Fab Real Estate Blog

The Danbury News Times had an article earlier this week titled Home Sales Bubble Bursts.

In this article, they include information such as:

• "Danbury-area real estate numbers show the region has not been immune to the slowdown"
• "Home prices have dropped about 10 percent in the region"

While our market may not be as "hot" as it was in the recent past, there has certainly not been a "Bubble Burst" as the newspaper editors would have you believe.

To verify the accuracy of this article, I ran some numbers on the Consolidated MLS, comparing First Quarter 2006 (1Q06) closed sales of single family homes to First Quarter 2007 (1Q07) closed sales, also of single family homes.  Here is what I found:

Fairfield County Real Estate Sales:
1Q06:  1,464 closed sales with a median price of $530,000
1Q07:  1,395 closed sales with a median price of $535,000.
Hmmm...where's the 10% price drop?

New Fairfield, Connecticut Real Estate Sales:
1Q06:  29 closed sales with a median price of $375,000
1Q07:  29 closed sales with a median price of $462,500.
Hmmm...this appears to be an increase in median sales price to me.

Danbury, Connecticut Real Estate Sales:
1Q06:  91 closed sales with a median price of $360,000
1Q07:  82 closed sales with a median price of $338,750.
Less than a 6% decline in median sales price.  Why?  Could it be that fewer lakefront homes sold?  Fewer new construction homes sold?  Or perhaps many more entry-level homes sold?

I could run these numbers town-by-town for the whole region.  Some would show a decline, and some would show an increase in median prices of closed home sales.  Some would show more sales this year, and some would show fewer sales.  This, to me, does not indicate a bubble burst.  Rather, it indicates a look at two different 90 day periods.  That's all.

Most importantly, what do these numbers mean to you, a homeowner considering selling your home? 

Absolutely nothing.

Each home is unique.  Each situation is different. Trends are just that:  Trends.  Nothing more, nothing less.
Statistics are just that:  Statistics.  Are they useful?  Yes, but only as a general indication of the market as a whole.

What is more important is the current market value of your home.  Yes, your home's value is determined by neighboring sales, and these sales will be reflected in the above-mentioned trends.  But when preparing your home for sale, we will look at your home and the recent sales that are comparable to your home.  We won't look at trends for the entire region, and we certainly will not look at what lines editors use to sell papers.

Home prices fluctuate.  That's a fact.

Look at the specifics for your home.  Don't let the mass media's reporting scare you.  Work with real numbers and real data that pertain to you and specifically your home, work with a thorough marketing plan, and successfully sell your home.

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Just a bit earlier this evening, we were sitting on our back deck enjoying our first warm night of the year.

Something caught our eyes, so we looked up...

There was a shooting star burning up just a bit higher than our treetops.  OK, it was probably a little higher than that, but definitely no higher than one of the prop planes that sometimes fly around here.

Wow.  It was a little spooky.  But also awe-inspiring. 

We watched it for probably no more than two seconds before it burned up completely and was gone.  That was when we realized what it was.

Again, I say, Wow.

What if it had been a little bit larger and didn't burn up before making contact?  There would have been some damage somewhere here in my small town.

Makes me want to go tuck my boys into their beds and kiss them again.  I think I'll go do that now...

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Spring has finally arrived here in Connecticut.  That means it's time to clean up your yards, especially if you're marketing your home for sale.  Winter can be tough on our lawns and our gardens.  A little work now can lead to great results for the rest of the spring and summer.  If you're selling your home, a little work now will make your home stand out from the competition.

• Take a walk around your yards.  Pick up and sticks and branches that have fallen off of the trees over the winter.  Remove any rocks that have heaved up through the soil.  (Doing so will also save your lawnmower...) 
  
  
• Re-seed any dead areas of grass.  I find for small areas, using a small metal hand rake to rake up a bit of the soil, spreading the seed and then raking the soil a bit more works best.  Then cover with hay and water daily.  It may be best to add a bit of lawn soil to the areas, too.
  
  
  
• For larger areas of re-seeding:  till the soil a few inches deep, then use a spreader to spread grass seeds throughout the area. Lightly rake the seeds into the tilled soil, cover with hay, and water regularly.  Again, it may be best to add some lawn soil to the mix, especially if your lawns have poor or compacted soil.
  
  
  
  
  
  
• Fill in with new soil any depressions or holes that have been caused by winter storm run-off, especially alongside your driveway.  Use this as an opportunity to plant new grass seed or other plants in these areas.
  
  
  
• Fertilize your lawns using a weed-and-feed lawn fertilizer.  Personally, I'm not convinced this works, but they keep telling me to do it...
  
  
• Add new mulch to all planting beds.  This not only makes the beds looker neater, but it also helps to retain moisture and prevent weeds.  For larger areas away from the house, such as a landscaped hillside, consider calling a tree-trimming company and asking them to deliver chips of trees they've shredded.  In my area, some companies will deliver this for free, as they then do not have to dispose of it.
  
  
• If necessary, sweep up all the sand that was spread on your driveway for traction during the past winter's snow storms.  While this sand provides traction in the snow, it is oddly slippery when walking on it in the spring.  Plus, it can shorten the life of your driveway to drive on this sand year-round
  
  
• Plant flowering annuals for a burst of color in your beds, especially along the front walkway and the front door.
  
  
• Trim off any dead branches from trees.
  
  

Of course, don't forget after all this work to take a long hot shower or enjoy a long bath.  Take care of yourself, too, so you can enjoy your newly cleaned yards!

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

This morning, I was working on my laptop in the family room.  About 10 feet away, my three-year-old son was sitting at the kitchen table eating cheese.  He loves cheese.  He could eat it all day long.

What he likes even more than cheese is cheese with ketchup.  Sometimes it's best not to ask questions....

So, he's sitting at the table eating his cheese, dipping each piece in the ketchup.  No problem and all is right in his little world.

All of a sudden I smell something that reminds me of my youth.  It reminded me of bowling alleys and greasy french fries drenched in ketchup.  The greasy ketchup smell always reminds me of bowling alleys.

So, I look over and discover that my wonderful, beautiful, good-as-can-be three-year-old son has decided to once again make "Ketchup Art."

He makes me so proud.  Of course I took a picture.  We're saving pictures like this for his prom night.  We figure if we show these pictures to his date, it will become a platonic prom date.

At least this time he created his artwork on a dish.  Last time it was all over the kitchen table...and his shirt...and his pants...and his arms and hands...and his face.  That was fun to clean up.

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

New Milford, Connecticut Real Estate Update
March, 2007

Closed home sales in New Milford, Connecticut:

Single Family Homes:
In March of 2007, there were 19 single family home sales closed in New Milford, CT.
List Prices ranged from $239,900 - $1,295,000.
Closed Sales Prices ranged from $215,000 - $1,115,000.

The average closed real estate sales price for single family homes in New Milford for the month of March was $390,135.
The median closed sales price was $325,000.
On average, these homes sold for 95% of their final list price.
Days on Market ranged from 32 - 632 days, with the average being 193 days of market time.

This compares to 22 single family homes closed in March, 2006, an average closed sales price of $406,081 and a median closed sales price of $361,500.

Condos:
In March of 2007, there were 19 condominium sales closed in New Milford, CT.
List Prices ranged from $105,000 - $425,000.
Closed Sales Prices ranged from $100,000 - $420,000.

The average closed real estate sales price for condos in New Milford for the month of March was $207,255.
The median closed sales price was $182,000.
On average, these homes sold for 98% of their list price.
Days on Market ranged from 30 - 205 days, with the average being 102 days of market time.

This compares to 14 condos closed in March, 2006, with an average closed sales price of $165,768 and a median closed sales price of $174,500.

Currently available homes for sale in New Milford, Connecticut:

Single Family Homes:
Currently, there are 294 single family homes for sale in New Milford, CT.
List Prices range from $179,000 for a small ranch to $2,850,000 for a 20 acre estate with an 8,000 square foot main home and four additional detached residences.

Condos:
Currently, there are 88 condos available for sale in New Milford, CT.
List prices range from $64,900 for a studio to $619,900 for a detached unit in a lake community.

New Milford, Connecticut, is the southernmost town in Litchfield County and is known as The Gateway to Litchfield County.  The town borders the northeastern shores of Candlewood Lake.  Several lake communities surround its Candlewood Lake shores, and typically offer a private beach for residents, boat docks and other amenities.  New Milford enjoys a population of about 28,000 residents.

This Market Report prepared by:
Don Fabrizio-Garcia
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Brookfield, Connecticut Real Estate Update
March, 2007

Closed home sales in Brookfield, Connecticut:

Single Family Homes:
In March of 2007, there were 9 single family home sales closed in Brookfield, CT.
List Prices ranged from $174,900 - $949,900.
Closed Sales Prices ranged from $135,000 - $895,000.

The average closed real estate sales price for single family homes in Brookfield for the month of March was $405,197.
The median closed sales price was $354,275.
On average, these homes sold for 94% of their final list price.
Days on Market ranged from 4 - 503 days, with the average being 232 days of market time.  Interestingly, most of the homes that sat on the market for more than 100 days were originally priced $100,000 or more higher than their sales price.  This is caused by improper pricing when initially listing the home for sale.

This compares to 13 closed sales in March, 2006, with an average sales price of $521,992 and a median closed sales price of $435,000.

Condos:
In March of 2007, there were 7 condominium sales closed in Brookfield, CT.
List Prices ranged from $194,500 - $279,900.
Closed Sales Prices ranged from $192,000 - $263,000.

The average closed real estate sales price for condos in Brookfield for the month of March was $219,537.
The median closed sales price was $220,000.
On average, these homes sold for 96% of their list price.
Days on Market ranged from 45 - 285 days, with the average being 114 days of market time.

This compares to 5 closed sales in March, 2006, with an average sales price of $241,400 and a median sales price of $220.000.

Currently available homes for sale in Brookfield, Connecticut:

Single Family Homes:
Currently, there are 160 single family homes for sale in Brookfield, CT.
List Prices range from $299,900 for a 4 bedroom cape that could use some updating to $1,925,000 for a contemporary Candlewood Lake waterfront home.

Condos:
Currently, there are 34 condos for sale in Brookfield, CT.  List prices range from $180,500 for a one bedroom unit to $649,900 for a new detached unit.




Brookfield, Connecticut, is located between Candlewood Lake and Lake Lillinonah, creating a multitude of water recreation opportunities in the town.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  Brookfield enjoys a population of about 16,000 residents.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Danbury, Connecticut Real Estate Update
March, 2007

Closed home sales in Danbury, Connecticut:

Single Family Homes:
In March of 2007, there were 26 single family home sales closed in Danbury, CT.
List Prices ranged from $219,900 - $749,900.
Closed Sales Prices ranged from $165,000 - $700,000.

The average closed real estate sales price for single family homes in Danbury for the month of March was $366,453.  The median closed real estate sales price was $332,500.
On average, these homes sold for 96% of their most recent list price.
Days on Market ranged from 20 - 867 days, with the average being 172 days of market time.  (One home was one the market since 2004 - it was originally priced nearly $200,000 higher than its final sales price).

This compares with 41 closed sales in March, 2006, with an average closed sales price of $368,982 and a median closed sales price of $351,500.

Condos:
In March of 2007, there were 27 condominium sales closed in Danbury, CT.
List Prices ranged from $175,000 - $564,900.
Closed Sales Prices ranged from $175,000 - $560,000.

The average closed real estate sales price for condos in Danbury for the month of March was $292,036.
The median closed sales price was $280,000.
On average, these homes sold for nearly 99% of their most recent list price.
Days on Market ranged from 8 - 505 days, with the average being 116 days of market time.

This compares with 61 closed sales in March, 2006, with an average closed sales price of $272,154 and a median closed sales price of $264,000.



Currently available homes for sale in Danbury, Connecticut:

Single Family Homes:
Currently, there are 297 single family homes for sale in Danbury, CT.
List Prices range from $89,000 for a summer cottage with just under 500 square feet in a lake community to $3,300,000 for a contemporary home with level, direct frontage on Candlewood Lake.

Condos:
Currently, there are 296 condos available for sale in Danbury, CT.
List prices range from $89,000 - $850,000.

Danbury, Connecticut, a former military depot during the American Revolution, is a diverse community of about 78,000 residents that borders New York State to the west and the southern shores of Candlewood Lake.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  Danbury enjoys a convenient commute location to lower Fairfield County and Westchester County, New York.  Danbury is situated just about an hour by car to Hartford, Connecticut and New York City.

This Market Report prepared by:
Don Fabrizio-Garcia
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Sherman, Connecticut Real Estate Update
March. 2007

Closed home sales in Sherman, Connecticut:

In March of 2007, there were 4 home sales closed in Sherman, CT.
List Prices ranged from $299,900 - $514,900.
Closed Sales Prices ranged from $299,900 to $505,000.

The average closed sales price was $383,725.  The median closed home sales price was also $365,000.

On average, these homes sold for 97% of their list price.
Days on Market ranged from 58 - 275 days, with the average being 172 days of market time.

This compares to 5 homes that closed sale in March, 2006 with an average closed sales price of $518,630 and a median closed sales price of $500,000.

Currently available homes for sale in Sherman, Connecticut:

Currently, there are 66 homes for sale in Sherman, CT.
List Prices range from $319,900 for a hi-ranch home in a lake community to $2,750,000 for 5,000 square foot estate home on nearly 10 acres.

Sherman, Connecticut is a small semi-rural community of about 4,000 residents that borders New York State to the west, New Fairfield to the south and hugs the northwestern shores of Candlewood Lake.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  The northernmost town in Fairfield County, Sherman is often cited as being the fastest growing town in Connecticut per capita, yet still retains its rural roots and charm.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

New Fairfield, Connecticut Real Estate Update
March, 2007

Closed home sales in New Fairfield, Connecticut:

In March of 2007, there were 6 home sales closed in New Fairfield, CT.
List Prices ranged from $419,000 - $749,000.
Closed Sales Prices ranged from $390,000 - $709,000.

The average closed real estate sales price for New Fairfield was $519,000.
The median closed real estate sales price for New Fairfield was $507,500.
On average, these homes sold for 95% of their list price.
Days on Market ranged from 66 - 416 days, with the average being 238 days of market time.

This compares with 19 closed sales in March, 2006, with an average sales price of $506,957 and a median sales price of $435,000.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 123 homes for sale in New Fairfield, CT.
List Prices range from $144,900 for a 1930's fixer to $5,500,000 for a palatial estate fronting Candlewood Lake.

New Fairfield, Connecticut is a small community of about 14,000 residents that borders New York State to the west and Candlewood Lake to the east.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  New Fairfield enjoys a convenient commute location to lower Fairfield County and Westchester County, New York.  New Fairfield is situated just over an hour by car to Hartford, Connecticut and New York City.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Yesterday we experienced some sunshine and warmth, which has been rare here in New Fairfield, Connecticut for the past few weeks.

So, we took advantage of the nice weather and spent about an hour cleaning up our yards a bit from the winter storms...picking up sticks and small branches that were scatted across the lawns...removing some rocks that heaved up during the cold...the usual outdoor spring cleaning.

While walking up our driveway, picking up sticks, we started laughing.  Our driveway is long and steep, and part of it is shared with the house next door.  So, we were laughing about how we ended up with such a driveway...

When we were looking for a new home, we knew what we needed to be happy: 

• 5 bedrooms (or perhaps 4 + an office)
• A large family room 
• A home in the towns of New Fairfield, Redding or Ridgefield, Connecticut
• Privacy
• Privacy
• More Privacy

We knew what we wanted, but didn't necessarily need.  These items would be a bonus if we found them in our new home:

• A new or newer home  (got it)
• Large rooms  (got it)
• Formal living and dining rooms  (got it)
• 3-Car Garage  (didn't get it)

We also knew what we in no way would accept in our new home:

• A steep driveway (it snows here, after all)
• A shared driveway (what if we don't like the neighbors we have to share with?)

Guess what?  We now live in a beautiful, newly-built, 4 bedroom + office, New Fairfield, CT residence with 7 wooded acres (there's that privacy!), large rooms, formal living and dining rooms.  We only have a two-car garage, but we can't really complain about that.

Guess what else we ended up with?  A long, long, steep driveway, with guardrails, and a portion of it is shared with the house next door that was built just after ours. So much for our two must-not-haves.

But, we make the best of it.  The long, steep driveway is the reason our lot is so private.  As it turned out, privacy was more important than the driveway issues.  While there are homes around us, they are not very near to us thanks to our acreage and the woods.  (We prefer to call it the forest!)  In the summer, when the trees are full of leaves, it feels like we're living in our own private rain forest.

We now refer to the shared portion of the driveway as the "private road."  It sounds kind of cool when you put it that way, doesn't it?  The new neighbors - the ones we share the driveway with - moved in last fall.  We've become friends. And, yes, they fully offered to split the cost of a snow plow service for the winter!

So, to get back to the laughter...
We learned while searching for our new home to keep an open mind.  We ended up with the two items we refused to even consider - the steep and shared driveway.  But we also got everything we needed in a new home, and nearly everything we wanted in our new home, too.  This house and its lot was perfect for us.  So we were able to adjust our mindset and compromise on the must-not-have issues.

When searching for your new home, keep an open mind.
Speak to a lender and obtain a pre-approval for financing.  This way you know exactly what price range to be looking in.
Make a list of your must haves.
Make a list of your wants.
Make a list of your must-not-haves.

Review this list frequently.  Don't be afraid to make adjustments.  No one home will ever be perfect.  Compromise is essential.  Discuss often with your home-buying-partners (including your agent) which compromises are possible and which are not.

Enjoy your home search.  While it may seem stressful and confusing at the time, you will look back at it with fond memories.

And, who knows?  Perhaps you, too, will someday be walking up your steep, shared driveway laughing about how you swore you would never own a steep, shared driveway!

Don Fabrizio-Garcia
Owner of a wonderful home with a shared, steep driveway
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale

Earlier today, the United States Post Office released the new "Forever Stamp," featuring the image of the Liberty Bell.

The Forever Stamp will always be available for purchase at the then-current first-class postage rate, and will be valid for use, well, forever, even if there have been subsequent rate increases. 

The stamps are sold in books of 20, and there is no limit to the number of stamps that can be purchased at any time.  While it is assumed that most consumers will now purchase the Forever Stamp, to ensure the stamps are still valid after the next postage rate increase, the postal service will continue to release commemorative stamps that have proven to be popular.  Previous commemorative stamps include seasonal holiday stamps, stamps with flowers, landscapes, and those that commemorate famous people or events.

According the the USPS website, commemorative stamps to be released in May include those for the anniversary of the settlement of Jamestown, Virginia; the Florida Panther; Bighorn Sheep; and Star Wars.

Don Fabrizio-Garcia
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale

This past Saturday, my dear laptop went into cardiac arrest.

I am pleased to say, thanks to the work of the wonderful guys at Info Plexus, an IBM authorized repair center in New Milford, Connecticut, my baby is now home and thriving...and allowing me to work again!

It had to spend a few days in the ICU while the motherboard (covered under its medical insurance...I mean its warranty) was ordered and replaced.  It is now shiny and bright-eyed and no worse for the wear.

I'm so relieved...now I need to start looking for a back-up system for all of my computers...

Don Fabrizio-Garcia
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale

My laptop went into cardiac arrest over the weekend. 

We've been together for over two years now.  I'm having trouble coping without it. 

It happened so quickly...I don't think it felt any pain.  One second it was chugging along as usual as I worked...and then it just froze.  Its screen shook a bit, and then it went blank.  It was gone.  Perhaps it's going off to a better place...one without children trying to put their sticky fingers all over it.  A place without dog hair and bird feathers fighting their way into its personal space.  A place where I can no longer knock it off of the shelf that I keep it on to protect it from the kids.  Yes, I try to keep it safe from the kids and then I go ahead and knock it over myself.  It happens sometimes.

I of course rushed it immediately to the Geek Squad Hospital for resuscitation.  No luck.  Their life-support equipment just wasn't able to assist in the life-and-death matter of my dearly beloved IBM.

It is now resting comfortably at a local IBM-authorized service center, slowly gasping for its last breath...the defibrillators are on stand-by.

We should know more tomorrow.  We may have to pull the plug.  Literally.  Until then, I hope I don't miss any appointments that I can no longer access on its calendar.  It will be OK.  I may be in mourning tomorrow anyway, so I deserve a day off.

Donations in lieu of flowers can be sent to any Computer-User-Anonymous support group in your local area...

UPDATE - 4/11/07:  My Computer is Home

Don Fabrizio-Garcia
REALTOR
203.746.1199
Connecticut Real Estate and Homes for Sale