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Business & Tech

Castles and Cottages: 2010 Comes in Like a Lamb

The real estate trends of 2009 continue into the start of the new year.

January has traditionally been a strong month for New Canaan real estate as potential buyers receive their annual bonuses. But despite hearty Wall Street bonuses this season, the recipients are expected to hold tight to their wallets.

Still, there has been some movement to start 2010, compared to the dark days that kicked off 2009. Sellers of five properties have accepted offers. Four of the pending properties are priced below $1 million, one colonial is slated to go for $2,249,000, showing continued vitality at the low end of the market from 2009 when cheaper homes reigned supreme.

Eight additional properties have already closed this year—two condominiums and six single-family homes. All those properties sold over $1 million, and two were in the mid $2 million range. But the homes had lingered on the market for an average of 164 days, which is on par with last year's average.

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Fully two-thirds of the 22 new listings in the book are actually properties that have been re-listed. According to the Multiple Listing Service, 18 single family homes added to the market range from an antique in-town farmhouse at $765,000 to a new 9,400-square-foot mansion at $5,395,000. Four condominiums have been added including a two-bedroom apartment for $465,000 at the bottom end and a 3,200-square-foot townhouse for $1,349,900 at the top.

 

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Martha Perry's real estate column appears each Friday in New Canaan Patch. She is an agent with William Pitt Sotheby's in New Canaan.

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