Friday, January 22, 2010
Monday, January 18, 2010
2009 Market Report for Norwalk
| OCTOBER | 01/01/08-10/31/08 | 01/01/09-10/31/09 |
NORWALK | ||
YTD 2008 | YTD 2009 | |
| AVERAGE SALE PRICE | ||
| Single Family Home | $693,457 | $525,657 |
| Condo | $330,056 | $311,357 |
| Land | $431,666 | $410,750 |
| % INCREASE/(DECREASE) | ||
| AVERAGE SALE PRICE | ||
| Single Family Home | -24% | |
| Condo | -6% | |
| Land | -5% | |
| TOTAL $ VOLUME | ||
| Single Family Home | $252,418,348 | $185,556,921 |
| Condo | $85,154,448 | $56,355,617 |
| Land | $2,589,996 | $821,500 |
| % INCREASE/(DECREASE) | ||
| TOTAL $ VOLUME | ||
| Single Family Home | -26% | |
| Condo | -34% | |
| Land | -68% | |
| NO. OF SOLD UNITS | ||
| Single Family Home | 364 | 353 |
| Condo | 258 | 181 |
| Land | 6 | 2 |
| % INCREASE/(DECREASE) | ||
| NO. OF SOLD UNITS | ||
| Single Family Home | -3% | |
| Condo | -30% | |
| Land | -67% | |
| MEDIAN SALE PRICE OF: | ||
| Single Family Home | $527,600 | $462,500 |
| Condo | $313,500 | $302,650 |
| Land | $431,666 | $410,750 |
| AVG. TIME ON MARKET | ||
| Single Family Home | 101 | 104 |
| Condo | 100 | 105 |
| Land | 118 | 134 |
Thursday, January 14, 2010
New Commercial Building
While Norwalk has several redevelopment projects on hold, there is a large commercial project that is being built up privately. Here is an article on that.
NORWALK
By CHRIS BOSAK
Hour Staff Writer
Not all construction is crawling or at a standstill in Norwalk.
Bucking the trend of slow-moving progress in the commercial real estate industry during the recession, the rebuilding of 770 Connecticut Ave. is quickly moving toward completion. The building, the former site of Color Film Corporation, is a 42,500-square-foot, five-story building near the Darien border. Designed for retail and office use, the building will include a two-story atrium at the entrance.
"We're negotiating with tenants and we have offers from sizable users," Michael Muffoletto of The Brocur Group, the leasing agency for the building, said. "We're getting a lot of activity now that it's taking form. We have a little work to do on the outside and the build-outs for the tenants on the inside."
The project is being built by Matell Contracting of the Bronx, N.Y. Muffoletto said the developers are eyeing other spots in Norwalk for building. Matell, headed by Anthony Martello, also has properties in Stamford and Westchester County.
"He likes being in Norwalk and we're looking for other places," Muffoletto said.
Tad Diesel, director of marketing and business development in Norwalk, said the location makes sense for building on speculation, even in this market.
"It's a great-looking building in the perfect location. It's very accessible and they have Class A neighbors," he said. "A spec building right there should be very successful."
The building is located off Exit 13 of I-95, near RiverPark, which is home to tenants such as Priceline.com and Stolt-Nielsen.
Muffoletto is confident the building will attract quality tenants and some will sign leases soon. He added, however, that many companies are still skittish about the economy.
"There's a lot of hesitancy and that's holding up commitments," he said. "As a business, you can't plan from behind, you have to plan from ahead."
The building is 12,000 square feet larger than the previous building on the site. Muffoletto said the building is suitable for about 12,000 square feet of retail, although if an office tenant requires more space, it can be accommodated, he said.
"Everything is brand new. It's a completely new building," Muffoletto said. "It has a lot going for it and you're right on Connecticut Avenue."
Jim Fagan, senior managing director of Cushman & Wakefield, said the building could be the perfect fit for the right tenant.
"For a tenant who wants exposure and new space, this building couldn't be better," he said. "There's not a lot of new space out there. But it's a tough market. It's a difficult time for anyone with vacant space."
NORWALK
By CHRIS BOSAK
Hour Staff Writer
Not all construction is crawling or at a standstill in Norwalk.
Bucking the trend of slow-moving progress in the commercial real estate industry during the recession, the rebuilding of 770 Connecticut Ave. is quickly moving toward completion. The building, the former site of Color Film Corporation, is a 42,500-square-foot, five-story building near the Darien border. Designed for retail and office use, the building will include a two-story atrium at the entrance.
"We're negotiating with tenants and we have offers from sizable users," Michael Muffoletto of The Brocur Group, the leasing agency for the building, said. "We're getting a lot of activity now that it's taking form. We have a little work to do on the outside and the build-outs for the tenants on the inside."
The project is being built by Matell Contracting of the Bronx, N.Y. Muffoletto said the developers are eyeing other spots in Norwalk for building. Matell, headed by Anthony Martello, also has properties in Stamford and Westchester County.
"He likes being in Norwalk and we're looking for other places," Muffoletto said.
Tad Diesel, director of marketing and business development in Norwalk, said the location makes sense for building on speculation, even in this market.
"It's a great-looking building in the perfect location. It's very accessible and they have Class A neighbors," he said. "A spec building right there should be very successful."
The building is located off Exit 13 of I-95, near RiverPark, which is home to tenants such as Priceline.com and Stolt-Nielsen.
Muffoletto is confident the building will attract quality tenants and some will sign leases soon. He added, however, that many companies are still skittish about the economy.
"There's a lot of hesitancy and that's holding up commitments," he said. "As a business, you can't plan from behind, you have to plan from ahead."
The building is 12,000 square feet larger than the previous building on the site. Muffoletto said the building is suitable for about 12,000 square feet of retail, although if an office tenant requires more space, it can be accommodated, he said.
"Everything is brand new. It's a completely new building," Muffoletto said. "It has a lot going for it and you're right on Connecticut Avenue."
Jim Fagan, senior managing director of Cushman & Wakefield, said the building could be the perfect fit for the right tenant.
"For a tenant who wants exposure and new space, this building couldn't be better," he said. "There's not a lot of new space out there. But it's a tough market. It's a difficult time for anyone with vacant space."
Mortgage Rates
Expect rates to continue to rise over the next few months, but here's an article to give you an idea what's going on currently.
WASHINGTON (AP) -- Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last month's record lows.
The average rate on a 30-year fixed mortgage was 5.06 percent this week, down from 5.09 percent a week earlier, mortgage company Freddie Mac said.
Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers' borrowing costs, but then rose steadily for the rest of the month.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.
The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.
While it's possible that the program could be extended, analysts believe the Fed is reluctant to do so. "We believe that the bar for the Fed's program extension is high," Credit Suisse mortgage strategist Mahesh Swaminathan wrote Thursday.
The average rate on a 15-year fixed-rate mortgages fell to 4.45 percent, down from 4.50 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.32 percent, down from 4.44 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.39 percent from 4.31 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year loans, 0.6 point for 15-year and five-year loans and 0.5 point for one-year loans.
WASHINGTON (AP) -- Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last month's record lows.
The average rate on a 30-year fixed mortgage was 5.06 percent this week, down from 5.09 percent a week earlier, mortgage company Freddie Mac said.
Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers' borrowing costs, but then rose steadily for the rest of the month.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.
The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.
While it's possible that the program could be extended, analysts believe the Fed is reluctant to do so. "We believe that the bar for the Fed's program extension is high," Credit Suisse mortgage strategist Mahesh Swaminathan wrote Thursday.
The average rate on a 15-year fixed-rate mortgages fell to 4.45 percent, down from 4.50 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.32 percent, down from 4.44 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.39 percent from 4.31 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year loans, 0.6 point for 15-year and five-year loans and 0.5 point for one-year loans.
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