Rowayton Market Update

Ok- Yes- Rosie the Real Estate Dog has finally announced that the recession has shown up in almost all of our households here in Rowayton. Meggan & Joe have decided that the less expensive Trader Joe’s dogfood (http://www.traderjoes.com/) is just as good as the more expensive stuff!
Last October, Rowayton was seeing homes selling at about 8% higher than what we saw this October- which is interesting because if you look at the numbers overall for 2007 and this year-to-date, average sale price jumped from $1.48 up to $1.58 for this year… Do remember though, that in a town as small as Rowayton, it is hard to really use these appreciation numbers to base trends on because 1 or 2 big-ticket sales can skew the whole year. (Which we know is most likely the case here, due to a handful of Bell Island waterfront sales this summer.) The bigger number that we are looking at now is the fact that in 2007, we had 74 homes closed before December and this year that number dropped by 42% to 43 homes closed Jan-Nov. This really shows us the lack of confidence that buyers have out there today and that the hesitation that is going on is making a dramatic impact on our real estate market.
However, as we mentioned above, we have seen some surprising sales in the higher end range… perhaps those buyers that have made some smart business decisions in years past know that NOW is the time to buy!!?? We don’t know about you, but whenever possible, we like to model our investment decisions after those that are successful, and if these people think that taking advantage of the prices now is a good move, then we agree!!
One trend that we have seen through every price range this past year is that buyers today have been overwhelmingly fearful of doing any construction work at all- generally speaking, the homes that have been selling, have been absolutely ‘move-right-in.’ Now, we know that doing work to a home can be stressful and time consuming, but for those buyers out there that have even the slightest inclination, we are telling you- ‘You can get some AMAZING deals on some of these homes that need even minimal work!!’ So, if you can, think ‘long-term’ and remember that if you find something today with a fabulous location, a little character, and a lot of potential, you can cash in down the road much more than any homebuyer shopping for that home that provides the instant gratification…
And if there is anything at all that you remember from our rambling… Yes! Now actually is the time to buy!! (Have you seen those rates!!??)

Welcome to our Blog

Hello everyone, welcome to the Rowayton Chat. Your local Blog to find out all about what is happening with your local Real Estate market! We would love for you to visit us at www.douglasandwarrenhomes.com