Tag Archive for: investment

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.

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.