Danbury, CT

MARKET REPORT - DANBURY CT CONDO’S

MARKET REPORT - DANBURY, CT CONDO’S - at present there are 195 condo’s listed for sale in Danbury, at an average price of $238,000 and reported market time of 111 days thus far. Of those currently on the market, 14 are under deposit at an average price of $187,000 and average reported market time of 159 days. In addition, 30 condo’s are in contract (pending sale). Some of those in contract are short sales and have been waiting for approvals from their short sale mortgage banks since as long ago as July, 2011.

In all of 2011, 247 condo’s sold in Danbury, for an average price of $206,000, reported market time of 110 days, at a discount of 4%, that is at 96% of the asking price. The lowest-priced condo sold at $37,500 (Nabby Rd), the highest-priced sale was at Poet’s Landing on Candlewood Lake at $537,000.

As compared to 2010, condo sales in Danbury were more sluggish in the past year and sold at lower average prices, reflecting a general downward shift in values. In 2010, the number of condo units sold in Danbury was at 270, sold at an average price of $228,000, at a reported average market time of 102 days and at a slightly lower discount rate of of 3.5% (96.5% of asking price). If we adjusted the Danbury condo’s sold numbers to reflect those that should’ve closed, but are hung up in the short sale approval process, the annual numbers for condo sales in Danbury would be more even over the last two years, albeit the prices still lower.

Condominiums in Danbury have become more affordable, but financing them is more complicated. Banks have adopted more stringent owner occupancy requirements and have imposed minimum reserve tests for condo associations. Moreover, many associations seem to have allowed their FHA “approved” status to lapse, placing greater downpayment constraints on first time buyers. Brand new units are still coming on the market at more reasonable prices, competing with more seasoned complexes and putting pressure on their prices.

Overall, it’s still a great time to buy a condo in Danbury, CT - prices are low, selection is good and interest rates at historic low’s. Please feel free to search straight from this report or visit my website at www.candlewoodgreenbroker.com.

The western side of the Aunt Hack area of Danbury enjoyed rigorous real estate activity in 2011. Eight properties in this premier section of town were sold during the year; three were rented, seven are currently on the market; one is under deposit and three are available for rent.

HOMES SOLD:

10 Ironwood Dr $420,000 April 21, 2011

12 Ralto Ct $424,500 April 15,2011

22 Tiffany Dr $445,000 June 30, 2011

1A Maplecrest Dr $480,000 May 17,2011

19 Ironwood Dr $512,000 July 26,2011

4 Maplewood Drive $610,000 March 4, 2011

6 Catalpa Dr $630,000 December 29, 2011

26 Tanglewood Dr $640,000 February 1, 2011

RENTED:

5 Catalpa Dr @ $2.600/moMarch 1, 2011

104 Joes Hill Rd @ $2,600/moMarch 1, 2011

18 Maplewood Dr @ $2,999/moAugust 17, 2011

UNDER DEPOSIT:

18 Ironwood Drive Listed at $600,000

ON THE MARKET:

10 Timber Crest Dr @ $449,000

11 Autumn Ridge @ $469,000

9 Ironwood Dr @ $505,000

12 Tiffany Dr @ $519,000

130 Aunt Hack Rd @ $599,900

13 Maplewood Dr @ $649,000

24 Maplewood Dr @ $729,000

AVAILABLE AS RENTALS:

44 Aunt Hack Rd @ $2,100/month

23 Joes Hill Rd @ $2,250/month

20 Ironwood Dr @ $3,500/month

The tone of the overall real estate market in our area is good, as evidenced by activity in the Aunt Hack section of Danbury. The powerful year of the Dragon is beginning to show its strength,

THE MARKET IS COMING BACK! National employment numbers are improving, they are better than we have seen in the last three years; current unemployment rate is down to 8.3%, inventories of homes are lower, prices are lower and mortgage interest rates remain extremely favorable. There appears to be pent-up demand among home buyers. It’s a good time to have your home on the market!

Just Sold 3 Bedroom Condo at Lexington Mews
1907 Eaton Court, Danbury CT 06811
Call for sales price!

I recently help a first time buyer client this lovely 3 bedroom 2.5 bath tri level townhome in the desirable Federal Road area. This pristine unit offers hardwood floors throughout, updated kitchen with stainless steel applicances, double walk in closets in master bedroom suite, huge finished basement and 2 car garage. From the time the offer was accepted,my client was able to close in less than thirty days, with getting a mortgage, which is very real in today’s market! For more information on this purchase, please contact Jonathan Hall at 203-417-0523.

The city of Danbury has a large number of condominiums for it’s size. Geared for buyers geared seeking a low maintenance lifestyle, condos are a popular choice. Many of the new developments were developed in eastern Danbury, as devolpeable land was plentiful.

About Woodland Hills,Danbury
Woodland Hills is considered by many to the the premier address for luxury condominiums in Northern Fairfield County. Conveniently set in the Shelter Rock Road district of Danbury, Woodland Hills is a one of a kind resort quality environment. With finely crafted 2000 to 3400 square foot townhome offering features often seen in custom homes, Woodland Hills is a highly desirable place to call home. Located in the exit 8 area, nearby shopping and dining opens are plentiful and major employers are in the area.
Woodand Hills-Recent Real Estate Activity:

Up to the middle of 2008, Danbury seemed to be immune for the economic slowdown and housing crisis. Danbury historically does better than most of the country due to proximity to NYC, major secondary employment markets near by, large economic base in Danbury and affordability compared to lower Fairfield County and Westchester County,NY. The market value is there, with 2 bedroom units declining only 10% for 2007. Home values for the 3 bedroom units have declined 20% for 2007, which is due to the smaller 3 bedroom floor plans selling, but price have remained stable since 2008.

*There are a number of 3 bedroom floor plans at Woodland Hills vary in size. Because of the size difference (about 1000 square feet from smallest to largest), therefore final sales prices vary based on what is sold. There are also a limited number of 4 bedroom units.For a more detailed analysis on sales, please contact me. For further information about Woodland Hills, explore the website to see current properties for sale.

Sellers have to be realistic in pricing their unit in hopes of getting it sold, but this is a great time to become a homeowner. Not only are prices favorable, interest rates are Buyers should be get on the train because this combination might not come back for a very long time. Most of time, with rents rising, you can be homeowner for almost much money as you would be paying in rent on top of getting all the benefits of owning a home.