November Market Report for New Canaan and Surrounding Towns

Here is a quick summary of what is happening in the market in our area. 

• Area Sales: When looking at New Canaan and its surrounding towns of Stamford, Darien, Wilton, Norwalk, Westport, Weston and Ridgefield, collectively the total number of house closings is up 4.6% and volume of sales is up 3.3%.
• New Canaan market: While the 20 house closings in October was slightly lower then October of 2014, it's still the second most closings in this month in New Canaan since 2003.
• New Canaan Inventory: The 284 active New Canaan house listings as of November 1st is a 32.7% year-over-year increase and the most active houses at this time in the year since at least 2007. Similarly, the 47 condo listings is an 80.8% increase vs. last year.
• Pendings: Pendings are down in New Canaan, for both houses and condos. On November 1st there was a combined 27 houses and condos pending as compared to a combined 43 houses and condos pending at the same time in 2014, a 37.2% decrease.

Below is a link to our November Market Report, which includes detailed information on the market through the first 10 months of the year.  Please see the town comparison chart above for a quick overview of the area's real estate activity.



[link to the November Market Report]

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)

Market Report Observations for July 2015

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1. Condo sales are down from last year. That's because there is so little condo inventory. Correction: 14 condos came on the market in June to bring us back up to 38 condos for sale, up from only 24.

2. Sales are up in 2015 because of a strong June and strong 2nd quarter. That's because winter was late and harsh and it backed up the Spring selling season.

3. Median price has been unchanged since last year. That is consistent with Zillow's estimate that New Canaan is growing at a 1.5% rate.

4. New Canaan, Darien, Greenwich and Stamford all experienced an uptick in sales volume this year.

Wilton and Rowayton are showing a decrease in sales versus this time last year.

5. Home prices and interest rates are expected to climb in the next year, decreasing purchasing power.  July and August is the time to buy, with record levels of inventory and 30 year mortgage rates at 4.125% 

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49 Middle Ridge Road - 2 Flat Acres in the Hoyt Farm Neighborhood

A custom designed brick colonial located on a ''great two acre'' parcel in New Canaan. Just minutes from Town Center, Train Station, Merritt Parkway and I-95. Incredibly well built with extra insulation and high efficient windows and walls. Interior has been newly painted and update, refinished floors and lighting. Upgraded well, septic system, boiler, and water heater. Kitchen updated in 2007 with granite counter tops, carrier central HVAC system, slate lined roof, decking and dormers.

I like this house because its set gracefully back from the road on a slight incline. The approach from a circular drive allows guests to enter through the front door, while there is the option to drive around to the left side of the house, park and enter through the garage doors up to the kitchen.

Inside, the floors are all hardwood, the windows are new and the house has been freshly painted in whites and neutral colors.

The kitchen and baths are a bit dated, but since over 80% of buyers want to put in their own kitchen I have encouraged the current owner to list the house as-is and let the new owner design his/her kitchen.

Similarly, the backyard offers an opportunity for pool, tennis court, or a walk-out finished basement. While the septic is currently sized for a 4-5 bedroom house we have engineering drawings that show how the septic can be expanded or relocated on the property to accommodate a house twice the size with twice the bedrooms.

The house is easy to show. Please call us and make an appointment. You won't be disappointed.