About Brookfield's Stony Hill Village

The Shadow Inventory: How will it affect the Brookfield Real Estate Market

There is a hidden demon out there that can have a drastic effect on the market as we know it. This demon is something called The Shadow Inventory. You may be wondering what it is and how will it affect the Spring Real Estate.

The shadow inventory is made up a four basic types of properties. These types are pre-foreclosure, bank owned properties, auction properties and government owned properties. These properties are not on the market currently but are likely to come on the market in the Spring. Currently there are between 300-400 properties in the shadow inventory in Greater Danbury. These properties fall into the category of distressed properties and they will usually come onto the market at below market prices. Can you imagine what would happen if these properties all go onto the Spring Market? As with any type of commodity when there is a larger supply the price tends to go down. Of course, the Spring is when alot of sellers THINK that it is the very best time to put their houses on the market.

I have been talking to numerous sellers recently who have told me that they want "to wait until spring to list their home' as the market is "always better then". I have to beg to differ on the point. Let's list the reasons why now is the BETTER TIME TO LIST YOUR Brookfield, CT. HOME FOR SALE NOW RATHER THAN THE SPRING.

1. INTEREST RATES ARE AT RECORD LOWS--

2. THE SHADOW INVENTORY HAS NOT HIT YET

3. THE SUPPLY OF HOMES FOR SALE IN THE WINTER TENDS TO BE THE LOWEST SO LESS COMPETITION

4. THE BUYERS WHO LOOK DURING THE HOLIDAYS OR DURING THE WINTER TEND TO BE SERIOUS

5. MOST HOMES LOOK BETTER WHEN DECORATED FOR THE HOLIDAYS

6. SOME BUYERS NEED TO BUY BEFORE THE END OF THE YEAR

Beware: Active Rain Addiction Day 3

Well we got up early this morning to beat the traffic and drive the hour and a half back to the sunny Western Ct area where we call home. The view of the lake was so great in the morning that I thought I'd share it. Hard to believe that yesterday we were at the site of the Woodstock Concert. Of course there was that fasbulous lunch at Bubba's Barbeque(wifi and all).

We're definitely back to the real world......today I went into the office, negotiated an offer on a short sale listing that I have in Bethel, presented an offer on a foreclosure in Newtown, had a walk through and a closing for a condo at Stony Hill Village in Brookfield, took some pictures for a BPO in New Milford and met with an owner looking to sell her home in Brookfield. Oooops I also got an offer accepted in Danbury (West Wooster St.) for a short sale, scheduled a building inspection for tomorrow, spoke to my client about a closing on a foreclosure next week and spoke with an attorney's office about some money that we have in escrow on the sale of my brother's house in Plantsville. Nice to be back...................................................................................just an ordinary day in the life of a Realtor.

Home Inspection for a Condominium??? Why Bother!!! This is a question that I have been asked frequently over the 27 years that I have been listing and selling Real Estate in Greater Danbury. My stock answer is always the same. "Of course" is what I respond with. As a matter of fact if my clients refuse to have a building inspection I ask them to sign a waiver that states that I strongly recommend that they have an inspection and that they are not having said inspection at their own peril. Some of my clients have commented that they thought the wording of the waiver was a little harsh but most of them appreciate the fact that I am looking out for their best interest.

What types of things can go wrong with a condominium that a typical inspection would discover anyway? Well the first step in answering this question is to make sure that you have an excellent inspector to do the inspection for you. I have used Daryll Griggs of Housemaster of America http://www.housemaster.com in Danbury, CT numerous times over my 27 years in Real Estate and have found him to extremely thorough and knowledgeable. Of course there are many good inspectors in greater Danbury so please choose carefully as this is a very inportant decision.

WHAT SORT OF THINGS CAN A TYPICAL CONDOMINIUM INSPECTION FIND ANYWAY?

1. Un-grounded outlets

2. No GFCI outlet within 6 feet of a water source. This ground fault circuit interupter trips and turns off the electricity to the outlet when an appliance falls in a water source to prevent electrocution.

3. Electric hot water heater that has out lived it's effective life. Sometimes these hot water heaters can look new to the untrained eye but a thorough inspection can discover that the bottom is rusted out and ready to rupture or that the age of the unit warrants replacement or careful attention at the very least.

4. Appliances beyond their life expectancy. Sometimes these units look great but may be years beyond their expected life. Attention to these units is warranted in the future.

5. Electric baseboards not operational.

6. Thermostat not operational.

7. Furnace, boiler or heat pump system either beyond it's life expectancy or inefficient.

I'm sure that there are other parts of a condominium that can be inefficient, broken or just out of date but this list hopefully can get a buyer thinking in the right direction. Armed with this information the buyer has options. They can ask for a reduction of the selling price as a consideration for problem items. They might request that some items need to be replaced as a condition of the sale. They might decide that this is not the right condominium for them and continue their search.

Home Inspection for a Condominium??? Why Bother!!! My experience is that it is only a bother when there is a problem after the closing that a thorough inspection would have turned up.

It is a great time to both buy & sell in the Stony Hill Village community of Brookfield,Connecticut. It is a great time for buyers to see the favorable prices & well designed units in this attractive country. Units that have recently sold have been done within a timely manner & at the end of the day, the sales prices very been very close to asking price.

Stony Hill Village offers a tranquil country setting and the privacy of the Connecticut countryside yet centrally located with easy access to Danbury, Bethel, Newtown & New Milford. There is easy access to I-84 as well as lower Fairfield County.The community features a pool, tennis courts & clubhouse.

The community was built between 1978-1987 and consists of 162 units. There is a variety of both ranch & townhouse models, all including central air conditioning and washer dryer hookups. The units offer a versatile floor plans with generous room sizes. There are about 8 different styles of units ranging from about 800 square feet up to around 1,800 square feet.

Real estate listings typically range from the high $100s to the high $200s. For more information on the Stony Hill Village community of Brookfield, Connecticut, please visit my website or contact me.

Jonathan Hall, Realtor

203-417-0523