Fairfield and Westport CT Real Estate Guide

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

Tag Archives: housing market


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Home at Okemo!

Exciting news-

For the first time in a decade, a brand new enclave of homes is being built on the sunny side of Okemo Mountain Resort!

In 2014, Okemo Mountain Resort was named the “Best Family Resort in North America” by onthesnow.com.  The last two seasons, it’s been tagged with three more top honors. “Top 10 Resorts” in the East (SKI Magazine), Six Best Places to Buy a Winter Home, (Investopedia), and 10  Best Places for Family Vacations, (familyvacationcritic.com). Okemo’s snowmaking expansion now includes White Lightning and Rolling Thunder at Jackson Gore. This increases Okemo’s snowmaking coverage to 98 percent of its trails. With 655 skiable acres, 120 trails, and “New England’s Best Snowmaking” to ensure fantastic ski vacations, Okemo is the place to be!

Okemo Mountain added the amazing Sunburst Six chairlift providing a quick and comfy trip to the summit with cushy heated seats and a wind-shielding bubble.  The new up-and-running Sunshine Quad is ready to bring snow lovers from the heart of SouthFace Village to the SouthFace Express Quad.

Now Okemo Resort is building the new SouthFace Village!

Here’s a Top 10 List of Impressive Features-

1. LOCATION – Located on the south face of the mountain, residents enjoy first dibs on all the trails with maximum sunshine all day!
2. GATED – The village will be an exclusive gated community.
3. NEW LODGE – It will have its own new lodge with a gourmet eatery, fitness center, indoor-outdoor heated pools and more.
4. SKI-IN & SKI-OUT – With seven new access trails, the residents will enjoy ski-in/ski-out access.
5. 4-SEASONS – SouthFace Village homeowners enjoy nature and the great outdoors year-round while playing golf, hiking, biking, and skiing.

Okemo_summer_golf_72dpi-1030x515
6. SMART – Homeowners will enjoy the perfect setting, every convenience, energy efficiency, top quality craftsmanship and construction, and the best of New England Nordic design by renowned eco-conscious architect/builder, Bensonwood.
7. VALUE – Exceptional value, location, amenities, efficiency, and quality for the price.  Follow the link at the end of this post for more information.
8. AMENITIES – The fully furnished homes make excellent use of space to accommodate the most guests and also feature excellent energy efficiency, covered parking, convenient gear storage, and much more.
9. OKEMO COMMUNITY – Planned by a proven Okemo developer, this enclave will integrate the exceptional new homes with all the bustling programs and services of Okemo Mountain Resort.
10. BRAND NEW! Need I say more?

Sugar Maple, their first residential offering is sold out, but don’t worry, it is the first of nine ski-in/ski-out townhome buildings to be constructed.  Happy homeowners of Sugar Maple will be moving in for the 2017 ski season.  The next offering consists of luxury ski-in/ski-out townhomes, single family homes and two exclusive penthouse residences with private elevator access that will be constructed on top of The Lodge at SouthFace Village.

Click the link below for fresh facts on the exciting upcoming offerings including Tamarack, the single family homes, and The Penthouse. To stay abreast of  SouthFace Village development with updates and photos, follow the link below. Feel free to forward this article to anyone else who may also want to be in the know, or send their contact info when you click the link.
Happy Ski Season!
Ski Okemo

Fun for everyone!

To submit a comment or ask a question about your moving or vacation home plans, send me a note below!

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Okemo Resort Realty, LLC is the Exclusive Marketing Agent for SouthFace Village at Okemo. The photographs and representations included are for informational purposes only and are subject to change, or, may be withdrawn by the developer at the developer’s discretion. This is not intended to be an offer to sell nor a solicitation of offers to buy real estate in any state.  A Consolidated Public Offering Statement for SouthFace Village At Okemo is available from the developer. The developer of this project is SouthFace Village at Okemo Development Company, LLC and is not affiliated with Okemo Mountain Resort or any other entity that is involved with the operation of the ski area.


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What are the Hot Technology Trends in Real Estate?

Six Hot Trends that are Super Cool for Consumers!

Real Estate Technology Trends

Consumer-Friendly Tech Trends in Real Estate

  1. Virtual Experiences – The trend is to showcase properties while delivering consumers

Raveis 3Dan engaging experience that also saves them time. In addition to creative videos, this includes 3D touring, virtual reality, drone photography, virtual staging and even hologram projection of furniture into rooms.  3D tours enable viewers to virtually walk through a property while using their computer mouse to “go” anywhere in the home.  The tool also creates a virtual doll house that lets buyers float through the floors and get an overall feel for the layout, orientation, and flow. Inman News recently talked about virtual reality tours that use special goggles to create an experience close to being there in person as well as gear that projects holograms of furniture into a space to visualize it “for real”.  Last, but not least, busy or far-away consumers can benefit from a live virtual tour via Skype.

  1. Social Media Exuberance – Okay you might have guessed this one, but it shouldn’t be underestimated. Social media can provide a much richer perspective and bring added value beyond what a typical website can offer when evaluating a potential Realtor.  Does the agent share useful information and resources? Do they have a strong presence on multiple platforms including a blog? Do they leverage this presence to promote client listings for maximum internet exposure? Are they creative, resourceful, knowledgeable, personable?  Do they share insights from past customers?  What do they do in their spare time? Many consumers are looking into these types of questions with a simple online search or searches within social media platforms.
  1. Mobile Optimization – Everyone’s on the go! The trend is for people to consume web content on their mobile devices.  Statista.com predicts a 57% increase in global mobile web traffic per year through 2019.  The most recent click reports I received from my e-newsletter show that readers opening the email on a mobile device versus a computer range between 50-70%. Mobile Optimization So more and more real estate websites and blogs are becoming mobile friendly and optimizing for the best mobile experience. Mobile apps are also on the rise.  William Raveis provides a comprehensive Real Estate App. The company has also released a Mortgage App that enables home buyers to start their pre-approval process right from their phone! And hot off the press is the Raveis Open House App that lets guests type in their name, phone, and email and then request a complimentary home value report, mortgage pre-approval and Local Housing e-Newsletter for the town of their choice!
  1. Mortgage Magic – Instead of misery. The complex process is now streamlined with new technology that gives consumers the efficiency and transparency they need and deserve. William Raveis Mortgage addresses the first critical step by providing buyers with a certified loan pre-approval followed by electronic milestone tracking of their loan process that also keeps all the players on track. Borrowers view a bold graphic showing a clear progression of the steps and status across their screen.  The icing on the cake? Sign documents electronically from wherever you are!Real Estate Value Forecasting
  1. Accurate Value Estimates – We’ve all heard of the Zestimate, and most of us are well aware of the frustrations with inconsistent results, incorrect data and inability to correct errors.  “What is my home worth?” is the question people are always asking. Savvy consumers want a quality tool to help them estimate the market value of their property.  William Raveis recently launched the RAVestimate. The interactive technology lets consumers  input specific home improvements and then work with comparable sales data that they select.  The company tested the tool and documented extraordinary accuracy.
  1. Predictive Marketing – Advanced intelligence and predictive modeling to help buyers before they ask are up and coming. Consumer data and predictive analytics will be used to anticipate home buying goals, preferences, and timing.  So in the not-too-distant future, Realtors, lenders, and perhaps the perfect home may be finding the buyer before they even know they are going to buy!
    Real Estate Technology, Predictive Analytics

 

Which trends to you think have the most promise?  What other trends are you seeing that are consumer driven?  From a consumer perspective, what new technology services would you like to see?

CT Post - Real Estate Tech Trends Dec 2015

For more information or questions about your moving plans, contact me using the form below.

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Get to the First Beachfront Open Houses in 2016!

Well, the winter weather was balmy for awhile, but we’re off to a brisk start for the New Year.  It’s a perfect time to dream about summer, so mark your calendars for some great beachfront open house events you can look forward to!

Birdhouse by Russian Beach, Lordship

Birdhouse by Russian Beach, Lordship

Lordship Lifestyle at Russian Beach
OPEN HOUSE: Sunday, January 24,  1-3 PM

Visit this better-than-new colonial with a new price of $859,000 and water views from every room!  Enjoy an open flow, high ceilings, ample light and a private fenced yard for relaxing and entertaining.

See the Listing
Take a Quick Tour


Kensie Point on the Sound
OPEN HOUSE: Sunday, February 28,  1-3 PM

Come to the beach in Fairfield to see this turnkey beachfront condo priced at $845,000 and enjoy the fabulous water views!

Sunset at Pine Creek Beach, Fairfield

Sunset at Pine Creek Beach, Fairfield

See the Listing
Take a Quick Tour


Come to the beach and make an offer that can change your life!

Contact us with any questions or to request more info-

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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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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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Great Finds on Both Sides of Town!

Whether you know someone looking for a cute cape close to Black Rock Turnpike shopping and the new Fairfield Metro Center, or a proposed new construction on the beach near Fairfield’s bustling downtown scene and train, there’s a home for the taking!

Fairfield Metro StationHere are two featured properties for sale.  Scroll down for a link to browse all listings or request to have a search set up for you.

Beautiful Updated Cape, also for rent, in a super convenient location near ample amenities and the new train station! Some of the great features include three bedrooms, two full baths, vaulted ceiling family room with sliders, renovated kitchen, covered deck, central air, fully fenced and landscaped back yard with newly expanded shed and double driveways. Opportunity knocks!

A rare moment is here for you. Introducing Beach Life. Have your custom home built by world class craftsmen on a spectacular near-third acre stretch of beach with mature trees and high dunes! Deep sandy beach and 51 feet of beach frontage at the coast’s curve offer expansive views of the entire shoreline. Dreamy vistas of changing light, tides and the iconic Penfield Light House never lose their magic. Other multi-million dollar new homes nearby add to the great value and good company. Your home will be finished on three levels with a spacious carport underneath for two cars plus extra multi-use space and plenty of expansion potential. One of the very deepest and highest sections of beach five minutes from town, restaurants and train, and an hour from Manhattan is where you will call home. Get ready for your new beach life to begin!

Photo Oct 30, 11 37 20 AM    Photo Oct 30, 11 47 19 AM

 845 FFBR - elevation- 10 - 21 - 14  Photo Oct 30, 12 55 20 PM

 

 

 

 

Search for your home here or submit a request below.   I’m here to help. 🙂

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Quick Scoop on July’s Local CT Housing Markets

Word on the Street: Fairfield, Westport & Weston
2013 vs. 2014

House Clip Art

Just checking in with a quick report on the real estate markets in July before joining the masses and taking a little vacation-

We would expect the housing market to be seasonally slower in the months of July and August as people are in full summer mode and focused on enjoying the warm weather.  However, this July appeared to be slower than last July in Westport and Fairfield.  Weston was singing a different tune though-

In Fairfield, unit sales were down almost 43% from 122 to 70 last month.   The median (midpoint) sale price was also down 9% to $577,500.  The average time on market was up 9% to 97 days.   All this is good news for the buyers out there though since it affords them more bargaining power.    One measure that favored sellers was a 5% increase in the price per square foot from $290 to $305 of homes that sold.

Sales were also slower in Westport with a 6% reduction and 44 July closings.  The median sale price was $1,225,000, down almost 2% from last year.  Market time increased 37% to 101 days.  Yet the price per square foot increased 11% to $436.

Sellers take note: Weston rallied last month with numbers in your favor!  Unit sales were 24% higher this July with 31 compared to 25 last year. The median sale price was up 6% to $820,000.  Giving some leverage to buyers was market time up 40% to an average of 137 days and price per square foot down 3% to $257.

So that’s the quick scoop for now.  Check out the charts with more numbers and print this report following the link below.  I assume there will not be much change in pace next month, but I’m anticipating a rally in September and October when everyone works on making their moves before the holidays and cold weather take over.

Word on the Street Snapshot JULY 2014


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Family Finds New Home in Old Hill

The journey was long for Eric, Roberta and their young son and a new puppy.  Of course, it would be a big lifestyle change from an apartment in Manhattan to a house in the suburbs. First of all, when you could routinely have any nationality of cuisine delivered to your doorstep within 20 minutes, anything less seemed quite inconvenient.  Add to this the perspective of coming from a classic doorman building on the Upper West Side near parks and subways with magnificent pre-war details and 11-foot ceilings, and you were starting with high expectations… as you should!  There was no pressure to move, but it was time for a new experience, a home to spread out in with a yard, an active town, and excellent public schools.

Roberta was drawn to the open space and pastoral scenery in upper Westchester County, New York.  Eric wanted a town with direct train service to Grand Central to make the commute to his Park Avenue office as painless as possible.  The family began their search in Westchester, but after evaluating the homes, amenities and property taxes there decided that Fairfield County Connecticut would be a better fit.

So they set their focus on Westport and rented a summer house there to get to know the town.   Their wish list included a neighborhood with a country feeling and a location on a quiet street, but not too far from the train.  The home needed to be something special- an older house with charm and good bones, or maybe a new construction with timeless style.  There needed to be at least an acre of property with bucolic surroundings.  The ceilings had to be high, and the flow had to be practical as well as aesthetically pleasing.  The architecture had to be true to its form and consistent throughout. High-quality details such as wide plank wood floors and large windows for ample natural light and pretty views were key. A front porch was a plus, and so was a pool.  Last but not least,  the chemistry had to be there.

So we looked.   And we looked.   Over time, we found that the Greens Farms and Old Hill neighborhoods had the location and feeling that Eric and Roberta were looking for.  We saw many, many homes that had many great features. But finding the perfect blend was not easy- as a typical suburban home would not do.   See what Eric, as well as other clients, thought about the process.

Eric & Roberta in Westport

Finally, after two an a half years, the winning home was found!  It was gorgeous.  It was custom built and designed by talented architect, John Fifield.  It had the special combination of flow, uniqueness, proportions,  elegance and setting.   It had a romantic wrap around porch and a pool.   It had the chemistry!

And that’s how the story begins.   A family’s quest leads to their new castle in Old Hill.

…a few months later, all is well!

Photo Jan 07, 11 41 26 PM


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Question: Which June Housing Market was Better, 2013 or 2014?

What’s the answer?

2014_05_05_0213

Featured property for sale in Fairfield, CT: $379,000. Click image for more info!

Let’s see how the towns did in June this year as we were having fun in the sun…

It helps to look at the rate that homes are selling, known as the “absorption rate”.  It’s calculated by dividing the sales per month by the number of homes on the market at the end of that month.   The higher the percentage, the faster homes are selling and the stronger the market.

At the end of June in Fairfield, there were 90 sales with 622 homes on the market.  So 90/622 is an absorption rate of 14%.  Last June, there were 79 sales with 556 homes for sale equating to the same absorption rate of 14% indicating little change in the pace of the market in Fairfield.

In Westport however, 39 homes sold with 405 on the market and an absorption rate of 39/405 = 10%.  Last June there were 49 sales and 346 active listings, or a rate of (49/346) 14%, showing a weaker market so far this summer.

In Weston 19 homes sold in June with 191 for sale, and a ratio of 19/191, or 10%. Last June, Weston saw 29 sales and 183 homes for sale, an absorption rate of 29/183 =16%.  So the Weston market has slowed as well.

An absorption rate below 15% is considered to be a good market for buyers with greater months of supply and slower sales, whereas a rate above 20% is typically a faster-selling market favoring sellers.

Take a look at the town numbers for June 2013 versus 2014 here: 2014 June Real Estate Fairfield, Westport, Weston

The second half of 2014 is expected to be stronger than the first half according to researchers at Redfin brokerage as reported by RealtorMag.   Click here for the article and to find out why, and let’s get ready for the pace to pick up as we enjoy the breezes of the remaining summer!

Featured home for sale in Fairfield, CT $1,395,000. Click image for more info!

Featured home for sale in Fairfield, CT $1,395,000. Click image for more info!

 

 

 

 

 

 

 

For more answers…or more questions, feel free to submit a request below.

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