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.
Tuesday, November 10, 2009
10 Ways to Sell your home faster
Here is a great article I came across that I wanted to share. (Article) If you don't have time to read it, the quick version is this. The list of 10 ways to help sell your home faster (and for as much as the market will bare).
1. Finish the "Honey do" list. All those things you'll say you'll get to when you have time, do them. Whether it be just a touch up of paint here and there, fixing a door so it shuts properly, it makes a world of a difference.
2. Get inspected. Buyers are going to generally put an inspection contingency in their offer, and many times after the inspection ask to re-negotiate based on the results of it. Imagine if you have an inspection before listing it, so you can beat them to the punch. Buyers won't think you're trying to hide something, and might even save a step in the process.
3. Pack up Clutter. People are understanding that folks live in houses, but when buyers are looking to buy a house, they want to see themselves living in it. Not someone elses mess all over the place. The more clean and put together the house is, the better the buyer feels about it.
4. Depersonalize and Neutralize. You may love your shag carpets, or that sculpture of David in your living room, but the buyer may not. Make it as neutral as possible.
5. Clean like a Fiend. You may be okay with a little mildew built up in your shower. Or a little grime around the faucets. Buyers won't be. Doesn't take much, just go around the house and clean it thoroughly.
6. Stage Rooms. Ever walk in a furniture show room, where they set up mock rooms, and you just loved the way it look. Well set up your home like that, and the buyers will love it too.
7. Tend to Floors. Clean carpets, mop floors, if the carpet is ripped or in tatters, take it away.
8. Kick up the Curb appeal. Before buyers even arrive at the house, they've already made a decision that they WANT to see the house. When they pull up to it, you want them to have the desire continue to grow and manifest itself. You don't want to kill it with overgrown grass, overgrown plants, doors and windows not in good shape etc.
9. Pick the Right publicist. Your Realtor should be a great publicist for you. Your Realtor is the spokesperson for the house, so you want them to be in love with the property. They should know all the little nuances of your neighborhood and home. And more then knowing, be able to articulate that to the public.
10. Set the Right Price. The market ultimately determines the price. Understand that a Realtor makes more money, if you make more money. They don't make any money, or probably even lose money if you don't sell your home. A good realtor won't waste their time, "testing the market" with an overpriced number. Pick a number that's competitive, and then depending on how the market responds to it, adjust accordingly.
Thursday, November 5, 2009
Tax Credit Extended
If you haven't heard by now, today the government voted to extend, and expand the tax credit. The basic jist is broken down here. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Monday, November 2, 2009
Norwalk's Activity Market Report
This is Norwalk's Activity Report from 10/15/09-10/30/09. It'll give you an updated glance of what's happened in the market over the past two weeks. Since it's easier to read in a .pdf format, I have linked to the Market Activity Report here (PDF).
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