings during the fall of last year and through January is indicative of  the economic fallout.

The red line represents the recent 2009 closings and is starting to tick up. With the recent increased activity in the market we should see this line begin an up swing.