Mike Tetreau - Sales Vice President ABR, CRS, GRI

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.

Inventory in Fairfield

In Fairfield and the surrounding towns, inventory is down. The number of homes for sale is lower than in 2006. There is no question that the year 2006 will go down in history for its record levels of homes on the market. It seems there was a For Sale sign in front of every mailbox....

In fact the number of homes on the market peaked in Fairfield at 558 in October of 2006. This is a dramatic increase over the typical high point of 330-340 homes in past years. It also indicates that longer market times that it takes to get a home sold. 558 homes on the market compared to a total of 656 homes that sold in all of 2006 gives us an average Market Time of over 10 months - not the type of news that a Seller wants to hear.

It is easy to see the market slow down in the climbing inventory throughout 2006. We went from approx 250 Homes in January to 558 in October. It tailed off a little at yearend. 2007 picked up again the inventory levels climbing through the first have of the year from over 350 in January to just over 500 in June. It was about this time the increasing rate of sales (units sold was up 20% for 2007 over the prior year) began to show. The inventory level for the first time in over 24 months started to drop below the prior year. We finished 2007 with less than 400 homes for sale or just under an average of 6 months to sell a home.

We can see the activity building for 2008 right now. I am hearing from almost every agent I talk to that they are seeing lots of action out in the market place. This bodes well for the spring market....the buyers are back....and as long as there are no new "quakes" in the Mortgage arena, we should continue our climb back to a good, strong market.

Just keep your fingers crossed......