Westport

Bondi Realty Group LLC Local News – Third Quarter 2011

Local Real Estate Market News – Third Quarter

Here are a few statistics from Consolidated Multiple Listing system.

As of October 2011 Norwalk is showing a decline in inventory compared to last quarter. Currently there are 472 single family homes and 269 condominiums on the market. Those inventory numbers are down from last quarter’s number of 490 single family homes and 283 condos. In the first quarter of 2011, 83 single family and 39 condos sold. Home sales were up for the second quarter 125 single family homes and 55 condominiums sold. The third quarter numbers are in. Single family homes are recording a dip in sales with 106 homes sold. Condominiums sales are down too with 46 units sold.

Inventory is also down in Westport as there are currently 336 single family homes and 28 condos on the market at this time. The second quarter showed 379 single family homes and 30 condominiums on the market. In the first quarter of 2011, 49 single family homes and 4 condos have sold. Sales were up for the second quarter at 118 single family homes and 11 condominiums sold. The third quarter numbers are reflecting a decline in sales showing that 104 Single family homes and 8 condos sold.

Wilton is currently showing a decrease of inventory with 197 single family homes and 8 condos currently for sale. The second quarter inventory numbers recorded 227 single family homes and 16 condos for sale. In the first quarter of 2011, 29 single family homes and 5 condos have sold. Sales were up for the second quarter at 43 single family homes and condo sales remain flat at 5. Third quarter sales numbers are up and showing that 54 single family homes and 6 condos sold.

It appears that home sales still have a long way to go, but we have fared so much better than other parts of the country. Mortgage rates are at an all time low and banks are starting to lend again. Hopefully at some point single family and condo buyers will feel more secure leading to more sales and property price increases in the near future. Call us today for all of your real estate needs.

Betty Bondi

Owner/ Broker

www.BondiRealtyGroup.com

203-899-9990

Westport

State of the Market first quarter report 2011

The State of the Market First Quarter 2011

Here we are once again gearing up for the spring real estate market. Contrary to what the national media is reporting, our local housing market is getting off to a good start. House sales in the first quarter have shown a slight gain overall compared to last year. I feel that this year we will start to see prices stabilize and become affordable for more buyers.

Everyone should know what is really happening out there in their local real estate market.

People should ask their Realtor for guidance or get their information from the local property transfers. The property transfers are available on the Bondi Realty Group website. While some areas faired better than most Connecticut’s overall values didn’t go down as much as parts of the rest of the Country.

I already see a trend of the bottom end of single family home prices starting to stabilize ever so slowly. Many of these homes consist of foreclosures and short sales. These homes are selling up to $400,000. The middle price range of up to $750,000 is finally showing some movement in Darien, Westport & Wilton. Rowayton properties are selling very well with prices over $1,000,000.

Here are a few statistics from Consolidated Multiple Listing system.

As of March 30th 2011 Norwalk is showing a decrease in inventory compared to last year at this time. There are 398 single family homes and 258 condominiums currently on the market. In the first quarter of 2010 there were 426 single family and 306 condos for sale. In the first quarter of 2011, 83 single family and 39 condos have sold. The first quarter in 2010 recorded 82 Single family homes and 42 condos sold. These are pretty good numbers considering that the weather took a great toll on the real estate market in the Northeast, and there was no government buyer incentive for housing this year.

There is now affordability in Westport and Wilton. This has led to an increase of sales in these towns. Here are the related numbers for these communities.

Inventory is also down in Westport as they are currently showing an inventory of 297 single family homes and 23 condominiums on the market. Last year at his time inventory was 330 single family homes and 33 condominiums for sale.

In the first quarter of 2011, 49 single family homes and 4 condos have sold. In the first quarter of 2010 there were a similar number of sales showing 47 single family homes sold. Condo sales were a bit lower with only 2 sold in the same time period.

Wilton is currently showing an increase of inventory with 162 single family homes and decrease of 18 condos for sale. Last year at this time inventory was 154 for single family homes and 29 for condos. Wilton is showing an increase in sales from last year at the same time. In the first quarter of 2011, 29 single family homes and 5 condos sold. For the first quarter 2010, 20 single family homes and 3 condos were sold.

As home owners mentally adjust to the current market conditions, prices will continue to become more realistic. Overall housing prices are down approximately 15% to 40% from the height of the market in 2006-2007, depending on the condition or location of your home. These percentages also pertain to foreclosures and short sales.

As a buyer or seller the best way to succeed in the real estate market is to make sure you get the proper education and guidance through a professional real estate agent. Bondi Realty Group LLC is among the top producers for buyers and sellers in this area. We are currently offering both buyers and sellers incentives for working with us. Please call us today for all of your real estate needs.

Betty Bondi

Owner/ Broker

www.BondiRealtyGroup.com

203-899-9990

Westport

Free MacBook Air with Home purchase Buyer Bonus

Free 11 inch MacBook Air Buyer Bonus – $1,000 value!!!

Buyer Bonus!!!!! Buy a home with Peter & Betty of Bondi Realty Group LLC and close before July 31, 2011 and receive a bonus gift 11 inch MacBook Air after you close!

Bondi Realty Group wants to help you with your purchase of a new home. We are giving our clients who sign a buyer’s broker agreement with us & are financially qualified a brand new 11 inch MacBook Air after closing on a property purchased through us. Just imagine staying connected wherever you are with your new 11 inch MacBook Air.

This offer is good from now until July 31, 2011. That means that you must find and close on a property within this time frame. You will receive your 11 inch MacBook Air within 14 days after the closing of the property.
If you would like more information about this or any other offer please call or email us. We are a family owned and operated business. We have a great reputation in the community and are honest and hard working. We are local real estate experts and we will teach and educate you on how to buy a home in today’s market. We have a team in place including mortgage brokers and attorneys to get the job done with ease. We look forward to working with you and helping you find your dream home.

Restrictions apply, please call for more information.

Buyer Bonus does not apply to buyer agent commissions of less than 2.5% or sales under $600,000. 11 inch MacBook Air promotion is for New Clients only and cannot be combined with any other offers including referrals.

We are looking forward to working with you to find your Dream Home!

We specialize in lower Fairfield County – Norwalk, Darien, Westport , Greenwich, Rowayton, New Canaan, Fairfield

Betty & Peter Bondi
www.Bondirealtygroup.com

203-899-9990

Westport

State of the Real Estate Market January 2011

State of the Real Estate Market 2011 

As we enter 2011 I can tell you that Norwalk’s housing market is showing signs of stability but the banks are still being cautious and reserved with their lending. In January of 2010 there were 331 single family homes on the market and 251 condominiums for sale. January of 2011 shows single family inventory at 327 and condominium inventory at 194. That is a slight decline in single family numbers. Condo numbers show a much sharper decline in the inventory.

Everyone wants to know what is really happening out there in our local real estate market. I believe our current local real estate market has faired better then the rest of the country. Here are a few statistics from Consolidated Multiple Listing system.

I am happy to report that Norwalk numbers are up on home sales. 505 single family homes sold in 2010. That is up from 2009 home sale numbers of 438. This reflects an increase of 67 home sales. That is a 14 % increase in single family homes from 2009! Condominium sales are also up. 227 condos were sold in 2010 compared to sales of 222 in 2009. This is an increase of 2%.

Westport numbers are looking good. Current inventory shows 211 single family and 21 condos for sale this year. They are also reporting an increase of home sales.
350 single family homes sold in 2010. That is up from 2009 numbers of 250. Those numbers are up an incredible 29%. Condo sales are up too. 28 condos sold in 2010 compared to 2009 numbers of 23. This is an increase of 18 %.

Wilton numbers are up too! Current inventory shows 107 single family and 14 condos for sale. 165 Single family homes sold here in 2010. That is up from 2009 numbers of 136, showing an increase of 18%. Condo sales were slightly higher in 2010. 25 condos sold this year compared to 2009 numbers of 18. This is an increase of 28%.

All indicators are pointing to a gradual housing recovery. The national median home price however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.

If local home sales continue to rise, this may result in prices rebounding as we move into the year. It really all depends on what happens in the economy. If more jobs become available and people feel secure with the jobs that they currently have then I suspect the 2011 local housing market will continue to show better numbers.

Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com

Westport

State of the Market Third Quarter 2010

The State of the Market Third Quarter 2010We are heading full steam into the fall real estate market. Everyone asks what can be expected at this time of year? Will homes sell? Will prices continue to decline? What are the current mortgage rates and what do they mean to me? What are the key components to drive this market along?

Let’s see what is happening in the market place at this time. The data was pulled from the Consolidated Multiple Listing system.

As of September 29th, 2010 Norwalk is showing a decrease in inventory and sales compared to last quarter. Currently there are 477 single family homes and 291 condominiums on the market for sale. The third quarter from July 1st to September 29th recorded sales of 120 single family homes & 44 condos.
In the second quarter from April to June 30th there were 499 single family homes and 313 condos on the market. The second quarter recorded sales of 144 single family homes and 62 condos. In the first quarter of 2010 there were 426 single family homes and 306 condos for sale. The first quarter recorded sales of 96 Single family homes and 52 condos. So far for the year 2010, 360 single family homes and 158 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 295 single family homes and 156 condos sold.
Westport is currently showing an inventory of 361 single family homes and 30 condos on the market. Third quarter 2010 sales report 126 single family homes and 7 condos sold.
In the second quarter from April 1st to June 30th showed an inventory of 392 single family homes and 32 condos. Second quarter 2010 sales report 89 single family homes and 12 condos sold. First quarter in Westport reported sales of 54 single family homes and 4 condos. So far in 2010 a total of 269 single family homes and 23 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 174 single family homes and 14 condos sold.
Wilton is currently showing an inventory of 186 single family homes and 24 condos for sale. Third quarter 2010 sales report 41 single family homes and 4 condos sold.
The second quarter from April 1st to June 30th showed an inventory of 181 single family homes and 27 condos. Second quarter 2010 sales report 63 homes & 11condos sold.
For the first quarter 22 single family homes and 3 condos sold. So far in 2010 a total of 128 single family homes and 18 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 102 single family homes and 12 condos sold.

 
Norwalk and the surrounding areas have actually fared very well. Home sales are on the upswing & mortgage rates are at an all time low.
Today’s interest rates and what they mean to you

Mortgage interest rates are at an all time low. Here is an example of what it means to you when purchasing a home.

This is what is will cost you every month for you mortgage loan per $100,000

4.5% —– $506.69
5.0% ——$536.83
5.5% ——$567.79
6.0% ——$599.56
6.5% ——$632.07

The rate right now for 30 year fixed loans is approximately 4.5% depending on your credit score, down payment and type of mortgage loan.
Take this into consideration as you ponder whether to purchase a home soon or decide to wait. If interest rates go up, then it will cost more money in the long run. Home prices are affordable and there is plenty of inventory at this time.

 

Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990

Westport

State of the Market Second Quarter 2010

The State of the Market Second Quarter 2010 

The home buyer’s credit program has come to an end. It was a good incentive program for new & current homeowners to purchase real estate. The new buyer’s home credit was for up to $8000 and you were eligible if you didn’t own a home for three years. A $6500 tax credit was available if you have owned and occupied your home for at least five consecutive years. The original deadline was, that you had to purchase another home and have a signed contract by April 30th and close by June 30th, 2010. On July 1st the house voted to extend the deadline to September 30th. Currently there is a backlog of homes that haven’t closed because the banks are bogged down with so many sales, however your original contract still had to be signed by April 30th. Based on the numbers of sales that happened this year, I would say that it had a definite impact on the local real estate market as it pushed quite a few buyers to get off the bench and make a decision to purchase a new home.

In today’s market home values have been pretty hard to set. The appraiser plays a very important role in setting the sale price. He or she has to be accountable to the lending institution and the banks are being a lot more cautious. Sometimes your home appraisal can make or break a deal. If the opinion of your home’s fair market value is below what the buyer agreed to pay then the low appraisal will throw a wrench in into the sale.

If you get word that the buyer’s appraisal came in below value, what can you do?
Don’t get discouraged; take a look at the appraisal to see if the correct comparables were used to justify the price. If that is the case then you may need to renegotiate your selling price.

You are not alone as declining values and extremely cautious appraisers are causing this issue to come up more frequently. Appraisers are not the bad guys, they are just under a lot of pressure these days as the inflated appraisals and poor lending decisions from the past are to blame for the record number of foreclosures and short sales on the market today. Nowadays, appraiser’s licenses and livelihoods are on the line when they say what a home is worth. This makes them much more critical of every property than ever before.

If you are concerned about how this will impact your deal then be clear about your numbers. Know what your bottom line is and what purchase price will and won’t work for you. Let that be your guide when you renegotiate with the buyer. If the lower value is justified by the comparables then it’s not likely to change with another buyer or another appraiser. It’s your decision to choose whether to take a price reduction and close the sale or forget about selling and stay in your home. This is a very common event that is happening in the market place at this time.

For example a low appraisal affected one of my sales last month. The seller and buyer renegotiated the price because the appraisal came in lower than the original purchase price. Happily the buyer & seller were able to resolve this quickly which resulted in a closing.

Let’s see what is happening in the market place at this time. The data was pulled from the Consolidated Multiple Listing system.

As of July 1st 2010 Norwalk is showing an increase in inventory and sales compared to last quarter. Currently there are 499 single family homes on the market and 313 condominiums for sale. In 2009 sales from the first quarter were 67 single family and 42 condos. The second quarter 2009 reports 100 single family and 53 condo sales. In the first quarter of 2010 there were 426 single family and 306 condos for sale. The first quarter in 2010 recorded sales of 96 Single family homes and 52 condos. The second quarter from April to June 30th recorded sales of 144 single family home & 62 condos.

Westport is currently showing an inventory of 392 single family homes and 32 condos on the market.
In the first quarter of 2009, 28 single family homes and 2 condos sold. In the first quarter of 2010 there was an increase in sales of single family homes to 51. Condo sales remained flat with only 2 sold in the same time period. Second quarter 2010 sales report 89 single family homes and 12 condos sold.

Wilton is currently showing an inventory of 181 single family homes and 27 condos for sale.
In the first quarter 2009, 14 single family homes and 1 condo sold. In the first quarter 2010, 22 single family homes sold and condo sales were up a bit to a total of 3.
Second quarter 2010 sales report 63 homes & 11condos sold.

April started off pretty slow but at the last minute, tax credit intoxicated buyers flooded the market scrambling to cash in before the deadline. I am happy to report that the tax credit, created momentum within the market place. There has been a pent up demand and the buyers are out right now looking for their new digs. Hopefully this momentum will continue into the rest of the year as mortgage rates and home prices are the lowest they have been in years. If you are in the position to buy a home, now is a great time to take advantage of this marketplace.

 

Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990

Westport

Westport Property Transfers April 15-20, 2009

21 Baurer Place Ext.
Carol L. Shepherd to Jane Guttridge, $565,000

32 Berndale Drive
Sallie Call-Brown to Daniel F. & Nancy Seligson, $730,000

6-A Cob Drive
Apec Cob Drive LLC to 6A Cob Drive LLC, $2,800,000

7 Ewil Drive
Eric Friedheim Foundation Inc to 7 Ewil Drive LLC, $850,000

9 Gorham Avenue
Gorham Avenue LLC to Lance F. Lonergan, $710,000

52 Marion Road
Mary E. Munger to Casey N & Lisa K. Hofmeister, $1,250,000

107 Saugatuck Avenue
David and Maria Mattera to 107 Saugatuck Avenue LLC, $605,000