Monthly Archives: July 2011

New England Real Estate Guru Speaks on the Importance of Local Markets.

New England Real Estate Guru Speaks on the Importance of Local Markets.

Bill Raveis CEO and founder of William Raveis Real Estate, speaks on the importance of local market housing data verses single national index indicators. For the majority of the New England states the local housing data from multiple sources show that the average residential sales price going up and the number of single family unit sales going down. For more take a look at what Bill Raveis has to say.

William Raveis Real Estate is the ninth largest real estate brokerage in the country, is encouraging agents and clients to take a more intelligent approach to the housing market by looking at seasonal trends and the latest data within their own markets. William Raveis utilizes a comprehensive system that tracks major local market indicator in the 7 New England states; Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut and New York.

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
  • 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 lower Fairfield County, Connecticut.

 

 

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S&P’s Home Price Index Report and Fairfield County, Connecticut Housing Data.

S&P’s Home Price Index Report and Fairfield County, Connecticut Housing Data.

July 27th, 2011

 On Tuesday the Standard & Poor’s Case-Shiller home price index report  was released showing that home prices continue to bounce along. The Home Price report showed that home prices recovered from April to May with slight increases in major cities. The Census Bureau data of home prices showed falling sales despite a rise in prices for new homes in June. To read more on the Forbes article ‘Home prices bouncing along bottom Case-Shiller shows’ click on link. 

Over all housing data revealed that inventory is down and prices are up. According to JP Morgan new home inventory is 71% below its July 2006 peak. (Click here to read more at the WSJ blog)

For Fairfield County, Connecticut some towns are seeing a year to date 2nd quarter (June) increase in average sales price of single family homes compared to 2010, mostly in the lower Fairfield County area with New Canaan and Norwalk leading %24.53 and 19.85%. See chart below.

 

Single Family Unit sales year to date 2nd quarter (June) 2011 compared to last year are mixed with fewer municipalities ahead, with Rowayton and Greenwich leading with 52.38% and 28.57% increases. See chart below.

For more up to date hyper- local housing data go to Raveis.com Home Data.

 

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
  • 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 lower Fairfield County, Connecticut.

 

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Lower ‘Jumbo’ Loan Limits ~ WSJ Market Watch

Lower ‘Jumbo’ Loan Limits ~ WSJ Market Watch

July 17, 2011

Wall Street Journal article by Amy Hoak about current conforming mortgage limits are scheduled to expire with limits for jumbo loans falling from $729,750 to $625,500. Limits vary depending on where you live with lower limits that are equal to 115% of the median single family home price, ranging from $417,000 to as much as $625,500. This change in the high end home areas will cause mortgages to get more expensive.

The change is expected to officially take effect on October 1st, but it may be reflected in loan quotes as early as the end of July. If you are thinking of refinancing your home, talk to your local mortgage banker soon before the change.

To read the whole article click here.

 

William Raveis Real Estate is a full service mortgage banker and is licensed to originate loans in Connecticut, Massachusetts, New Hampshire, New York and Rhode Island. Click here to find your local William Raveis Mortgage Loan Professional. 

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David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
  • 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 lower Fairfield County, Connecticut.

 

 

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Connecticut Property Tax Mill Rates ~ 2011.

 Connecticut Property Tax Mill Rates ~ 2011.

July 1ST, 2011.

In Connecticut the property assessment is equal to 70% of the fair market value of the property as established by the municipal Assessor. The property tax rate is expressed in mills or thousandths of a dollar. A tax rate (mill rate) of 11.74 mills is equivalent to $11.74 of taxes per $1,000 of assessed value.

Each town sets its own mill rate; some municipalities have different mill rates for different districts within that town. Assessment dates for property on the Grand List must be assessed by October 1st of the preceding year. So for property taxes due July 1st, 2011 and January 1, 2012 are determined from assessments computed by the town assessor prior to October 1, 2010. Typically the majority of Connecticut towns, real property taxes are payable for the current tax year on July 1st and January 1st, this is the same as the state’s fiscal year. But in some towns payments are made quarterly so check with town hall first.

Home sellers take note that the Connecticut Real Estate Conveyance Tax has increased 0.25% as of July 1st, 2011, click here to read more.

For Fairfield County, Connecticut here are property Mill rates for individual towns. Information provided by the Connecticut Multiple Listing Service, please verify with each town hall.

 

For a complete list of Connecticut Property Mill Rates go to the Greater Fairfield County Multiple Listing Service, click here.

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
  • 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 lower Fairfield County, Connecticut.

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Connecticut Home Owners, Real Estate Conveyance Tax Increase ~ July 1st, 2011.

Connecticut Home Owners, Real Estate Conveyance Tax Increase ~ July 1st, 2011.

The state of Connecticut passed the Biennium Budget Bill for 2012-2013 and was signed by Connecticut Governor Dannel P. Malloy. The Bill included a .25% increase in the Real Estate Conveyance Tax for all sellers as of July 1st, 2011. The Connecticut real estate conveyance tax is a tax imposed on the transfer of real property and paid by the seller to the state and local municipality. On residential homes the state conveyance tax has been 0.5% of the purchase price up to $800,000, and 1.0% on the amount in excess of $800,000. As of July 1st the tax will increase to .75% for the first $800,000 and 1.25 for anything in excess of $800,000.
 
Additionally, the local municipal tax, which has been 0.25%, will become the permanent tax rate on July 1st. It had been “temporary” increased from 0.11% in 2003. In lower Fairfield County there are only two towns, Stamford and Norwalk, in which the municipality conveyance tax is slightly higher (.35% and .5% respectively). 

In practical terms, before July 1, 2011 the total conveyance tax on the sale of a $1 million dollar property would be $8,500. After July 1, 2011, that tax would go up to $11,000.

There are some exemptions to the conveyance tax, so please ask your attorney to see if you would qualify.

 

David Popoff is a license Realtor in Connecticut with William Raveis office in Darien.   A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
  • 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 lower Fairfield County, Connecticut.

 

 

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Mid Year Home Data Report for Greenwich, Ct., 2011.

Mid Year Home Data Report for Greenwich, Ct., 2011.

Greenwich has a population of about 62,368 (2009) with an estimated median household income of $120,064 (2009) in an area of 67.2 square miles, 47.8 land and 19.4 water. Greenwich has a large number of parks and playgrounds, four town beaches, a town golf course and ice rink. Click here to go to town website to see all services.  http://www.greenwichct.org/ParksAndRec/prFacilitiesIndex.asp

 

 

Mid Year 2011 market housing data for single family homes in Greenwich, Connecticut.

Year to date (YTD) Unit Sales total are 306 up 28.6% from 2010.

Median Sale Price are up 12.5% from $1,600,000 in 2010 to $1,800,000. (2011) YTD.

June 2011 inventory is up from last year at 803 (2010 746 units).

June had a total of 105 single family unit sales up 56.7% from June 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: –  City-Data.Com, Factfinder.census.gov, Greenwich MLS, GreenwichCt.org, William Raveis Home Data.

 

 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 and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Greenwich MLS, Darien MLS & Greater Fairfield County, Ct MLS.
  • 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 Greenwich, Darien, New Canaan, Rowayton and other parts of Connecticut.

 

 

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Darien, Ct. Home Data Report Mid Year 2011.

Darien, Ct. Home Data Report Mid Year 2011.

 

Darien has a population of about 19,710 (2007) with an estimated median household income of $176,442 (2009) with an area of 14.9 square miles that includes six parks, two town beaches, athletic fields and tennis courts. There are nine private clubs in Darien along with an ice rink and YMCA.

 

Year to Date for 2011 market housing data for single family homes in Darien, Connecticut.

Unit Sales total year (YTD) to date is 115 down 6.5% from 2010.

Median Sale Price, YTD, are up though from $1,395,000 (June 2010) to $1,450,000.

June’s inventory is at 208 down 7% compared to June 2010 of 224.

 

 

 

 

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:  City-Data.Com, Factfinder.census.gov, Darien MLS, DarienCt.gov, William Raveis Home Data.

 

 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 and now resides in Darien, Ct since 2004. 

  • Member of the Connecticut Association of Realtors, CAR.
  • Member of the National Association of Realtors, NAR.
  • Member of the Darien MLS, Greenwich MLS & Greater Fairfield of Connecticut MLS.
  • 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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