Thursday, January 8, 2015

Team Engel January 2015 Market Report

Dear Friends,

Often we get caught up in month to month swings. After a big October (sales and pendings) the pan came off the fire and things cooled down in December. It is time to reflect on 2014.

- Double digit increases in median and average price show us that buyers and sellers are finally meeting on homes over $2 million

- 242 closings is down from last year, but above average for the last five.

- the Condo market was strong and will stay strong with too little inventory to meet demand: 68 sales last year versus 47 previously.

- Interest rate fears have begun to impart a sense of urgency. Buyers who were content to to wait for a deal are running out of time. Sellers will be anxious to sell before rates rise later this year. It should be a brisk Spring.

Note, on page 7 of the Market Report "February is historically the best month to list, with an average of 66 percent of homes listed then selling within 90 days . . . home sellers were better off listing their homes in the winter than during other seasons."

How about the rest of the towns around us? Wilton, Greenwich and Stamford are experiencing a similar 10% decrease in sales volume (but Wilton has not seen the corresponding uptick in prices). Darien's volume is merely flat amid modest pricing gains. Rowayton stands out in the county with double digit gains in both volume and prices.

Below is a link to our New Canaan Market Report recapping December and 2014. If you would like to call and discuss the report, or if you would like a price opinion on your house, feel free to let us know.

Best regards,

Susan Engel and John Engel
203-247-5999     203-247-4700

PLEASE CLICK HERE FOR THE JANUARY MARKET REPORT


       listing prices                    number of listings                 absorption rate              sold to list ratio
new median list falling       240 is high for Dec                9 months is high             back down to 94%

106 Dunning Road
$2.0 million
outstanding house

52 Mariomi Road GONE
new listing, just sold

82 Beacon Hill
3 acres new listing

Modern House
sneak peek $2.0 mm
in-house exclusive

Oenoke Lane
sneak peek
call (203) 247-5999

20 Toilsome Avenue
great value $475,000

New Canaan Sales 2003

New Canaan Sales 2014

Tuesday, October 7, 2014

Mid-Century Marvel in New Canaan Lists for $2M (as seen on Realtor.com)

Mid-Century Marvel in New Canaan Lists for $2M

Unique Homes

Oct 7, 2014

By: Erik Gunther

Although this lovely Mid-Century home in New Canaan, CT, doesn’t have a name, it has quite a pedigree.

The quaint Connecticut city is home to quite a few contemporary designs, but this “hyperbolic paraboloid” roofline stands out among the other modern masterpieces.

Listed for $2 million, the home offers approximately 3,000 square feet of living space with four bedrooms and four bathrooms.

“People come into New Canaan, and they want to see examples of Mid-Century architecture,” listing agent John Engel said. “Philip Johnson’s Glass House brings people from everywhere into our city, and that home is just a few miles away.”

The upper level of this unique Mid-Century home is wide open and where you’ll find the living room, kitchen, library, and dining area. It’s also outfitted with fantastic floor-to-ceiling windows that serve to bring the outdoors in.

And if the icy Connecticut winters have you worried, the large living area has a double fireplace lending a cozy feel to the top floor.

Bedrooms are on the bottom floor in this home’s inverted floor plan, and the rooms downstairs have views out to the expansive lawn and surrounding acreage.

The home was designed by architect James Evans in 1960, and he recently offered his own perspective on his remarkable design in a video produced by Barbara Cleary’s Realty Guild.

“If you take a cut any place through the house, it’s a straight line,” Evans said. “So this roof is generated by taking a straight line … and you put the planking diagonally across; that’s what creates the curve.”

According to Engel, that unique shape conceived by Evans is driving the interest in this home. The agent told us the property is receiving interest from buyers in New York City as well as potential buyers from overseas.

“We’ve had quite a few international customers contact us,” Engel added. “For someone who buys this house, it’s like buying a piece of art. It appeals to the art market.”

Its lasting appeal and signature slope will make any modern architecture aficionado a happy buyer.

“It was a very contemporary design done at the time,” Evans noted. “It was very well-built at the time; that’s why it’s enduring and has lasted for this amount of time.”

To see Evans discuss his design and to learn a bit more about New Canaan modern, check out the full video:

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