Fab Real Estate Blog

Showing houses...Heavy and sudden downpours. 

Never a good combination.  At least today's buyer clients had a good sense of humor about it.  We were drenched.  It was clear and sunny when we walked into the home.  As we were leaving...wow.  It was like standing under a waterfall.  Ran to the car...soaking wet...glad I have leather seats. 

Now I know it's really time to get a haircut.  Yeah, I looked a little funny afterwards.

Oh, well. It's never dull in this business!

It was a cute home.  A nice cape-style home on a private lot.  It was affordable.  It needed some work, but not too much.  It was priced accordingly.  It was a short sale - the owners owed more money on the home than it was worth.

We quickly received two offers.  The first buyer changed his mind...
The second buyer experienced family issues, and buying a home was no longer in their plans.

So we continued onward.  We continued to market and show the home.

The home was vacant and supposed to be winterized.  I checked every few days to see if this had been done, and notified the owners every few days to remind them - the home needs to be winterized.

Well, the home was never winterized.  I showed up one day for my regular check of the home, and there was water everywhere.  It was an indoor waterfall.  Not my idea of fun.

Obviously, the home was now damaged.  Everything was wet.  Drywall was falling off of the walls and ceilings.  The carpeting had to go.  The carpeting really had to go.  There are things growing in the carpets.  Not pretty.

But, we kept moving forward.  We kept marketing this home.  And, we generated three more offers.

One of these offers was pretty darn good.  That was in January.  Five months later, that buyer is still with us.  He still wants the home and he's still willing to wait.  How many buyers do you meet like that?  In a short sale situation, this buyer was a dream come true.

The lender had been sitting on this offer since January.  They didn't want to accept that the home had lost value because of the damage.  We sent pictures and detailed information.  Finally, the lender agreed to send out an appraiser.  The house, in its current condition, appraised for right around the offer price.

We thought we were in luck.  We thought this journey might soon end.  We thought the buyer would soon have this house and begin working on it.

We thought wrong.

The owner's loan on the home was an FHA loan.  With FHA loans, they will not consider a short sale on a home where the damages are greater than 10% of the value of the home prior to the damages occurring.

What?  I never knew that.  Does it make sense?  No.  We're still trying to work on this, but the lender has informed us that they have now closed the file and will proceed with foreclosure.

What they refuse to take into consideration is that after the foreclosure is completed, the bank will then own this damaged home.  The value most certainly will not increase as the home sits there during the foreclosure process.  In fact, while they proceed with the foreclosure, this home will most likely continue to deteriorate.  This home will lose more value.

I've closed a number of short sales.  They are a part of our marketplace.  They are not easy, but no one ever said selling real estate would be easy.

We could have had another successful short sale transaction this week.
The lender has let us down.  These owners will now face foreclosure.

What a shame.

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

As agents, we're used to giving things to clients.  We stay in touch with them.  We send cards.  We give the occasional gift.

But, as an agent, there is nothing better than to receive a gift from a client.  It says we did good.  We helped.  And, of course, it puts a big old smile on our face!

I have often received gifts from clients after I help them buy or sell their home.
I've been given kisses.  I've received cards.  I've received gifts.  More importantly, I've made friends - I've spent birthdays, anniversaries and holidays with past clients who have become part of my circle of friends.  How cool is that?

The other day, I received something quite unexpected:  A gift from a client who bought a home with someone else.

They bought a home in an area I do not service.  I knew they were looking there, and I was aware they were working with another agent at the same time they were working with me.  They were honest and up front from the start - it was the start of a good relationship!

Imagine my surprise when a local wine shop delivered this crate of wines...and they are nice wines, too!

It was their way of thanking me, even though in the end they bought a home with another agent.  It made my day.

As agents, we put a lot of ourselves into our business - time, skill, experience, money and energy is spent on each and every of our clients.  And, yes, it is worth it.

So, to Adam and Christine, I would like to say thank you.  But, I guess I should say, "You're very welcome."  I'll work with you again any time. Enjoy your new home!

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

New Milford, Connecticut Real Estate Update 
May, 2008

Closed home sales in New Milford, Connecticut:

Single Family Homes:
There were 19 single family home sales closed in New Milford, CT.
List Prices ranged from $149,900 - $599,900.
Closed Sales Prices ranged from $182,000 - $565,000.

The average closed real estate sales price for single family homes in New Milford was $322,815.
The median closed sales price was $283,000.
On average, these homes sold for 96.6% of their final list price.
Days on Market ranged from 5 - 431 days, with the average being 152 days of market time.

This compares to 32 single family homes closed in May, 2007, with an average closed sales price of $410,665 and a median closed sales price of $355,000.

Condos:
There were 4 condominium sales closed in New Milford, CT.

The average closed real estate sales price for condos in New Milford was $177,250.
The median closed sales price was $178,000.
On average, these homes sold for 97.2% of their list price.

This compares to 16 condos closed in May, 2007, with an average closed sales price of $212,720 and a median closed sales price of $181,000.

Currently available homes for sale in New Milford, Connecticut:

Single Family Homes:
Currently, there are 307 single family homes for sale in New Milford, CT.
List Prices range from $144,900 for a bank-owned fixer to $4,200,000 for a restored 1860's home on 100 acres.

Condos:
Currently, there are 74 condos available for sale in New Milford, CT.
List prices range from $89,900 for a one-bedroom unit to $539,900 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
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Greater Fairfield County MLS and believed to be accurate.

Brookfield, Connecticut Real Estate Update 
May, 2008

Closed home sales in Brookfield, Connecticut:

Single Family Homes:
There were 17 single family home sales closed in Brookfield, CT.
List Prices ranged from $339,500 - $825,000.
Closed Sales Prices ranged from $305,000 - $780,000.

The average closed real estate sales price for single family homes in Brookfield was $455,582.
The median closed sales price was $475,000.
On average, these homes sold for 94.9% of their final list price.
Days on Market ranged from 20 - 940 days, with the average being 296 days of market time. 

This compares to 13 closed sales in May, 2007, with an average sales price of $487,250 and a median closed sales price of $450,000.

Condos:
There were 8 condominium sales closed in Brookfield, CT.
The average sales price was $247,987
The median sales price was $217,000
These units sold for 95.8% of the most recent list price.


This compares to 7 closed sales in May, 2007 with an average sales price of $307,680 and a median sales price of $285,000.

Currently available homes for sale in Brookfield, Connecticut:

Single Family Homes:
Currently, there are 176 single family homes for sale in Brookfield, CT.
List Prices range from $197,900 for a major fixer property to $2,100,000 for a Candlewood Lake waterfront home.

Condos:
Currently, there are 30 condos for sale in Brookfield, CT.  List prices range from $199,000 for a one bedroom unit to $609,900 for a newer 3-bedroom 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 Greater Fairfield County MLS and believed to be accurate.

Danbury, Connecticut Real Estate Update
May, 2008

Closed home sales in Danbury, Connecticut:

Single Family Homes:
There were 17 single family home sales closed in Danbury, CT.
List Prices ranged from $139,500 - $949,000.
Closed Sales Prices ranged from $133,000 - $757,500.

The average closed real estate sales price for single family homes in Danbury was $383,941. 
The median closed real estate sales price was $339,000.
On average, these homes sold for 93.8% of their most recent list price.
Days on Market ranged from 21 - 563 days, with the average being 187 days of market time. 

This compares with 33 closed sales in May, 2007, with an average closed sales price of $481,260 and a median closed sales price of $434,500.

Condos:
There were 27 condominium sales closed in Danbury, CT.
The average closed real estate sales price for condos in Danbury was $245,968.
The median closed sales price was $250,000.
On average, these homes sold for 92.8% of their most recent list price.

This compares with 49 closed sales in May, 2007, with an average closed sales price of $291,371 and a median closed sales price of $270,000.



Currently available homes for sale in Danbury, Connecticut:

Single Family Homes:
Currently, there are 311 single family homes for sale in Danbury, CT.
List Prices range from $79,000 for a summer-only as-is cottage in a lake community to $2,499,000 for a spacious Candlewood Lake home.

Condos:
Currently, there are 271 condos available for sale in Danbury, CT.
List prices range from $79,000 - $839,000.

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
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Greater Fairfield County MLS and believed to be accurate

Sherman, Connecticut Real Estate Update
May, 2008

Closed home sales in Sherman, Connecticut:

There were 4 home sales closed in Sherman, CT.
List Prices ranged from $549,000 - $2,100,000.
Closed Sales Prices ranged from $502,500 - $1,745,000.
(Two of these homes were waterfront properties)

On average, these homes sold for 88.6% of their final list price.

Marketing time ranged from 136 - 705 days on market.  The average was 364 days on market.

This compares with 8 closed sales in May, 2007, with an average sales price of $813,585 and a median sales price of $812,500.

Currently available homes for sale in Sherman, Connecticut:

Currently, there are 70 homes for sale in Sherman, CT.
List Prices range from $299,900 for a small cottage with beach rights to $3,300,000 for an expansive estate on more than 24 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 Greater Fairfield County MLS and believed to be accurate.

New Fairfield, Connecticut Real Estate Update
May, 2008

Closed home sales in New Fairfield, Connecticut:

There were 8 home sales closed in New Fairfield, CT.
List Prices ranged from $179,900 - $3,660,000.
Closed Sales Prices ranged from $174,000 - $3,000,000.

The average closed real estate sales price for New Fairfield was $808,937.
The median closed real estate sales price for New Fairfield was $533,000.
On average, these homes sold for 88.8% of their final list price. However, when we remove the $3,000,000 sale, which is not common in New Fairfield, then the list/sale price ration changes to 95.7%, which is in line with what we've seen in the recent past.
Days on Market ranged from 40 - 235 days, with the average being 126 days of market time.

This compares with 16 closed sales in May, 2007, with an average sales price of $520,899 and a median sales price of $386,450.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 122 homes for sale in New Fairfield, CT.
List Prices range from $159,000 for a small cottage in need of work  to $21,000,000 for a Victorian-style home on 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 Greater Fairfield County MLS and believed to be accurate

It's going to be a hot one today!

Local schools in the Greater Danbury area are all closing early today due to the heat wave.
Here in New Fairfield, our schools are closing early, too.  No afternoon pre-school or kindergarten classes.

In my house, we're calling it a "snow" day.

Maybe we'll all take the afternoon off and raid the aunt's pool...

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