Stamford, CT Real Estate News

By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
                                     Alive at Five!!                             Summer Concert Schedule Alive at Five is a summer concert series with live music from national and regional headliners.  It attracts after work crowds and families to Columbus Park in downtown Stamford. There is a great music, dancing and great times.  Columbus Park is framed with a variety of restaurants so that you can enjoy patio dining while listening to great music.  There is a $5 fee for entry. This concert is produced my Stamford Downtown Special Services District and the City of Stamford. June 24    Gin Blossoms and Soul Asylum July 1       Seven Mary Three and Marcy Playground July 8     Rusted Root and Nick Howard           July 15   George Clinton & Parliament Funkadelic, Heylady and I Anbassa Ju...
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
This is it!  The final push is on if you want to qualify for either of the available tax credits.  In order to qualify you must have a fully executed contract by April 30th.  That means your inspections need to be done and the attorneys have handled the contracts for both sides.  That normally takes a few days, so the clock is ticking!  I still have some slots open for the weekend.  Start your search now at www.HomesofFairfieldCounty.com!
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
          Southfield Point Stamford     SOUTHFIELD POINT in Stamford is part of a peninsula adjoining both Davenport Point and Dolphin Cove. Within a little more than a mile radius, you can take the 46 minute express train to midtown Manhattan, take a bus to the Stamford mall, enjoy dining at the waterside promenade, do your weekly shopping at 3 different grocery stores, take out library books or join an exercise class at numerous health clubs. All Southfield and Davenport Point residents have deeded rights to the water and what is known as the Plaza, which hosts 21 dock slips for residents.  The two associations publish a set of  Plaza and Dock facility rules as well as an allocation and assignment procedure for the use of the boat slips. The rules focus on ensuring a safe, clean envir...
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
Looking at the March numbers for 2010 compared with March 2009, I see a marked improvement in the real esate market in Stamford, Ct.  Data shows that we went from a 17.3 month supply of homes down to a 4.8 month supply.  Now this is not true in every price range but is a great over all indicator of how our market is doing. To break these numbers down further, they represent a 16% decrease in homes for sale, a 167% increase in pending contracts and a 96% increase in Solds!  Now that's great news!  We even saw a 4% increase in median price.  For the month of March we had 525 properties for sale, 80 contracts and 45 properties go to closing.  With such low interest rates and some real stability beginning to show in the market, I find that I am quite busy with buyers and sellers.  Thinking ...
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
  Shippan Point   THROUGHOUT the almost four decades that Stamford has been rebuilding its downtown into Connecticut's premier business and financial center, the residential districts have grown in popularity as many new homes have sprung forth and old brought to new again.  One of the choicest residential waterfront locations is known as Shippan Point, a peninsula on Stamford Harbor.  Believed to have been named after an Indian, or in commemoration of the Good Ship Ann that went aground there in the 18th  century, Shippan is treasured address.  Many residents and businesses just outside its borders cash in on its cachet by saying that they are "on Shippan". The densely populated neighborhood was zoned for quarter-acre lots when zoning was introduced in 1951.  In 1979 it was up-zoned t...
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
Storm Cleanup Plan Stamford -- March 26, 2010 - Mayor Pavia today announced the City's plan to clean up tree debris left in the wake of last's week's storm. The clean up will begin on Monday, April 5th starting in North Stamford and progress south in an operation that is expected to take 2 to 3 weeks. City crews will make only one pass in each neighborhood so residents are urged to make sure all their tree debris is neatly piled by the curb line by the April 5th start date.             The City will remove tree debris only - branches, limbs and stumps.   The City will cut back branches or limbs hanging over the City right of way area but will not remove limbs or branches from private property. Residents must bring their tree debris to the curb line in lengths no longer than eight feet. ...
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By Victoria Lorusso, Florida and CT Real Estate
(Illustrated Properties)
The following message is posted on the City of Stamford web site. Please follow the instructions if you have received any damage to your property from the recent storms.   3/29/2010: Reporting Storm Damage The City of Stamford is collecting data on damage caused by the recent storm and flooding. If you experienced any damage, flooding, or property loss from the storm please help us by completing this simple form. The information collected will help the State determine the extent of damage caused by the storm and will be used by FEMA to determine what level of federal aid will be granted to the State and its residents. This form is for Stamford residents and businesses ONLY!
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
I wanted to give you a heads up on something I think every single homeowner should be aware of. The FBI and U.S. Attorney General Eric Holder have reported a 400 percent increase in mortgage fraud cases from five years ago. Seems to be that with more homeowners unable to make mortgage payments, there are more and more predators trying to exploit these people. I don't want to be unnecessarily alarmist. But this is a threat that you or anyone you know should be aware of when going through a real estate transaction. It's not the nicest thing to think about, but essential nonetheless. For anyone you know who is considering a relocation, mortgage modification, short sale or any other transaction, I put together a free report available on my website that explains what kinds of fraud schemes t...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
I was visiting the cityofstamford.org site today and came across this little tid bit of information. :) Hope the link is useful!   3/20/2010: Stamford Board of Assessment Appeals will be accepting applications from taxpayers wishing to appeal City of Stamford, CT   ASSESSMENT APPEALS Pursuant to Public Act 95-283, the Stamford Board of Assessment Appeals will be accepting applications from taxpayers wishing to appeal their real estate assessments for the October 1, 2009 Grand List, as well as any motor vehicle assessments listed on the October 1, 2008 Supplement List.  Pursuant to this State Law, a written appeal containing specific information is required to appeal an assessment. An appointment time will be assigned after receipt of the written appeal. Forms are available beginning Mar...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
As a traditional broker who has now shifted my PRIMARY focus to Distressed Homeowners and Foreclosure prevention, I get asked this question all the time. Sometimes it's a buyer joking around, and sometimes they are serious. I thought I would give a brief explanation of what a short sale is, and why it takes so long, so if and when you submit an offer on Stamford short sale, you will know what to expect! Here's a snippet from my NicoleHelps.com Website:   A homeowner is 'short' when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
Here are some websites and information YOU MUST HAVE!     1. Research the firm and the Agent you are working with. I am sure this is obvious but, do you know how to look up their State Of CT License??  Verify a license, permit and/or registration held by individuals and businesses regulated by the state.› Learn More Click here to go DIRECTLY to CT Real Estate licenses   2. Know which MLS's your Agent belongs to. To see ALL the listings or to list your home in Stamford and the surrounding areas, did you know a single agent would have to join 5, yes 5 MLS's? We've got you covered at The Property Network, but not every agent, or agency belongs to ALL of them.     3. Know the Agent's specialty. This market is flooded with short sales and foreclosures. If you are looking to purchase a home i...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
  You've sold your home and are getting ready for the appraisal. Here's how contracts and comparable home sales impact the appraisal when you are buying Stamford homes.   1. Your Contract     One of the indications of value an appraiser takes into consideration is the contract that exists between unrelated parties for the sale and purchase of the home. As odd as this may sound, sales between relatives often downgrade an appraisal amount!! They are looking for value in what's considered an "arms length transaction". Make a nice clean copy of your contract, and give it to the appraiser who appraises your home, or the one you are purchasing. In fact, he/she will most likely ask for it!   2. Comparable Sales   In general, when you are selling your primary residence, the person buying it is ...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
A short sale happens when a lender agrees to accept less than the balance remaining on a home. It is a way for sellers to avoid foreclosure and sell their Stamford homes. It seems like a good idea for people who owe more on their home than it’s worth, but that doesn’t mean it is right for everyone. Should you consider a short sale on your Stamford home? Pros to doing a short sale: You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt. You can still sell your property in a declining real estate market, even if you owe more than the home is worth. Buyers sometimes get good deals on the property or may be able to buy a home at market value in a popular area they couldn't previously afford. While a short sale isn't ideal, it is typicall...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
Modern technology is a wonderful thing, creating easy “connectivity” between people all over the nation. But it’s also causing problems in many areas, and buying Stamford real estate is one of them. Here’s the problem: Many people selling, for example, Stamford real estate may live in another city or state. In this case, negotiations may be conducted over the phone, through email, via Yahoo conversations – some even use Twitter for real estate deals and information. At the same time, this also means that legal documents may be passed through email, uploaded to a website for easy viewing or through any number of other online methods. PDF documents, for instance, have become a very popular way to pass on legal forms because they’re easy to fill out, don’t have to printed, etc. As the buye...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
After a new clients asked to to explain what closing costs were typical in Stamford, CT.... and wanted to know why, as someone who was buying CASH, would she have ANY closing costs,  I began thinking a little explanation of closing costs and what they are, was in order for my buyers in Stamford. If you are purchasing CASH, yes you will have "Closing Costs". These costs include, but are not limited to: Attorney fee, Title Search, Title Insurance, Appraisal (usually paid prior to, or at the time of the appraisal), Home Inspection (paid at the time of the inspection), other miscellaneous fees to record your deed, wire funds, etc... If you are FINANCING the purchase of your home, there are several other Closing Costs that can come into play: Application fee, Loan Origination Fee, Points, et...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
FHA Changes the Rules for Buying a Stamford Home for Sale (Well really ALL homes :) )   The FHA, or Federal Housing Administration, has helped many a homeowner buy a Stamford home for sale by providing mortgage insurance through FHA-approved lenders. However, a change in policy, announced in January, may make it harder for those with poor credit.   Before we talk about FHA's change in policy, let's cover a few of the basics about the FHA and how it might help you buy a Stamford home for sale. What is the FHA? The FHA is a government agency that provides mortgage insurance to approved lending institutions.  It assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults.  This encourages lenders to make loans to borrowers who ...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
  Is it possible? Is this the year to buy stamford real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:   Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.   Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.   The high number of foreclosures has been painful for many homeowners. However, it has also created great deals for those who want to buy Stamford real estate, but don’t want to spend their entire life...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
  Foreclosure Solutions The current U.S. housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to Stamford-area residents for foreclosure are many. Following is a brief explanation of these solutions, including their benefits and drawbacks: Reinstatement A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale. Bene...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
Very cool app my friend introduced to me called FOURSQUARE...Have you heard of it? if not check it out    http://foursquare.com     Foursquare, a very cool social networking app that takes Hyper Local to the next level ROCKS.... With permission, It uses the GPS in your mobile phone (iPhone, Android, Palm and others) to pin-ponit your location. Take a pic of something and it will tag it, along with your notes about where you are. For Example, Take a pic of your friends at a local restaurant, let's call it Nonna's. Chances are the technology of Foursquare will auto suggest the EXACT location where you are (or if you are in a heavily populated city, it may name a few possible locations) Click the correct one and tag it with a note or a tip..."Olivia at Nonna's enjoying the delicious Chicke...
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By Nicole Borsey, CDPE | Stamford CT Real Estate
(Coldwell Banker Residential Brokerage)
Stamford Real Estate Overview       Today, January 9, 2010 Market View for Stamford Info Avg. Listing Price$743,529Wk ending Dec 30 +$3,442+0.5%w-o-w Median Sales Price$400,000Sep '09 - Nov '09 -$66,666-14.3%y-o-y 717 Homes For Sale 36 Open Homes 541 Recently Sold 105 Foreclosures Market Trends for Stamford Embed Info Average Listing Price $743,529 +0.5% w-o-w Median Sales Price $400,000 -14.3% y-o-y Average price/sqft $261 -13.6% y-o-y Number of Sales 177 -1.1% y-o-y More Stamford Market Trends Home Prices for Stamford Info Most popularneighborhoods Avg. listing priceWeek ending Dec 30  w-o-w Newfield - Westover - Turn of River $716,051 +0.8% North Stamford $1,178,382 +0.4% Springdale - Glenbrook - Belltown $511,412 +1.8% Downtown $452,565 +2.3% Cove - East Side - Shippan $801,421 -0....
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