Fab Real Estate Blog

This afternoon, I was driving northbound on 684 near the Westchester/Putnam County border in New York state.

I passed under one of those highway signs that they can program with different messages.  Today's message was:

OZONE ALERT
       USE
  ASS TRANSIT

Seriously, that's what it said.  Since I was sitting in my car and driving, I think that's the kind of transit I was using.

I had my camera with me, having just come from an appraisal, but I thought it might be better not to crash into anyone while trying to take a picture and driving on the highway at the same time.

New York really needs to replace the little light bulbs in their signs...

In preparing my monthly Market Condition Reports for the area towns surrounding Candlewood Lake here in Connecticut, I've noticed a continuing trend between Days on Market and Original List Price vs. Final Sales Price.

With the exception of new construction (which typically takes longer to sell due to the construction time, and often sells at a premium over resale homes), nearly all homes that were on the market for more than 150 days, ended up selling for $50,000 - $100,000 less than the original list price.  Some sold for $200,000 less than the original list price and sat on the market for more than two years.

The average Days on Market here in the Candlewood Lake area of Connecticut fluctuates between roughly 90 and 140 days.  The average List Price vs. Sales Price ranges from 92% - 98%.

Overpriced homes will fall nowhere near these averages.  Some overpriced homes have sat on the market for more than 700 days.  That's more than two years.  That's a lot of extra time to carry the costs of the home.  That's a lot of extra time to keep the home in top showing condition.  That's a lot of extra stress and unneeded turmoil.  And it prevents you from moving on with your life.

What's the solution?  It's simple:

Price the home properly and sell it quickly!

Need help determining the best list price for your home?  Ask your agent to prepare a complete Comparative Market Analysis of your property.  By utilizing recent sales in your area and making adjustments for the differences in size, location and amenities of the homes, your agent should be able to determine the most likely sales price for the current market.

Still not convinced?  Then hire an appraiser.  The buyers' lender will hire one after their offer is accepted, anyway.  If the home won't appraise for the list price you're asking for, then the deal won't be successful anyway.

Selling your home is stressful enough.  Don't add to the stress by overpricing your home.  Buyers will not pay more than your home's current market value.

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Brookfield, Connecticut Real Estate Update
May, 2007

Closed home sales in Brookfield, Connecticut:

Single Family Homes:
There were 13 single family home sales closed in Brookfield, CT.
List Prices ranged from $359,900 - $799,000.
Closed Sales Prices ranged from $360,000 - $790,000.

The average closed real estate sales price for single family homes in Brookfield was $487,230.
The median closed sales price was $450,000.
On average, these homes sold for 97% of their final list price.
Days on Market ranged from 19 - 311 days, with the average being 144 days of market time. 

This compares to 18 closed sales in May, 2006, with an average sales price of $757,249 and a median closed sales price of $526,250.

Condos:
There were 6 condominium sales closed in Brookfield, CT.
List Prices ranged from $189,500 - $375,000.
Closed Sales Prices ranged from $176,000 - $370,000.

The average closed real estate sales price for condos in Brookfield was $265,450.
The median closed sales price was $266,100.
On average, these homes sold for 97% of their final list price.
Days on Market ranged from 38 - 111 days, with the average being 71 days of market time.

This compares to 7 closed sales in May, 2006, with an average sales price of $239,285 and a median sales price of $230,000.

Currently available homes for sale in Brookfield, Connecticut:

Single Family Homes:
Currently, there are 180 single family homes for sale in Brookfield, CT.
List Prices range from $290,000 for a ranch in a lake community to $1,925,000 for a contemporary Candlewood Lake waterfront home.

Condos:
Currently, there are 41 condos for sale in Brookfield, CT.  List prices range from $177,900 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
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

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

New Milford, Connecticut Real Estate Update
May, 2007

Closed home sales in New Milford, Connecticut:

Single Family Homes:
There were 32 single family home sales closed in New Milford, CT.
List Prices ranged from $179,000 - $950,000.
Closed Sales Prices ranged from $179,000 - $927,000.

The average closed real estate sales price for single family homes in New Milford was $410,665.
The median closed sales price was $355,000.
On average, these homes sold for 97% of their final list price.
Days on Market ranged from 31 - 703 days, with the average being 202 days of market time.

This compares to 25 single family homes closed in May, 2006, with an average closed sales price of $395,705 and a median closed sales price of $357,500.

Condos:
There were 16 condominium sales closed in New Milford, CT.
List Prices ranged from $113,800 - $517,800.
Closed Sales Prices ranged from $108,500 - $655,675.

The average closed real estate sales price for condos in New Milford was $212,720.
The median closed sales price was $181,000.
On average, these homes sold for 95% of their list price. (This does not take into account the one new construction condo that sold for about $140,00 over list price due to extensive upgrades)
Days on Market ranged from 33 - 273 days, with the average being 114 days of market time.

This compares to 20 condos closed in May, 2006, with an average closed sales price of $164,760 and a median closed sales price of $163,750.

Currently available homes for sale in New Milford, Connecticut:

Single Family Homes:
Currently, there are 319 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 101 condos available for sale in New Milford, CT.
List prices range from $98,900 for a 1-bedroom unit to $563,700 for a detached unit in an active-adult 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
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
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
May, 2007

Closed home sales in Danbury, Connecticut:

Single Family Homes:
In May, 2007, there were 33 single family home sales closed in Danbury, CT.
List Prices ranged from $202,900 - $1,370,000.
Closed Sales Prices ranged from $202,000 - $1,413,360.

The average closed real estate sales price for single family homes in Danbury was $487,927. 
The median closed real estate sales price was $435,000.
On average, these homes sold for 97.9% of their most recent list price.
Days on Market ranged from 16 - 788 days, with the average being 147 days of market time.  Interestingly, most homes that sat on the market for a year or more sold for $100,000 or more less than their original list price.  Proper initial pricing is so important. 

This compares with 46 closed sales in May, 2006, with an average closed sales price of $398.530 and a median closed sales price of $369,000.

Condos:
In May, 2007, there were 47 condominium sales closed in Danbury, CT.
List Prices ranged from $115,000 - $599,000.
Closed Sales Prices ranged from $110,000 - $599,000.

The average closed real estate sales price for condos in Danbury for the month of April was $291,166.
The median closed sales price was $270,000.
On average, these homes sold for 98% of their most recent list price.
Days on Market ranged from 15 - 290 days, with the average being 89 days of market time.

This compares with 61 closed sales in May, 2006, with an average closed sales price of $301,297 and a median closed sales price of $280,000.



Currently available homes for sale in Danbury, Connecticut:

Single Family Homes:
Currently, there are 333 single family homes for sale in Danbury, CT.
List Prices range from $89,000 for a summer-only as-is cottage in a lake community to $3,975,000 for a renovated 1920's farmhouse on 55 acres.

Condos:
Currently, there are 319 condos available for sale in Danbury, CT.
List prices range from $79,000 - $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
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

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

I've been busy lately, showing lots of homes here in New Fairfield and Danbury, Connecticut to many buyers.

Each of my buyers have their own particular needs.  Number of bedrooms.  Price.  Location.  Single family home or condo.  Each is unique.

But, lately, they all have one thing in common:  They have been watching HGTV. 

These buyers know that:

• Homes need Curb Appeal
• Homes must be Designed to Sell
• It takes staging to Get it Sold

Buyers are watching.  Buyers know what it takes to sell a house today.

And every single one of my buyers these past few weeks has asked me, "Don't these sellers watch HGTV?  Why haven't they staged their home?  Why is there so much clutter?"

Buyers are hip to staging your home for sale.  Buyers are demanding that the homes they buy be in perfect showing condition.

Sellers, are you meeting these buyer's demands for staged homes?

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Sherman, Connecticut Real Estate Update
May, 2007

Closed home sales in Sherman, Connecticut:

In May, 2007, there were 7 home sales closed in Sherman, CT.
List Prices ranged from $398,500 - $1,400,000.
Closed Sales Prices ranged from $363,187 to $1,290,000.

The average closed sales price was $753,026.  The median closed home sales price was $725,000.

On average, these homes sold for 92.5% of their final list price.
Days on Market ranged from 41 - 631 days, with the average being 192 days of market time.

This compares to 2 homes that closed sale in May, 2006 with an average closed sales price of $1,400,400 and a median closed sales price of $1,400,400.

Currently available homes for sale in Sherman, Connecticut:

Currently, there are 64 homes for sale in Sherman, CT.
List Prices range from $345,500 for a cape to $3,400,000 for an 18th century colonial on 37 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
May, 2007

Closed home sales in New Fairfield, Connecticut:

In May of 2007, there were 16 home sales closed in New Fairfield, CT.
List Prices ranged from $209,000 - $1,999,000.
Closed Sales Prices ranged from $207,000 - $1,800,000.

The average closed real estate sales price for New Fairfield was $520,899.
The median closed real estate sales price for New Fairfield was $386,450.
On average, these homes sold for 94.5% of their list price.
Days on Market ranged from 43 - 463 days, with the average being 247 days of market time.

This compares with 12 closed sales in May, 2006, with an average sales price of $481,575 and a median sales price of $424,500.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 154 homes for sale in New Fairfield, CT.
List Prices range from $165,000 for a 2 bedroom ranch 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.

The other day I went to my buyer client's office to have her sign an offer to purchase her new home in Danbury, Connecticut.  We were pretty sure the offer would be accepted.  She was so excited.  Huge grin from ear to ear.  A little bouncy in her step.

She signed the offer, then grabbed me, gave me a big old hug and kissed me.

It was one of the sweetest and most sincere moments I've had in this business.  No words of thanks could have exceeded that emotion.  This is what selling real estate is all about - not just the homes, but the people.

And, yes, her offer was accepted. 

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

This afternoon, parents of New Fairfield, Connecticut school children received multiple Alert phone calls from our schools.  Apparently a bear was spotted near the entrance to the New Fairfield High School.  Later, the bear was thought to have moved on down the road to New Fairfield's Hidden Value Nature Preserve.

Being that the bear was near the schools' entrance, the schools delayed releasing the buses at the end of the day, and notified us via the new Alert phone system. Once police and the Department of Environmental Protection were set up at each school entrance, the buses were allowed to leave with the school children.

We received another Alert call informing us that the buses were released, but late, and children will be late arriving to their bus stops.  Of course, they neglected to tell us how late the buses were released, and how late the children would be...so all of us parents stood standing at the bus stop...wondering if we should go home...and also wondering if the bear sighting was a student prank...

While a bear was located here in town just a few weeks ago, it probably is safe to assume that there was an actual bear sighting here in town again today.  But, being the end of the school year, with Spring Fever running rampant, the possibility of it being just a student prank is kind of funny.

I love living in New England!

Don Fabrizio-Garcia
Keller Williams CT Realty
CT Home Group
don@FabRealEstate.com
www.FabRealEstate.com

New Fairfield, Connecticut Real Estate

Newsweek Magazine recently ranked the Top 1,200 High Schools in America.

Ridgefield High School in Ridgefield, Connecticut, was among these top schools.

Ranking as number 444 in the nation, Ridgefield High School was number 3 here in Connecticut.

Criteria used to rank the schools was Newsweek's own "Challenge Index," which factors in the number of Advanced Placement tests each school administers, divided by the number of high school seniors in the school. The creators of the "Challenge Index" claim that this ranking removes wealth from the equation, which usually results in higher test scores, and focuses on how the schools are preparing the students for college and life after high school. 

Keller Williams CT Realty
CT Home Group
don@FabRealEstate.com
www.FabRealEstate.com

Ridgefield, Connecticut Real Estate

Newsweek Magazine recently ranked the Top 1,200 High Schools in America.

New Fairfield High School, located in New Fairfield, Connecticut, was one of eleven Connecticut high schools to make the list.

Ranking as number 613 in the nation, New Fairfield High School was number 6 here in Connecticut.

Connecticut's top high schools, along with their national rank, are as follows:

• #260:  Conard High School,  West Hartford, CT
• #298:  Farmington High School, Farmington, CT
• #444:  Ridgefield High School, Ridgefield, CT
• #553:  Wilton High School, Wilton, CT
• #608:  Greenwich High School, Greenwich, CT
• #613:  New Fairfield High School, New Fairfield, CT
• #641:  Weston High School, Weston, CT
• #661:  Hall High School, West Hartford, CT
• #973:  East Lyme High School, East Lyme, CT
• #1179:  Pomperaug High School, Southbury, CT
• #1184:  Fairfield-Warde High School, Fairfield, CT

Criteria used to rank the schools was their own "Challenge Index," which factors in the number of Advanced Placement tests each school administers, divided by the number of high school seniors in the school, so that larger schools would not have an advantage over smaller schools. The creators of the "Challenge Index" claim that this ranking removes wealth from the equation, which usually results in higher test scores, and focuses on how the schools are preparing the students for college and life after high school. 

Keller Williams CT Realty
CT Home Group
don@FabRealEstate.com
www.FabRealEstate.com

New Fairfield, Connecticut Real Estate