Tag Archive for: home buying

New Canaan 2016 4th Quarter Real Estate Market Report

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For most of 2016, local markets in Darien and New Canaan were driven by a nagging oversupply of inventory and a resulting lack of urgency on the part of homebuyers. As such, the picture painted by the typical year-end statistics is not particularly pretty for sellers: The number of homes sold in Darien and New Canaan during 2016 was down 10.3% and 24.3%, respectively, compared to the 2015 totals.

That said, a careful look at the fourth quarter (particularly the post-election period) reveals some compelling reasons for optimism. Consider the following:

New Canaan year-end pending sales are higher. In New Canaan, the number of transactions pending on December 31, 2016 was 28, compared to only 13 pending transactions on that date in 2015; this marks a year-over-year increase of 115.4% in pending sales activity. For more detailed information..

Click on the image below to view and download the

2016 New Canaan 4th Quarter Market Report.

Fox Hollow, New Canaan CT

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Fox Hollow.aOne of New Canaan’s smaller complexes, Fox Hollow consists of 6 units, each with approximately 1500 square feet of living space. Built in 1980 these condominiums have 3 bedrooms, 2.5 baths, fireplaces, personal laundries and their own attached garage. Finished walkout lower levels and pull down attics add extra storage and living capacity.

Dance

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Whether you hope to pursue a professional dance career or simply wish to learn a few new moves there are classes in a variety of disciplines. From ballroom to hip-hop, Broadway to classical; New Canaan offers wonderfully diverse opportunities for all ages.

New Canaan Dance Academy (203) 972-9174 – www.ncdacademy.com

The New Canaan Dance Academy, founded in 2001 by Elaine Young, offers training in multiple dance styles to students of all ages ranging from 3 years old to Adult. Elaine grew up in London, England, where she studied Classical Ballet, Jazz and Tap dancing. The Academy’s goal is to create a safe and nurturing environment in which students can realize their full artistic and physical potential under the guidance of teachers who have been formally trained in classical dance techniques. Teachers constantly monitor the progress in a student’s core body strength and body alignment to ensure the optimal foundation for technical development.

New England Academy of Dance (203) 972-3265- http://www.neadance.com/

Established in 1968 the Academy was started by Doris Driver who appeared in Broadway shows and as a Rockette. Their outstanding instructors provide careful training based on the Royal Academy and Vaganova methods, which build strength, flexibility and grace in the dancer. Their program emphasizes proper technical and physical development while instilling a love and appreciation for the art form of dance. They offer a broad range of classes for all ages, including ballet, modern, jazz, tap, hip hop, yoga, pilates, zumba and adult ballet.

Walter Schalk School of Dance (203) 762-7508 – www.walterschalk.com

Walter Schalk performed professionally on a number of variety and television specials started the his School of Dance in 1957. He began with 13 Ballroom students and now, more than 57 years later, the dance school teaches more than 1,200 students each year. Classes are broken down by grade level and students are invited to perform in their Holiday Spectacular and a fantastic Broadway-like dance Revue in which every student has an opportunity to perform in up to three routines. The Dance school is where you learn to dance, have fun, learn social etiquette, build confidence, make new friends, and are taught by a professional staff.

The Studio 203-966-7056 – www.thestudioperformingarts.com

The Studio provides an artistic outlet for all ages. In a fun, encouraging and challenging environment, our instructors provide valuable information and insight into what is needed to succeed in the performing arts. We specialize in small, interactive classes to maximize the personal attention available to each participant. Instruction areas include musical theatre classes, acting classes, voice classes, dance classes, and private voice, piano, guitar, dance, and acting lessons in New Canaan, CT.

Performing Arts Conservatory 203-966-6177- performingartsconservatory.com

The Conservatory is a teaching institution that offers a professional multi-disciplined performing arts program to New Canaan and surrounding communities. Our goal is to awaken, nurture and train each student’s creative potential and confidence by offering professional training, workshops and performance opportunities. The Conservatory will provide the techniques and skills needed to learn and grow in the field of the performing arts through Private and group classes in musical theater, acting, voice, theater dance (jazz & tap) fairy tale theater and audition prep.

Winter Blues? Maybe not……

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winter 2015

Despite record cold and snow drifts that swallowed mid size cars, the real estate market has shaken off the freeze. 90 single family residences, 9 condominiums and 19 land listings came on for sale since January 1, 2015. Some of these properties were taken off the market for the 2014 holiday season and reintroduced with adjusted pricing, but many are new.

Call this the bonus market, which precludes the traditional spring market. With checks in their bank accounts buyers are now more confident about their purchases. They are still looking for value and new or updated continue to be their preference.

Since beginning of the year there have been 22 single family homes sold, 11 others have signed contracts and 19 additional homes have accepted offers awaiting contracts.  4 condominiums have sold with an additional 7 pending and 4 others have accepted offers. Building remains strong with 2 land listings pending and an additional 14+ acre property, that will be sub-divided, with an accepted offer.

Inventory is still low with many homeowners waiting for better weather to show off their properties.

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

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.

Tag Archive for: home buying