Ridgefield Connecticut Real Estate News & Listings Presented By Weichert Capital Properties

Just the Facts, Ma'am!

Wed, 01 Apr 2009 03:00:00 GMT

There are a number of Greenwich, CT real estate bloggers out there today. Some are famous, some are infamous, and others are trying to get noticed. I don't know exactly where I stand in the crowd, but the intent of my blog is simply to present the facts---I figure most of you are smart enough to draw your own conclusions.

This approach is based on my past journalism college courses taken 100 years ago. Once upon a time, journalists were revered for presenting the true facts without "spin." Just the who, what, when, where and how info. Those where the days, my friend! I find most of the journalists/bloggers today all too busy wondering how they look on camera and how their expose will benefit the author, not the subject matter. You won't find me revealing the names of buyers or their addresses. There is such a thing as respect for one's privacy and frankly, I won't put someone's family in peril by disclosing their new address as some other bloggers have recently done.

So here's my thought for today---it's one of those wordy math problems about if the train is traveling 30 miles an hour and Chicago is 300 miles west of....

If there are 883 properties for sale in Greenwich, CT today and year to date in 2009, there have been a total of 36 closings and tnow 30 homes are under contract, how many years will it take to sell the current inventory at the current rate of sale?

Answer: Just over 3 years, if no other homes come on the market!

Top 5 Things Buyers Don't Like About Your House

Wed, 11 Mar 2009 03:00:00 GMT

Here are the Top 5 Things That Buyers Don't Like About Your House:

1. SMELL...Believe it or not, the #1 complaint among prospective buyers were unpleasant odors in the home. The major offenders were smoke, pet odors, and strange cooking aromas. Some in the discussion said they turned right around and walked out because they found the smells so oppressive. Most of us are unaware of the 'peculiar' odors of our homes because we become immune to the smells - the buyers are not immune to these same odors.

2. CLEANLINESS...This is simply incomprehensible---I've had sellers unwilling or unaware of the need to clean thoroughly before a showing. I'm not talking about home staging (which will help) or even unrealistic expectations of the home being spotless - just simple old-fashioned cleaning. Selling your home can be a bit inconvient, but when you have advance notice that a buyer is coming to view your home - clean it up!!! At the very least, remove the pile of dirty dishes from the sink. Call me for "How to get ready for a showing in 10 minutes or less!"

3. SELLER AT HOME...Most buyers felt very uncomfortable with the seller is present during a showing. Many said they could/would not take the time to really look at the features of the home because they were in such a hurry to get away from the seller. This is a real problem homes for sale by owner, as they are usually the ones showing their own home.

4. CLUTTER...This isn't the same as cleanliness. We have all seen it on the home shows, many buyers have a hard time seeing your home because of all the stuff. Just remember, buyers only know what they see, not what "can be".

5. UNFINISHED PROJECTS...If you are planning on selling your home, finish up any on-going home improvement projects before placing it on the market. Homes with half-finished painting, flooring, trim, etc. gave buyers a bad overall impression. "Unfinished projects" translates into "poor maintenance" in the buyer's mind!

But, none of these matter if your home is overpriced. Buyers really hated it when the homes were priced above what the market indicates. An obviously overpriced home discourages offers because the buyer believes it is an indication of an unrealistic and unreasonable seller. The more out-of-line your price is with the current market, the longer your home will sit unsold and the more inconvenient the process is for you (the seller).

If your home is priced correctly and you have addressed all these items above, it will "cut to the front of the line" of possible buyer choices by comparison to the other homes on the market.

This great article was written by Pam Simpson, a realtor in Mississippi (http://www.mshomeinfo.com/) Read what this "steel magnolia" has to say carefully!

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Remember---Wealth Building Starts with Home Ownership

Fri, 06 Mar 2009 03:00:00 GMT

If your portfolio isn't looking so good, maybe it's time to consider investing in Greenwich real estate.

Today's turmoil has clouded our memory about how well the long term ROI on residential real estate has been for American families. Even with the current economic downturn, we've enjoyed an impressive track record over the past 30+ years or more. Those buyers who purchased since 2005 may be disappointed that they can't expect the same continuation of rapid increases in home prices, and some may experience a decline in their home's value.

This highlights the normal cycles in any market. Timing when to buy or sell in the housing market is very tricky. Many potential homebuyers today say that "I'm waiting for home price to bottom out before I buy." But if you take a long term view, you'll see that buying a home at its absolute lowest possible price isn't realistic or even IMPORTANT. Of course, none of us is wise enough to know when housing prices will completely bottom out, and waiting on the fence can be costly, especially if you lose the house you love. Remember, a home is not a commodity, it's where you live your life, have a family and build memories---it's where you'll take those birthday party photos that you'll treasure for a lifetime!

So buyers are best advised to take a long-term view of homeownership. Remember, housing has been a sound way to build long-term wealth even without the explosive increase in home prices we saw between 2000 and 2006. Homeowners are getting something in return for their monthly mortgage that renters never get: increased home equity. Assuming that the homebuyer is able to ride out the down cycles---that is, doesn't have to sell the proeprty after housing prices have fallen ---then that bargain gets better over time. Rents normally rise over time while principal and interest payments on a fixed rate mortgage stay constant. And that's before adding in the tax advantage of homeownership, including mortgage interst deducitibility and exclusions from capital gains taxes.

Greenwich & Obama's Mortgage Bailout/Economic Stimulus Package

Thu, 05 Mar 2009 03:00:00 GMT

We've all heard repeatedly about the President's new stimulus package but I, for one, didn't know exactly how it would impact me or my Greenwich clients. Many of us are wondering "what's in it for me?" As Greenwich property owners with "jumbo" mortgages, most of us won't qualify for any assistance, but we'd all like to know the facts, and it's hard to get answers if you're on the go as much as I am (and I suspect you are, too!).

This article clearly defines the newly announced details. It's a well written "primer" on the newly announced mortgage bailout stimulus package. I'd recommend it to anyone who is wondering whether or not there's help on the horizon. Even you you can't use it, you may be able to help someone else by passing the info along.

http://money.cnn.com/2009/03/04/real_estate/Obama_foreclosure_plan/index.htm?postversion=2009030414

MONDAY MORNING COFFEE 3/2/09

Mon, 02 Mar 2009 22:26:00 GMT

The 2009 Greenwich real estate market has thus far slowed dramatically compared to 2008:

INVENTORY RECAP YTD thru 2009 vs. 2008

2009	ACTIVE	median $	CONTRACTS	median $	SOLDS	median $
Single Family	605 units	$2,950MM	28 units	$2,195MM	10 units	$1.6MM
Condo/Coops	207 units	$895K	7	$1.3MM	8	$715K
2008
Single Family					63 units	$1,8MM
Condo/Coops					17	$709K

Please note that not only did the number of units decline, but the median price is also diminished. Lack of consumer confidence, job insecurities and mortgage difficulties all contribute to the problems facing today's Greenwich real estate market.

If you can qualify for a mortgage, it's an incredible time to buy. Please recognize the perfect storm that this market represents: the lowest prices we've seen in years, lowest mortgage rates in 30 years and for first time buyers, an $8000 tax credit!

MONDAY MORNING COFFEE: 2009---The One That Got Away

Mon, 23 Feb 2009 09:00:00 GMT

We've seen recently that the national, regional and now the local media is filled with the negativity that fuels the panic now paralyzing the real estate markets. Of course they are hyping anything that will sell their valuable air time & newspapers, What they aren't telling you is that in certain markets, home sales are actually picking up.

What's that got to do with Greenwich? Greenwich single family home sales have only been affected slightly by the overall downturn until Wall Street layoffs began to take their toll on local residents. Now we're seeing home foreclosures and bankruptcies being reported in Greenwich.

Home prices will stabilize and increase in years to come. Buying a home isn't just an investment. It's where you LIVE, raise your family and create memories that should outlast any ecomonic trend. If you can buy a home in this market, you definitely should take advantage of the unusual confluence of low prices, low interest rates and highly motivated sellers. please don't regret not buying if you can, especially if you are a first time home buyer who can also benefit from the tax credit now offered in the economic stimulus package now offered.

I've said it all before, but don't listen to me. Take a lesson from history. Greater minds than mine seem to be on the same page. Check out this article that better illustrates my point: http://rismedia.com/2009-02-19/commentary-house-prices-will-rise-greatly-over-the-next-few-years-buy-now/#

The Lewis Report

Tue, 17 Feb 2009 07:48:00 GMT

For many years now, I have created a weekly report called the Lewis Report, which lists all Greenwich single family home activity. It's now located in the Suggested reading area of this website, now available without a "gate" requiring any signup or exchange of info such as your email address.

I have considered whether or not the same type of info would be of interest on condos and/or rentals and perhaps broken down by area (even though the areas are noted on the report itself)? Does anyone have a preference? I do this for my readers, not for my own edification, so please let me know your thoughts and watch for changes in the next few weeks.

Downsizing: It's Not Just for Seniors Anymore!

Fri, 13 Feb 2009 15:32:00 GMT

In a few weeks (Tuesday, March 3 7pm at GHS), I'll be conducting a course at Greenwich Continuing Education about downsizing, a topic that's on the minds of many Greenwich homeowners right now.
Take advantage of the $500,000 per couple capital gains credit ($250,000 for a single person) and enjoy a simpler, easier and new lifestyle. Thinking about downsizing? An empty nester? Want to cut your expenses without forfeiting your lifestyle?

Join Kaye Lewis of Sotheby’s International Realty and a panel of experts to discuss the pros and cons of downsizing your home. You will learn about the real estate process, current local market information and the best strategies for buying and selling in the current market conditions, from a panel of experts including an accountant, real estate attorney, mortgage lender and insurance experts who will be available to address your concerns.

This will be a lively and interactive discussion, so come prepared with your questions. Email any questions in advance to hKaye@KayeLewis.com to ensure your concerns are addressed. We’ll take additional questions as time allows.

You can register for the class by clicking on this link:

http://www.greenwichace.org/CourseCatalog/classView.asp?id=6537

The Basics of Moving and Taxation

Thu, 12 Feb 2009 08:58:00 GMT

This information from MoveAdvocate could be useful if you moved in 2008...

It seems that 2008 is over and now is the time that you are beginning to think about taxes. Many of us are getting our records in order in preparation for tax day, April 15, 2009. If you have made a move this year, deducting moving expenses may be on your mind. But are all expenses allowable tax deductions?

The IRS does allow tax deductions for some of the costs associated with a move to accommodate a job in a new location. There are, however, two tests which must be met in order to qualify for deductions.

Test 1 - Distance Test
To qualify for a deduction, your new principal workplace must meet a 50 mile test. The distance between the old home and old work minus the distance between the old home and the new work must be greater than 50 miles. In other words, if the commute to the old workplace was 3 miles, a commute from the previous home to the new workplace must be at least 53 miles. If the person did not have a job before moving, then the new job must be at least 50 miles from the previous home.

Test 2 - Time Test
A person must work full time in the general area of the new workplace for at least 39 weeks during the 12 months right after the move. There are exceptions to the time test and other rules apply for those that are self-employed.

If you are not sure if you meet the requirements to deduct your moving expenses, it is best to check with a tax advisor or visit the IRS website, Publication 521, and Form 3903 for more details.

If both tests are passed then some expenses may be deductible:

Costs for packing, crating and movement of your household goods
Up to 30 days of storage and insurance for household goods
Transportation and lodging expenses (not meals) while traveling to new location

PLEASE...check with a tax advisor before deducting these expenses to make sure that they take the right deductions. According to Forbes, one of the top reasons for IRS tax audits is claiming too much for itemized deductions, including the deduction of moving expenses.

Monday Morning Coffee Update

Mon, 09 Feb 2009 22:46:00 GMT

Have We All Stopped Thinking For Ourselves?

I get angry these days when I read the paper or listen to the news. Really, truly mad. In the last 30 days, the New York Times published the following headlines:

“Credit Crisis Waves Roll On”

“Growing Market in Foreclosures”

“Foreclosure Rates Show No Sign of Slowing”

“States Unemployment Funds Run Low”

And the bad news goes on and on, causing panic and fear until we become our own worst self-fulfilling prophecy. Here’s why my blood pressure rises---It's media hype! No it's worse than media hype. It's a vast media distortion, used to sensationalize and sell the news. It's not the first time the media has done this, but now it has hit too close to home. Close to your home, close to my home and way too close to my livelihood. The result is that the Greenwich homebuyer is naively buying the lie and hesitating to buy that home they need or want.

Another problem I have is that perhaps even a few Realtors have been reading and watching those headlines, and they've bought into the hype themselves.

Why? Because, like me and everyone else who reads the papers, watches it on the TV and hears it on the radio, we think that just because the mainstream media says it, then, OMG, it's gotta be true. Pundits know that if they repeat anything long enough, people believe it.

Well, here are a few surprising facts that were shared in a speech given by Utah Lieutenant Governor Gary Herbert. He worked years ago to establish the Utah Chapter of the Council of Residential Specialists. Here's what he recently shared:

“Bank Closures at an All Time High in 2008”. Nonsense!

In 1989 there were 1,004 bank closures.
In 2008 there were 30 bank closures
On average there are 94 bank closures per year

“Foreclosure Rates Show No Sign of Slowing”. Oh, really?

During the Great Depression Foreclosure Rates were 50%

Nationally today our Foreclosure Rates are 3% (1.4% in Utah)

“States Unemployment Funds Run Low”. Ridiculous!

During the Great Depression Unemployment ran at 25%
Nationally today our Unemployment is 7.2%

Together we need to challenge the main stream media. Spread this information among your friends, family and colleagues. It's the real truth. It's not hype.

I say let’s fight back and take back the one thing that is at the heart of the American Dream -- home ownership-- and bring this whole mess, this nation and the world back from chaos. The one best weapon that you have at your disposal is the truth!

Are times right now bad? Yes. Do we have a shakey market? Yes. But FDR's famous statement applies: "The only thing we need to fear is fear itself." It's time to start looking at our glass as 93% full rather than 7% empty. We need to look at putting 15-20% down payment and say 'what’s wrong with that?' That's been a standard in real estate for years - a safe standard. We need to look at qualifying procedures and make sure that we are selling homes to people who can afford them.

We are the grass roots of the economy, and we can make a difference. We can take it back. All we Realtors need to do is to tell local buyers and sellers the truth about what is going on and stop the panic. If there is insanity going on it is in the pundits that look for all the bad news to make sensationalism sell their message. What's really changed here is how many more news outlets are competing for advertising dollars, and because of this, American journalism has entered into the "age of yellow journalism" that's been such a butt of jokes in England and around the world for years.

Journalism used to be a noble profession. Remember "Just the facts, ma'am"? We can't rely on our news sources for a reality check, so don't rely on them for your realty details, either! .

Our message should be: "Greenwich continues to be a world class community and a wonderful place to raise a family. Our property taxes are some of the lowest in Connecticut and our public schools are reknown."

And never forget, there is NO SUCH THING as a national real estate market. I invite you to call or email me your Greenwich real estate questions at 203-618-3119 or Kaye@KayeLewis.com

Monday Morning Coffee Update

Mon, 02 Feb 2009 18:13:00 GMT

OK, OK---the Greenwich real estate market is not the hottest we've seen. The Greenwich Time reported last week that sales dollar volume and the number of units sold were down significantly in 2008, and that's correct.

What was not mentioned were 2 very salient points worth noting: The average sales price for a single family home was down only 5% +/- and the median sales price was down only slightly as compared to 2007.

Again, it's important to get all the facts when making an important decision, such as buying or selling Greenwich real estate. Email or call me with your question.

Year End 2008 Greenwich Real Estate Recap

Thu, 29 Jan 2009 17:18:00 GMT

The Greenwich MLS 2008 Sold book was delivered today. It's immediately apparent to those of us who've been in the business for a while (22+ yrs for me!) that the book is noticeably thinner than in recent years, indicating that the number of transactions were fewer in 2008.

Single family home sale prices in 2008 ranged from a low of $295,000 to $30,000,000, with a median sales price of $2,100,000. The average sales price fell only 6.2% from 2007, to $2,824,321 in 2008.

Condo sales prices in 2008 ranged from a low of $280,000 to $3,750,000, with a median sales price of $655,000. The average sales price fell 9.5% from 2007, to $923,554 in 2008.

In dollar volume, single family home sales lost 40.7% and condo sales lost 40% in 2008 as compared to 2007.

The biggest change was in land sales, which reported only 9 sales in 2008. That represents a nearly 60% drop in unit sales and a 75.5% drop in sales volume from 2007 to 2008. The average price for land sales was also down by 40.2%. This is merely an indication of the slowdown in local speculative building.

All in all, Greenwich real estate faired better than many markets across the US. Since the economic downturn, the number of sales contracts has diminished dramatically reflecting buyer fears and job insecurities. For those with liquidity and secure careers, current interest rates are alluring and sellers are eager for buyers. It's a great time to get a great buy!

If you've been considering a waterfront property, this one hasn't been on the market in 30+ years! It's a grand homestead built in 1900, ripe for renovation and/or renovation and can be expanded to more than 8000+ sf. It's located in the gated waterfront community of Indian Harbor close to Greenwich Avenue. Check it out at: http://www.realestateshows.com/369451

Something Important to Consider

Fri, 23 Jan 2009 14:29:00 GMT

I had an interesting conversation last week with Andy Feldman, owner of Total Insurance Brokerage in Stamford. He mentioned that anyone who's done a home renovation or improvement (and who in the Greenwich area hasn't!) and has a policy with replacement value coverage should have their home inspected by their insurance company after work is completed. If you've done a costly improvement (again, which ones aren't in this area?), your coverage may not be sufficient and you don't want to get caught short if a disaster occurs. Many homeowners have redone kitchens and bathrooms, so please call your insurance agent today. If you have questions, check out Andy's site at http://www.tibllc.com

http://technorati.com/claim/6eap6mdcwn" rel="me">Technorati Profile

Waterfront Colonial with Dock in Gated Downtown Community

Mon, 19 Jan 2009 07:13:06 GMT

MESMERIZING WATERVIEWS FROM A WRAPAROUND VERANDA OVERLOOKING CHIMNEY CORNER COVE PROVIDE A RARE OPPORTUNITY WITHIN A PRIVATE WATERFRONT GATED COMMUNITY LOCATED ONLY STEPS FROM GREENWICH AVE, BRUCE PARK, COMMUTER TRAIN & LI SOUND. GRANDLY SCALED SUNLIT ROOMS W/HIGH CEILINGS OPEN TO THE VERANDA PERFECT FOR ENTERTAINING. NOT ON THE MARKET IN 30+ YEARS AND SOLD "AS IS", THIS CHARMING HOMESTEAD W/DOCK IS RIPE FOR RENOVATION, ADDITION OR REBUILD TO MORE THAN 8000 SF ON THIS OVERSIZED LOT.

10 Reasons Real Estate Buyers Want to Low Ball, Steal the House, and Stick It to the Seller

Wed, 07 Jan 2009 17:56:00 GMT

I read this great article written by Janet Guilbault, a mortgage lending expert based out of the San Francisco Bay area, and knew I needed to share it with you:

What is the biggest misconception in the mind of the guy about to make an offer on a house?

This seller must be absolutely desperate to sell this house.
I will ignore the asking price, because all houses are priced with plenty of negotiating room.
Sellers expect low ball offers in this market.
Any seller would be lucky to have me buy their house.
It can't be a good buy unless I am able to steal the house.
If this offer doesn't go through, I'll just keep on low balling until I get another house.
I am a brilliant negotiator.
If the seller won't take this offer, I will walk away for a few weeks and let them stew until they do.
No one else would want this house, anyway.
No one pays full price in this market unless they are stupid.

The sorry state of our economy and the desperation of the retail world have combined to brainwash our clients about buying real estate. Somewhere along the way, "stealing the house" and "winning the negotiations" became more important than landing the best house in the best location at a price you can afford.

Extreme bargain hunting has become a national addiction, and it is spilling over into the real estate industry.

When EVERYTHING we buy from automobiles to clothes is marked down 50% or more, has a coupon attached for a further discount, and comes along with freebies on the side, is it any wonder buyers of real estate have developed an attitude of EXTREME superiority, believing sellers are mere beggars?

Can you see how they have been conditioned to believe that as a buyer, they can call all the shots, no matter how ridiculous?

Many think those beggar sellers must be thinking this:. "Please, buy my house. I am desperate, you know, and expecting your ridiculous offer".

And you know what they say, beggars can't be choosers. And so the struggle to convince buyers that a house, ANY house, is priced "right" continues.

Here's a news flash: beggars may not be able to be choosers, but losers can sure be snoozers.

Buyers should ask themselves this: Am I willing to risk losing the house I love because I am addicted to scoring an extreme bargain?

Isn't getting the BEST HOUSE in your LOCATION OF CHOICE at a hugely deflated price enough of a high?

Or has extreme bargain shopping become like a drug addiction? You will sacrifice your long term well-being and logical thinking for that 10 minute high of feeling ever so smart because you "stole" the house?

Before you smile just thinking about how to make the seller squirm, remember this:

There is just that one piece of real estate in the whole world. That is what makes a house different from buying a car or a sweater.

Remember these things too: You cannot return it if you find it doesn’t “fit.” You can sell it, but the cost of doing so will probably be far more than any savings from your extreme bargain.

Then get your priorities straight. It is about getting the house. Not getting the extreme bargain you can brag about at your next party. That feeling of superiority will last what? For a few days?

Getting the right house can give you a lifetime of pleasure and satisfaction. Even if you pay full price, you will look back and be amazed at the EXTREME BARGAIN these economic times served you up on a silver platter.

Want to know another secret? Sellers are not nearly as desperate as you think.

--------------------------------------------------------------------------------------

And the Greenwich market isn't so different from the San Francisco market in many aspects, so keep that in mind!

Monday Morning Coffee Update

Mon, 05 Jan 2009 14:52:00 GMT

Welcome to 2009---it's a brave new world in Greenwich real estate and if I told you I had a real grip on what would happen this year, you'd be right to doubt me. I'm always the optimistic type, but I don't want to give anyone the idea that this year will be easy. Realistically, there's no doubt that properties will sell because some people need to sell (downsizing, transfers, voluntary/involuntary life changes) and buyers often need to buy (all the same reasons). The good news is that there isn't blood in the streets of Greenwich, at least not today.

MARKET STATISTICS

Interestingly, 81 properties came off the market by the end of the year. It gives us hope that with this reduction of inventory, serious sellers find more buyers. We'll have to wait and see how many return to the market and if any of the sellers reduce prices. Honestly, it may not be the right time to sell you home if you don't absolutely need to sell. It is, however, the time to hire the best Realtor you can. This is no time to hire your best friend/great aunt/tennis partner who does real estate part time: this market isn't for sissies! On the other hand, if you have liquid assets, it may be a great time to buy Greenwich homes as an investment. If we follow the historical patterns of other recessions, not only will prices recover within 2 years, they will escalate exponentially shortly thereafter. Again, my crystal ball doesn't give me a clear picture in today's market, so while I'm optimistic, I'm a realist.

As of today, there are 538 single family homes on the market, 19 under contract and 397 homes were sold in 2008. The median price of a sold home in 2008 was $2,100,000. As for condos, there are 188 on the market, 13 under contract and 122 sold in 2008. The median price of a condo sold in 2008 was $748,000. All in all, not so bad, but the overall number of transactions are down between 35-40%. Buyers were nervous in 2008, waiting for prices to drop. I'm not sure that prices will drop far enough to make some buyers "step up" but with favorable interest rates, deals could start happening. More good news is that everyone in the mortgage industry expects just that: lowering interest rates.

One of my New Year's Resolutions, in addition to my yearly regular exercise/diet theoretical concepts, is to make this Monday Morning Coffee Update a regular weekly post, so please let me know if you have questions or topics you'd like to see discusssed. I welcome your comments, it makes it more interesting for me!

Greenwich Real Estate Sales Activity: 2007 vs. 2008

Tue, 30 Dec 2008 11:52:00 GMT

While the Greenwich real estate market has certainly seen a slow down in market activity, the statistics don't show a huge fall in prices, as many might suspect. The greatest change has been in the number of units sold, under contract and active on the market as well as the number of days it takes a property to achieve a sales contract.

Based on the number of single family homes on the market at the end of 2008 and the current rate of sale, there's more than a year's worth of inventory available now. This translates to the need for sharp pricing if sellers want to close in 2009 because buyers have many homes to select from and they will undoubtedly be very discriminating in their selections.

While many will be skeptical, multiple bids DO still occur in this market. I had a buyer lose a home while bidding in December and I know of 2 other mutliple bids that occurred this month. It just indicates that if a property is well priced, our savvy buyers are well aware of "value." As a colleague recently said, "Trust the market to set the value of any property."

2007 vs 2008 Greenwich Sales
SINGLE FAMILY	2007	2008	% Change
Active Listings	450	557	24+
Currect Contracts	56	21	38-
Solds	629	395	37-
Average Sales Price	$3,194,000	$3,077,000	4-
Median Sales Price	$2,295,000	$2,100,000	8-
Days On Market	186	226	18+

CONDOS	2007	2008	% Change
Active Listings	172	173	0
Currect Contracts	27	13	52-
Solds	171	111	35-
Average Sales Price	$1,056,000	$954,600	10-
Median Sales Price	$760,000	$748,000	2-
Days On Market	121	172	30+

Seven Ways to Help Sell Your Home in Any Market

Tue, 28 Oct 2008 19:32:00 GMT

In a slower Greenwich real estate market, sellers cannot afford to ignore any part of the marketing process. Price, Preparation and Presentiation must be excellent in order to attract a buyer.

The price must be set realistically: this step is the lion's share of good marketing! Preparation should include fresh paint, de-cluttering and no glaring repair needs. And presentation should be meticulous, with draperies open, lights on, lawn moved and clear of debris, with interiors spotlessly cleaned.

Showing your home is the final step in winning the heart of a buyer. When a buyer calls for a showing, he or she already has an interest in your neighborhood and may have viewed your home online. They are willing to invest time to visit your home which is noteworthy because with so many homes on the market today, buyers are looking to eliminate choices. It is worth the effort to make each showing one that will be memorable. Here are some questions to consider:

1. Is your home easy to show? Don't put roadblocks between your home and a buyer, whether it's difficulty in setting an appointment, utilizing a lockbox or being present during a showing.

2. Does your home have emotional appeal? Make sure there are no unpleasant smells, barking dogs/loud televisions, cold or dark interiors. Let the sun shine in, create an inviting scenario with fresh flowers and soft music.

3. Are you staged and ready? Remove collections and clutter; messiness and confusion sends a deeper message that the home is not well cared for and may speak volumes about how maintenance has been handled, whether that's accurate or not.

4. What would your buyer like to know? If you were buying this home what would you want to know? Does the school bus stop nearby? Is there a park nearby? Buyers are choosing a lifestyle that your home offers.

5. What's the plan for kids and pets? Coach the kids on the showing process and figure out a plan of action for them should they be home when an agent calls to set up an appointment or a showing occurs. Also, make a plan to contain your pets...not everyone will love your dog like you do! (Remember I'm a pet lover with 3 Bernese Mountain Dogs and 2 cats and that's a lot to gather up on short notice!)

6. Is your home safe for visitors? Carefully evaluate if there are changes that should be made such as valuables that need putting away, hoses outside that need coiling, private documents that need storing, medicines that should be secured, etc. Also, be mindful of lamps or artwork that might be bumped and fall. Better to be safe than sorry. And don't expect the showing agent to run point guard for you, s/he is trying to sell your home by pointing out all its attributes!

7. Should you stick around? Generally the answer is No, No, NO! It's not a social visit and buyers will shorten their visit if you are home. They feel they are intruding and the whole idea is to make them feel comfortable while they are in your home so they will want it to be THEIR home. If you want to make sure they show up before you leave, be ready to leave immediately upon their arrival. If it passes the first test, there will be time to communicate details later.

Showing your home is a very important step in getting it sold. Potential buyers should be treated with utmost care and respect. You only have a short time to gain their trust and interest in your home. Every showing is important. It is said that you only need one buyer, but you don't know which one!

If you have any questions about this or any other aspect of the home selling process or would like an update on the current Greenwich real estate marekt, please call Kaye directly at 203-618-3119.

The Perfect Country Retreat

Wed, 03 Sep 2008 10:45:00 GMT

Located only 90 minutes from NYC in Ridgefield’s classic estate area. This vintage Greek Revival style colonial (circa 1790) and carriage house offers an expansive pool and flagstone terraces, 3 stall horse barn and paddocks. The 3+ acre compound, surrounded by original stonewalls, provides the ultimate in privacy, yet is only 1 mile from scenic Ridgefield town center. Architectural elements include hand hewn beams, 3 working fireplaces (including original beehive oven), new gourmet kitchen, butler’s pantry, imported antique European tile flooring, hand painted murals and much more.

Relax and enjoy the allure of poolside sunset vistas over the grazing paddocks or from the glass enclosed sunroom with herringbone brick floors. Views from nearly every window overlook the land of this estate with hardly another home in sight. The carriage house, with its private driveway, is perfect for guests or resident staff with a great room, fireplace, 2 full baths and bedroom with murals and beamed ceiling.

Paradise Found

Wed, 13 Aug 2008 10:08:56 GMT

Surrounded by new construction and immediately adjacent to conservation land, this 4.5 acre parcel awaits a discriminating buyer. Wetlands approvals received!! Specimen plantings and stone walls create a unique paradise in estate area. Two existing cottages useful to create your own compound. If you build, you may retain these cottages (perfect for guest house and pool house) or demolition is possible. Greenwich FAR zoning allows for 12,000 +/- Square Feet on a lot this size in the RA-4 acre zone.