Tag Archive for: Ct real estate

Connecticut Vs. New York Real Estate Closing Costs

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While most homeowners are focused on the rising cost of home prices, they might not realize closing costs are rising as well. According to RIS Media, “Each year lender’s origination fees account for the lion’s share of the increase. Since 2010, origination fees, which include lender’s charges for services such as underwriting and processing have increased  27.1%. Bankrate.com’s annual survey of closing costs found that most of the rising cost is tied to fees charged directly from lenders.”

Five states led the way in increased closing costs: Texas, Alaska, Hawaii, Wisconsin and New York.

On the other end of the spectrum, Ohio, Tennessee, Nevada, Missouri and Washington DC had the lowest closing costs.

Some lenders have not increased their fees. Buyers should compare good faith estimates from at least three different lenders to get the best deal.

Below is a comparison of closing cost for New York and Connecticut, prepared by Kim Weintraub from Atlantic Residential Mortgage. If you are considering buying a home in either state know your options and be aware of all fees.

***NY mortgage tax is standard on all loans and is based on the loan amount***
***Mansion tax is paid on any purchase price above $1MM***

Comparison of Closing Costs NY Vs. CT

Comparison of Closing Costs NY Vs. CT

Brushy Ridge Road New Canaan

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Front shot

$4,650,000. Beyond the wrought iron gates lies a world of extraordinary beauty and extraordinarily livable luxury. Drive past the wisteria laden gazebo and magnificent rose garden and enter into a home of superb craftsmanship and flawless finishes. A dramatic two story entry with a graceful butterfly staircase welcomes you into this spectacular private haven. Hosting family and friends is important to the current owner and this home offers sumptuous rooms for grand entertaining and cozy spots for lounging. There are 9 exquisite fireplaces, high ceilings and elegant architectural details throughout the house, formal living rooms and dining room with butlers pantry, a magnificent mahogany paneled private study and mahogany paneled family room with a show stopping bar, including all the accouterments. The gourmet eat-in kitchen has a large center island, fireplace and opens to the extensive flagstone patio. A marvelous dressing room, fireplace and luxurious bath are part of the generous master suite and each spacious bedroom is en-suite with walk-in closets.
The park like grounds are breathtaking. Handsome, full sized blue stone patio extends the entertaining space, includes a built in Viking grill and overlook magnificent perennial gardens, dramatic free form swimming pool with spa, expansive lawns and a half basketball court. Perfect for special family event or to just enjoy a cool drink under the dappled sunlit outdoors
This impressive and elegant home is one of New Canaan’s premiere properties in a prime location and for the connoisseur of fine living. Full Listing Details: Brushy Ridge Road, New Canaan, Connecticut

Signs Of A Recovering Real Estate Market

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With temperatures chilly real estate sales grew hot in the first quarter of 2013. The number of buyers has out paced the inventory of homes available (currently 222 offered down approx. 12% from last year) and many sales went to multiple bids.  We are starting to see some modest price increases and sales where the average sale price was higher than the average list price. Sales are up about 25% with an average sale price of $1,696,000.

Value, updated amenities and close to the center of the town continue to lead buyers’ wish lists. There are 66 houses with contracts signed as well as 9 condominiums pending which is up approximately 26% from last year. What does this mean to you? The housing market is gaining strength locally as well as nationally. Below is a sampling of some of the homes sold in the past couple of months.

What New Canaan Buyers Purchased Last Year

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Buyers headed towards the closing table with a little more gusto this past year in terms of number of homes sold.  This is a value driven real estate market so the number of homes sold is up by 4.2%, but average sales prices were down by approximately 13%.

The strongest segment continues to be a 4-5 bedroom colonial home priced between $850,000. and $2 million. The $3.75 – $4.25 million price range picked up a bit, but the high end market remains slow due in part to a large inventory of competitively priced  homes. Two homes sold over $5 million compared to 6 the previous year. New construction continues to be appealing to buyers with 13 homes sold and 4 more under contract.

* In 2012 the average listing price was $1,759,369.00 (slightly lower than last year) with an average selling price of $1,652,445.00. The sold price to original list price ratio was 92.96% with an average of 185 days on the market.

Pricing is key. Buyers are looking for value. The top three factors driving home buyers are the characteristics of the neighborhood, updated kitchens and/or baths and overall affordability.

 

 

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!

 

Tag Archive for: Ct real estate