New Canaan Housing Update 4/6/09

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Houses currently on the market    273
Condominiums currently on the market  77

Contracts Pending

  • Park Street                 $780,000.
  • Mill Road                    $899,000.
  • Danforth Drive             $995,000.
  • Buttery Road               $999,000.
  • Field Crest Road         $1,070,000.
  • Driftway Lane              $1,099,000.
  • Salem Road                $1,249,000.
  • Smith Ridge Road       $1,250,000.
  • Douglas Road              $1,895,000.
  • Shagbark Drive            $1,975,000.
  • Weed Street                $1,995,000.
  • Green Meadow Lane    $2,249,000.
  • Lukes Wood Road       $4,250,000.

Additionally, there are 5  houses and one Condominium with accepted offers and contracts being drawn as of this posting.

New Listings in New Canaan March 23 – April 3

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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

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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

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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

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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.