About Fairfield County, CT

Playing Hooky At The Beach .... In March…..In CT!

In CT we are blessed with being on Long Island Sound, which is a haven for beaches, swimming, boating, water sports, and fishing. Usually, we can’t enjoy all of the above until the weather is a lot warmer and the water temperature is NOT in the 40s, like it is now.

However, today, and the next few days, we are enjoying some unusually warm weather in the 60s. I had some business down by the water today and decided to play a little hooky and steal away to the beach... specifically Jennings Beach and Penfield Beach in Fairfield CT. I was not surprised to see quite a few others enjoying the weather, walking, sunbathing, and having picnic lunches.

Oh, I wish it could just get progressively warmer from this point on so we can actually have a spring and then a nice long summer. I am a definite, absolute warm weather gal.

So I snapped a few photos here and there from Black Rock in Bridgeport to the Fairfield Beach Road area, and this is what I captured.

View from Black Rock, Bridgeport to Seaside Park, Bridgeport

South Benson Marina, Fairfield fishing pier

View of Black Rock, Bridgeport from the South Benson Marina fishing pier

View of Jennings Beach, Fairfield

Penfield Beach pavilion, Fairfield

Penfield Beach view

View of Long Island Sound from Lantern Point, Fairfield Beach Road

Lantern Point view of Fairfield Beach Road waterfront homes

I wanted to just linger around the Fairfield beach area, but I had to move on. I will return …. You can bet your sand dollars on that!

Hope you had a great day and an even better one tomorrow!

Playing Hooky At The Beach .... In March…..In CT!

We frequently represent taxpayers involved with IRS tax issues in Stamford, Connecticut and elsewhere. The Internal Revenue Service (“IRS”) announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people.

The changes include:

• Certain taxpayers who have been unemployed for 30 days or longer will be able to avoid failure-to-pay penalties. A six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed individuals. The request for an extension of time to pay will result in relief from the failure to pay penalty for tax year 2011, but only if the tax, interest and any other penalties are fully paid by Oct. 15, 2012.
• The IRS is doubling the dollar threshold for taxpayers eligible for Installment Agreements to help more people qualify for the program. The IRS announced today that the threshold for using an installment agreement without having to supply the IRS with a financial statement has been raised from $25,000 to $50,000, and the maximum term for streamlined installment agreements has also been raised to 72 months from the current 60-month maximum.

If you would like to discuss either of these programs or any other IRS Tax Debt issue you are having in Stamford, Connecticut or elsewhere, please feel free to contact me at (203) 602-5550 or at egreen@convicerpercy.com.

Eric L. Green, Esq.

Convicer, Percy & Green, LLP

60 Long Ridge Rd., Suite 202

Stamford, CT 06902

Ph. (203) 602-5550

Fax (203) 286-1311

www.convicerpercy.com

Rental Security Deposits in CT ~ What Are the Limits?

The rental market has been very hot in CT and likely elsewhere around the country no doubt due to the amount of homeowners who have been displaced due to a short sale or foreclosure. There have been a few times where I have seen a rental listing require a three-month security deposit or even extra money for a pet allowance.

There is actually a CT state statute CGS 47a-21 that directly addresses rental security deposits.

What exactly IS a security deposit? According to the statute, a security deposit is defined as “any advance rental payment other than the first month’s rent and a deposit for a key or special equipment”.

The landlord usually tells the listing agent what s/he wants to collect from the tenant in addition to the monthly rental amount. It might be all or some of the following:

• First month’s rent
• Last month’s rent
• Two months’ security deposit
• Pet Deposit
• Key Deposit

Can all of the above be required from a tenant? According to CT state statute CGS 47a-21, the answer is NO.

Is first month’s rent allowed? YES

Is last month’s rent allowed? NO

Is a pet deposit allowed? NO

What about the TWO month’s security deposit? YES and NO..... Read on..

The statute states the following:

If a tenant is under 62 years of age, the landlord may take an amount equal to two months’ rent.

If a tenant is 62 years of age or older, the landlord may take ONLY one month’s rent.

So, at lease signing, the landlord is limited to taking only the following:

• First month’s rent
• One or two month’s rent as security deposit
• Deposit for key or special equipment

**No extra monies can be requested for a pet deposit or the last month’s rent.**

The statute also defines how the landlord must handle the security deposit. The landlord must deposit the money into an interest bearing escrow account in a Connecticut bank. No co-mingling is allowed. The interest is defined by the state banking commissioner.

This Interest Calculation Table in .xls format, designed by the CT Department of Banking, provides assistance to landlords and tenants in determining the interest that is owed on rental security deposits.

How do tenants get their security deposit returned? When tenants decide to move, they must provide their landlords with written notice of a forwarding address where the security deposit with interest can be sent. The tenant should send the notice via certified mail with a return receipt.

Landlords must return security deposits with interest or give tenants written notice of damages being claimed within 30 days of when tenants move.

Prior to moving, tenants should repair any damage they caused and walk through the rental with the landlord, if possible. Keys should be returned when the lease or tenancy ends.

For more detailed information, visit the CT Department of Banking website to ensure both tenants and landlords understand and are in compliance with the CT statute on security deposits.

Related post:

Need a Rental in Fairfield County CT?

Rental Security Deposits in CT ~ What Are the Limits?

The information provided here is for informational purposes and not intended to be legal advice.

You are invited to attend an informative session on short sales presented by the Urban League of Southern Connecticut on March 24th from 10:00am - noon.

Here are a few questions to consider: Have you exhausted all of your refinance or loan modification options? Thinking about a short sale to address your mortgage delinquency? Do you understand the short sale process?

A short sale is a sale of real estate property in which the proceeds from selling the property will fall short of the amount owed to the lender and the owner can not repay the full amount. With the proper criteria and qualifications you are able to request that the lender agree to release you from the loan amount and accept less than what is owed on the debt. Any unpaid balance owed to the lender is called a "deficiency". Short sale agreements do not necessarily release borrowers from their obligation to repay the deficiency, unless agreed upon between both parties.

A short sales is a great alternative to a foreclosure, because it saves valuable points on your credit score.

Thinking about your options? Join us and learn if a short sale makes sense for you. At the session you will be able to meet with a certified HUD counselor, obtain legal advice from a real estate lawyer, speak with an accountant and meet me to discuss the shot sale process from a real estate point of view.

If interested, please register to reserve your seat today! phone:203-327-5810 or e:mail housing@ulsc.org

Looking forward to seeing you. Or if you know someone with an interest, please feel free to share this Short Sale - Stamford event invitation with them!

Stratford CT Single Family Market Report and Real Estate - February 2012

Stratford CT February 2012 single family home sales were UP 40% as compared to February 2011 sales.

List and selling price averages remained flat at under 1% each following the trend from the previous month. The median was down 12% and days on the market went up 16%.

To sweeten things up a little further, there are 27 houses under deposit and a whopping 69 houses pending (under contract). That should ensure another great month of sales moving forward into March. Stratford is definitely on the move -- in the right direction.

Which houses sold in Stratford CT in February 2012 and where was the highest concentration?

Stratford CT February 2012 Property Transfers
(as recorded in the Greater Fairfield County MLS as of 3/09/12)

Over 80% of sales in Stratford for February 2012 were below $300K. Stratford CT remains a very desirable town for first time buyers and downsizers.

The absorption trend, which shows the number of months it would take to sell the entire inventory at the same pace, came in at 9.51 for the last three months.

Keep in mind that this rate is for ALL houses. If you are selling your home, your agent should calculate the absorption rate trend for your price point to get a more accurate analysis. Some price points favor sellers; others favor buyers.

SEARCH for Your New Home in Stratford, CT

The success in selling your house in Stratford CT or any other community is dependent upon accurate pricing, effective preparation, calculating the absorption rate for your particular price point, and having a strong online marketing presence. A house will sell if there is a synergy among all four.

CONTACT ME for advice on how to LIST, MARKET, and SELL your home effectively in today's market. All agents do not provide the same marketing services.

If you would like a FREE professional market analysis done for your property in Stratford CT, please contact me.

Date Source: Greater Fairfield County Multiple Listing Service -- March 10, 2012. No representation or warranty is made to the accuracy of this information.

Stratford CT Single Family Market Report - February 2012 - Stratford CT Real Estate