Monday, September 18, 2017

DON'T COME to this open house! (You're setting yourself up to be disappointed)

DON'T come to the OPEN HOUSE this Sunday at Prides Crossing #9, 2-4pm.

You're just setting yourself up for disappointment.

You'll imagine yourself living here, lounging by the pool, relaxing on the terrace.

You'll begin planning to make the 3rd bedroom an office, converting the basement to a gym or maybe a guest bedroom, updating the kitchen.

You'll see yourself walking into town, walking to the gym, to the racquet club, or grabbing a bottle of wine from next door.

You'll leave determined to put your big house on the market and ready to downsize into Prides Crossing #9 where you know life will be easier, less stressful.

But, as I said, you're setting yourself up for disappointment.

Over 12 people came through it yesterday during the open house.

Half of them were from Darien where they were overheard saying, "We don't have anything like this in Darien!"

A few came from Wilton and from Pound Ridge lamenting the fact that those towns don't have a walkable center, don't have a train station to NYC a few blocks away, and certainly don't have New Canaan's low property taxes.

This unit is 3-bedrooms and has just been reduced from $888,000 to the unheard-of price of $840,000.  I really don't expect it to last the month at that price.

Don't get me wrong, I think you will end up here at Pride's Crossing.

But, don't set your hopes on THIS CONDO.

You'll either settle for one of the 2-bedroom units that are currently on the market, or you'll wait to pay up for the next 3 bedroom to come up. The last two 3 bedrooms to sell at Prides Crossing over the last 2 years sold for $1.035 and $1.250 million. There is a third sale pending now, also for $1.250. Decisions, decisions. Grab this screaming good deal now before its gone or wait until your house sells and risk that it will be gone.

If you want more information, you can get it a couple of different ways:

1. Go read the listing information:
2. Go watch the video
3. Show up at the open house this Sunday, 2-4pm
4. Call your favorite realtor (New Canaan has only 400 to choose from, after all) and schedule an appointment to see it.

Monday, September 11, 2017

Market Report through August 2017

House closings: The 172 house closings in New Canaan over the first 8 months of 2017 is a 26.5% increase vs. the same time frame in 2016. The difference has been seen entirely in the under $2 million price point, where New Canaan has had 125 closings this year as compared to 89 through August 2016. As a result, the median sale price is slightly lower at $1,457,500 as compared to $1,590,000 in 2016. 

House closings in Lower Fairfield County as a whole, through August, increased 6% year-overyear, while the median sale price ($715,000) rose 5.1%.

House Pendings: The 17 houses to go under contract in August is a 41.7% increase over August of 2016 and slightly above average for this time of year.

Inventory: There were 257 house listings in New Canaan at the beginning of the month, a decrease as compared to both September 1st, 2015 (274) and 2016 (279). It is, however, still about 20% higher then what we typically have had at this point in the years prior to 2015. 

The median list price of active houses is $1,995,000, exactly what it was on September 1st in 2016.

Condos: Condo activity remains strong with 35 closings through the first 8 months, 5 condos going pending in August, and inventory that is 24.3% higher then last year. Condo closings in 2017 have ranged in price from $225,000 to $1,600,000 with an average closing price of $754,935.