Sales in Danbury – Jan to Aug – 2008 vs 2007

	Jan – Aug   2007
		Nr. Units	Avg. Listing Price	Avg. Selling Price	DOM	Selling  /  Listing
	Single Family Detached	295	$394,103	$360,000	93	8.65%
	Condo	300	$267,786	$252,000	95	5.90%
	Two Family	27	$393,607	$385,000	109	2.19%
	3 Family	9	$508,000	$475,000	101	6.50%
	4 Family	4	$494,250	$489,000	148	1.06%
	TOTAL	635
	Jan – Aug   2008
	Single Family Detached	235	$364,219	$337,500	98	7.34%
	Condo	204	$272,125	$269,000	102	1.15%
	Two Family	17	$264,571	$285,000	127	-7.72%
	3 Family	5	$324,760	$240,000	103	26.10%
	4 Family	2	$415,000	$415,000	193	0.00%
	TOTAL	463

 

The tables above show how the real estate market in Danbury has behaved in the last 8 months when compared to the same period of time last year.

These are some conclusions we can draw that will assist you in reading these tables:

The difference between the  average listing price and the  average actual selling price for Single Family properties in the first 8 months of 2008 was  around 7.34% while it was 8.65% in 2007. What it means is that either listing prices were adjusted closer to what the market was willing and ready to pay, or/and that buyers had a better bargain power back in 2007 so they could get better deals (discounts).

Another observation worth looking at is the difference of number of properties sold. While 635 residential properties were sold in the first 8 months in 2007, 463 were sold in the same period in 2008.

Days on Market:
While Single family properties showed an increase in the number of days in the market of around 5% in 2008, Two Family homes stayed much longer (14%) and Four Family properties around 23&.

Change in Average Selling Price:
Only condominiums saw their selling prices increased from 2007 to 2008 in around 6.3% while  SIngle Family homes average selling price in 2008 has been 6.7% lower than in 2007.

Every market behaves different and by market I mean not only location but type of construction, so these conclusions are not necessarily a reflection of what is happening in other neighbor towns.

DANBURY – Condominiums – Snapshot Nov. 23, 2007

Take a look at the snapshots for November 2nd and November 23 in Danbury, CT. These only include Condominiums.

 

 

 

 

 

 

 

 

 

 

 

 

 

No major changes can be observed in the market of Condominiums in Danbury when we compare what the market looked like on November 2nd and what it looks today:

First of all the average Median Price is practically the same. We could see less new listings, similar number of Active Listings, as well as number of units under contract or in the status Continue to Show.

www.HomesByNestor.com

 

 

 

 

 

 

 

 

 

 

 

 

 

No major changes can be observed in the market of Condominiums in Danbury when we compare what the market looked like on November 2nd and what it looks today:

First of all the average Median Price is practically the same. We could see less new listings, similar number of Active Listings, as well as number of units under contract or in the status Continue to Show.

 

www.HomesByNestor.com

Stamford – Single Family Properties as of Nov. 23, 2007

This is the current inventory offered by Stamford. Homes in the group ‘Continue to Show’  are those whose sellers have already accepted offers but are consider still available.
Properties under ‘Sale Pending’ are those whose sellers have already accepted offers and are in the process of signing contracts. These are Single Family Homes.
This table shows that out of 531 properties, 443 homes are still available.

Get your house ready

From Elizabeth Weintraub

Every seller wants her home to sell fast and bring top dollar. Does that sound good to you? Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep a house and turn it into an irresistible and marketable home.

1.       Disassociate Yourself With Your Home.

·         Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.

·         Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.

·         Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!

·         Say goodbye to every room.

·         Don’t look backwards — look toward the future.

2.       De-Personalize.

Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

3.       De-Clutter!

·         People collect an amazing quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it. If you don’t need it, why not donate it or throw it away?

·         Remove all books from bookcases.

·         Pack up those knickknacks.

·         Clean off everything on kitchen counters.

·         Put essential items used daily in a small box that can be stored in a closet when not in use.

·         Think of this process as a head-start on the packing you will eventually need to do anyway

 4.       Rearrange Bedroom Closets and Kitchen Cabinets.

·         Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means: Alphabetize spice jars.

·         Neatly stack dishes.

·         Turn coffee cup handles facing the same way.

·         Hang shirts together, buttoned and facing the same direction.

·         Line up shoes.

 5.       Rent a Storage Unit.

Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

6.       Remove/Replace Favorite Items.

If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.

7.       Make Minor Repairs. 

·         Replace cracked floor or counter tiles.

·         Patch holes in walls.

·         Fix leaky faucets.

·         Fix doors that don’t close properly and kitchen drawers that jam.

·         Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.

·         (Don’t give buyers any reason to remember your home as “the house with the orange bathroom.”)

·         Replace burned-out light bulbs.

·         If you’ve considered replacing a worn bedspread, do so now!

 8.       Make the House Sparkle! Wash windows inside and out.  

·         Rent a pressure washer and spray down sidewalks and exterior.

·         Clean out cobwebs.

·         Re-caulk tubs, showers and sinks.

·         Polish chrome faucets and mirrors.

·         Clean out the refrigerator.

·         Vacuum daily.

·         Wax floors.

·         Dust furniture, ceiling fan blades and light fixtures.

·         Bleach dingy grout.

·         Replace worn rugs.

·         Hang up fresh towels.

·         Bathroom towels look great fastened with ribbon and bows.

·         Clean and air out any musty smelling areas. Odors are a no-no.

 9.       Scrutinize. 

·         Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?

·         Linger in the doorway of every single room and imagine how your house will look to a buyer.

·         Examine carefully how furniture is arranged and move pieces around until it makes sense.

·         Make sure window coverings hang level.

·         Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?

·         Does it look like nobody lives in this house? You’re almost finished.

 10.   Check Curb Appeal. 

·         If a buyer won’t get out of her agent’s car because she doesn’t like the exterior of your home, you’ll never get her inside. Keep the sidewalks cleared.

·         Mow the lawn.

·         Paint faded window trim.

·         Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.

·         Trim your bushes.

·         Make sure visitors can clearly read your house number.

Foreclosure Properties

The Process

The process for foreclosing on a home mortgage usually begins when a borrower falls three months behind on payments. The lender sends a default notice to the homeowner and to the county. If the homeowner can’t pay up, a foreclosure date is set. County officials handle the auction and use the proceeds to pay off the mortgage and any other debts secured by the house. Leftover money goes to the foreclosed homeowner; leftover debt, in some cases, is the new owner’s responsibility.

The mortgage lenders typically bid up to the remaining principal amount plus any foreclosure fees. Their goal is to recoup what they are owed, either from investors bidding more or by buying the home and reselling it. Foreclosed homeowners sometimes join the bidding and win the auction, even though they don’t have the money, effectively delaying their eviction until another auction is held.

Investors can get in the game before or after auctions, too. They can try to buy directly from homeowners beforehand or from lenders who win the auction.

What’s Available?

Just about every type of home ends up at auctions: wood-frame houses in downtrodden neighborhoods, high-end homes in gated communities, condominiums, mobile homes, partially built residences and vacant land.

To find them, get free foreclosure listings from county court clerks or sheriff’s departments; some counties post them online.

Professionals specialize in niches, such as low-income housing or condominiums. Less-seasoned investors should stick with single-family homes in lower-middle- to middle-class neighborhoods, where resale likely will be easier.

Legal Issues

Hidden liens can be a big problem. If a homeowner had two mortgages and defaulted only on the second, the first is still binding. Auction officials aren’t obligated to tell you about debts outstanding, so unwary investors could be saddled with having to pay off that first mortgage, generally immediately.

A full-blown title search on a house can cost $400 or more. But for as little as $25, some title companies will do quickie “pencil searches” that detail existing liens — raw data that you weed through yourself.

In many cases, it is the property’s first mortgage in default, in which case subordinate liens are eliminated in foreclosure. But watch out for exceptions: Internal Revenue Service liens and some utility bills will need to be paid off.

Here is another pitfall: Some states give foreclosed homeowners time to reclaim their property by paying the auction price, often plus an additional percentage. In Colorado, they have 75 days (though the state is set to eliminate that grace period). So you could spend tens of thousands of dollars remodeling a house, only to have the original owner grab back the newly improved home.

Investment Stages

Many investors scour default notices in search of homeowners willing to sell cheap before auction. The competition is stiff, given the many services that report new filings to subscribers.

“There are a million investors looking to contact that homeowner with letters and phone calls and drive-bys,” says Todd Beitler, president of Real Estate Library, an online provider of foreclosure information (www.trel.com). What’s more, homeowners in preforeclosure know their home’s value, so don’t expect a big bargain.

Preforeclosure investing is medium-risk, medium-return. Executed successfully, an investor could make a 20% to 30% profit, longtime foreclosure investors say.

Buying at auction is riskier. You are typically buying “a mystery box” seen only from the outside, says Ken Kulpa, a real-estate agent specializing in foreclosures around San Jose, Calif. Sometimes, the house is a gem, but other times, there are big, costly problems — faulty plumbing, a 1950s-era kitchen or a leaky roof.

Then there is the belligerent homeowner who trashes the place on the way out or refuses to vacate, requiring a costly eviction process.

Another risk: In the excitement of bidding, many novices overpay. If you are careful, auction investors can expect to notch gains of 40% to 50% or more, professional investors say.

Most bankers won’t finance a foreclosure bid, in part because current owners aren’t likely to let them inspect the house to appraise it.

The lowest-risk option is buying foreclosed homes from banks that acquired them at auction. Most major banks list properties they own on their Web sites, and some will provide financing.

Banks often list homes in good condition near market value, so there isn’t much upside there. But banks also end up with mediocre properties and some real dogs. You can try to negotiate these houses’ prices down to less than the outstanding principal, rehab them and then resell quickly at market value or just below.

Profits on such properties can be in the 15%-to-20% range, experts say. Real Estate Library’s Mr. Beitler says this is a good place for novices to start. You won’t have title worries, because banks do that work, and you can inspect the house beforehand.

That “will help you gain confidence and experience buying and selling a property, negotiating and closing a deal, and doing the rehab work,” he says.

[Extract from an article by By Jeff D. Opdyke, Wall Street Journal]

Latinos more exposed to technology

I am trying to learn as much as I can about my niche market, the Latino community in Fairfield County.

Trying to find some statistics to better reach my market I found some interesting information that confirms what is becoming my focus: my future clients will find me in the Internet as well as doing grocery shopping.

 

Yahoo Telemundo conducted by a study among around 2,600 18-55 year old web-connected Hispanics who consume Hispanic media, using in-home interviews and 24 families in three markets who were asked to compile media usage diaries.

The results showed that Latinos compared to other groups in North America spend 50 percent more time with media overall and log a total of 51 hours of total daily activities in a 24 hour period:

• 14 of those hours spent with technology – compared with eight hours for the general online population
• 13.5 hours are spent with media, compared with 9 hours for the average web user
• Own a cell phone: 90 percent versus 79 percent overall
• Own a video game console: 66 percent vs. 52 percent
• Text Messaging: 66 percent versus 38 percent.

“They are using all these media simultaneously. The internet has really become central to their lives. The television is on all the time in the background, but the internet is a critical part of their daily lives,” Michele Madansky, VP of global market research at Yahoo. Hispanic internet users often view Spanish-language television programs while reviewing English language internet content, creating both an opportunity and a challenge for advertisers, Madansky said. Source: Mediaweek

SoNo – South Norwalk

SoNo – South Norwalk

 A couple of months ago a young couple from Manhattan contacted me to help them find a hide away home for the weekend. They wanted to be close to the water, not too far from “the city” (that’s how we call Manhattan), in a quiet town that could also offer some cultural and social options for the weekend.

They wanted to escape from the noise of Manhattan but they were realistic. And they knew they could not live in a cabin completely isolated. They wanted to explore some towns that could still offer high end options for dining and entertainment. It was a tough call. Either you find a refuge in a glamorous cabine overlooking a lake in the region of Danbury and New Milford, or some setting more “urban” but still quiet and relaxing.

I found this article about South Norwalk, and  I remembered that couple, so I decided to share with you the well kept secret that this town, Norwalk, offers. Maybe you can plan a couple of weekends having a good time during one of the famous festivals or maybe you decide to come for a nice dining experience one of these warm nights with the breeze from the sea making you feel like on vacation.

Historic South Norwalk

In the late 1970s, South Norwalk’s downtown business section, including the historic buildings centered on Washington Street, had been slated for demolition.  But starting in 1977, a group of progressive minded citizens, including newly elected mayor Bill Collins, turned South Norwalk’s fortunes around and created Historic SoNo.  Now, well into to twenty-first century, SoNo thrives in a way that no one could have imagined, truly a lesson and legend in what far sighted thinking will bring. 

SoNo, with its delightful mixture of classy and tasteful or just plain homey restaurants, shops, and clubs, combined with museums and galleries, has become integrated with greater Norwalk as well as the harbor and Long Island Sound beyond. SoNo is anchored by the Maritime Center, which invites visitors of all ages to become immersed in sea life.  Exhibits, educational programs, research cruises, and a boat building shop, are topped off by the spectacular IMAX Theatre.
The Norwalk Museum on North Main brings Norwalk’s past into a very sharp focus: The Norwalk Hat Factory comes back to life along with locks, 19th century pottery and a traditional hardware store.  On the corner of Main and Washington, climb up a flight of stairs to the SoNo Switch Tower Museum, also of 19th century vintage.

Adjacent to the Aquarium, on a bluff overlooking the Norwalk River, is Oyster Shell Park (originally named Oyster Shell Point for the thousands of oyster shells discarded there by Native Americans making Wampum) where trails and walkways wind through marsh grasses, reeds and wildflowers.  The park abounds with migratory birds, fiddler crabs and other aquatic life.  From this bluff is a view of Norwalk Harbor, “The Jewel of Long Island Sound,” where, besides fifteen marinas, there are 2,700 commercial vessel trips to and fro every year including those of the thriving oyster businesses. 

And then there are the festivals. 

In June, the festival season kicks in with a bang, or rather a splash.  The Norwalk Harbor Splash emphasizes fun in and around the water with an accent on family and youth with a capital Y.  A few sparkling examples:  Have your face painted and join in the Cub Club activities at Black Bear Saloon; Help assemble a life-size humpback whale, great white shark or harbor seal at the Aquarium; Come face-to-face with life-like dinosaurs then board an amazing 3-D simulated adventure ride on Dinosaur Island; For a celebration of seafood, there’s the Annual Chowder Cook-Of; For a celebration of sounds, music acts with an emphasis on rhythm and adventure.  Then, to top it all off, The Annual Hong Kong Dragon Boat Race!  Let the good times roll! 

Also in June, the Norwalk Jazz Festival features the best in traditional, contemporary and Latin jazz.  

The Annual Sono Arts Celebration actually pre-visioned SoNo in that bi-centennial year of 1976.  Climaxing with a parade of giant puppets, this feast of talent brings together the creations of over 150 fine artists and craftsmen surrounded by an atmosphere of music and dance. 

And finally, the Norwalk Oyster Festival, as venerable as SoNo itself, with internationally known music acts as well as hundreds of arts and crafts booths, sky divers, environmental displays, children’s activities and rides, oystering exhibits, vintage vessels, harbor cruises, and food, food, food…

  

Source: http://www.culinarymenus.com/historicsono.htm

Real Estate Links

Real Estate Links

• Glossary of Mortgage & Real Estate Terms
• Fannie Mae – Provides financial products and services that increase the availability and affordability of housing
• Freddie Mac – works with mortgage lenders to help people get lower housing costs and better access to home financing
• Housing and Urban Development HUD – Links to housing news; information about home owning, buying, renting and financing; community data
• Real Estate Tax – IRS Estate and Gift Taxes
• Veterans Housing Grants & Loans
• Real Estate Appraiser Directory
• Home Inspectors – Perform a search by state for an inspector

Hispanic / Latino in the Real Estate Marketplace

The Latino/Hispanic market is growing, as well as its purchase power, and if you live in a region where the presence of this group represent new business opportunities, you may find this interesting. (Please note that this is not intended to be a political message, and that I use the terms Latino and Hispanic, knowing that they both mean different things, which can be discussed in other message).As a Hispanic, I have always watched in different states I have visited, that we, Latinos,  are perceived based on local models. What I mean by that is that depending on what part of the county you are, your “typical” Latino can be different. In Miami, you will found Cubans and Colombians, in California, your Latino neighbor or client is very often from Mexican origins, in New York he or she is mostly from Puerto Rican origin. These are just some examples. We come from different countries and even though we share the same language and religion for the most part, did you know that we use different words for the same things depending on what country you are coming from? Don’t stress out though. Any customer/client will always appreciate a respectful treatment, and they don’t expect you to speak Spanish, but knowing a bit about the origins of your client will help you developing more rapport and a good relation. Now just some figures so you understand better where Latinos are and how they are changing the market:From 1900 and 2000 the Hispanic population grew 57.9%, but different groups within that population grew differently:Mexicans grew a 52.9% Puerto Ricans 24.9%, Cubans 20%, and from other countries: 96.9%.These number have changed in the last years. Socio-economic and political issues in particular countries triggered a higher number of inmigrants from specific countries. By 2000 the Latino population was:
Mexicans 58.5%Puerto Ricans 9.6% Cubans 3.5%.

Nestor N. Romero Realtor®

Nestor N. Romero Realtor®
Member of the Connecticut Real Estate Professionals on ActiveRain.com network.