About Fairfield's Southport

The last two years have not been kind to Southport Real Estate. 21 Homes sold so far this year....down 22% from last year and down 54% from 2007.

Median price is up 6% over last year but down 16% from 2007. The increase over last year may be just a function of too few homes being sold. Avg Selling Price is off 11% from last year and a whopping 46% from 2007. The Average Price in 2007 was $1,790,685.

Southport is a great example of the current problem in the Real Estate market. Simply, it is a lack of buyers. Southport is a very desirable and prestigious location. It is Fairfield's town within the town. The harbor area is as beautiful as ever. There are plenty of homes for sale at some very good prices. Mortage Money is available and being offered at some very good interest rates.

All that is missing is the buyers!

This data was compiled from the Greater Fairfield County MLS.

Thanks President Obama for the $8000, I mean $7200 credit for first time buyers! Just how close is Massachusetts or New York or even New Jersey for that matter? Can I commute from there to work in Stamford?

CT has created Bill #6397 which is to tax buyers 1% and it is scheduled to go into effect July 1, 2009. Our sellers have a hard enough time understanding the conveyance tax...now a buyer purchase tax...for waterfront land, brownfields, and conservation? There are other restrictions but, the idea is clear...money needed and buyers are a nice target!

I just keep thinking of my credit perfect client that didn't have much of a down payment (they produced 5% and took out 2 mortgages as recently as 2/14/09) At least he had a little money after the closing to have the kitchen carpet (25 yrs old!) pulled up so he could lay square vinyl pieces. If a bill like this becomes law, it will be harder and harder for buyers like him to buy...stimulus money or not!

Please get in touch with your elected officials and let them know we need to educate buyers about the benefits of "home ownership" in CT especially!