Karen Brewer

Buyers Category

It’s The Most Wonderful Time of the Year…Just Not For Darien Real Estate

I regularly post both weekly and monthly reports regarding volume, average price,closing etc. But at this time of the year, I feel it is prudent to take a break both from what is boring and irrelevant. Real estate is a seasonal business and there is little of significance that I expect to occur between now and the beginning of 2012.Listings will dribble onto the market and homes will sell at a sluggish pace. Nothing big will occur as concerns pricing either.

That said there are a few things to keep an eye on. We here in Darien and Fairfield County are heavily dependent upon the fortunes of Wall Street. If between now and the end of the year, pink slips are handed out and bonuses reduced as predicted, that will surely impact our market. It won’t effect anything between now and January but certainly will set the tone for the upcoming spring market. As always I will keep you apprised. In the meantime Happy Turkey Day!

This Weeks Property Transfers, Darien Homes

Here is the list of this weeks property transfers here in Darien. Don’t you wish you could make the list too? You can, you know. You know who to call.

 

39 Tower Dr.: Jeffrey Scofield sold to Charles E. McCarthy and Deborah E. McCarthy for $2,235,000.

7 Whaling Rd.: Kenneth J. Kutz and Nora M. Kutz sold to Michael P. Kuehler and Karen N. Kuehler for $1,580,000.

5 Red Cedar Dr.: Andrew L. Wright and Melanie A. Wright sold to CL Darien Partners LLC (c/o Clarion Partners) for $1,360,000.

10 Red Rose Cir.: Anthony Princi and Cynthia G. Princi sold to Maura Decarolis and Suzanne Decarolis for $1,235,000.

6 Wakemore St.: Toni Lynn Darinzo sold to CL Darien Partners LLC (c/o Clarion Partners) for $1,225,000.

277 Hoyt St.: LTB Properties LLC sold to CL Darien Partners LLC (c/o Clarion Partners) for $700,000.

19 Devon Rd.: Nancy R. Knowles Est. sold to Number 19 Devon Road LLC for $610,000.

5 Red Cedar Dr.: CL Darien Partners LLC (c/o Clarion Partners) sold to Toni Lynn Darinzo for $575,000.

145 Old Kings Hwy. S: Richard Borrelli, Jr. sold to Antonio Romano and Sondra D. Romano for $500,000.

12 Wakemore St.: Pasquale J. Darinzo, Jr. and Suzanne E. Darinzo sold to CL Darien Partners LLC (c/o Clarion Partners) for $200,000.

Saturday at William Pitt Sotheby’s, Rowayton CT Real Estate

The Rowayton office of William Pitt Sothebys has an ongoing Saturday program that highlights the art and crafts of local  Rowayton artists.Below is the flyer for this weeks event.Stop by,have a doughnut (unless I’ve gotten there first) and check out the art work.It’s also right next to the Rowayton Arts Center which always has stuff going on too. If you’re thinking of buying a home in Rowayton or Darien its a nice way to get familiar with the vibe of the town on a crisp autumn morning. If you’ve never been to Rowayton, check out the town video from the categories menu right here on The Gold Coast Standard.

 

 

 

 

 

 

Darien Real Estate Third Quarter Market Report

Every quarter William Pitt Sotheby’s International Realty puts out a comprehensive report on the state of real estate in Connecticut.They do a much more comprehensive job than I can in this space. So if you are thinking of buying or selling a home in Darien or elsewhere in the area,do not pass GO. It’s a must read.

http://viewer.zmags.com/publication/ddb5fafd#/ddb5fafd/1

How Far Down Will Darien,CT Real Estate Dip?

I’ve just returned from visiting friends in Las Vegas where it seems that the local real estate market is down on its heels. There is some new construction in the area but lots of land that was originally cleared for building seems to be laying fallow. It got me thinking about various markets and why some seem to have the bottom drop out and others remain viable.

The answer for me is what I call, “intrinsic value”. Now we all know that real estate is a highly localized marketplace, so this post contains no earth shattering news.Nevertheless, a place like Vegas with its  high economic variability and desert locale simply won’t hold up like a suburb of New York. Darien particularly has what I relentlessly call the trifecta of real estate…..proximity to NYC (one hour), great schools and waterfront. No market can change those things and that’s where my “intrinsic value” proposition comes in. The market here has and will bend with the national trends but the bottom will never fall out.

Foreclosures in Darien,CT…Not So Much

I was speaking with a client yesterday about the stste of the market and whether there are any signigificant foreclosure properties. The short answer is a curt ,”No.”

Oh sure you may say,of course DARIEN cant have a foreclosure issue but even a cursory web search on www. foreclosures.com shows that this town as well as a couple of surrounding communities have eluded the foreclosure crisis.

When you think about it, it makes sense.  Many people here in town bought at the top of the market and may indeed be “under water” as far as their mortgages are concerned. That is to say, the current market value of the home is less less than their mortgage amount. Foreclosures  occur only  if a homeowner cannot make their monthly mortgage payments and the bank then steps in. It appears that homeowners in Darien either were not convinced to take on risky variable mortgages or their incomes are sufficient to cover the variation in payment.Not surprising for a town that itself depends upon Wall Street employees for much of its home sales.

However,if there are layoffs on Wall Street as predicted and homeowners here find themselves out of work for prolonged periods where they run through savings, the situation could change.Frankly, I would’nt hold my breath. A scenario like that would take a couple of years to play out and hopefully be then,any crisis will have passed.

I Know Some Things You Don’t Know, Buying a Home in Darien

I was chatting with a colleague last night and we were discussing the current state of the real estate market in Darien and how it has been transformed by the Internet.It has, by and large, been a great thing for buyers and sellers alike and offers information in ways no one dreamed of just a few years ago. Pictures,videos,town statistics- all at the click of a button.

But there are some things the Internet can’t supply.At the end of the day, there is no photograph or chart that can offer you the information and insight of a “boots on the ground” Realtor. For example,

1.Is that adorable house on the Internet located mere steps from the interstate? Will your windows rattle in the night because it’s in the flight path of almost every plane leaving LaGaurdia.

2.Is the home located on a  preferred street for resale?

3. How close is the house to the street or will you need a electrified fence to protect your kids from traffic.

4. How do the schools differ? Really.

5. How’s the commute? Really.

6. Are taxes going up? When?

7.How long is the wait for a Metro North parking pass? Really.

8 .How crowded are the beaches?

9. Why do so many homes have sump pumps?

10. How do you get your kid into nursery school? Really.

11.How many people send their children to private school? Why?

12. Are there entire neighborhoods that flood? Really.

13 .What ARE wetlands anyway?

14. What is the crime rate? Really.

The Internet, for all its advantages cant offer CONTEXT. It won’t show you whether the railroad tracks run through your yard or tell you who your neighbors are.It can’t take you under its wing and make sure you don’t make a mistake,overpay for a house, or reveal insights into the history of a home. It can’t reliably refer you to mortgage professionals, help you get your lawn mowed or answer questions when you run into it in the supermarket.  And that’s what Realtors are for.  Really.

 

Rowayton Ct, Sister Town to Darien….

I’m always writing about real estate in Darien,CT but thought I’d offer up an amazing alternative to our great little town,namely Rowayton,CT. Long considered a sister town to Darien,Rowayton is actually part of the town of Norwalk. Located on Long Island Sound,Rowayton has traditionally been a real estate choice among young and old alike who may be moving to or from Darien. Less than two miles from the center of Darien, it feels more like Cape Cod, or Cape May,New Jersey.You can commute to NYC from the Rowayton Metro North station or drive a couple of miles to downtown Darien and grab the train there.

Rowayton is a shore town,and homes are located close together in a charming mix of old, seaside houses and grander, waterfront manses. Pricing is similar to that of Darien and of course, water views carry a premium. Also in the spirit of full disclosure, taxes in Norwalk are higher than here in Darien but for many the feel of the place more than offsets the cost. William Pitt Sotheby’s International Realty has produced a nice video on Rowayton real estate and I offer it here for you to consider.As always to see what’s on the market in Rowayton contact me here via the blog or at my email , kmbrewer2@aol.com.

http://media.onlinewalkthru.com/index.php?pid=135&cid=24&eid=366&mid=410&username=wpittsir&password=wpittsir

The Darien,CT Blog Post I Never Wanted to Write….

I cannot tell a lie.We have a problem in Darien,CT.As my readers know,I’ve lived here in Darien for over 25 years and it is one of the safest communities I know of. You can send your children to sleepovers without worrying for them,walk the streets at all hours and until recently leave your home for a few minutes or go on a vacation without worrying.

However,recently there has been a rash of burglaries that have left residents unnerved. Now,in the spirit of full disclosure there has always been the odd burglary but mostly crimes of opportunity, i.e unlocked cars and homes. Now though, there have been four or five” break ins” that seem to have been committed by professionals.

Of all things, these people enter  homes by breaking through a wall or even removing parts of a roof and “dropping in”, as it were. Presumably this is to circumvent alarm systems and break directly into master bedrooms or areas that don’t contain motion sensors. Pretty slick. No one has been harmed or to my knowledge even at home when these crimes occur which leads one to believe these are experienced criminals who “case the joint”. (too much Law and Order,sorry)

That said, this is among the worst things that has happened here in recent memory and I suppose we should consider ourselves lucky.After all,it’s just stuff.

 

Pre-Sale Inspections A Smart Move for Sellers….Darien Real Estate

In the State of Connecticut,homes sales follow a specific procedure.First a bid is made and hopefully accepted. Then, quick as a bunny, the Realtor assists the buyer in scheduling a home inspection. Then, WE PRAY.

The results of home inspections here in Darien and elsewhere are responsible for many of the glitches in a home sale. Invariably,inspections will turn up a myriad of problems with dated wiring, furnaces,roofs,plumbing etc. Mostly the problems are minor but they can throw the transaction into slow motion as the homeowner either gets chewed down in price or remediates the problems.

Just as you would spruce up the interior of your home before listing it,I highly recommend spending $500 or so on a pre sale inspection.You will learn if your roof is at the end of its life,if there is evidence of pests or termites among  other things.THEN you can decide to fix the problems or build them into your pricing without being under the gun to get to the contract stage of things.

There is nothing worse than pricing a home for the current market and then being ”nickled and dimed ” after a less than stellar inspection.

One caveat here is that prospective buyers will probably want to do their own inspection anyway to insure reliability but its a great selling point to have a documented inspection while marketing and may save you, the seller big bucks down the road.