Great news since my last post: the market is picking up. I had 16 for dinner last weekend and several friends and clients asked where my new blogs were. The truth is that I work about 12-7, and its hard to find the time! (I'm typing this at 10:00pm). But I know you need a market update for this quarter, so here it goes...
The market is finally showing some signs of life. Many deals are in the works. Here are some highlights of what is selling in the last few months:
Half of the Potter Farm has sold again. It will be interesting to see what the selling price for this was, as it was purchased by an investor at the top of the market. I'll let you know when it closes. Offered $3,495,000.
My listing on South Fenn Hill is under agreement,offered $2.3mil. This house got more showings than any other listing I have ever had. I'm not surprised it is one of the first things to sell as the market picks up.
The tear down on Calhoun St (except it can't be torn down because its in the historic district) is under agreement after being lowered from $2mil to $1,250,000. Again hard to draw a conclusion on price as the original offering price was so unrealistic in any market. Its going to give jobs toarchitects, builders, and decoratorssomewhere for many years to come. I thank the buyer for helping the employment situation.
A tear down house on lake Waramaug which came on for $995,000 sold immediately with multiple offers. Again, builders, get in line and get the wrecking ball ready (neighbors get out your ear plugs)...
The large house offered on Curtis rd (owned by the retired CEO of a major financial company) which started at $12,000,000 several years ago and was lowered to $7,350,000 recently, is under agreement. Hard to make a judgment on price decline here though, as it should never have been offered that high.
The stone house (owned by a NY real estate grand dame) on rte 67 which has been on the market for many years has sold. Offered $3,750,000
Somebody is getting a great deal on Rucum Rd (offered $895,000) which just went under agreement. A lot of value in that property.
My listing on Tophet Rd is under agreement. Offered $1,375,000.
A house on the Lake is under agreement offered at $2.5mil.
A fantastic contemporary farmhouse sold for $1,310,000. It was originally offered at $1,800,000. So thats down about 27%. Seems about right to me....
113 South St which was originally offered at $2,395,000 a couple years ago came back on at $1,495,000.It sold with in a few weeks. This is a really nice house and I think was a great deal for the buyer. This proves the point that if you price your house realistically, buyers are out there looking and they will respond. However, it is certainly bad news for owners in that area, as it will set a comp that neighbors will not be happy with for years to come...
For the first time in recent memory, I am actually working with a handful of buyers who are saying "we want to buy now" and are coming up regularly to look (smetimes every single weekend religiously). The overall attitude is beginning to change.
However, I must caution, that although buyers are interested, they are price conscious and will not overpay. We have a lot of inventory. Buyers have many options for the time being....