Monthly Archives: June 2011

Housing Market and Economic Outlook.

Housing Market and Economic Outlook.

 Greenwich, Ct. ~ June 29, 2011

Lawrence Yun, Ph.D., Chief Economist at National Association of Realtors, Lawrence Yun, Ph.D., gave a presentation at Belle Haven Country Club in Greenwich on “Housing Market and Economic Outlook”.  The data is saying worse is over, smart money investors are looking at real estate, pending home sales are up from last year and delinquent mortgages have topped off.

 

With the United States adding about 3 million people a year to its population there will be a point when housing does not meet demand. Housing and economics go hand in hand and with banks not lending as much as in the past to new construction there could be a pent up demand accumulating. Existing Homes make up 95% of the market while new homes are making up 5%, building permits are down from previous years and we are at a 40 year low of new home inventory.

Mortgage loans have been around for decades, it was not a Housing Bubble that we saw a few years ago but instead a Credit Bubble. Easy lending practices back in 2006 and 2007 created a Credit Bubble that could not work.  Going back to basic lending practices in 2009 and 2010 you can see by the chart below show very low default rates.  The 2010 default numbers are not in but it looks like they will mirror 2009 or be a little less.

 

Improving Factors for Higher Home Sales.

~ The Pending Home Sales Index is 13.4 percent higher than the 78.3 reading in May 2010. If sales can hold at current levels then 4% annual increase in 2011, without homebuyer tax credit stimulus.

~ The remainder of the year looks to be better:

–          Job creation

–          Robust stock market recovery from 2008

–          Rising rents and larger pool of qualified renters

–          Buyers want distressed properties … at deep discounts

–          International buyers cashing in on the weakened dollar

–          Smart money investors go to real estate, possible hedge against future inflation

–          Potential huge positive… Lending opens up

 

Downside Potential Surprise.

 

 ~ Washington Policy Changes could have huge negative effects.

 

–          Going after the middle class raising down payment to 20% (Republicans)

–          Going after the rich, limit mortgage interest deductions (Democrats)

 

~ Economic Hurdles.

 

–          Inflation,  higher gas and oil prices along with food and transportation costs (see chart below)

–          Huge pool of under employed

–          Budget Deficit

–          Consumer confidence

 

 

HOUSING BASELINE OUTLOOK

 

 

 

Home ownership creates hard workers, responsibility, values and communities. Franklin Delano Roosevelt said “a nation of homeowners is unconquerable.”

 

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A life time resident of Fairfield County he has worked throughout lower Fairfield County for over 30 year. He grew up in Rowayton, resided in Greenwich for 10 years and is now in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • NAR Green Designee.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).  
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

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Million Dollar Water Front Home SOLD in Connecticut Auction.

 Million Dollar Water Front Home SOLD in Connecticut Auction

Darien, Connecticut.  If you read my previous blog about the luxurious water front property listed for sale for $12.5 million last month then you would have known that the auction was on June 25th, 2011. The live auction held by Concierge Auction house was a success resulting in generating nearly $8 million for the property, which upon closing next month will be the highest residential sale year to date in the Darien Multiple Listing Service.

Andrew Osinski, the seller says “The team at Concierge Auctions and Doug Milne were exceedingly professional ….The auction process attracted interest, generated competition and created a market…the future of luxury home sales will be increasingly weighted towards the Concierge Auctions methodology.”

To read more on the auction click here to news press release by Concierge Auctions.

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A life time resident of Fairfield County he has worked throughout lower Fairfield County for over 30 year. He grew up in Rowayton and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • NAR Green Designee.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).  
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

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Housing Data Greenwich, Connecticut ~ May 2011.

Housing Data Greenwich, Connecticut ~ May 2011.

Single family housing sales in Greenwich, Connecticut increased 37.5% for May 2011 (55)compared to May 2010 of 40.  Over a 3 month period unit sales for May, 2011 were 142 compared to 113 for May 2010, a 25.7% increase.

Along with increase unit sales the median sales price for a 3 months period ending May 2011 was up 11.2% to $1,862,500 and the average sales price for the same period is $2,441,589 (see chart below).

Inventory of 822 in May, 2011 was up 9.7% from 749 in April and up 12.8% from 729 in May, 2010.

 

 

 

William Raveis Website, Raveis.com, has a great tool for owners, sellers & buyers called ‘Local Housing Data’.  On this page it will give you all the local up to date data & statistic for the town you are interested in.

 

Median Price: is half are below, half are above

Average Price: are all sold prices are added together into a sum; the sum is then divided by the number of houses that sold.

 

*This information is based on the William Raveis Real Estate Local Housing Data report and the Darien MLS which is deemed reliable, but is not guaranteed. Information deemed critical to buying decision should be independently verified

**Reference: –  William Raveis Home Data, GMLS

 

 David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for 40 years along with working locally for 30 years, he now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • NAR Green Designee.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).  
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

 

 

 

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Housing Data Darien, Ct ~ May 2011

Housing Data Darien, Ct ~ May 2011.

Single family housing sales in Darien, Connecticut for May 2011 were 29, up one sale compared to May 2010 of 28.  Over a 3 month period unit sales for May, 2011 were 57 compared to 65 for May 2010, a 12.3% drop.

The good news is that over a 3 month period average sales price in 2011 vs. 2010 were up 7.3% and the median sales Price up 5% (see chart below)

Inventory of 221 in May was up 9.4% from 202 in April but down 9.1% from 243 in May of 2010. New listings in May moved up to 57 from 55 in April.

 

William Raveis Website, Raveis.com, has a great tool for owners, sellers & buyers called ‘Local Housing Data’.  On this page it will give you all the local up to date data & statistic for the town you are interested in.

 

Median Price: is half are below, half are above

Average Price: are all sold prices are added together into a sum; the sum is then divided by the number of houses that sold.

*This information is based on the William Raveis Real Estate Local Housing Data report and the Darien MLS which is deemed reliable, but is not guaranteed. Information deemed critical to buying decision should be independently verified

**Reference: –  William Raveis Home Data, DMLS

 David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for 40 years along with working locally for 30 years, he now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • NAR Green Designee.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).  
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

 

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Million Dollar Home for Auction in Tokeneke, Darien, Ct.

$12.5 Million Water Front Home Up For Auction, Darien, Ct.

This is not a foreclosure, short sale or fire sale but it is about buying LUXURY REAL ESTATE at auction. Concierge Auctions  a company who specializes in high end home auctions throughout the United States will be handling the auction that is to take place on Saturday June 25th, 2011. To be able to attend this auction one must down load the bidder’s package, fill it out and return it within 3 days of the auction along with $250,000. The winning bidder will have to put a full 10% down at the end of the auction and has 30 days to close on the house.

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The house on auction in Darien, Connecticut is in the exclusive neighborhood of Tokeneke and is architecturally design in an elegant French Norman-style estate situated on 2.03 private acres abutting Scott’s Cove, with direct access to Long Island Sound. The house is 6,779 square feet with 5 bedrooms, 5 full baths, 2 half baths, built in 1998 and renovated in 2008. In addition to an attached two-car garage, there is also a detached garage with room for three more cars and a guest cottage. Outdoor living is encouraged by the expansive deck, which wraps around the entire waterfront side of the home, and the in-ground pool and hot tub.

Click here for more information on the house and to see more pictures.

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David Popoff is a license Realtor in Connecticut with William Raveis office in Darien. A life time resident of Fairfield County he has worked throughout lower Fairfield County for over 30 year. He grew up in Rowayton and now resides in Darien, Ct since 2004.

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • NAR Green Designee.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

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To Find a Home, get Local Housing Data, view area Mapping please click here

~ David A. Popoff ~ Licensed Connecticut Realtor ~ LEED AP Homes accredited ~ Cell (203) 228-0646 ~

~ www.DavidPopoffCT.com ~ DavidPopoffCt@Hotmail.com ~ https://davidpopoffct.wordpress.com/ ~

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Why It’s Time to Buy in the Housing Market.

 Why It’s Time to Buy in the Housing Market.

By Ruth Simon & Jessica Silver-Greenberg, WSJ, June 4th, 2011.

The WSJ has a great article on why it is time to buy with mortgage rates are near a 50 year low, homes have become more affordable with lower prices and if you are in a market that isn’t battered by foreclosures, you may be close to the bottom. Here is a look at five key factors that will govern local markets over the next several years:

Demographics

Affordability

Employment

Credit

Psychology

 

67% of renters surveyed by Zelman Associates said they planned to buy a home in the next five years.

To read complete Wall Street Journal article click here.

 

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A life time resident of Fairfield County with over 30 years of local work experience, David has been living in Darien, Ct since 2004.

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes by the USGBC and a member of the Connecticut chapter (CTGBC).  
  • Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and a member of the local chapter HBRA-Fairfield County, Ct. .
  • Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

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