The October Market Report for New Canaan

The 2013 Graph of Listing and Selling Prices

The 2014 Graph of Listing and Selling Prices 

What the heck is happening?

Fall is here and with it should be the busy fall real estate market. But, the year-to-date sales numbers are awful: down 16% year to date, down 18% in the quarter and down 50% for the month. Sellers are scratching their heads and beginning to lower prices in response to a relatively high absorption rate of 11 months (vs. 9 last year) and inventory of 240 houses (vs. 200 at this time last year)

This is a comparison of the last two years of listing prices in New Canaan. The green spike in the middle of 2014 was a result of the sale of Beau Chateau ($14mm) and the Moellintine sale ($6.4mm) on Oenoke Ridge, both many years in the making. The sale of large homes causes the average and median sale price to rise and with it comes seller expectations. Now, after low volume in the June, July and August months we are seeing sellers reduce for the Fall season.

There is some energy in the market. Twenty-one houses went pending in September, almost double that of September, 2013. The total number of houses sold is down about 10% in Fairfield County but particularly in New Canaan. Perhaps its because our median sale price is way up. As has been the case all year the condo market in New Canaan remains very strong. For evidence see the third quarter condo list-to-sale price ratio, which for condos in New Canaan was just shy of 100%. 

Below is a link to our New Canaan Market Report recapping September and the first 9 months of 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. Susan can be reached at 203-247-5999, and John at 203-247-4700.

Best regards,

Susan Engel and John Engel

Single Family: Absorption is at 11 months versus 9 at this time in 2013

Single Family: Sold to List Ratio seems Normal at 94% of Original Price

Condo Sales: Sold to List Ratio for the Condo Market is Stunning at 100%

For the full market report, click here.

Real Estate Photography and Why it Matters

I'm a pretty good photographer so I ran out in the afternoon and took this shot. I absolutely had to have a picture of this house right away. Problems:

- there are no shadows so the house looks particularly flat

- can't have a white sky behind a white house

- the green trees look gray

- the shades are drawn so the house looks uninviting 

- note the parallax distortion caused by a wide angle lens. The wall on the left is not perpendicular. Bad.

In this second attempt, we had our blue sky. Great. Unfortunately, this shot was too much about:

- the cracks in the driveway dominate the shot

- there is a huge shadow on the garage and a smaller shadow on the front of the house

- more shadows on the green grass

Finally, a shot we could use. Note:

- the interesting sky. Not a blue sky but it gives us a little bit of contrast making the white house whiter.

- the window shades are up

- the lights are on, giving the shot a bit of life

- the trees are green

- the driveway cracks are not dominating the foreground

- the second tree on the right provides nice contrast in color with the first and with the house.

JC Martin took this shot, added the sky and color-corrected it. That's why I use a professional. Thank you J.C.

 To see all of the beautiful shots of this house, please visit 624WeedSt.com.

Beautiful Light Filled Colonial with 2 Private Acres on a Private West Side Cul de Sac

This is the American Dream, right? At least, it was for a lot of us growing up. Remember, for awhile I lived in Manhattan and we moved out to New Canaan when I was 12 to a pretty little antique on a quarter acre.

This five bedroom colonial with about 2 acres of flat land on a sunny cul-de-sac full of kids. Ride your bike down to the circle. Barbecue on the flagstone patio in the back. Wait on the covered front porch for the bus to pick you up in the morning. It's all here.

Inside, there is a drop-down living room that means extra height for the ceiling and windows. Very nice. White marble surround on the fireplace. Bright hardwood floors. Views of the spacious backyard and woods beyond.

Maybe I am biased, but I've been really excited to work on selling this listing. I know this is what everybody wants. People who move to New Canaan often want to be close to the village, but not so close that they hear the garbage trucks and the train whistle. They want a little bit of land, and preferably flat. They want to be on the West side because they think it's going to shave a few minutes off of their commute to New York City. This house is the whole package.

For more information go visit http://www.106DunningRd.com and look at all the pictures and read up about this house. Then, make an appointment with either John Engel (203) 247-4700 or Susan Engel (203) 247-5999 to come see it. You don't want to let this one get away.

Offered by John Engel and Susan Engel for $2.250 million. 

New Canaan Property Values on the Decline?

Nelson Oliveira of The New Canaan News did a story this week on the current revaluation taking place. While he got most of it right and property values are down an average of 2.8%, it is impossible to paint the whole market with one brush. 

http://m.newcanaannewsonline.com/default/article/New-Canaan-property-values-on-the-decline-5214576.php

Of note, they quoted me saying: 

The value of properties costing between $1 million and $4 million in New Canaan was mostly flat in 2013. As Realtor John Engel, who also serves on the Town Council, put it, "both ends of the seesaw are changing a lot, but the middle is flat."

This does not begin to capture the angst being expressed by those in the community whose property taxes have gone up more than 15% overnight. By my count 2575 homes have gone up an average of 12.4% and those people, typically on the left side of our seesaw, want to know why. 

Who Would Ever Want to Live in a Glass House?

#NewCanaan   Rented. As of today this iconic midcentury modern masterpiece designed by James Evans in 1960 is once again OFF the market. Tune in again this time next year, 2015, if you absolutely have to live in a #glasshouse  and you have $1,700,000 to spend on the privilege. Listed by +John Engel  and Susan Engel at Barbara Cleary's Realty Guild, (203) 966-7772 

For Sale in West Norwalk: Sprawling Center Hall Colonial Situated on Quiet Cul-De-Sac

The most perfect setting and location to come upon in West Norwalk. You must see this sprawling center hall Colonial situated on a quiet cul-de-sac on the New Canaan border. This property is conveniently located less than 10 minutes from 3 different train stations making the commute to NYC a dream. Entertain friends while you're cooking in this sumptuous kitchen with granite counters and stainless steel appliances or sit by the fire in the living room after a long day at work. Serenity is the mood of the enclosed porch overlooking the picturebook setting of lawn and grounds. Don't miss the amazing playroom, even a stage for those "actors" in the family or add a movie screen and you can have movie nights. Fin basement with full bath for the guest or au-pair? Wired for generator.

Listed by John Engel and Susan Engel for $775,000

For more information and photos of this property visit http://www.7LeslieLane.com 

Timeless Colonial on Private Cul-De-Sac For Sale in New Canaan

Timeless colonial on private cul-de-sac. Outside, enjoy private landscaped meadowlands. Inside epitomizes artful, casual elegance found in the cherry library with built-ins and coffered ceiling, the gourmet kitchen and the breakfast room opening to a raised terrace. Ceilings are 9' & 10' with significant crown moldings. Master Bedroom has fireplace, sitting room and bath with whirlpool and steam shower. Finished lower level has fireplace and full bath; 3rd level has half bath. Versatile floor plan.

Listed by John Engel and Susan Engel of Barbara Cleary's Realty Guild for $2.55 million

For more information on and photos of this property go to http://www.277oldstamfordrd.com

Magnificent Modern Hilltop Estate For Sale in New Canaan

Exceptional, dramatic Frank Lloyd Wright-inspired modern home, set atop a hill and offering spectacular panoramas. The open and expansive living area has 7,500 sq. ft. on 4 stories, offering exceptional indoor/outdoor spaces. The dining room has a wall of windows on three sides with views toward majestic hardwood forest. The living room has a cathedral ceiling with a wall of windows and massive stone fireplace. Exterior doors from almost every room, at every level, provide access to beautiful terraces and private gardens.

Listed by John and Susan Engel of Barbara Cleary's Realty Guild for $3,000,000.

For more information and additional photos, go to http://www.269danshighway.com 

For Sale: Midcentury Modern on 92 Briscoe Road in New Canaan

Known as the Daines House when it was designed and built by Victor Christ-Janer in 1953 this mid-century modern sits on 6 beautiful rolling wooded acres.  Featuring 5 bedrooms, a pool and barn,  fenced horse paddock and a view down to the road from high ground, this package is unmatched for privacy and style.