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 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  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%

Hilltop Luxury Under Construction $4.8mm Classic cape with barns & river views (call) Elegant awesome: 507 Silvermine $4.18mm Striking: 269 Dan's Highway $2.3mm Current Listings of the Engel Team: 61 Sturbridge Hill, New Canaan $4.8mm 507 Silvermine Road, New Canaan $4.2mm 27 Rippowam Road, New Canaan $3.2mm 269 Dans Highway (VIDEO) $2.3mm 276 Park Street, New Canaan $1.4mm 921 North Wilton Rd, New Canaan $1.3mmCanaan Close #7 (VIDEO) $1.3mm  309 Park Street (VIDEO) $1.2mm  45 Sunrise Avenue, New Canaan $995k  65 Comstock Hill Ave, Norwalk $995k  88 South Avenue, (VIDEO) $799k  854 North Wilton Road, New Canaan $10k309 Park Street New Canaan $7800/mo 45 Sunrise Avenue, New Canaan $3500/mo

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  EngelTeam@halstead.com  view my listings

Chairman's View: Connecticut Needs Team of Rivals to Outrun the Bear (Aug 9, 2018)

Chairman’s View: Connecticut needs team of rivals to outrun the bear

AUGUST 9, 2018 BY JOHN ENGEL. CHAIRMAN, TOWN COUNCIL

To borrow from an old joke, “How fast do you need to run to survive a charging bear?” 

Connecticut does not need to outrun the bear. We need to outrun New York and New Jersey. Signs of that foot race are taking shape. New York real estate is experiencing decline for the first time in nine years, around 10% annually in price and volume. Connecticut both benefits and suffers when New York catches cold as the best alternative without leaving the area altogether. 

Are August reports showing a rebound in Greenwich harbinger of a trend? Greenwich is always the last to slump and the first to recover. New Canaan, Darien and Westport will follow. Much depends on Tuesday, Aug. 14, for both political parties’ primaries. This election sets us up to outrun the bear.

In heavily Democratic Connecticut (D = 38%, R = 21%, Unaffiliated = 40%), Democrats Ned Lamont and Joe Ganim are running against Trump. Lamont moved further left this year pledging to “stand with labor unions.” Pandering to the left is a response to Ganim’s candidacy. It will help him on Tuesday but hurt him in November when 831,436 unaffiliated voters get a chance to vote.

Five Republicans are still running against Gov. Malloy and his 21% approval rating. They say “It’s the economy, stupid,” but plans differ widely. Tim Herbst mostly focuses on law and order issues. (Tim, psst, it’s the economy!) Bob Stefanowski and Mark Boughton promise to eliminate the state income tax. Is that bold or is that pandering? Stefanowski provides a website full of math. He ran big businesses. Maybe he can run the business of Connecticut? Steve Obsitnik always starts with his 300,000 jobs plan, economic development and knowledge corridors, true to his entrepreneurial high-tech roots. He makes our universities part of the solution. David Stemerman, finance guru, sounds like Mike Handler with his laser-focus on restructuring debt and renegotiating bad contracts. An investor, he talks about attracting investment to transportation and creating public / private partnerships. 

Of the seven candidates running four are successful businessmen and three are mayors. Which will win? Paraphrasing scripture, “It is easier for a camel to go through the eye of a needle than for a rich businessman to win in Hartford.” But, Malloy may have soured the populace this time around on what a mayor can do.

Gentlemen, how will Connecticut outrun the bear? You need both financial and political savvy to get past the primary, win the general and convince an evenly split legislature to implement your agenda.

Connecticut needs bi-partisan cooperation, job growth, radical restructuring of our debt and bold ideas around transportation if we are going to outrun the bear. 

I sincerely hope a “team of rivals” with all their talents can emerge to put us back on track.

Recent NCHS Grad Supports John Engel

I grew up and graduated from New Canaan public schools this Spring, experiencing New Canaan’s change these last few years, particularly the loss of something in our downtown.

I don’t take for granted that the Gramophone will always be there, or that Waveny will stay a park. Will New Canaan remain the same town I love? My NC roots are why I identify with John Engel’s candidacy. John is third generation New Canaan, worked in Mead Park, Baskin-Robbins and Walter Stewart's. He knows New Canaan fundamentally better than Nick Williams. John is a businessman, parent, veteran and, like us, an alumnus of New Canaan High School. To the Class of 2011 this is an important distinction. He knows first hand what is being lost, and will restore some of what is essential, bringing back some life to my town.

Lauren Ross