Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Author Archives: Luxury Coastal CT Real Estate Specialist Linda Raymond at William Raveis Southport


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How’s the Summer Real Estate Market 2015 in Fairfield and Westport CT

So how’s the summer real estate market in Fairfield and Westport Connecticut? Are sellers listing their homes?  Are buyers making offers?  Here’s the summer 2015 scoop in Fairfield and Westport with a spotlight on the Fairfield beach and Greens Farms areas.

As of last week, there were a lot of single family homes on the market in Fairfield, 633 to be exact, compared to 542 at the end of July last year!  Fourteen percent (14%) of these houses had accepted offers. This is great compared to only 9% with binders last July.

The beach area market was not quite as strong as the town-wide market, with 12% of listings securing offers.  However, this ratio was more positive than last summer when the beach area’s home sellers accepting offers matched the town-wide tally of 9%. Of the 15 beach area homes with offers, seven were priced over $1 million, four were between $600,000 and $1 million and four were under $600,000. So there was a good range of prices.

Re-incarnation in the Fairfield Beach Area

Click Image for Flipogram!

845 Fairfield Beach Rd

Click Image for Full Listing!

Beach area new construction was exceeding the town’s ratio, with five accepted offers out of 30 listings, or 17%.  Click the image above for a representative view of the construction going on all over the beach area right now.  Direct waterfront in the beach area demonstrated more sluggish activity than the rest of the beach area and town with a 10% ratio of offers to active listings, that’s 4 out of 39.

Westport inventory was also high with 402 houses for sale compared to about 350 in July last year.  This season’s market was slightly more positive than in July 2014 with 7% of listings taking offers compared to 6%.

Greens Farms was a hot subset of the Westport market, with 12% of the 49 listings securing acceptable offers.  Half of the six offers were listed above $1 million and half below.

2 Hedley Farms Rd

New construction listings in Greens Farms weren’t moving as fast as the rest of the neighborhood with one binder out of 12 listings, or 8%.

So yes, sellers are listing their homes, and buyers are bidding on them.  The ratio of accepted offers to active listings is a leading indicator of what’s to come, and this summer it’s shown variablility based on town, neighborhood, and property type.
As always, pricing your home competitively and staging it for maximum appeal will attract buyers to your listing.  There’s still time before August vacations to get your price right if you’re selling and get your bid in if you’re buying.  Be sure to check out the featured homes for sale below!

Buy one this summer!

Buy one this summer!

New Construction on the Beach, Fairfield – $2,545,000 New price!
Summer Beach Cottage, Fairfield – $1,245,000 New price!
Carefree Beachfront Condo, Fairfield – $915,000 See Quick-Film!
Like-New Home at the Beach, Lordship – $879,000 New Price!
Bright Beach Area Colonial, Fairfield – $625,000 Off the market, sale pending!
Charming Cape, Convenient Location, Fairfield –  Off the market to be rented starting October 1st.

Feel free to contact me any time with questions, showing requests or for a complimentary market analysis of your home.

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Open House Dates and Property News!

Hi All,

I wanted to alert you to a couple of Open House and property updates. Click the images for more info.

There will be an Open House Sunday, January 24th, 2016,  from 1 to 3 pm at 25 York Street in Lordship / Stratford. This home sits across from Russian Beach with water views from every room and is minutes to Short Beach with the gorgeous golf course, as well as Long Beach. Asking price is $859,000.

SUNDAY OPEN HOUSES!

 

 

 

 

 

 

 

For turnkey and carefree living at the beach, consider 10 Pine Creek Avenue 401W at Kensie Point.  The next open house will be February 28, 2016, from 1 to 3 pm. This is beachfront living at it’s best with water views from every room and four balconies, elevator access right to your foyer, two bedrooms two full baths, an office space, central air and a furnished private beach garden- all for $845,000.

10 Pine Creek Ave 401W at Kensie Point

 

 

 

 

 

 

Contact me anytime with questions or to request a showing!

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How Could the “Wrong Direction” Seem So Right?

That’s what my relocation client asked me as we went to visit five drop-dead gorgeous homes in Fairfield Connecticut.

Ping and her family were moving from South Carolina to pricey Fairfield County.  Although the home sizes were not quite as grand here as what they were used to, I could sense a growing excitement about Fairfield as I shared some impressive numbers including our 11 elementary, three middle and two high schools, five beaches and three train stations.

The Chelsea Restaurant, Fairfield CT

The Chelsea Restaurant, Fairfield CT

A few added highlights like our huge Fourth of July celebration at Penfield Beach, the superb beet salad at The Chelsea and the crazy dog beach at Lake Mohegan didn’t hurt either.   The visual tour was the icing on the cake!

Ping and her husband Danian both worked for the same company in South Carolina.  She took a new job nearby, and he was able to stay with his company and transfer here. Their son and daughter would be going to elementary school.

New home in Fairfield CT

New home in Fairfield CT

The location of the home they chose in the university area was perfect.  Their kids could walk to school.  And when Danian’s parents came to visit, they could walk there with them. They were situated on a wonderful cul-de-sac and already had an elaborate play set in the back yard.  The house was stunning inside and out.  It was beautifully finished on four levels and came complete with a beautiful in-law suite.  And if all that wasn’t enough, the garage was fully equipped with cabinetry and a high-end custom flooring that looked like you could eat off it!

How can something so wrong seem so right?   Welcome to Fairfield!

Congratulations

Congratulations!

Feel free to comment on this post and reach out to me with your questions and real estate needs. – Linda

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Homeowner Use of Social Media: Lifeline or Liability?

Most of us use social media networks like Facebook as a convenient go-to tool for fun, entertainment, communication, sharing, advice and recommendations.  And it’s a great way to get some instant gratification for all of these things.    Buyers Browse Facebook

But most of us also know there can be a dark side to these perks. We’ve all heard about the folks who’ve shared embarassing moments and pictures online that they’ve since regretted.  Once it’s out there on the web, it’s likely to always be out there on the web… somewhere.

Well, if you are a homeowner seeking advice or recommendations for repairs to your home, remember the point above.  If you illustrate a leak in your dining room ceiling in a photograph on the world wide web, remember that it will still be out there when you ultimately decide to sell your home.  Not that there is any harm done here.  However, if you present an important issue with your house online such as a leak, or a mold problem, etc., be sure to disclose it when you sell.   In Connecticut the Department of Consumer Protection requires sellers to complete a residential property disclosure report for potential buyers or pay a penalty of $500 at closing.

Buyers are excited, curious, nervous and saavy people… as well as frequent users of the internet. They might just be browsing your social networks.  If your leaky ceiling issue is disclosed on Facebook, but not on the required property disclosure when you sell, you could heading for trouble.  If you try to conceal an existing issue with your house, there is risk for liability.

So think about what you post online when it comes to your home repairs, and remember what you posted when it’s time to sell your house.  If the problem has been repaired, that’s great, your buyers will be happy to know about it!

Feel free to contact me any time with questions about buying or selling a home!   -Linda

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Pricing Your Home Right

Here are a few true stories that occurred in May of 2015.  Three comparable university area homes for sale in Fairfield Connecticut accepted offers.  The properties and prices were similar in scope, but the paths the sellers took to get an offer were quite different.   I’ll assign each house a color instead of using the address to protect privacy.  I am privy to the information because my buyers bid on all three of these homes.

White House

A White house with 2,293 square feet, four bedrooms and two and a half baths on .31 acres came on the market for $675,000 the previous November.  The listing canceled and put back on the market as a new listing for the same price in January 2015.  Over the next 130 days the price was reduced to $669,000 and then 649,000.  It was newly listed again in May for $625,000.  The sellers accepted an offer of $610,000 which was 97% of their final asking price but 90% of their original price from more six months prior.

green house

A Green house was listed in March for $650,000.  It had 2,352 square feet, two and a half baths on .49 acres.  The price was reduced to $619,000 and then to $610,000 and was ultimately re-listed with a new price of $600,000. Less than two weeks later, the sellers received multiple full price offers for $600,000.  The sellers got 100% of their final asking price, but 92% of their original list price.

On May 12, homeowners listed a Red house for sale with 2,164 square feet, three bedrooms and two baths on .22 acres for $619,000 and accepted an offer the next day!

Since the two homes above sold for 97-100% of their final asking price, and the average sale-list ratio in Fairfield from January to mid-May was 97%, my guess is that the sellers got very close to their asking price, and in one day, not bad!REd House

So what are the take-aways?

Price: You won’t get more by pricing your house much higher than market value.  Remember you have to sell your house three times- to the buyer’s agent, to the buyer, and to the appraiser. Buyers may be attracted to your house based on emotion, but their final decision is based on the market data that their Realtor provides to them.

Time: The higher above market value you price your house, the longer it will take to sell, and remember, time is (taxes, utilities, insurance, repairs, maintenance, personal time and energy…) money!  The stories above show that in this price range, a list price of 8-10% above the market value is too high to attract an offer.

Since the market is what determines your property’s value, not your personal finances (or Zillow!), price your house within 5% of, or right at market value.  This way you can enjoy a fast sale at a fair market price, and get to where you want to go sooner rather than later!

Feel free to contact me for a pricing recomendation and custom marketing plan or any questions you may have about the buying and selling process.   I’m here to help!

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Open House Pros and Cons for Sellers- What Will You Decide?

Many home sellers expect their Realtor to host an open house as part of the marketing activities, but some labor over the decision and others outright forbid it.    Open House

Starting with the Cons, here are some points to consider that may help sellers decide.

These are the most common Cons I hear,

– I’ll have to spend a day cleaning and straightening up!

– Don’t want the Looky-Loos, Nosey Neighbors and Strangers traipsing through my house.

– No one’s going to buy it during an open house.

– Don’t want anything broken, messed up or stolen.

… and some Pros for sellers to consider

1. An open house is typically scheduled well in advance allowing you plenty of notice before having to tidy up, unlike last-minute showing requests that inevitably occur after all your party guests just went home or your kids just dumped their belongings all over the floor.

2. Likewise, sellers with pets will have ample time to arrange for a ‘furry’ field trip as the case may be, instead of having to scramble to pull pets out of the house when the call from a buyer’s agent comes in.

3. Yes, the open house is a chance for your neighbors to come in and see.  This enables them the opportunity to spread the word to friends, family, and potential buyers, or even to consider trading up or down themselves.  Many agents send direct invitations to the neighbors to come to the open house.  Most people move very close to home, within about a 10-mile radius, so you never know!

4. Although it does happen, most homes do not sell to someone at the open house. However, this is an additional form of marketing that gets the word out about your listing. The greater the exposure you have, the better the chance for your house to sell for the best market value.

5. The multi-hour time block reserved for an open house gives you the perfect excuse to go out and do something fun for the day.  If you are careful to store away or remove valuables, fragile items, and prescription drugs, you are most likely to have a smooth open house event, and you can enjoy a worry-free day.

6. An open house gives potential buyers a chance to experience the chemistry they may have with the home after being attracted to it from photos online.

7. An open house enables a pool of buyers that don’t have an agent yet to come and consider it as their new home.

8. One of the most important benefits of an open house is that it’s an event that gives your Realtor a perfect reason to do a big round of promotion for your listing.  The promotion may include everything from email announcements to buyers and agents that link back to your online listing.  It can include a plug on all the social media outlets.  It may warrant a postcard mailing and door hanger invites to the neighbors.  The big day at your listing gets posted on numerous real estate and brokerage websites, which in turn boosts your listing exposure in online search results. The local paper promotes open house events.  And let’s not forget the yard signs pointing out your fabulous listing to everyone in town.

9. Last but not least, the open house enables a “show time” opportunity for your property that is not always practical for everyday appointments.  Your agent can ensure that the lights are all on, the window treatments are open, music is playing, flowers are on the table and the scented candles or simmering apple cider are working their magic.  This creates an excellent first impression for all that attend.  And these visitors could be the ones to direct the final buyer your way!

So when you become a seller, what will you decide?

Drop me a line!

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William Raveis Real Estate, Mortgage & Insurance
2525 Post Road, Southport, CT  06890


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Last Local Housing Market Update for the Year, Plus Some Holiday Bloopers!

As we head towards the final holiday week before the New Year, I wanted to give you the current housing market snapshot.   I’ll give you the full-year summary once we are well into Q1 of 2015 and all the numbers are in.  So here’s the scoop for now-

Inventory of homes for sale was up in Fairfield (21%), Westport (16%) and Weston (6%) at the end of November compared to 2013.

Sales were down in Fairfield (-25%) and Weston (-30%), but up thirteen percent in Westport compared to November last year.

Even though sales dipped in Fairfield in November, the average days on market was 24% less than it was a year ago (99 vs. 131).  However the average market time was up nineteen and twenty percent respectively in Weston and Westport.

Click here to see tables with more detailed information. Let’s see what happens in the New Year.   My phone has been known to ring on January 1!

In the spirit of holiday entertaining fun, why not enjoy some cooking bloopers from Martha Stewart. Happy Holidays, and send in any questions or request you may have below!

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Linda Raymond, Realtor
William Raveis Real Estate
2525 Post Road
Southport, CT 06890
203-912-4440 direct


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Thanksgiving Beach Bulletin!

As you rush around making your holiday travel plans or preparing a fabulous Thanksgiving dinner for a huge number of guests, I know there’s nothing you want more than to see a couple of videos and a 3-point update on Fairfield beach area home sales!   So here goes…

10 Pine Creek Avenu 401W at Kenzie Point

Can we see a video of a beachfront condo for sale?  Here’s a sneak peak at a two-bedroom ranch-style condo listed for $950,000 on Pine Creek Beach.
Click image for video.  Click here for more pictures & info.

How about a new construction home on the beach? Take a look at this proposed new home to be built as illustrated or customized completely for the new homeowner. List price is $2,975,000.

Click image for video.  Click here for more pictures & info.

"Beach Life" 845 Fairfield Beach Road

And now for the 3 points…

1. How many homes are for sale in the Fairfield beach area, and how many recently sold or have accepted offers?

There are 89 active listings right now, including eight condos. Nineteen, (21%) of these homes are under contract or have accepted offers.  Nine beach area condos have sold since January with sale prices ranging from $440,000 to $780,000.  There were 110 sales of single family homes at prices ranging from $279,900 to $4,275,000.  This looks good compared to the 88 single family beach area homes and four condos that sold last year from January to mid-November.

2. How many homes are for sale on direct waterfront, and how many recently sold or have accepted offers?

On the water, there are 33 homes for sale including four condominiums.  One home is under contract, and 12 homes sold since January.  Just seven waterfront homes sold in 2013 during this timeframe.

3. How many new construction homes are on the market in the beach area, and how many have recently sold or have accpted offers?

Currently, 23 new construction homes are on the market in the Fairfield Beach area. Prices range from $1,095,000 to $2,975,000 for the only new construction on direct beachfront.  Two homes are under contract, and 20 have sold since January.  There were 17 beach area new home sales last year from January through mid-November.

And there you have it- Fairfield beach area sales, including direct waterfront and new construction, appear to be on the rise!  Enjoy your festivities, and consider putting waterviews on your horizon this season.  Cheers!

If I can answer any questions or help you with your moving plans, please let me know in the form below.

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Fabulous Beachfront Condo – Now Live on MLS!

10 Pine Creek Avenue 401W, Fairfield CT

10 Pine Creek Avenue 401W, Fairfield CT

Live the sweet life in your new carefree ranch style beachfront condo at Kensie Point! Decks and penthouse-like water views from all rooms, elevator entry, private furnished beachfront garden, set on town-managed Pine Creek Beach. Near‪#‎town‬ and ‪#‎train‬, an hour from ‪#‎NYC‬. Two bedrooms, two full baths, 1900 square feet updated and move-in ready. Now live on MLS, check out the listing right here!  ‪#‎coastalconnecticut‬ ‪#‎ilovefairfieldct‬ ‪#‎beaches‬ ‪#‎condos‬‪#‎ranches‬ ‪#‎multiplelistingservice‬ ‪#‎fairfieldctbeaches‬ #‎fairfield‬ #‎investment‬ ‪#‎commuters‬ #retirementhomesct


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Fab Home on Laurel Beach in Milford!

Bird's Eye View of 226 Second AveDid you ever wish for a charming home on Laurel Beach in Milford, CT?   This elegant home is a two-family that can easily be converted to a single family or used as an investment property.  Featuring new kitchen and baths, water views and charming wrap around porches, this home is a must-see! Enjoy the private association with club house and tennis.

Contact me for more information or to request a showing! Linda Raymond, Realtor 203-912-4440, Linda.Raymond@raveis.com.