New Construction with With Great Water Views

Exceptional opportunity awaits the discerning buyer seeking an ultimate luxury home in a coveted Saugatuck Shores w/views of the shimmering Long Island Sound. Custom builder Garrett Wilson, known for incredible quality in both design details and construction & this distinguished new home take the master builder's work to a new level. The architect-designed 4 BR, 3.5 bath home is finished on 3 levels with captivating views from the top floor. Wood roof and two fireplaces. (including one outside) Interior features incl:modern grooveboard, Wolf and Bosch appliances,artisan millwork & abundance of windows. Enjoy a vacation lifestyle with private beach/beach assoc. & easy access to yacht clubs, & close to the Metro North station and I-95.

New To the Market: 7 Birch Hill Road, Weston

Offered at  $949,000

Tastefully updated & carefully maintained 5 BR Colonial set on 2 serene acres of level land in one of the most convenient locations, surrounded by multi-million dollar homes. You will feel welcome from the moment you enter through the covered portico into the inviting two-story foyer. Beautiful front-to-back LR, elegant DR. Newer kitchen w/ custom cabinetry, stainless steel appliances& honed granite counters opens to the generously-sized breakfast room & stunning family rm. Luxurious main level master suite w/ lrg bath and spacious closets. 4 additional charming BRs on 2nd floor.. Finished LL playroom. Deck spans rear of home, overlooking usable lawns & mature gardens. New central air, heating, hot water htr,200 amp electrical. Wired for generator.  Natural gas in street. Close to schools.

7 Riverfield Drive, Westport

Classic Center hall colonial located in a quiet Coleytown neighborhood.  Its four bedrooms and three and a half baths and finished lower level lend itself to a family on the go. Master bedroom with updated bathroom. Cook’s kitchen with center island opens to large family room with masonry fireplace. French doors beckon to an expansive  wooden deck overlooking magnificent flat  two acre property with stone walls, perennial gardens and storage shed/playhouse. Ample living room adds an additional masonry fireplace, and another point of access to the deck.  

Offered at $1,299,000

Call 203-952-6117 for Showings

 

Signs of an Early Spring Market

Activity in the first month of 2015 may be a precursor to a busy spring market.  The pattern that seems to be emerging in all Mid-Fairfield towns is one of increased activity.  All four towns that we cover saw a significant increase in the number of homes accepting offers. 

In Westport 31 homes accepted offers compared to 16 in January 2014, representing a 93.8 % increase.  At the same time the number of new properties was 17.8% lower as compared to January
2014.  The median price decreased slightly to $1,300,000 a reflection of activity in the lower end of the market towards the end of 2014.  Early activity also seems to indicate a strengthening of the market below $1,100,000, though new inventory at these levels has been relatively low.  Homes that have come on in good condition have accepted offers in less than two weeks, and in a few cases with
multiple offers.  The number of closed sales (activity from the 4th quarter of 2014) was exactly the
same as 2014 levels. 

In Weston, the median price for January was $900,000, higher than overall 2014 figures by almost 10%, though below January 2014 levels.  Though the median price is an important figure to follow,
the year end figures are what we focus on.  More important in the short run is the activity comparison year over year.  In this case the same jump in activity seen in Westport occurred at even a greater rate, with a jump of more than double the number of properties accepting offers compared to January
of 2014.  Closed sales were unchanged.

Wilton, which has seen a slight fall off in activity in the final months of the year also saw a nice upswing of 46+% of homes accepting offers, with 19 versus 13 in January of 2014.  The median sales price of $905,000 was above 2014 yearly levels.

Fairfield completed the pattern of increased accepted offers, with 66 homes accepting offers compared to 32 in January of 2014, a 106% increase!  New properties coming to the market decreased slightly to 103 compared to 114 in January 2014.  Closed sales were also up 62%, and the median price increased slightly to $569,000.  It will be interesting to see if the median price increases in Fairfield.  The more affordable end of the market has kept volumes higher in Fairfield, while higher end listings have languished. 

Buyers should Pay attention to the New drop in Mortgage rates

I have an admission to make.  I just refinanced my house in December at 4.125%.  I thought
that I was getting a very good rate, especially since many economists were predicting that the Fed
would raise rates at some point this year. 

Then OIL rates dropped!  That has now been followed by interest rates for 30 year mortgages
going down to 3.5%.  This is over a 10% decrease!  I'm not a mortgage broker, but it seems logical to think that if the rates go down 10%, a buyer should be able to afford homes that are 10% more expensive. 

The signs seem to be trending in that direction.  Despite the cold and the snow homes in the lower price ranges are being shown at a healthy rate, and homes in the $million range are getting offers
within a week if they are in excellent locations or in excellent condition. 

The Superbowl is often the start of our spring season when the weather cooperates.  This year,
we seem to be going in that direction despite the snow.

I don't think that I'll be refinancing, but tell your friends who are looking for a home that they should take advantage of these rates before we start seeing price increases-a likely result if these rates stay
so low.