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Agreed. Even without SALT they still would not be selling. Or maybe a little better. It is a total change in the wants and desires of the prime age group that would typically buy these properties.
You are incorrect in what you are claiming. The number of homes sold in Darien and New Canaan are up 8% for the first half of the year (January thru June) and home prices are about the same. Greenwich did see 13% less home sales (about 30 fewer homes sold) but sale prices are up 5%. In all three towns, the number of new listings and Days on the Market are down. If what you claim was true, these figures would be much different. It is too early to know what July’s number will show but it is highly unlikely that it will be significantly different or change things. Jay
I am not sure what you mean. The median sales price of homes in the Town of Fairfield is about $550,000 so the new homes I mentioned are double that and selling. I would say that is a sign of a good market.
The original comment made by Dairygodmother said $1 million homes on small lots in Fairfield aren’t selling but Zillow is showing more than 25 homes south of the Post Road sold for over $1 million. Given that much of this area has smaller older homes, I would say 25 is a lot. Also I looked at the number of home sales in Fairfield for the first half of the year and it appears home sales are in line with last years numbers. I am not really seeing things being much different than last year which I believe was a good year for home sales. Jay
I was looking at homes South of Post Rd where the median price is about $1.3 million. It appears that the builder you are talking about is building North of Post Rd. That's the difference.
The problem I was pointing out is that when a builder can bring on a new house for the same price as a similar sized old house it's a problem for the current owners. Who would buy a 20 year old house with an out of style layout and finishes when there is a new one? Without a decent spread between new and old there will be downward pressure on the older homes.
You are incorrect in what you are claiming. The number of homes sold in Darien and New Canaan are up 8% for the first half of the year (January thru June) and home prices are about the same. Greenwich did see 13% less home sales (about 30 fewer homes sold) but sale prices are up 5%. In all three towns, the number of new listings and Days on the Market are down. If what you claim was true, these figures would be much different. It is too early to know what July’s number will show but it is highly unlikely that it will be significantly different or change things. Jay
I would like to see the data and a chart of the number of sales in Greenwich, Darien and New Caanan over $3 million since 2013. Or for more fun, go back to 2006. For Weston, over $1 million. I think you would be stunned.
Here is a great example. The house was listed for $8,995,000 in 02/2015, and it still sitting on the market with a listing price of $5,995,000. There are TONS of examples like this.
We stayed in Wilton - just bought a bigger house further South. We also purchased in SW Florida (second home).
You are close to Norwalk. I go down to Norwalk once or twice a week for work. I really like the city that Norwalk is becoming.
If you are in southern Wilton you are about the same proximity I was to downtown in Stamford where I grew up. I lived near Westhill HS and the Parkway. It was far enough to feel like we were in the suburbs away from the bustle but we could be in downtown (near the mall) in about 15 minutes.
And that is what people want.
That is also the reason I will probably retire to Branford instead of Guildford or Madison. I don't want to feel like I am so far away from the city.
You are incorrect in what you are claiming. The number of homes sold in Darien and New Canaan are up 8% for the first half of the year (January thru June) and home prices are about the same. Greenwich did see 13% less home sales (about 30 fewer homes sold) but sale prices are up 5%. In all three towns, the number of new listings and Days on the Market are down. If what you claim was true, these figures would be much different. It is too early to know what July’s number will show but it is highly unlikely that it will be significantly different or change things. Jay
I think the point is that Greenwich, New Canaan, etc may still be desirable places to live and plenty of houses are selling there, but the baby boomer and early gen X concepts of bigger/better/more for housing have gone out of style and that's why the market is soft at the higher end. Is it great that certain houses are sitting on the market.... no, is there a reasonable explanation that has to do with certain age groups downsizing and others not interested in the maintenance of a very large property... yes.
I think the point is that Greenwich, New Canaan, etc may still be desirable places to live and plenty of houses are selling there, but the baby boomer and early gen X concepts of bigger/better/more for housing have gone out of style and that's why the market is soft at the higher end. Is it great that certain houses are sitting on the market.... no, is there a reasonable explanation that has to do with certain age groups downsizing and others not interested in the maintenance of a very large property... yes.
The exception of course are waterfront properties. They will always be desirable.
A 7,500 sf house in New Caanan near the Pound Ridge border? I wish the current sellers and the future sellers the best of luck. Nobody wants them.
Another factor. When these behemoths were built in the 1990's and 2000's, the assumption was that real estate values would go up forever. So the idea was to buy the biggest house you could afford, and then cash in big-time 15 or 20 years later.
Today? The assumption is that the values of these behemoths will continue to decline. So buying the biggest house you can afford is perceived as being kind of dumb.
Values will bottom out some day. But we are are not even close to the bottom.
I think the point is that Greenwich, New Canaan, etc may still be desirable places to live and plenty of houses are selling there, but the baby boomer and early gen X concepts of bigger/better/more for housing have gone out of style and that's why the market is soft at the higher end. Is it great that certain houses are sitting on the market.... no, is there a reasonable explanation that has to do with certain age groups downsizing and others not interested in the maintenance of a very large property... yes.
Is it a nationwide trend? Are these large homes declining all over?
Property sold for $7,250,000 in 2005, and is now on the market for $4,450,000. There will be over a $3,000,000 loss, plus all the costs to furnish, run and maintain it.
I would like to see the data and a chart of the number of sales in Greenwich, Darien and New Caanan over $3 million since 2013. Or for more fun, go back to 2006. For Weston, over $1 million. I think you would be stunned.
Here is a great example. The house was listed for $8,995,000 in 02/2015, and it still sitting on the market with a listing price of $5,995,000. There are TONS of examples like this.
Your'e on the mark here. Those Berskshire reports everyone gets emailed are useless. 2019 vs 2018 is too short. Comparisons vs the earlier part of the decade would paint a different picture. Aquaintances of ours in the Bronson Rd area of your town bought in 2010 for $1.3M, they are on the market now for 9 since the spring, got an offer for 8 even, turned it down, haven't had any showing since. Here's the scary part, in 2010 they thought they were getting a great deal.
A simple realtor engine search will turn out numerous other examples of this if you look at the property history data.
Is it a nationwide trend? Are these large homes declining all over?
It is not specific to CT, although the issue may be exacerbated here because there are just so many of these properties in backwoods Fairfield County and so much 55+ downsizing happening at once.
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