Mike Tetreau - Sales Vice President ABR, CRS, GRI

New Construction in Fairfield

While New Home Construction drives much of the economy around the country, it is not the same here in Fairfield. It starts with a region that was first settled 400 years ago and has gone through many a Real Estate boom --- most recently in the late 80's and then again in the late 90's. It is hard to find any open land for new homes. The continuing upward spiral in prices and the paucity of vacant land has led to a new type of lot preparation called the "tear down". The Capes and Ranches built in the 1940's, 1950's and 1960's are giving way to brand new Colonials getting built in their place.

Even with Tear Downs figured in, New Construction still amounts to only 5-8 percent of the home sales each year. With each new home seemingly larger than the one that was built before, prices have continued to climb too. The Average Sale Price for all Single Family Homes was just under $900,000 for this past year. New Construction is definitely getting a premium for all the new features and amenities with an Average Sales Prices of almost $1.4 Million.

Changing Zoning Regulations adding restrictions may slow this Tear Down trend in the small lot dominated Beach area but the demand for New Construction will just move the builders inland where larger lots are more common. Today's consumer is definitely willing to pay a premium for the modern and up to the minute features available in today's high tech world.

From time to time, I have been asked to share my list of Best Restaurants. I thought it might be fun to tell you about one in my blog. While I don't pretend to be a restaurant critic, I have lived in New York City, San Diego CA, Roanoke VA and Geneva Switzerland.....and between business and my passion for scuba diving....I have travelled extensively in Europe, the Carribean, the South Pacific and all over the USA.

Always on the hunt for a great restaurant with great food and an excellent wine list, I found Paci. Tucked away in the Southport Train station. Very seldom advertised, it is very easy to see how this gourmet treat could be out of sight and out of mind. Don't miss it! The Italian cuisine is something to die for....very creative and very, very good. The wine list is not your ordinary mix but one that always offers something new and again one of the best cellars in our region.

The train station provides a unique back drop to an evening at Paci's. Lunches are out of the question since the parking lot is full of commuters. But after five, this jewel begins to shine. Reservations are a must almost every night. If you can book a table in the bar - my favorite room for dinner. Definitely arrive in time for a chance to sample a glass of the often changing selection of top wines by the glass.

As with all good things, Paci's has a price tag to match so bring your plastic. But don't let the Southporters have this one all to themselves...it is too good not to share.

Enjoy...and let me know how you like it!

A Town or Not a Town?

It is one of the more charming quirks of Connecticut or at least this part of the State - just what is a town? If you are familiar with our State, you know we have 8 counties (e.g. Fairfield, New Haven, Litchfield, Tolland, New London, etc) and 169 Towns. The counties really don't matter except on a map of the State - no county governments or taxes or much of anything - just something else for a 4^th Grade Teacher to put on a test.

Our Towns have grown and changed over the last 400 years....so we have old names, new names, old boundaries and new borders....and sometimes a combination. Let's see, for starters - Fairfield, Westport, Weston, Easton and Black Rock all used to be part of Fairfield! We still retain lots of our old Colonial heritage in the towns and almost towns...like:

Is Rowayton a town or is it really part of Norwalk?

Is Georgetown a town or is it part of Redding, Weston or Wilton or perhaps all three?

Is Southport a town or part of Fairfield? It does have its own Zip Code and Train Station!

How about Greens Farms? Westport or not? It has a Train Station and almost a Zip Code.

And Black Rock? It has St. Marys and both are part of Bridgeport.

And there's lots more...Huntington & Shelton, Nichols & Trumbull, West Redding, Redding Ridge & Redding, Cannondale & Wilton......

So as you take the train or take a drive....stay on the look out....you may know where you are going...but do you know where you are?

Average Selling Price Comparison - 2007

Home prices did surprisingly well in 2007. With all the doom and gloom we read about, it is hard to believe that the Average Selling Price in Fairfield increased by nearly 9 percent over the prior year. Westport, Weston, Easton and Trumbull were all up too. Only Wilton seemed to take it on the chin with their Average Selling Price dropping 2.5%.

With an Average Selling Price approaching $900,000 and unit sales up 17%, Fairfield enjoyed a very good year. With Westport at $1.7 Million, Weston at $1.3 Million and Wilton at $1.1 Million, Fairfield looks like a good bargain too. Fairfield is in a prime location both on the coast and on the commuter lines to New York City. Both are advantages over Easton and Trumbull the only towns in our comparison to come in at a lower price point.

While 766 home sold is not a record, the Avg Selling Price of $891,696 certainly is. The market seems poised to continue its rebound in 2008.

The Mortgage Crisis - Is it Real or is it the Media?

Certainly it is real but it doesn't have the same impact everywhere. Every Newspaper or Online Report has us seeing disaster around every corner. In our local markets, it is more hit or miss. The towns seem to be moving back towards a stronger market from the generally weak 2006. Unit Sales are up in Fairfield, Easton, Weston, Wilton and Trumbull -- Westport being the lone exception and coming in flat versus last year. The cities are a different story. Let's take Bridgeport for an example - Unit Sales are down almost 35% from their 2006 levels....and 2006 was down significantly from 2005. This is where the Sub Prime Crisis is really being felt. And needless to say, it hits all the related industries from Attorneys to Home Inspectors to Contractors to Realtors. One of the less well know aspects, is that the Conveyance Tax of one half percent that goes to the City of Bridgeport on every sale is coming in well under expectations.

The Average Sale prices in Fairfield and the surrounding towns have been flat for the past twenty four months - surprising including in Bridgeport. Overall this means that Buyers have come back into the market since 2006 and while prices are not going up but they are not falling either. There are plenty of good deals to be had since inventory levels are still up. And, if you didn't buyer your home in the last two years, your equity is in good shape if you are planning to sell.

All in all, a much better picture than is being painted about Real Estate by the National Media.