Tag Archive for: Connecticut Real Estate

We all need a little extra room.

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After being cooped up indoors all winter, my soul screams for fresh air, sunshine and dining under the night sky. Walking outside with a cup of coffee and settling into a cushioned seat to enjoy the early morning quiet, or sitting around a dining table under a wisteria laden pergola with a few good friends, these are some of the treasures and simple pleasures of outdoor living.

More and more people are retreating to their backyards and creating multipurpose outside living areas as extensions of their homes. Owners, architects and designers are incorporating all the comforts and luxuries of the indoor rooms into these exterior spaces.

An outdoor room is defined by having a floor, which can be as simple as grass, pebbles or flagstone; walls can be made up of plant material or stone or wood structures; and a ceiling can be comprised of a pergola or canopy of a tree. It can be a destination, or a retreat just outside your kitchen. It’s all in the imagination.

Adding an outdoor living “room” is an important investment in your property and, more importantly, an investment in your own wellbeing and happiness.

Down the Garden Path in New Canaan

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Good landscape design is not just about plants. What makes a garden beautiful and memorable is a sense of mystery. Nothing does that better than a meandering path. It hints at the unknown, luring you forward and creating an atmosphere of serenity and reflection. You’ve done it yourself; walked a lawn or meadow and you see a path, around a tree or through an arch, gently curving away from you. Suddenly,without thinking, you find yourself taking the path with an irresistible impulse to see where it goes. Paths are for wandering and contemplating, sauntering really. This is when you notice a small fern popping through the under story, or an errant rose having migrated to a new spot.

There is no end to the imagination in creating a path; shells, stones, grass, flagstone, ceramics, wood chips..the list is vast. They can be whimsical and fanciful, functional and handy, elegant and stylish, small or grand.  They can end at a beach, a garden sculpture, a bench or a water feature. Or they can end up back from where you started. The curves should be gentle and undulating with plant material sited to hide what is just around the corner. Formal gardens rely on symmetry and straighter lines. But for me, I like to take a hint from Mother Nature. There are no straight lines in the natural world.

There is a certain poetry to a path and one should be incorporated into every garden, regardless of size..

 

A Love Affair with a New Canaan Porch

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The best kind of friend is the kind you can sit on a porch swing with, never say a word, then walk away feeling like it was the best conversation that you ever had”.

While inspecting a house the other day I got to thinking about porches…I’m in love with porches. They were for rocking and reading a good novel, swinging, kicking your feet up on the railing and listening to the buzzing of the Katydids, sleepovers and whispering late into the night or listening to the thunder and counting the seconds until the lightening hit. You were safe on the porch; from the rain, in a game of tag or from the bully down the street. It was a refuge from the heat and a chance to relax and socialize with the neighbors over drinks.  So what inspired the porch?

In its American sense, it generally refers to “a covered area adjoining an entrance to a building and usually having a separate roof” (Webster). The American front porch evolved from foreign influences and really appeared here in the early eighteenth century. Possible derived from the houses of West Africa, the shotgun house, built by the African slave, appeared as one of the first American houses to universally exhibit a front porch.

One of the oldest shotgun houses still existing

The influence of climate on the origins of porches may be demonstrated in the fact that porches in America grew first and most quickly in the South; think of Scarlet and her beloved Tara.

Porches grew in size and shapes and were prolific in the 1800’s. They were everywhere, in Spanish and French Colonial architecture, used in Georgian, Greek Revival and Gothic design and incorporated in Italianate and Stick Style architecture.  The development of the automobile, air conditioning, television and new technology transformed the culture and by the 1960’s the porch had all but disappeared.  Gratefully, the porch has made a comeback. It is a uniquely American architectural form that still brings a smile and a sense of home. Mint Julep anyone?

The State of the New Canaan Real Estate Market / a Snapshot of 2011

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First let me thank all of my clients who ventured into the local real estate market in 2011. It is a joy and a privilege working with such wonderful people who honored me with multiple closings including the listing and selling of one of New Canaan’s landmark homes in less than a week. I appreciate all your referrals and business.

This past year was the second straight year of modest improvement for New Canaan real estate. While we are not back to our 2006 highs, we have experienced two consecutive years of volume and price appreciation.

The real estate market has stabilized.  We are getting more of the distressed properties sold and out of the bank system. It was predicted that Shadow Inventory (foreclosed or ready for foreclosure homes) would flood the market. Well, it never happened. Foreclosure filings in Connecticut dropped sharply in 2011 compared with the previous year, plunging 48%, according to RealtyTrac.

New Canaan saw year over year increases in every category, a trend suggesting a growing optimism on the part of buyers and sellers for 2012 market conditions. Here are some important numbers for the past year:

2011 Single Family Homes:

Median Price: $1.60 million as compared to $1.46 million in 2010, up 9.4 %

Average Price: $1.90 million as compared to $1.69 million in 2010, up 11.9%

Homes Sold: 214 homes sold in 2011 as compared to 195 a year ago, up 9.7%

Absorption Rate: 10.7 months of inventory compared to 15.38, an improvement of 30.4%

Active Inventory: 207 houses for sale compared to 236 a year ago, an improvement of 12%

 

2011 Condominiums:

Median Price: $657,000 as compared to $595,000 in 2010, up 12 %

Average Price: $711,000 as compared to $656,000 in 2010, up 8.2%

Condos Sold: 62 condos sold in 2011 as compared to 39 a year ago, up 59%

Absorption Rate: 7.88 months of inventory compared to 21.94, an improvement of 64%

2011 Land Sales:

Perhaps the most dramatic increase has come in the market for land sales, again indicating an increased optimism on the part of builders and their customers.

The median sale price for the 3 lots sold in 2010 was $1,025,000.  For 2011 the median price fell 31% to $700,000 and builders did respond, buying 19 lots this past year, an increase of 533% in volume.  New construction activity has picked up as a result; builders are buying land at a cost that makes sense to build, primarily midrange homes.

The rental market has improved. The absorption rate for rentals has dropped from 7.4 months to 4.1 months. That is how long the current inventory of properties would last at the current rate of sales. The number of rentals closed in 2011 increased 16.5% to 120 from 103.  And while the average rental price has increased 40% to $3550, the median rental price has increased 162% to $4200.  The rental market tells us a good deal about the broader market. The reduction in the rental inventory and higher rental rates is due to a number of reasons; tighter lending requirements, people’s damaged credit, loss of equity hence the inability to produce a down payment, job insecurity and the continued lack of confidence in the overall economy. For some it is a wait and see before purchasing.

The rental market is starting to produce much better cash flow and investors are actively purchasing more rental real estate.

Interest rates broke their historical lows of 2004-2005. The rates on average are about .5% to .75% below last year rates. A sample of rates as of first week of November 2011 with zero points: Loans under $417K=3.87% (conforming loans). Loans between $417K to $625K=4% (this is the new Jumbo conforming) Loans above $625K=4.5% (this is Jumbo loans). $729K  is no longer the jumbo loan limit.

This year was a much better year than last year and we expect it to continue to get even better next year.  The reason?  We’re experiencing an improving economy, low interest rates and an upcoming presidential election. Historically, presidential elections bring about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it will help the New Canaan market to continue to grow in the coming year.

Finally, it is always important to bear in mind that in real estate there are neither “good” nor “bad” markets.   The market is simply the market and value is ultimately a function of supply and demand.  In the current market cycle, as we see an alignment between the expectations of buyers and sellers, the statistics are encouraging.  But while statistics provide a snapshot of the marketplace there is no substitute for the full picture.   For reports like this throughout the year come visit my website, https://wendyfog.com  and please call me.

Wishing you and your family a prosperous 2012!