Marcel Breuer's Masterpiece, Breuer II of 1951 is For Sale for $5,850,000

Yes, this is 628 West Road in New Canaan, known as the Breuer II house and it is for sale. 

Breuer I was built in 1947 and Breuer II was built in 1951.

Breuer II is listed by Sherri Keilland of Houlihan Lawrence in New Canaan. This house can be shown to qualified buyers only by an appointment with the listing agent. You can reach her at 203-966-3507.

I recently had the pleasure of taking some of my clients to see this great house and it did not disappoint. Sherri could be the best agent at showing a house in all of New Canaan. Always on time, always prepared, she took the time to show the house and had it unfold for my clients in a way that really brought the house to life. With an encyclopedic knowledge of the midcentury moderns in general, and this house in particular, she took us through the history of the house, what was original, what had changed, and how Toshiko Mori had followed Breuer's original intent while bringing the house into the 21st century. 

My client was heard to say at the end of our tour, "This house is a bargain at the asking price." Indeed.

Here is a link to view information about Breuer II including  maps of the property, photos and video. 

And, here is a link to the recent story in Realtor.com in which I am quoted talking about Breuer and the importance of this house:

“The Breuer II house is an exceptional work by a master and commands a seven-figure premium over ordinary houses of the same vintage or size,” says John Engel, a New Canaan agent. Engel isn’t the listing agent for the Breuer II, but he has a deep understanding of historic properties in the area.

“It is estimated that over 90 true Mid-Century Moderns were built between 1946 and 1968, and about 50 have survived [in New Canaan]. And there are more modern examples that borrow from the clean lines of the Mid-Century aesthetic,” says Engel. “There is an increasingly strong market for these homes driven in part by the aesthetic, in part by a resurgence in popular culture with shows like ‘Mad Men.’”

“Breuer II is unusual in a couple of key ways,” says Engel. “First, Marcel Breuer is one of the most important members of the Harvard Five, and he did only two houses in New Canaan. And he did this house for himself. Second, this house has been updated and expanded by a world-renowned architect in a tasteful way, consistent with the Breuer aesthetic.”

Breuer’s accomplishments are many. Born in Hungary, he began his career as a furniture designer and developed the “handlebar chair,” later known as the Wassily Chair, which is still being replicated and imitated today.

His accomplishments include designing the Whitney Museum of America in New York City and the UNESCO headquarters in Paris. He was awarded the American Institute of Architects gold medal in 1968.

 

This is the Pirelli tire building in New Haven, now owned by IKEA. It is a Breuer masterpiece and no, it is not for sale.

(Again, Breuer II is listed by Sherri Keilland of Houlihan Lawrence in New Canaan. This house can be shown to qualified buyers only by an appointment with the listing agent, 203-966-3507)

Year End Report 2011

YEAR END REPORT 2011 The real estate market has stabilized. We are getting more of the distressed properties sold and out of the bank system. It was predicted that Shadow Inventory (foreclosed or ready for foreclosure homes) would flood the market. Well, it never happened. Foreclosure filings in Connecticut dropped sharply in 2011 compared with the previous year, plunging 48%, according to RealtyTrac. New Canaan Market, 10-Year Average New Canaan saw year over year increases in every category, a trend suggesting a growing optimism on the part of sellers for 2012 market conditions. Here are some important numbers for the past year: 2011 Single Family Homes: Median Price: $1.60 million as compared to $1.46 million in 2010, up 9.4 % Average Price: $1.90 million as compared to $1.69 million in 2010, up 11.9% Homes Sold: 214 homes sold in 2011 as compared to 195 a year ago, up 9.7% Absorption Rate: 10.7 months of inventory compared to 15.38, down 30.4% Active Inventory: 207 houses for sale compared to 236 a year ago, down 12% 2011 Condominiums: Median Price: $657,000 as compared to $595,000 in 2010, up 12 % Average Price: $711,000 as compared to $656,000 in 2010, up 8.2% Condos Sold: 62 condos sold in 2011 as compared to 39 a year ago, up 59% Absorption Rate: 7.88 months of inventory compared to 21.94, down 64% 2011 Land Sales: Perhaps the most dramatic increase has come in the market for land sales, again indicating an increased optimism on the part of builders and their customers. The median sale price for the 3 lots sold in 2010 was $1,025,000. For 2011 the median price fell 31% to $700,000 and builders did respond, buying 19 lots this past year, an increase of 533% in volume. New construction activity has picked up as a result; builders are buying land at a cost that makes sense to build, primarily midrange homes. 2011 Rentals: The rental market has improved. The absorption rate for rentals has dropped from 7.4 months to 4.1 months. That is howlong the current inventory of properties would last at the current rate of sales. The number of rentals closed in 2011 increased 16.5% to 120 from 103. And while the average rental price has increased 40% to $3550, the median rental price has increased 162% to $4200. The rental market tells us a good deal about the broader market. The reduction in the rental inventory and higher rental rates is due to the following factors: Owners losing their homes due to foreclosure and short sales can only rent. Tough lender qualification requirements, causing fewer buyers and more renters. Many have lost their equity in real estate and stock market = no down payment to purchase. Many have damaged their credit and will not qualify to purchase. Many have lost their job and are not able to get a loan. The rental market is staring to produce much better cash flow and investors are actively purchasing more rental real estate. 2011 Interest Rates: Interest rates broke their historical lows of 2004-2005. The rates on average are about .5% to .75% below last year rates. A sample of rates as of first week of November 2011 with zero points: Loans under $417K=3.87% (conforming loans). Loans between $417K to $625K=4% (this is the new Jumbo conforming) Loans above $625K=4.5% (this is Jumbo loans). This year was a much better year than last year and we expect it to continue to get even better next year. The reason? We're experiencing an improving economy, lower interest rates and an upcoming presidential election. Historically, presidential elections bring about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it will help the New Canaan market to continue to grow in the coming year. Wishing you and your family a prosperous 2012! John Engel and Susan Engel

New Canaan Home Sales: What Sold in 2011?

The median sales price is up 9.4%
The average sales price is up 11.90%

Days on market fell since this time last year, 5.64% average and 7.14% median drop.

And, although not shown on this report, the Absorption rate shows we are down to 12 months of inventory, down from 14.4 months.