Business & Tech
Real Estate Market Review | March 14-20, 2011
Real estate activity & statistics, and a new properties that came to market last week.
Buy? Rent? Sell? • In that order?
Talking Point 1: J. Paul Getty once said "I buy when other people are selling." In 1957 Fortune magazine named him the richest living American.
Talking Point 2: Tighter mortgage requirements have driven many Americans away from buying a home and have promoted renting. Analysts at CNNMoney say that change may lead to a sharp increase in rents in the next few years. Residential rental vacancy rates have dropped below 10 percent — the average level over the past few years — and could drop as low as 5 percent by 2012. Experts agree that while rents have only increased about 1 percent each year over the past several years, they could jump 7 percent each of the next two years.
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Talking Point 3: Deutsche Bank's economists LaVorgna and Ryan think that so long as the economy keeps improving and employment numbers improve, demand for homes should increase in the years to come, as the excess amount of homes in the U.S. are sold off. Following demand is appreciation.
Point 1 is a given and a win-win scenario — buy low, sell high. While Point 2 is taken from national statistics and trending reports, our rentals in New Canaan comply with these findings in that they are in high demand and not inexpensive. I believe that New Canaan will soon be ahead of the curve in Point 3 — our currently healthy local market, while perhaps not yet performing in terms of appreciation, is certainly on the uptick in units trading.
Given this, cannot one simply conclude that it is probably a very good time to invest in New Canaan's real property? :))) Perhaps a smaller home? Larger property? Income property? Rental units? Penny for your thoughts ...
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New Canaan Real Estate Market Activity • Week of March 14
Above to the right are photos of new market offerings listed this past week, and below are the statistics for market activity.
NEW SINGLE FAMILY RESIDENTIAL LISTINGS - photos & pricing displayed above
# of Properties 13 Listing Property Volume $25,952,000Listing Property Median $ 1,585,000
ACTIVE SINGLE FAMILY RESIDENTIAL LISTINGS
SINGLE FAMILY RESIDENTIAL LISTINGS UNDER CONTRACT
# of Properties 6 Pending Property Volume $ 13,593,000 Pending Property Median $ 1,495,000 Average Days on Market 167SINGLE FAMILY RESIDENTIAL LISTINGS CLOSED
# of Properties 6 Closed Property Volume $ 17,337,000 Closed Property Median $ 2,699,000 Average Days on Market 372Source: CNN, QUOTE, Business Insider, FLEX New Canaan Multiple Listing Service. Information is deemed to be reliable, but is not guaranteed.
6 Single-Family Residential Property Transfers • Week of March 14
$1,000,000 . 100 Winfield Lane . Lynch to Cronk
$1,170,000 . 108 Indian Rock Road . Franchella to Quinn
$2,300,000 . 264 South Avenue . Cardinal South LLC to Zaccario
$3,400,000 . 78 Skyview Lane . Skyviewforth LLC to Tokarski
$3,700,000 . 25 Jennifer Lane . Riordan to Donohue
$3,900,000 . 143 Oenoke Ridge Road . Oenoke Associates LLC to Coughlin
Source: NC MLS, NC Town Hall Records
(Please note: The Development of The Maples Inn Property story, labeled as this week's feature in last week's column, will publish in the near future.)
Thank you for taking the time to read my column in Patch, new posts of the Real Estate Report publish weekly - Thursday and Friday.
My very best, Regina ... bringing real estate to life.
