Fairfield, CT Real Estate News

By Eddie & Basilio Gutierrez
(Century 21 Greengarden Realty)
  MARKET STATS FOR FAIRFIELD         Town of Fairfield for 3/31/08 Fairfield   Total  Listings  Avg Days on Market  Median     PriceAverage   PriceHighest PriceLowest PriceTotal Dollar  Volume Active 887 84 $575,900 $841,456 $17,500,000 $15 $746,371,533 Pending 22 99 $594,000 $778,790 $2,295,000 $4,000 $17,133,400 Sold 37 76 $540,000 $612,008 $1,444,000 $276,000 $22,644,300 Expired 61 142 $370,000 $520,881 $3,099,000 $10 $31,773,788      Complied from CMLS  
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Rental Market UpdateMarch 2008With all the turbulence in the Sales sector, we have been getting asked what is happening with Rentals - so here is a quick update from the first three months of the year.  This market data is for yearly rentals that are unfurnished.  This is the largest segment of the market and should provide the best information on trends.  We included rentals of all types and all numbers of Bedrooms.Overall, the Rental segment is surprisingly stable.  The units rented for the past three years are relatively consistent.  The Median Rental Price and the Average Rental price seem pretty stable.  The Average Rental price is trending up but that may be due to some homes that should have sold are being rented instead and these would typically be larger homes.Fairfie...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Greenfield Hill UpdateMarch 2008Greenfield Hill is off to a slow start to 2008 just like the rest of Fairfield and the surrounding region.  Unit Sales are off 32%.  The Median Price came in higher than the Average Selling Price demonstrating the slow demand in the highend property segment.  In fact, the highest sale in Fairfield's Estate neighborhood came in at just over $1.8 million.  You would think that Greenfield Hill buyers are somewhat insulated from the short term ups and downs of our economy.  However, this year it looks like everyone is taking a wait and see approach to buying. Greenfield Hill UpdateYear to Date Sales of Single Family HomesAs of March 31              2008200708 vs 07200608 vs 06Closes1522-32%17-12%Median Price$1,237,500$1,019,50021%$1,170,0006%Avg Selling Price...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Condo UpdateMarch 31, 2008The Condominium market is not faring any better than Single Family homes.  Unit sales are off 39% from last year.  This is a big decline over the first three months of the year.  Prices are down too.  This is showing that the trend to build Luxury Duplexes may be over - at least as far as consumers are concerned.  The Median Price is down 19% from 2007.  This would seem to be telling us that the slow down in the market is impacting all price ranges from Single Family Homes to lower priced Condos. Fairfield UpdateYear to Date Sales of CONDOSAs of March 31              2008200708 vs 07200608 vs 06Closes1728-39%20-15%Median Price$360,000$447,000-19%$365,000-1%Avg Selling Price$433,912$471,196-8%$452,140-4%                         Prepared by the TETREAU ...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
The Five Levels of LocationLocation is the most important criteria in valuing Real Estate.  However, there is a priority and weighting to each level.  Each level should be considered in valuing a property. •1.     The Town •2.     The Neighborhood •3.     The Street •4.     The location of the Lot on the Street •5.     The location of the House on the Lot  This explanation was developed by the TETREAU Real Estate Group to assist our clients.
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
CMA Preparation GuidelinesThese guidelines were prepared by the Tetreau Real Estate Group to assist our clients in understanding the steps we go through to develop an accurate market value for their property.Supporting Documents•·         CMA Checklist•·         Five Levels of Location•·         Salability Checklist•1.      Review all sales on the street for the past 24 months.•2.      Review all sales of similar style homes in Neighborhood for past 12-24 months.•3.      Review all homes for sale, bindered or pending in the Neighborhood.•4.      For Fairfield, the neighborhood is the surrounding 10-12 streets unless otherwise better defined.•5.      After location, the next most important feature of a home is the floorplan so only compare to similar style homes. •6.      Try to pick hom...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Homes for Sale in FairfieldWe can see for the first four months of the year, the inventory of homes for sale is starting to climb.  We saw these numbers drop last year as we sold off the homes that accumulated during 2006.  After a brief drop, we are seeing the number of homes for sale climb again.  The primary cause is the same - lower sales.  The silver lining - this is a great time to buy with some of the lowest interest rates and best variety of homes on the market.  We will keep tracking these numbers over the next months to see if the trends continue....  20072008 Jan355316-11%Feb409340-17%Mar417372-11%Apr4494470%May492  Jun507  Jul474  Aug445  Sep420  Oct441  Nov416  Dec378   
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Real Estate and Home Sales UpdateMarch 30, 2008Well the first quarter results are in and it is a very slow start to the year.  Unit sales are off 34%.  This is similar to most surrounding towns.  The buyers are sitting on the sidelines waiting for....lower rates, lower prices and some stability.  The NY Region is now being hit with news of large layoffs coming from the financial sector in New York City.   The Fed is expected to lower rates again at their next session.  All in all, it looks like it is going to take a little longer for the market to turn around..... Fairfield UpdateYear to Date Sales of Single Family HomesAs of March 30              2008200708 vs 07200608 vs 06Closes102154-34%126-19%Median Price$570,000$556,0003%$620,000-8%Avg Selling Price$719,445$864,218-17%$7...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield has a little something for everyone.  Here is a look at the types of homes sold during 2007 along with their percentages.  As a community, Fairfield has evolved over the past 350 years or so.....and so have the housing options.  Colonials are the most popular style by far today.   Builders favor it almost exclusively because it maximizes the living space for a given lot size. It also allows for integrating all the features and ameneties that today's consumers value from large gourment Kitchens to adjoining Family Rooms to high ceilings to two story foyers and large Master Bedroom suites....All this while maintaining the traditional Living Room and Formal Dining Room.  Cape Cod style homes showed up in quantity in the 1950's and 1960's.  They were the perfect "building block" f...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Home Sales by Price SegmentSingle Family Homes2007Here is a quick update on the homes sold in Fairfield for 2007.  It is easy to see why Fairfield is such an attractive option for so many people.  The town has a great diversity in housing stock and a wide variety of neighborhoods.  There is the Beach Area with all the Activities close at hand, the Historic Districts with Vintage and Antique Homes, Southport Village with our scenic harbor, Greenfield Hill with lots of land and privacy, the University Area with easy commuter access, New Construction and lots more.All this and a wide variety of prices to fit all budgets! With all the talk of expensive homes, who would have guessed that almost 350 homes sold for less than $600,000? Not to mention 65 homes sold for less than $400,0...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Real Estate and Market UpdateFebruary 2008 The first two months of the year have started off slowly.   We are running behind both 2007 and 2006 in Unit Sales.  It appears the buyers are staying on the sidelines waiting for more action for the Federal Reserve in lowering interest rates. Sales prices are running about the same as they did two years ago and that is not a good sign.  While there appears to be lots of buyer activity on Internet Searches, Showings and Open House Attendance, this is not yet translating into Sales.  So sellers need to be patient and keep their fingers crossed..... Some specifics:  The lowest priced home so far was 648 Wilson Street - a 2 BR Cape that sold for $298,000.   The highest priced home sold is 60 Tide Mill - a 5 BR Colonial with 5200 SF on .7...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Beach - Home Sales Update - 2007The Fairfield Beach Area continues to be one of the best performing neighborhoods in town.  While slowing a bit in 2006, the Real Estate Values and demand were back strong in 2007.  Both Unit Sales and Prices were up to historical highs - outpacing 2005 and the slower 2006.  There hasn't been a better investment.The Beach Area encompasses smaller homes and newly built larger ones.  The older Capes, Ranches and Bungalows are slowly giving room to major new construction projects.  This is creating some angst in many longterm Beach residents about the changing nature of the neighborhood. This diversity can be seen in the sales for last year.  The lower end of the market is represented by a small Ranch on Alden Street that sold for $340,000.  The hi...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield University Area - 2007 Yearend UpdateThe Fairfield University Area and surrounding neighborhoods continue to be a sought after location.   This value is driven in part by the good size lots and maze of cul de sacs making for a friendly neighborhood environment. The primary driver is the short drive to the commuter train station located in downtown Fairfield.  Fairfield is the last commuter stop on the Metro North line.  The trains do go further but the people making the daily run to New York City generally don't like to travel more than the 70 minutes or so it takes from Fairfield.  In fact, many commuters will actually time the drive from a prospective listing to the station.  The goal is to keep the minute count in single digits.As you can see from the chart below, the Unive...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
SarabandeTucked out of the way on Unquowa Place...between the Train Station and the Post Road, Sarabande has become another Fairfield gem.  Friday and Saturday nights are busy -- so reservations are a must.  In the warmer months, it features outdoor patio dining.  If you are not outside, it can be a little noisey - thanks in part to the tile floor.  The bar area is small but functional and you generally don't have to wait long for your table.The menu is excellent.  A very good variety and not the same old selections.  The daily specials will make you smile and your mouth water.  The sauces are very tasty.  You just have to make some tough decisions on which ones to try.  Very friendly service even on crowded nights....as we say in the Real Esate profession - This one is definitely not a...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Greenfield Hill Real Estate - 2007 Yearend Update The Greenfield Hill Neighborhood rates as one of the most desirable places to live in Fairfield.  While highly desirable Southport has the character and charm of Colonial times, Greenfield Hill has its own special qualities.  It comes with a combination of our Colonial Heritage in some of the historic properties along with a sense of Fairfield's agrarian past.  This is where the land is.  Most homes are situated on 2 or more acres per lot. While unit sales have dropped a bit in the past two years, both the Median and Average Selling Price haven't wavered.  Greenfield Hill remains high on the list of most sought after addresses.  And with vacant land a scarce commodity in the Fairfield area, values here are destined to keep rising. If you...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Real Estate and Home Values 2008We are starting off 2008 a little on the slow side.  Unit sales are running behind January 2007.   Selling prices are up over last year so that the homes that are selling are hitting the mark for homeowners.   One component that may be contributing to slower unit sales is the recent Federal Reserve initiative to lower interest rates.  We have seen a significant drop in January but we are also hearing of further decreases.  This anticipation of lower rates and more buying power may be keeping some buyers on the sidelines.If you would like to see homes for sale anywhere in Connecticut, please visit my web site at http://www.tetreau.com/ Fairfield UpdateYear to Date Sales of Single Family HomesAs of January 31              2008200708 vs 07200608 vs...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
OsianaThe recently opened Osiana on Reef Road is proving itself to be quite the gem!  Located across from Sherman Green, it features Mediterranean fare.   There are tables outside in the warmer months.  They don't yet take reservations so plan on a wait if you go on Friday or Saturday evenings.  The tip here is to stop in, get your name on the list, give them your cell phone number, then take time to window shop in downtown. There is not much of a bar so staying for a drink is not really an option though they are very hospitable and do their best to give you some standing room to wait.Why go to the effort?  The food!  It is sumptuous.  It is hard to beat the varied, changing and interesting menu.   The preparation is superb.  And the service is amazingly friendly!  All in all, a great p...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
Fairfield Condo Yearend Update - 2007Condos in Fairfield come in a wide variety of shapes and sizes from duplex Townhouses to former Apartment Buildings or complexes to Planned Condo Developments.  A recent trend has been to "tear down" a 1950's Cape or Ranch style home and replace it with a New Duplex.   This trend addressed to consumers desire for living in a new construction home with all the latest amenities - yet at a price far below the cost of New Construction in a Single Family lot.   As an example, a builder might buy a Cape for $450,000.   This Cape would then be replaced with a Duplex with 9Ft ceilings, Gourmet Kitchen with Granite and Stainless Appliances, Master Bedroom Suite with Oversized Master Bath, 2nd Floor Laundery, Garage, Central Air, etc.   Each Half Duplex might ...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
New Construction in FairfieldWhile New Home Construction drives much of the economy around the country, it is not the same here in Fairfield.   It starts with a region that was first settled 400 years ago and has gone through many a Real Estate boom --- most recently in the late 80's and then again in the late 90's. It is hard to find any open land for new homes.  The continuing upward spiral in prices and the paucity of vacant land has led to a new type of lot preparation called the "tear down".  The Capes and Ranches built in the 1940's, 1950's and 1960's are giving way to brand new Colonials getting built in their place.Even with Tear Downs figured in, New Construction still amounts to only 5-8 percent of the home sales each year.  With each new home seemingly larger than the one tha...
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By Mike Tetreau, ABR, CRS, GRI, Sales Vice President
(William Raveis Real Estate - Fairfield, CT)
From time to time, I have been asked to share my list of Best Restaurants.  I thought it might be fun to tell you about one in my blog.  While I don't pretend to be a restaurant critic, I have lived in New York City, San Diego CA, Roanoke VA and Geneva Switzerland.....and between business and my passion for scuba diving....I have travelled extensively in Europe, the Carribean, the South Pacific and all over the USA.Always on the hunt for a great restaurant with great food and an excellent wine list, I found Paci.  Tucked away in the Southport Train station. Very seldom advertised, it is very easy to see how this gourmet treat could be out of sight and out of mind.  Don't miss it!  The Italian cuisine is something to die for....very creative and very, very good.  The wine list is not you...
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