By John Engel Last week we talked about the empirical effect of elections on real estate. We observed soft even years and stronger odd years. Elections represent inflection points before which we freeze with indecision and after which we exhale, and life goes on. Now that we know the results
By John Engel Times of crisis, of disruption or constructive change, are not only predictable, but desirable. They mean growth. Taking a new step, uttering a new word, is what people fear most. -Fyodor Dostoevsky I’ve been thinking about datamining a lot these days, what it means and how it
By John Engel Past performance is often used as a warning label to caution against assuming an investment will continue to perform well in the future: “past performance is not a guarantee of future success.” But this is election week, the correlations are strong, and you can take my predictions
By John Engel Zillow, inventor of the controversial Zestimate, has rolled out a new “climate risk threat score” for every house in the country. Zillow gets their data from First Street which has been crunching numbers on climate risk for a decade. Redfin offers a similar tool, but Zillow’s version
By John Engel I read with interest in Good Morning Wilton the story of an historical building owned by the town of Wilton which has fallen into disrepair and is now evacuated, requiring a multimillion-dollar renovation. This is not a problem unique to Wilton. New Canaan tasked Penny Young and
By John Engel The New Canaan Housing Authority (a non-profit corporation) is attempting to purchase Avalon New Canaan, 9.1 acres, 10 buildings, 104 units, currently with only 7 vacancies starting at $4,030 per month (for a 2-bedroom) Why the Housing Authority? The New Canaan Housing Authority (HANC) has statutory authority
By John Engel It is October and that means it’s time to paint a picture of the Fairfield County real estate market through 9 months. I’ll compare New Canaan with peers Darien and Westport and include large-market Stamford as a contrasting baseline. Median Sales Price – All Property Types –
By John Engel We are facing an existential threat in New Canaan. No, I’m not talking about the annual drumbeat of laws from Hartford which strip away local control of our zoning and of our schools. I am talking about shutting down the New Canaan Multiple Listing Service. The
By John Engel Today I am speaking on a panel on industry changes. I am noticing more pressure on buyer’s agents from a number of directions. Sellers are asking if they can eliminate or reduce offers of compensation, probing for a better deal. Buyers are approaching the listing agent directly.
By John Engel It is as if we began the Fall Season with a starter pistol on Labor Day. Buyers and sellers are feeling a newfound urgency to enter the market. Last week we listed an in-town renovated antique for $2.5 million. Over 30 groups made appointments last weekend and
By John Engel Homes for Sale. For the third month in a row the amount of inventory fell in New Canaan and continues to drop around Fairfield County. Darien and Wilton see single family home inventory consistently below 50 homes since late 2022 while New Canaan has been below 75
By John Engel We are at the long-awaited inflection point where the Fed reverses course and lowers rates. The stock and bond markets rallied this week on the news. A survey of big banks predicts 30-year rates between 6.5% and 6.7% in the fourth quarter. 15-year adjustables, already in the
By John Engel This week’s column is not really about showing a house. I am being both literal and metaphorical, relevant for those of you in another line of work. It’s about being purposeful in everything we do. I’ll begin with a story from the Army. Sergeant Cornelius had previously
By John Engel Pool construction is down 49% since peaking during the pandemic, 2021. And searches in Google for “swimming pool cost” is also down 40% since 2020, now at their lowest levels in a decade. Pool Corp estimates that the cost of a new pool nationally has risen 72%
By John Engel We looked at the stats for the first 6 months, comparing towns of similar size and wealth head to head in order to add some context. When we quote a number, it is a comparison with this time last year. These figures include houses, condos and co-ops.
By John Engel We can see in this chart that in Manhattan the discount on rents has been close to zero since the beginning of 2024, while across the East River in Brooklyn and northern Queens the discount has been negative for three years, at times quite extremely negative at
By John Engel This week we’ll discuss discount points and assumable loans as two creative ways to approach your next real estate purchase. Purchasing discount points becomes more popular during periods of higher interest rates. It’s a strategy everyone should consider in this “higher-for-longer” environment. According to Zillow, nearly half
By John Engel New Canaan – There are 73 single-family homes for sale, a -15% drop since last year. Last year we peaked in May with 86 and two years ago we peaked in June with 95, a steady decline. The median sold price was $2.02 million across May’s 18
By John Engel This is a lost art. I am referring to the property description field on the multiple listing service. The New Canaan MLS limits agents to 500 characters while the SmartMLS allows 1500. Letting agents say three times as much does not seem to be making much of
By John Engel As we approach the end of the Spring market this is the point of the year when we appear to have the most amount of inventory, the crest of the inventory sine wave. That is because everything that is coming on is on, and those properties that
By John Engel It’s beach season and Save the Sound has graded all 197 Connecticut beaches on water quality and 75% of them got a grade of A or B. Beaches at the entrance to Long Island Sound such as in Noank and Groton lead the list, but in this
By John Engel I want to revisit why the New Canaan housing market is so far out balance, favoring sellers, and why prices keep rising, and why this trajectory is destined to continue. New Canaan will continue to see rising prices for two reasons: low interest rate sensitivity and strong
By John Engel People ask, “How long does it take to write the real estate column?” All week. I have dozens of columns rattling around up there, but I sometimes struggle with what it is my audience wants. The easiest column to write is just a list of statistics. The
By John Engel Head-to Head Comparison Here’s a head-to-head comparison of the current real estate market conditions for Q1-2024 between Westchester County, NY, and Fairfield County, CT. Fairfield: Average Sales Price: $915,665, a slight decrease from the previous year Average Price Per Sq Ft: $422 Median Sales Price: $545,000, a
By John Engel Median Sales Price (Single Family) New Canaan: The median sales price stands at $2,161,000, showing a modest quarterly growth (+1.9%) and a year-over-year increase (+7.7%). Greenwich: Surpasses New Canaan with a median sales price of $3,000,000, indicating a more pronounced quarterly surge (+60.3%) and a significant year-over-year
By John Engel Closed Sales New Canaan had 32, up from 31 while Darien had 22 down from 32 a year ago. Wilton had 42 sales, up 55% from a year ago while Westport had 45, down -15% from 53 a year ago. New Canaan sales were flat despite lower
By John Engel Manhattan Market Report Manhattan first quarter sales fell, down 11.3% annually, now below two thousand (1,988), the lowest level in 3 years. Prices slid year-over-year, 17.4% below pre-pandemic levels. Inventory went lower due to the “lock-in-effect”. Mortgage-purchases dropped 26.7% annually. The percentage of cash sales has reached
By John Engel Many of us are wondering how long it will take until the pendulum swings. How long before the seller’s market becomes a buyer’s market? There are many factors at play, but the favorite term being bandied about on talk shows and cocktail parties is “Lock-in effect”. This
AS OF: MARCH 29th, 2024 Harkaway: A captivating retreat in the heart of Greenwich with a storied pedigree, this distinguished Georgian Colonial was home of the late Mary Tyler Moore. Following a meandering stream to Oakley Pond, the long, gated drive leads to the quietly secluded stone house on 7.37
By John Engel Douglas Elliman and Knight Frank have released the highly anticipated 2024 Wealth Report. These are the highlights: First, some definitions: HNWI is a high-net-worth individual, defined as $1 million or more. UHNWI is ultra-high-net-worth individual, defined as $30 million or more. Prime property is the top 5%
AS OF: MARCH 22nd, 2024 Elegant Estate Living in Tranquil Splendor. Welcome to this stunning retreat nestled on 1.94 acres of lush, manicured grounds. As you approach the grand entrance, you’ll be greeted by the stately main home, with 10-foot coffered ceilings, 9,656 square feet of living space spanning across
Elegant Estate Living in Tranquil Splendor. Welcome to this stunning retreat nestled on 1.94 acres of lush, manicured grounds. As you approach the grand entrance, you’ll be greeted by the stately main home, with 10-foot coffered ceilings, 9,656 square feet of living space spanning across 4 finished floors, chef’s kitchen
By John Engel This is the most important question Realtors answer, and busy agents are answering it every day. It is particularly relevant this month while 300 residents are arguing their values in front of the New Canaan Assessment Board of Appeals. This is a case-study on how I do
By John Engel We divided 15 markets into 4 groups 1. High-End 2. Cities 3. North of the Parkway and 4. Coastal Neighborhoods to see what comparative conclusions we might draw from their performance these last 3 years. Greenwich – UNDERPERFORMING. Median price is $1.75m, more or less flat since
By John Engel So many sad stories by homeowners who have lost bidding wars. I’m reprinting their stories and my advice: “These houses are definitely way over the price that they will be once appraised.” Last year houses were routinely selling for double their assessment and the sales were still
By John Engel On my Boroughs & Burbs podcast we did a show called “Uninsurable Florida”, episode #93. It’s fun to pick on Florida while they are having an insurance crisis. But we are all having an insurance crisis, so we did it again: episode #113 “The Changing Insurance Landscape”
“Do you mean to tell me, Katie Scarlett O’Hara, that Tara, that land, doesn’t mean anything to you? Why, land is the only thing in the world worth workin’ for, worth fightin’ for, worth dyin’ for, because it’s the only thing that lasts.” That quote from Gone With the Wind
New Listings. Westport wins with 47 new listings, an 88% rise. New Canaan had 16 new listings in January, a -24% drop from the previous January. This 20% decline in new listings was about typical among towns in our peer group. Darien is also lagging with only 13 new listings,
A dead cat bounce is a temporary recovery from a prolonged decline or bear market that’s followed by a continuation of the downtrend. In other words, it’s a false optimism. Cats don’t bounce. I was wondering if that is what we are really experiencing in the housing market when we
If you ask any realtor in the area how the market is, he or she will likely tell you that things have picked up in the last few weeks. Since November, the average 30 year mortgage rate has fallen from 7.8% to 6.6% – a big enough drop to prompt
The article discusses the real estate market in New Canaan, highlighting the impact of the recent revaluation. The median sales price in New Canaan is $1.80 million, a 6.5% annual increase, with single-family homes at $1.975 million and condos down by 7.3%. The price per foot is $488, up 4.9%, indicating larger house sizes in New Canaan compared to nearby areas. Inventory levels are significantly down by 46.3%, a trend seen across Fairfield County. The article predicts that inventory levels will remain tight in 2024 due to high demand and lagging price appreciation. Median days on the market in New Canaan is 26, down 13.3%, with a high percentage of cash offers. Homes generally sell at 100% of the last list price. The article concludes with notes from a meeting, discussing strategies and the importance of personal relationships in real estate over advertising.
Co-ops are a funny thing. People complain about their restrictions but love the sense of community they can offer.
Connecticut towns, including New Canaan and Wilton, are undergoing a mandatory property revaluation to update the “Grand List” of taxable properties. New Canaan’s assessor, Sebastian Calderella, notes a 30% surge in house and condo markets. The 2018 revaluation may not predict current sale prices accurately, with less than a third of houses selling at expected values. Zillow’s predictions also vary in accuracy. With potential tax hikes on the horizon, this revaluation could lead to significant market shifts, prompting many homeowners to consider selling.
Although water is essential to life, it is a dealbreaker in a basement.
We are in a seller’s market driven by a lack of inventory. Despite the explosion of building permits we are not seeing an increase in house construction. A rise in cash transactions, predominantly from diverse buyer profiles, showcases the evolving nature of market participants.
The article discusses the impact of rising interest rates on New Canaan’s real estate affordability, advising against waiting for rate drops due to potential heightened competition. It highlights the job market’s role in supporting the housing market, particularly in New York City’s finance sector. The article also presents projections of 2023 price appreciation between 5% and 10%, along with a “Rent vs. Buy Analysis” showcasing the potential gains of buying over renting.
Let’s talk about the impact of our zoning decisions. Are ADU’s part of our future?
How are we and the towns around us responding to affordable housing pressures?
And, of course, what about our house values?