Wednesday, April 10, 2019
First Quarter 2019 Real Estate Market Reports for New Canaan and all 16 Towns of Fairfield County, Connecticut
Tuesday, April 9, 2019
Spoiler alert. I really like New Canaan’s prospects. Here are 5 observations taken from the revaluation, the town budget, the state election, and the first quarter real estate sales. There is a happy ending.
1. The uncertainty coming from Hartford is probably worse than anything Hartford will actually do to us. We accept a certain amount of pain is coming and we adjust. But when house-hunters from New York say, “I heard the New Canaan train is going away” or “What’s going on with your schools?” we know the headlines are worse than the reality will ever be.
2. New Canaan government is working leaner and smarter. Our budget went down .43%, the greatest cut in a decade while improving services. We built new playgrounds, turf fields and gas lines while putting solar on town roofs. Our roads will be new, and our schools will remain #1. Town Hall will sell antique buildings and find a way to co-invest in the world-class library our residents want. Progress is being made on parking, senior & affordable housing and improved cell service. It’s a great time to live right here.
3. The Waveny Conservancy, Land Trust, Library and Athletic Foundation are examples of the high-energy volunteer organizations we have in New Canaan restoring treasures like Waveny Pond with donations, paying it forward.
4. New Canaan real estate is stable. First quarter house sales are up 20% with average prices in the $1.3’s, (same as 2012-2013 & same as Darien). New Canaan is drawing buyers out of Westchester and NYC. (If we speed up the trains, wow, the landscape shifts more dramatically in our favor.) Why is the market recovering from the bottom-up? 75 million Baby Boomers are trying to sell their houses to 66 million GenX’ers (like me, late 30’s to early 50’s) and there are just not enough of us. Be patient. There are 83 million Millennials (23-38 yrs old) who are starting to discover that Texas and San Francisco are expensive. They have to live somewhere. Why not here? We are downright cheap.
5. New Canaan’s downtown is healthy with less than a 5% vacancy rate. A few years ago vacancies were lower and rents unaffordable. Rents are attractive again. P&Z and the new Tourism & Economic Development Commission are responding to changes in the market, giving us the flexibility New Canaan needs to compete in a changing retail environment. Developers respond with exciting new projects all over town. The Grand List is growing again. Consider the new developments built or planned for downtown: Pine Street Concessions, Oxygen, The Merritt Village, a new Post Office, a new Merrill Lynch, new mixed-use on Forest, Locust, Cross and Vitti Streets. Soon look to the corner of South & Elm and for more development on Pine Street to keep the next station to heaven vibrant.
Change is hard. For a town of steady habits that fears change New Canaan is adapting well, improving in so many ways, poised to compete for the next decade and beyond.