Karen Brewer

Market Trends Category

Darien, Ct Real Estate Market Report ,Feb1,New Listings and Sales..

New Feature,Darien Real Estate Market Tracker

Starting in 2012,Ill be publishing at least monthly, the Darien,Ct Market Tracker which will allow readers to keep on top of the broader trends affecting Darien, Ct real estate. This is in addition to articles about local flavor, individual properties and general real estate stories and information. Hope its helpful.

 

Darien Real Estate Market Report, January 2012

Happy New Year everyone. Below is the first  Darien home market report for the new year of 2012.As always the report shows,new listings (appearing very slowly),deposits and closings. There have been no accepted offers that I know of in the past couple of weeks. We are off to a slow start but in real estate we see more listings and sales as the weeks go on. If you’re thinking of selling, I really don’t see any reason to wait until spring. There are buyers out there on the sidelines and there is nothing to lose except having people compare your house to a larger inventory that waited ’til the crocus bloomed. Just sayin…..

 

Darien Homes Market Outlook for 2012

Year end numbers have not been released for Darien, Ct and environs, but that won’t stop me from making some general predictions about the real estate market in 2012. None of this is earth shattering but Fairfield County typically acts as its own market within the state of Connecticut and trends here are worth observing since they diverge somewhat from other areas.

Everyone constantly asks, “How’s the market?” There is no one answer.

Homes are selling, although not at previous levels,and will come out below 2010. We do not have a foreclosure problem. I believe we have hit the bottom. So what’s next? I characterize the Darien real estate market as being in a ”suspended state” with positive and negative factors offsetting each other. For example, prices are at an all time low as are interest rates. However, we have not seen a significant loosening of defensive lending procedures from the banks making it difficult for all but the “creme de la creme” of applicants.

I don’t expect any further  free fall of pricing here in Darien or other Gold Coast towns and Ido believe the prices have stabilized . Again,our “suspended state” encountered multiple bid situations in 2011 when the market perceived unusual value. It doesn’t mean prices are rising. These are just one off situations and lend credence to the notion, that “If you price it right, they will come”.

If upward trends reveal themselves across the country,  I believe Darien and Fairfield County towns like it, will be among the first to recover fully. The “bubble” here existed as in other parts of the country, but underlying that bubble was intrinsic value, namely, proximity to New York City, waterfront and excellent municipal services. Darien,Greenwich, Westport homes  were never built on a house of cards.

One of the key determinants for 2012 will be buyer confidence and the psychological factors governing real estate. Sure those people who can afford higher priced home say $2million and up are fairly impervious but uncertainty has an unusua land sometime overblown  effect on people. If buyers or seller perceive bad news is coming or remain uncertain about their prospects, they tend to hunker down. This is reflected in the real estate market,stock market etc. That said, barring any further shocks to the economy people should begin to feel more optimistic about the future. Retail Christmas sales this year might portend good news for the way people are generally feeling.

So to all of you who claimed to be waiting for the bottom of the market,—its here.Interest rates are low,sellers have become more realistic and Darien, Ct remains an excellent investment for those planning on staying here five to ten years. I can be contacted at kmbrewer2@aol.com or 203-554-0951 for consultation.

Rentals in Darien Ct, A Mixed Bag

There are lots of reasons people choose to rent in Darien. They can be renovating a home elsewhere,  haven’t found the home of their dreams in town or are test driving the area, so to speak. Then there are those that have bought a new home and found they were unable to sell their previous home and so list it for rent.

Whatever the reason, there are currently around 30 properties for rent in Darien Ct in the price range of around $3000 all the way up sometimes to as much as $25,000/month.for waterfront manses. The sweet spot at the moment, as I see it, is the $5000-$6000/mo range. That is where I believe you can get the most bang for your buck. Typically, the home will be in a nice location,not on a busy road, with around 3000 sq ft and be in good to very good condition. I’ve attached one of my favorites in this price category.It’s located on Lake Drive in a sought after neighborhood, minutes to the Noroton Height train station.Rentals can be a mixed bag;some are in poor condition and just turn over every year.This home is a showplace with new kitchen and baths,beautiful yard and great space. Completely renovated, the picture of this home speak for itself. Price is $5500/month.. For more information on this and other homes to buy or rent in Darien,please contact me at kmbrewer2@aol.com or 203-554-0951.

 

 

 

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.

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

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.

Darien Real Estate, September 2011 Monthly Report

The fall is off to a slow start. Very few listings of value have come onto the market and the sales are precious few. We’re holding our own versus last year but thats the best you can say,Im afriad. Sellers should begin to lower asking prices as the days grow shorter and the holiday seasons approach. For any questions on a specific property call me on 203-554-0951.