BLACK ROCK MARKET ACTIVITY
SINGLE FAMILY HOMES
13 single family homes have either sold or are in the process of selling within the first two months of this year. To put this in context, only 20 single family homes sold in 2011, so this is shaping up to be a strong Spring market. Pending sales are up all across Fairfield County and nationally.
240 Pearsall Place is an important sale for Black Rock as we have not had a sale between $285,000 and $625,000 in over a year. This will provide an important comparable for single family mid-range sales.
475 Davidson Street a lovely 3 bedroom Colonial on Ash Creek sold in 2010 for $384,000. This year it sold for $340,000. It was not a short sale or a foreclosure. It is just one home, but is an example of how prices have continued to decline over the past year.
CONDOS/CO-OPS
Five co-op units have sold or are in the process of selling during the first two months of 2012. To put this in context, only 6 co-op units sold in 2011. Condo sales are off to a slower start as there were 18 sales last year and only 4 have sold or are in the process of selling.
The sales of the co-op units show that buyers can sniff out great bargains in this market. Lender appraisals have been coming in low due to a limited number of comps and the buyer of 568 Brewster Street, in particular, picked up a beautifully updated unit for $105,000. If the sale at the Village of Black Rock is near the list price of $120,000, then that buyer will also have picked up an amazing bargain. The lowest sale price for a condo in that complex last year was $145,000.
MULTIFAMILY PROPERTIES
There were 11 three-family sales last year. As you can see from the charts above, there are 3 three-family properties that have either sold or are in the process of selling, but the real action seems to be with two-family properties. Six two-family properties sold last year, but already five have sold or are in the process of selling. Of particular interest is that higher priced two-family sales are increasing. The highest price paid for a two-family last year was $215,000, but already this year there was a sale at $290,000 and another one listed for $329,000 is in the process of being sold.
FREE PRECISION PRICING MARKET ANALYSIS
Gail has sold one of her listings and has four more on the way to closing. If you are thinking of selling your Black Rock home, call Gail today at 203-521-0768 (cell phone).
