Fab Real Estate Blog

I was talking with one of my buyers, who currently has an offer in on a short sale property. 

In talking, we started ruminating how buying a short sale property is like a day in the airport:  Hurry up and wait! 

Airport:  Hurry up!  Hurry up!  Have to leave the house on time.  Might be traffic.  Arrive at the airport early.  Now, wait. 

Short sale:  Hurry up!  Hurry up!  It's priced right.  It's in pretty good condition.  It's in the location you've been wanting.  Let's write that offer today.  Now, wait. 

Airport:  Hurry up!  Get in line to check in.  Now, wait. 

Short sale:  Hurry up!  There are multiple offers.  Get yours in and sign all the disclosures.  Now, wait. 

Airport:  Hurry up!  Have to get through security.  Get in line.  Now, wait. 

Short sale:  Hurry up!  The bank wants a contract, not just our typical offers used in this area.  We told the listing agent this, but he didn't want a contract - just a standard offer.  Now, hurry up!  Hurry up!  Write the contract.  Submit it to the sellers and the lender.  Now, wait. 

Airport:  Hurry up!  It took forever to get through security.  Run to the gate.  Plane is delayed.  Now, wait. 

Short sale:  Hurry up!  Lender wants more information.  Lender wants an updated mortgage pre-approval.  Hurry up!  Send it in.  Now, wait. 

Airport:  Hurry up!  It's time to board the plane.  Hurry up!  Get in your seat.  We're 19th in line for take-off.  Now, wait. 

Short sale:  Hurry up!  The lender wants you attorney's contact information, even before they decide if they will approve the sale.  Hurry up!  Send it in.  Now, wait. 

Airport:  If all has gone well, and the flight wasn't cancelled, and the weather cooperated, you arrive at your final destination.  Your vacation begins.  All is well... 

Short sale:  If all has gone well, and the lender and the attorneys and the agents and the buyers and the buyers' mortgage broker and the sellers all cooperated and worked through it all together, you arrive at your final destination:  The closing table.  Your new life in your new home begins... 

Buying a short sale property is not for every buyer.  You need an unlimited amount of time.  And patience.  And the cooperation of all involved.  And a sense of humor.

But all can work out in the end.  You can get to your final destination.  You'll just need to Hurry Up and Wait throughout the process!      

Don Fabrizio-Garcia, REALTOR 
Real Estate Sales and Appraisals 
Keller Williams CT Realty 

The election is in less than six weeks.

If you have not yet registered to vote, or if you have moved since you last registered to vote, now is the time to register!

Please visit the Connecticut Secretary of State's website to download your Voter Registration Form today.

These forms may be completed and mailed in.

Don't forget to vote!

Don Fabrizio-Garcia, REALTOR

Ridgefield, Connecticut Real Estate Update
August 2008

Closed home sales in Ridgefield, Connecticut:

There were 22 home sales closed in Ridgefield, CT.
List Prices ranged from $365,900 - $1,784,000.
Closed Sales Prices ranged from $300,000 - $1,770,000.

The average closed sales price in Ridgefield was $730,613.
The median closed sales price in Ridgefield was $649,000.

On average, these homes sold for 95% of their final list price.

Marketing time ranged from 42 - 378 days on market. The average was 177 days on market.

This compares with 49 closed sales in August, 2007, with an average sales price of $994,545 and a median sales price of $840,000.

Currently available homes for sale in Ridgefield, Connecticut:

Currently, there are 249 homes for sale in Ridgefield, CT.
List Prices range from $229,900 for a small one-bedroom ranch to $10,000,000 for a 16,000 square foot contemporary showpiece.

Ridgefield, Connecticut is a wonderful New England town bordering New York's Westchester County. It is popular with those commuting to lower Fairfield County, Westchester County 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.

Bethel, Connecticut Real Estate Update
August, 2008

Closed home sales in Bethel, Connecticut:

There were 19 home sales closed in Bethel, CT.
List Prices ranged from $199,900 - $998,000.
Closed Sales Prices ranged from $206,000 - $885,000.

The average closed sales price in Bethel was $412,757.
The median closed sales price in Bethel was $400,000.

On average, these homes sold for 94.1% of their final list price.

Marketing time ranged from 37 - 817 days on market. The average was 198 days on market.

This compares with 13 closed sales in August, 2007, with an average sales price of $388,292 and a median sales price of $379,000.

Currently available homes for sale in Bethel, Connecticut:

Currently, there are 115 homes for sale in Bethel, CT.
List Prices range from $139,900 for a bank-owned fixer property to $1,100,000 for a Georgian-style colonial.

Bethel, Connecticut is a quaint New England town with a wonderful pedestrian-friendly downtown area with plenty of shops. Bethel borders Danbury to the west, Brookfield to the north and Redding to the south.

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 Milford, Connecticut Real Estate Update
August, 2008

Closed home sales in New Milford, Connecticut:

Single Family Homes:
There were 14 single family home sales closed in New Milford, CT.
List Prices ranged from $299,750 - $799,000.
Closed Sales Prices ranged from $278,000 - $724,000.

The average closed real estate sales price for single family homes in New Milford was $420,564.
The median closed sales price was $372,500.
On average, these homes sold for 94.6% of their final list price.

Days on Market ranged from 40 - 682 days, with the average being 241 days of market time.

This compares to 33 single family homes closed in August, 2007, with an average closed sales price of $449,131 and a median closed sales price of $380,000.

Condos:
There were 8 condominium sales closed in New Milford, CT.

The average closed real estate sales price for condos in New Milford was $191,462.
The median closed sales price was $175,000.
On average, these homes sold for 95.0% of their list price.

This compares to 16 condos closed in August, 2007, with an average closed sales price of $175,750 and a median closed sales price of $191,500.

Currently available homes for sale in New Milford, Connecticut:

Single Family Homes:
Currently, there are 297 single family homes for sale in New Milford, CT.
List Prices range from $97,500 for a bank-owned fixer to $1,895,000 for a Candlewood Lake waterfront home.

Condos:
Currently, there are 76 condos available for sale in New Milford, CT.
List prices range from $92,000 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
August, 2008

Closed home sales in Brookfield, Connecticut:

Single Family Homes:
There were 25 single family home sales closed in Brookfield, CT.
List Prices ranged from $179,000 - $1,950,000.
Closed Sales Prices ranged from $192,500 - $1,850,000.

The average closed real estate sales price for single family homes in Brookfield was $466,496.
The median closed sales price was $427,000.
On average, these homes sold for 94.1% of their final list price.
Days on Market ranged from 30 - 798 days, with the average being 178 days of market time.

This compares to 16 closed sales in August, 2007, with an average sales price of $561,156 and a median closed sales price of $514,500.

Condos:
There were 3 condominium sales closed in Brookfield, CT.
The average sales price was $283,333
The median sales price was $290,000
These units sold for 96.7% of the most recent list price.


This compares to 3 closed sales in August, 2007 with an average sales price of $190,416 and a median sales price of $178,000.

Currently available homes for sale in Brookfield, Connecticut:

Single Family Homes:
Currently, there are 167 single family homes for sale in Brookfield, CT.
List Prices range from $242,800 for a two-bedroom antique home to $2,395,000 for a Lake Lillinonah waterfront home.

Condos:
Currently, there are 33 condos for sale in Brookfield, CT. List prices range from $195,000 for a one bedroom unit to $629,900 for a newer detached 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
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
August, 2008

Closed home sales in Danbury, Connecticut:

Single Family Homes:
There were 29 single family home sales closed in Danbury, CT.
List Prices ranged from $217,000 - $975,500.
Closed Sales Prices ranged from $207,500 - $975,000.

The average closed real estate sales price for single family homes in Danbury was $381,432. 
The median closed real estate sales price was $346,000.
On average, these homes sold for 95.5% of their most recent list price.
Days on Market ranged from 5 - 400 days, with the average being 106 days of market time.  This month enjoyed a marketing time 50 days less than recent averages... 

This compares with 55 closed sales in August, 2007, with an average closed sales price of $397,082 and a median closed sales price of $370,000.

Condos:
There were 25 condominium sales closed in Danbury, CT.
The average closed real estate sales price for condos in Danbury was $289,908.
The median closed sales price was $277,000.
On average, these homes sold for 95.8% of their most recent list price.

This compares with 37 closed sales in August, 2007, with an average closed sales price of $252,986 and a median closed sales price of $229,750.



Currently available homes for sale in Danbury, Connecticut:

Single Family Homes:
Currently, there are 329 single family homes for sale in Danbury, CT.
List Prices range from $165,000 for a bank-owned ranch in need of work to $3,499,000 for a renovated 1920's colonial on nearly 9 acres.

Condos:
Currently, there are 240 condos available for sale in Danbury, CT.
List prices range from $77,900 - $769,900.

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
August, 2008

Closed home sales in Sherman, Connecticut:

There were 2 home sales closed in Sherman, CT.
List Prices were $590,000 - $1,095,000.
Closed Sales Prices were $585,000 - $950,000.

These homes sold, on average, for 91.1% of their most recent list price.

The average days on market was 537.

Currently available homes for sale in Sherman, Connecticut:

Currently, there are 71 homes for sale in Sherman, CT.
List Prices range from $275,000 for a small ranch 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
August, 2008

Closed home sales in New Fairfield, Connecticut:

There were 15 home sales closed in New Fairfield, CT.
List Prices ranged from $150,000 - $1,495,000.
Closed Sales Prices ranged from $123,000 - $1,400,000.

The average closed real estate sales price for New Fairfield was $488,800.
The median closed real estate sales price for NewFairfield was $385,000.
On average, these homes sold for 94.5% of their final list price.

Days on Market ranged from 34 - 351 days, with the average being 118 days of market time.

This compares with 23 closed sales in August, 2007, with an average sales price of $505,243 and a median sales price of $417,500.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 126 homes for sale in New Fairfield, CT.
List Prices range from $150,000 for a small bungalo being sold as a short sale to $21,000,000 for a Victorian-style waterfront estate.

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

Ilyce Glink published a great Q&A today regarding Deed-in-Lieu of Foreclosure. 

Oftentimes, when homeowners are behind on their mortgage and owe more than the home is worth, they panic.  Some will just decide they have no options and allow the home to foreclose.  Some will investigate what other options may be available to them. 

When facing foreclosure, you do have three options: 

1. Pay the lender the amount needed to bring your loan current 
2. Do a deed-in-lieu of foreclosure, if the lender agrees 
3. Sell your home "short" - also known as a short sale. 

A short sale is a transaction where you sell your home for less money than is owed to the lenders.  Such a sale requires lender approval and can be a lengthy process. 

A deed-in-lieu of foreclosure is, basically, where you turn the home over to the lender and walk away without going through the foreclosure process. 

These days, lenders are becoming more amenable to the deed-in-lieu process.  Foreclosing on a home costs the lender money - a lot of money in attorney fees and court costs.  I've heard to cost for a lender to foreclose on a home can be anywhere from $25,000 - $50,000.  So, it may make financial sense for the lender to simply accept the keys and the deed to the home and avoid the whole foreclosure process. 

Of course, this is also why lenders are becoming more friendly towards short sales.  With a short sale, not only does the lender avoid the costs of the foreclosure process, but now they've also avoided the hassle of selling a home that they own.  Win - win! 

There are no set facts that determine which method may be best for you should you be facing a foreclosure.  Your specific questions should be directed to your real estate agent, your attorney and/or your tax adviser.  All options may have various legal and tax implications that must be fully investigated.  Of course, we would also need to determine your lender's willingness to go along with each method. Also, many lenders will only consider the deed-in-lieu option after your home has been on the market for at least 90 days. 

Each option will negatively affect your credit.  I am told that a short sale has the smallest least negative impact on your credit.  Next would be the deed-in-lieu of foreclosure, followed by an actual foreclosure, which will have the greatest negative affect on your credit. 

Should you find yourself facing foreclosure, consider your options carefully.  Talk to local professionals to determine the best route for you to follow.

Brookfield, Connecticut Real Estate For Sale

Newbury Crossing
8 Bristol Path, Brookfield, CT
$275,000

***   UNDER DEPOSIT   ***

• Oh-So-Spacious End Unit Townhome with Garage
• 2 Bedrooms + Den + Loft
• 2 Full Baths + 2 Half Baths
• Three Levels of Living
• Eat-In-Kitchen, Formal Dining Room, Huge Living Room
• Finished Lower Level with Family Room, Bonus/Play Room, Workshop, Laundry and Storage
• One Car Detached Garage + One Reserved Space. Plenty of Visitor Parking
• Central Heat and Air Conditioning
• Two Wood-Burning Fireplaces
• Vaulted Ceilings
• Community Pool and Tennis Courts
• Pets Allowed - No Size Restrictions

See more pics and info at Newbury Crossing Condo

Enjoy this overly spacious, light & bright, move-in ready end-unit townhome.


Don't miss this great Brookfield home!

Contact Don Fabrizio-Garcia today for your private showing
203.746.1199

Nationwide Realty
don@FabRealEstate.com
www.FabRealEstate.com

Brookfield, Connecticut Real Estate