Archive for the 'Buying Your House' Category
Ridgefield, CT Real Estate: 3 Reasons Why the Luxury Segment Remains Strong
April 14th, 2008 categories: Buying Your House, Market Data & Statistics, Recent Transactions, Ridgefield, Selling Your House, Talking Real Estate
When you look at the numbers it’s clear that the high end of the Ridgefield, CT real estate market remains strong. Over the last several years, housing stock priced in the over $1.5M bracket has grown due to new construction as well as price appreciation.
Taking a look at all Ridgefield homes that sold for over $1.5M transaction volume has remained stable for the past 3 years (see table). So far in 2008, we are tracking 2007 exactly. Demand remains high in the luxury segment of the market for several reasons including:
- Ridgefield continues to offer an extremely desirable mix of small town, country, great schools, culture, entertainment, proximity to NYC, value and more
- virtually all new construction is at the high end
- interest rates remain at historic lows
Click here to view all luxury Ridgefield CT homes currently for sale
| 2005 | 2006 | 2007 | Q1-07 | Q1-08 | |
|---|---|---|---|---|---|
| Ridgefield Real Estate: # Homes Sold Over $1.5M | 42 | 43 | 42 | 4 | 4 |
Ridgefield Transactions >$1.5M Since 1/1/07
| Street Number | Street Name | Bedrooms | List Price | Sale Price |
|---|---|---|---|---|
| 162 | OLD WEST MOUNTAIN RD | 7 | $7,200,000 | $5,500,000 |
| 110 | SOUTH SALEM RD | 5 | $4,595,000 | $4,200,000 |
| 599 | BRANCHVILLE RD | 3 | $5,000,000 | $4,100,000 |
| 8 | HAWTHORNE HILL RD | 5 | $4,200,000 | $3,843,500 |
| 154 | RIPPOWAM RD | 7 | $4,100,000 | $3,500,000 |
| 396 | SILVER SPRING RD | 5 | $3,250,000 | $3,150,000 |
| 41 | PEACEABLE ST | 5 | $3,100,000 | $3,050,000 |
| 282 | BRANCHVILLE RD | 5 | $2,600,000 | $2,400,000 |
| 105 | NOD HILL RD | 6 | $2,495,000 | $2,300,000 |
| 10 | SAW MILL HILL RD | 5 | $2,179,000 | $2,200,000 |
| 122 | NOD HILL RD | 5 | $2,250,000 | $2,200,000 |
| 4 | SPECTACLE LN | 6 | $2,275,000 | $2,200,000 |
| 24 | MARKET ST | 5 | $2,195,000 | $2,175,000 |
| 91 | GOLF LN | 5 | $2,195,000 | $2,150,000 |
| 10 | LEE RD | 5 | $1,950,000 | $2,125,000 |
| 8 | SAW MILL HILL RD | 5 | $2,179,000 | $2,100,000 |
| 216 | FLORIDA HILL RD | 5 | $2,250,000 | $2,062,500 |
| 44 | KING LN | 5 | $2,150,000 | $2,060,000 |
| 225 | SOUTH SALEM RD | 4 | $2,250,000 | $2,050,000 |
| 3 | GOLF CT | 5 | $2,195,000 | $2,025,000 |
| 77 | GOLF LN | 5 | $2,134,750 | $1,985,000 |
| 2 | MAIN ST | 5 | $2,199,000 | $1,975,000 |
| 8 | GOLF CT | 6 | $2,199,000 | $1,962,500 |
| 178 | OLD BRANCHVILLE RD | 5 | $1,969,000 | $1,900,000 |
| 23 | FLAT ROCK DR | 5 | $1,790,000 | $1,840,000 |
| 36 | SAW MILL HILL RD | 3 | $1,950,000 | $1,825,000 |
| 20 | SILVER SPRING LN | 5 | $1,799,000 | $1,799,000 |
| 27 | NOD WEST DR | 4 | $1,875,000 | $1,787,500 |
| 26 | OVERLOOK DR | 5 | $1,895,000 | $1,765,000 |
| 110 | NURSERY RD | 5 | $1,839,000 | $1,728,750 |
| 119 | BRANCHVILLE RD | 4 | $1,775,500 | $1,725,000 |
| 106 | GREAT HILL RD | 0 | $1,950,000 | $1,725,000 |
| 70 | NORRANS RIDGE DR | 5 | $1,799,000 | $1,720,000 |
| 16 | GREAT ROCKS PL | 5 | $1,699,900 | $1,680,000 |
| 20 | BELVEDERE CT | 5 | $1,575,000 | $1,600,000 |
| 7 | ELEVEN LEVELS RD | 4 | $1,690,000 | $1,600,000 |
| 76 | GOVERNOR ST | 4 | $1,599,000 | $1,599,000 |
| 78 | CANTERBURY LN | 4 | $1,685,000 | $1,599,000 |
| 89 | SILVER SPRING LN | 4 | $1,620,000 | $1,585,000 |
| 596 | BARRACK HILL RD | 4 | $1,639,000 | $1,575,000 |
| 214 | WILTON WEST RD | 4 | $1,699,000 | $1,562,500 |
| 97 | OLD WASHINGTON RD | 4 | $1,579,000 | $1,555,000 |
| 38 | SILVER SPRING RD | 5 | $1,599,000 | $1,530,000 |
| 53 | SAW MILL HILL RD | 5 | $1,525,000 | $1,525,000 |
| 16 | KIMBERLY CT | 4 | $1,615,000 | $1,525,000 |
| 61 | BARRY AVE | 5 | $1,545,000 | $1,517,500 |
| 279 | NORTH ST | 5 | $1,579,000 | $1,510,000 |
Related Posts:
- Ridgefield, CT Real Estate Market Report: Home Sales April 2008
- Home Sales Roundup - Ridgefield, Redding and Wilton CT Real Estate - March 2008
- All Luxury Ridgefield, CT Homes Currently for Sale
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Ridgefield, CT Real Estate Market Report: Home Sales April 2008
April 7th, 2008 categories: Buying Your House, For Agents, Market Data & Statistics, Ridgefield, Selling Your House, Talking Real Estate
Ridgefield Real Estate Market Commentary
March is always a transitional month in Ridgefield. As the spring weather arrives in Connecticut, so do the home buyers. Contrary to the doom and gloom news reports, Brad and I have been working with buyers that are actually making reasonable offers and buying homes. In the past few weeks, several Ridgefield homes went under agreement within days of listing. No doubt that it’s a challenging market but this tells us that the good houses listed at realistic prices have no problems getting sold… quickly. Although buyers maintain a power position in the market, they are making buying decisions and will continue to do so.
Even with the current lull in transaction volume, the Ridgefield real estate market is certainly not on life support. Demand will always remain relatively strong here for several reasons: great schools, affordable homes, proximity to lower Fairfield County, Westchester County and NYC and an overall quality of life that people really, really enjoy. If you already live her, you know what I’m talking about.
Market Stats for Ridgefield CT Real Estate
The numbers say that Ridgefield real estate is still tracking behind last year. Inventories are a little higher (6%) and the number of single family home closings are down by 27% compared to March 2007. Over the next 8 weeks, we’ll see inventory climb (normal for this time of year). We never sell through all of these homes. This spring it will be the owners with realistic expectations that are going to be the most successful. For buyers, this market brings together three major factors in their favor: historically low interest rates, a great selection of homes to choose from and prices that are the most reasonable in recent memory.
We are always available to help you understand what’s going on in today’s real estate market and what it means to you. We know the market numbers better than anyone and always make certain that our clients are armed with the most important market data and the best real estate advice to get the best deal possible. Contact us anytime to talk about your situation.
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Getting Connected: Ridgefield, Wilton & Redding CT Utility Companies.
April 3rd, 2008 categories: Buying Your House, Redding, Ridgefield, Talking Real Estate, Wilton
When you move to Ridgefield, Redding or Wilton, CT you’ll need to “plug-in” to the local utility companies that serve your town. Here are the main contacts to call to “turn you on” when you move -in!
Ridgefield Utility Companies:
Electric Service:
Connecticut Light and Power: Click Here For CL&P Website - Tel: 1-800-286-2000
Digital Television:
Comcast: Click Here For Comcast Website - Tel: 1-800-COMCAST (1-800-266-2278)
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
Telephone Service:
Comcast: Click Here For Comcast Website - Tel: 1-800-COMCAST (1-800-266-2278)
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
High Speed Internet Access
Comcast: Click Here For Comcast Website - Tel: 1-800-COMCAST (1-800-266-2278)
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
Fuel Oil Supply
Casey Fuel: www.caseyfuel.com - Tel: (203) 438-6500
Branchville Oil: Tel: (203) 544-8460
Servco Oil: www.servcooil.com - Tel: (203) 762-7994
Montanari Fuel Co. : Tel:(203) 438-2688
Petro: www.Petro.com
Community Well Water
Rural Water Company - Tel: (203) 744-5459
Trash Collection:
Country Disposal Co.: Tel: (203) 438-9500
Trojan Horse Sanitation: Tel: (203) 792-2525
Lostocco: www.lostocco.com - Tel: (203) 743-9940
Wilton Utility Companies:
Electric Service:
Connecticut Light and Power: Click Here For CL&P Website - Tel: 1-800-286-2000
Digital Television:
Optimum Cable: Click Here For Optimum Website - Tel: (203) 847-6666
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
Telephone Service:
Optimum Cable: Click Here For Optimum Website - Tel: (203) 847-6666
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
High Speed Internet Access
Optimum Cable: Click Here For Optimum Website - Tel: (203) 847-6666
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
Fuel Oil Supply
Casey Fuel: www.caseyfuel.com - Tel: (203) 438-6500
Branchville Oil: Tel: (203) 544-8460
Servco Oil: www.servcooil.com - Tel: (203) 762-7994
Montanari Fuel Co. : Tel:(203) 438-2688
Petro: www.Petro.com
Trash Collection:
Country Disposal Co.: Tel: (203) 438-9500
Trojan Horse Sanitation: Tel: (203) 792-2525
Lostocco: www.lostocco.com - Tel: (203) 743-9940
Ferris Refuse Co.: (Wilton) - Tel: (203) 762-2746
Redding Utility Companies:
Electric Service:
Connecticut Light and Power: Click Here For CL&P Website - Tel: 1-800-286-2000
Digital Television:
Optimum Cable: Click Here For Optimum Website - Tel: (203) 438-7783
AT&T: Click Here For AT&T Website - Tel: 1-800-288-202
Telephone Service:
Optimum Cable: Click Here For Optimum Website - Tel: (203) 438-7783
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
High Speed Internet Access
Optimum Cable: Click Here For Optimum Website - Tel: (203) 438-7783
AT&T: Click Here For AT&T Website - Tel: 1-800-288-2020
Fuel Oil Supply
Casey Fuel: www.caseyfuel.com - Tel: (203) 438-6500
Branchville Oil: Tel: (203) 544-8460
Servco Oil: www.servcooil.com - Tel: (203) 762-7994
Montanari Fuel Co. : Tel:(203) 438-2688
Petro: www.Petro.com
Trash Collection:
Country Disposal Co.: Tel: (203) 438-9500
Trojan Horse Sanitation: Tel: (203) 792-2525
Lostocco: www.lostocco.com - Tel: (203) 743-9940
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How Some Officially Reported Data is Misleading and Why You Need to Know the Truth
March 24th, 2008 categories: Buying Your House, For Agents, Market Data & Statistics, Ridgefield, Selling Your House, Talking Real Estate
I am about to share with you one of most important, yet most elusive, real estate market statistic: Days-On-Market (DOM).
No one can miss the media hype about crashing real estate markets, the sub-prime lending mess, and foreclosures. What we’ve seen here in the current Ridgefield, CT real estate market, however, doesn’t really match any one of these headlines.
The Ridgefield real estate market has not crashed, in fact we conducted 3.7% more sales in 2007 than in 2006 with just a minor softening of prices. The sub-prime mortgage situation has only indirectly effected our business in that lenders now require more documentation from borrowers. And we’ve only seen a handful of foreclosure sales, nothing extraordinary.
So what has changed? It can’t be business as usual, can it?
The biggest change I’ve seen in the current Ridgefield real estate market is that it’s taking longer for homes to sell. How much longer? Well most agents can’t really tell you.
Anyone can share with you what’s reported in the MLS. On this measure, though, the MLS-reported DOM is misleading, absolutely useless. Let me explain.
- The MLS calculates DOM based on each particular listing.
- The MLS “resets the DOMO meter” when the seller change agents.
- Many Agents game the system by re-listing the same property multiple times thereby constantly resetting the DOM meter.
As far as I know, we are the only real estate office in Ridgefield that calculates the True DOM. It takes a lot of effort and skill but we do it because it is such an important market indicator. We want to be certain that you (buyers and sellers) have the most important, most up-to-date and most accurate market data available on which to base your real estate decisions.
True Days-On-Market
| Year | Average ACTUAL # Days on Market TRUE DOM | Average DOM per MLS |
|---|---|---|
| 2007 | 211 | 99 |
| 2006 | 157 | 84 |
| 2005 | 116 | 66 |
The real story shows a market time much longer than “officially reported”. Sellers need to use the real numbers to set expectations and adjust listing prices. Buyers must be aware of a property’s entire listing history not just the current listing and what is reported on the MLS listing sheet.
The Kimmelman-Gutman Group believes that we must be real estate market masters for our clients. Dig deep into the data, understand it, be the local real estate economist. Only then can we provide you the best service and value. Contact us if you’d like to learn more.
Related Posts:
- Grab your Pick Ax Now! Why You Need to Mine Nuggets From Ridgefield’s Mountain of MLS Data
- How Is The Ridgefield, CT Real Estate Market?
- Why 2007 Was A Great Year for Ridgefield, CT Real Estate
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8 Steps to Buying the Perfect Connecticut Home - First Time Home Buyers Listen Up!
March 19th, 2008 categories: Buying Your House, Talking Real Estate
Here’s the game plan that guarantees success. Follow these 8-steps to be assured you’ll get the best home at the best price. It’s hard work, but you’ve got a team of professionals to see you through to the goal line.
Find a REALTOR you can trust…
The First Step… There are many Real Estate Buyers Agents out there, but how do you weed through them all to find the right one to work with? Real Estate Chocolate is a good place to start. If you are reading this, you have found a team of Real Estate professionals who are dedicated to helping buyers find just the right home and have the knowledge, experience and skills to get the job done. Whether or not it is the Kimmelman-Gutman Group who assists you, choosing a qualified Buyer’s Agent who you can trust, is the first step in the home-buying process. It is your agent’s job to make sure that all of your needs are met and will represent you through the entire process of buying your new home.
Getting Pre-Approved
This is one of the most important steps in the home buying process. In order to submit an offer, you will need to meet with a lender and get a mortgage pre-approval. In fact, do this now so it’s in your file and ready to go. If you do not already have a lender that you would like to work with, we can introduce you to several mortgage professionals who can give you information about your approval and explain the financing options available to you.
Consulting Session
Before we actually go out looking at homes in your price range, we must gather the important information necessary to help us choose the homes that most closely meet your needs. In our initial consulting session, we discuss the features you most desire in your new home as well as locate the best area that suits your needs.
The Home Search Begins
Once we’ve established the type of home, and the exact features you’re searching for, it’s time to begin looking at houses….the fun part! We can be available anytime, by appointment, to help you find your dream home.
Making and Offer On Your Home
When you find your dream home, you should present a competitive offer immediately. As your Buyers Agent, we have extensive experience in price and contract negotiations; we will ensure that you get the home you want for the best price possible, at terms that work for you.
The Accepted Offer
Once the seller accepts your offer, you want to make sure that every detail is handled quickly and accurately. Time is of the essence. We can ensure that your home closes properly and on time… that’s what we do.
Inspections
The home inspection is an important part of the final negotiation process. The inspector will go over your new home paying attention to the details, looking for issues with systems, the environment, and the structure of the home. The report will include all of his findings, both positive and negative, so any item can be negotiated and agreed on BEFORE contract signing.
Signing the Loan Documents
At the closing, you will be required to sign the loan (mortgage) documents finalizing the lender’s commitment. Be prepared to bring your cashier’s check, insurance binder, and driver’s license to the closing. Once this is done…
The Home Is YOURS!
After the closing, the deed is recorded on the town land records and you’re ready to move into your new home!
Related Posts:
- 16 Home Buying Secrets You Need to Know Before You Purchase
- Why Buying a House in Today’s Real Estate Market is Like Shopping at SYMS
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