Sunday, December 16, 2018

Chairman's View: Revaluation and a Level Services Budget (Dec 20, 2018)

New Canaan’s real estate grand list fell by $570 million dollars (7.15%) compared to 2017. 4861 parcels saw average decreases of 11%.  2308 saw average increases of 13%. For $3+ million homes the average decrease was 14%. For $2-$3 million homes the average decrease was 10%. For $1-$2 million the average decrease was 7%. Below $1 million saw an average increase of 1%. Multifamily homes decreased 4%. Commercial properties increased an average of 13%. Condominiums increased 9%. 

We will not know what the new mill rate is and the new taxes are until the MuniVal consultation period is complete (this week and first week of January), then the Board of Assessment appeals process is complete (February) and then the (town and school) budget process ends with the Town Council vote April 4, 2019. 

If your revaluation is factually wrong then schedule a meeting this week for early January with MuniVal, the revaluation company and correct the facts (203-292-5500 or newcanaanreval@munival.com). If unsuccessful, then you must appeal in person to the Board of Assessment Appeals with facts about your house and comparable sales that occurred between Oct 1, 2017 and Oct 1, 2018. Appointments are given February 1 to 20 and the appeals take place in March. Sales that fall outside of that 1-year window are considered but carry less weight. 

After the 2013 revaluation the Board of Assessment Appeals increased 2 assessments and reduced 187 of the 285 appeals filed. Some homeowners appeal alone, others take a Realtor or an attorney. Some attorneys charge by the hour. Others work on contingency, taking a percentage of a successful appeal. If an appeal process is unsuccessful, the recourse is a lawsuit. Five years ago thirteen homeowners filed lawsuits against the town. Two were subsequently withdrawn. It takes 3 or 4 years to resolve a lawsuit.

Assuming health care rises 5%, town salaries rise 2.8%, school salaries 2.2% and $2.5 million comes from the general fund I expect expenses to increase 1.47% with “level services” and 1.86% if we follow BOF guidance. Therefore, the mill rate announced in May will be between 18.61 and 18.69. That’s up 10% from 16.96.  A homeowner’s revaluation would have to decrease 9% in order to see a drop in taxes.  To calculate your 2019 taxes multiply .01862 by your new valuation. (The spreadsheet is posted at johnengel.com)

Darien is revaluing now. Their assessor predicted most revaluations within 3% or 4% of their previous valuation. He expects the Darien mill rate to remain close to their current 16.08 rate. Wilton, now at 28.19, will send out revaluation letters in early January. Ridgefield’s grand list rose one half of one percent in their February 2018 revaluation, a 28.78 mill rate. Westport’s mill rate has been flat at 16.86 for 2 years and they won’t revalue until 2020. New Canaan experienced a 3% drop in the 2013 (reval) grand list but gained 1% in most years since (up $84mm, $85mm, $81mm and then $51mm in 2017). 




ASSESSOR'S OFFICE
Email This Page

Revaluation Company contact: (203) 292-5500 or (855) 686-4825 
Website at www.munival.com/NewCanaan

2018 TOWN WIDE REVALUATION UPDATE
Real Property Records Search

2017 Petition to appeal
2017 GL Net Top Ten
                                                                                                                                   

Location: Town Hall - 77 Main St 1st floor New Canaan, CT 06840               

Contact: 203-594-3005    Fax Number: 203-594-3130 (Monday - Friday 8:30am - 4:30pm)

Wednesday, November 14, 2018

"If you Want Waterfront, This is the Best Waterfront" the video of 27 Rippowam Road in New Canaan




Spectacular landscape overlooking Collins Pond with Dock, privacy, pool, outbuildings (4 garages & workshop) and guest or caretaker apartment. This is truly remarkable serene setting on oversized lot with magnificent old trees and sun filled terrace with BBQ. The convenient location off Ponus Ridge, on small cul de sac of 4 homes, is only 5 minutes to village and train and 45 min. drive to NYC.

full listing: https://www.halstead.com/sale/ct/new-canaan/27-rippowam-road/house/170109235

video credit: www.flashframenyc.com

"This is What We Do in Connecticut" the video of 65 Comstock Hill Avenue



Charming and spacious vintage farmhouse attractively set on a corner lot surrounded by New England stone walls. Located in the Historic Silvermine area. The warmth and graciousness of the floorplan is enhanced by a grand stone fireplace and a spacious, updated country kitchen. There is a finished room and bath on the third floor and side screened porch.

full listing visit: https://www.halstead.com/sale/ct/norwalk/65-comstock-hill-avenue/house/170101616

video production: www.flashframenyc.com

"Light My Fireplace" the 276 Park Street in New Canaan Video



Recently renovated antique Colonial with stunning gardens and complete privacy on .38 acres opposite the Mead Park entrance. This beautiful, high site is reached by a sweeping, graceful driveway and backs up to nearly half an acre of woods. Features 5 bedrooms, 3 and 1/2 baths, 2 fireplaces, a new marble kitchen, updated baths, mechanicals and comes with a generator. With an open plan and ample natural light the lovely 19th C. details come to life, including original hardwood floors, and moldings. Higher ceilings at 8'3''. Fireplaces in the living room and master bedroom; slate patio off the LR, and handy backstairs from the kitchen. New third floor suite includes kitchenette, bedroom, family room, and bath. Detached 2 car garage with walk-up loft. *Located a short, flat walk to the train*

full listing: https://www.halstead.com/sale/ct/new-canaan/276-park-street/house/170118681

production credit: www.flashframenyc.com

"Be Transformed" The 507 Silvermine Road in New Canaan Video







Timeless elegance characterizes this stone & slate estate set on 3 manicured, private acres just 1 mile from town. Surrounded on 3 sides by 40-acres of Land Trust and renovated by Brooks & Falotico, the quality is stunning. Approach through a classic formal hornbeam allee to a crushed-gravel walled courtyard defining the front gardens. A limestone foyer with graceful curving staircase leads to a white marble chef’s kitchen & family room with oversize windows overlooking lush hydrangeas, level lawns, mature plantings & pool. The 3-season porch with fireplace, outdoor grill and expansive bluestone terraces blur the distinction between outside and inside. A luxurious light-filled 1st floor master suite includes personal library, dressing room & generous master bath. 5 additional bedrooms, high ceilings, radiant-heat floors, automatic shades, eco-star roof, 3 car garage and finished lower level make this a forever home.

full listing: https://www.halstead.com/sale/ct/new-canaan/507-silvermine-road/house/170127235

video production http://www.flashframenyc.com/

Monday, November 12, 2018

Election Pause? The Engel Team's Market Report for Connecticut, November 2018

Westport, a little less expensive at $1.33mm, suffers a little bit less, volume down 9% in October and 2% for the year with prices down only 7% for the year. 
Wilton where the average house is still under $800k (and condos under $400k), is seeing prices rise 4% (and 13%) for the year despite inventory levels rising 14% (and 33%)
Rowayton sees inventory up 13%, prices and volume down. The median closing price fell 28% to $950,000 and the average condo is now only $316,000, down from $1.44 million.

Greenwich, Wilton, Westport, Darien and New Canaan Median Prices over 5 years
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Greenwich had a soft October, but annual volume, prices and inventory are consistent with last year, 419 now for sale and 268 sold. Old Greenwich is up both in October and for the year, reversing a 5-year decline in volume that declined from 96 to only 60 sales in the previous 5 years. Now, sales are back to 70.
Riverside is up in October, flat for the year, with fairly consistent volume for 8 years.
Cos Cob prices and volume are up for the year, not surprising where the average home is $1.62 million, over $600,000 less than prices in Riverside and Old Greenwich

Stamford and Norwalk Median Prices 
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Stamford and Norwalk are trending similarly.
Down for the month, but flat for the year. Stamford shows 2 years of consistent sales volume and prices for both houses & condos. Houses remain at $580k, condos at $348k
Norwalk shows average house prices holding at $613k while condos slip 6% to $280k despite a huge drop in inventory there of 34%
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Classic cape with barns & river views (call)
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Elegant awesome: 507 Silvermine $4.18mm
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Striking: 269 Dan's Highway $2.3mm
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The Engel Team 
John Engel, Susan Engel, Melissa Engel
And Stephanie Sullivan 
Licensed in Connecticut
183 Elm Street, New Canaan, CT 06840 
c: 203.858.0266 o: 203.966.7800 
view my listings
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Tuesday, October 23, 2018

Engel Team Market Report for Fairfield County Through August 31, 2018




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Friends!
Find out the state of Connecticut real estate by clicking on the links to the right. Of note: 
New Canaan July closings rebounded 7%
August closings from 18 to 26, a 44% gain.
New Canaan annual $ volume was down 16%, now down 9.2%. Inventory up to 313.   
Rowayton closings down 55% Median price down 32% this year from $1.31mm to $885k 
Rowayton condo median down 77% to 316k
Greenwich closings up 39% in July, up 7% in August, up 3% for the year. Median up 3% 
Greenwich condo sales down 11% for the year, condo average down 3% to $893,527
Stamford up in July, down 27% in August, flat for the year. Average and median $ level. 
Norwalk steady for July, August and 8 mos.
Norwalk condo inventory fell way off, 25.2%
* Only Greenwich and Norwalk saw both median price & number of closings increase. 
New Canaan, Rowayton, Weston and Westport declined in closings and median $.
* The most expensive towns (median $):
Greenwich $1,850,000, up from $1,797,500
Darien $1,440,000, up from $1,400,000 (3%)
New Canaan $1,380,000 down from $1.445
Westport $1,247,500 down from $1,340,500
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Mortgage Rates Fall for Second Straight Week

  • 30-year mortgage rates averaged 4.53% for the week ending August 16th, down from 4.59% the prior week.
  • Rates have remained within a narrow range over the past few months, despite rising inflation data.
  • One year ago rates were averaging 3.89%
What Will Happen In the Next Year?

If interest rates rise by .85 percentage points in the next year (using the average forecasts of Freddie, Fannie and the Mortgage Bankers Association) and housing prices rise only 2.6% then a typical mortgage payment will rise 13.3% from $804 to $910. 

What Would Be the Effect on Real Estate Sales?

According to a recent survey by Redfin, 21% of respondents said rates passing 5% would increase the urgency to buy a home, 27% would slow their search to see if rates come back down, and 6% said they would cancel their search altogether because of rising rates. 38% of respondents cited high taxes as their greatest concern. 77% expect home prices in their area to rise in the coming year.

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John Engel along with Susan Engel and now Melissa Engel and Stephanie Sullivan are Team Engel Associates at Halstead 
Licensed in Connecticut
203-966-7800
203-247-4700

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