Marilyn Katz - ABR, e-PRO - WestportCTProperties.com

Part I - Troubled Waters Over A Bridge

I hate being late. Scenes of rushing across an airline terminal, with just enough time to make my flight, are not my idea of fun. So, when I arranged for a limo to take me to the airport, for my trip to the Prudential National Sales Convention, in Las Vegas, I left plenty of time. The limo company suggested a 2 o'clock pickup should easily get me to the airport, an hour before my flight. I opted for 1:30, knowing that the driver would likely show up 15 minutes early. That gave my 2 hours and 15 minutes for a trip that typically takes less than an hour and a half. It should have been more than enough cushion...or not.

The ride started out uneventful. My driver, Barry, opted for the Merritt, saying that early afternoon, southbound, it was usually a better choice than I95. Not a bad decision, as we moved along at a fairly good clip. We were still making good time as we left CT and entered Westchester County. Since we were ahead of schedule, there was not much concern when traffic began backing up, as we approached the Whitestone Bridge. "They're probably working on the bridge and maybe have a lane closed", Barry assured me.

We were now moving at a crawl and things started looking more ominous. We could see the bridge and a few cars moving northbound but there didn't appear to be any traffic heading towards Queens. "This makes no sense", Barry observed. "Cars are moving forward but they're not crossing the bridge. It's just like the Twilight zone. Cars are simply disappearing."

As we neared the toll plaza, the reason became apparent. The bridge was closed and traffic was being diverted into the northbound lane. We'd have to try to make it across the Throgs Neck Bridge. My cushion was starting to deflate!! Needless to say, with two bridge loads of cars, trying to go across one bridge, movement towards the Throgs Neck wasn't progressing much better.

Even less encouraging was Barry's suggestion that I start to check on alternate flights. Every few minutes, I glanced at my watch and recalculated time and distance to the airport. It wasn't looking hopeful. Eventually, we crossed over, into Queens, turned off, onto the Cross Island Expressway and traffic started to flow. "We're looking good, now", Barry cheered. "Let's not jinx it. We still have a ways to the airport", I countered.

As we approached Terminal 8, Barry offered, "I think it's safe to say, we're looking good, now." We had made it to the airport, with 48 minutes to check my luggage, clear security and make it to the gate.

Remember that image of rushing through the terminal with just enough time to make my flight. Piece of cake!!

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Travails of Travel - Part I

Westport Goes Green. Plastic Bags Banned from Most Retail Use.

On September 2, 2008, The Representative Town Meeting (RTM) passed an ordinance to ban the use of plastic bags for retail checkout of purchased goods. Yesterday, that ordinance went into effect, making Westport the first town in Connecticut to institute a plastic bag ban.

The ordinance passed by a vote of 26 to 5, with one abstention. The six month delay in implementing the ban was put in place in order to allow time for establishments to use up their supplies of plastic bags and to prepare and educate Westport residents to the change.

The RTM is Westport's legislative body. Their stated purpose for the Retail Checkout Bags Ordinance is to encourage the use of reusable checkout bags. The new ruling applies to all retail establishments and restaurants. The ban does not apply to sales by residents, at their homes, such as tag sales or to sales by non-profit organizations. Arguably, the largest and most immediate effect of the ban is being felt at supermarkets.

There are some exclusions to the ban. Still allowed are the thin, plastic produce bags used to carry meats and produce to the checkout counter. Also, exempt are plastic bags with more than one opening, such as those used by the cleaners and plastic bags measuring 28" by 36", or larger.

Although "going green" and protecting the environment are currently popular issues, not everyone is quick to jump aboard the plastic bag ban. A plastic bag ordinance was proposed in the Connecticut State Legislature, but it never gained traction. A similar proposal, made to the city council in New Haven, CT, was rejected.

Some argue that while having consumers use recylable bags is a positive goal, the more likely result of the ban will just be the increased use of paper bags, which carries its own negative environmental issues.

Two years ago, San Francisco was the first United States city to ban the use of plastic bags. Los Angeles and Manhattan Beach, California have also passed plastic bag legislation.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Plastic Bag Ban Now in Effect

The tree-lined streets and backyards are among the features that make Westport a scenic town. Coupling that with above ground power lines and high winds sometimes truly brings us "back to nature", as in life without phone, cable or power. Today, brought one of those mornings.

I had heard the forecast for high winds, so it was not much of a surprise, when we lost power. We'd been through this before, so we knew the routine. While my husband hooked up the generator, I played with my new toy, a blackberry, and began returning e-mails. All in all, not so bad. The phone was still working and when the genny started humming, we found the internet was also unaffected. Hopefully , power would be restored, shortly.

But, Mother Nature had left us another surprise.

My husband and I were on our way to a funeral. As we left the house, we were confronted with yellow tape across the road. We approached, and were greeted by the sight of a fallen tree and downed power line pole. We got out of the car and neighbors informed us that initial crews estimated three hours before the street would be cleared and eight hours before the power was restored. It didn't look like we were going to make it.

This was not an appointment which could be rescheduled, so we put the car back in the garage, made a phone call and luckily found a friend who could pick us up. We hiked to the main road and waited for our ride.

We are now back home, the genny is still humming and the power company is working on installing a new pole. I guess today is one day I won't make it into the office.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Don't Mess With Mother Nature

Have you been waiting for the right time to purchase a home? The planets may finally be aligned in your favor. Three factors have come together, to create an attractive buying opportunity.

• More negotiable home prices
• Historically low mortgage rates
• First time buyer tax credit

More Negotiable Home Prices

At first blush, it doesn't appear that prices have softened, in Westport. Average selling price of a single family home remained flat, rising less than 1%, from $1,699,078 to $1,708,804, comparing 2007 and 2008. However, we see a different story if we just look at the 4^th quarter, comparing similar size and style homes. The average selling price of a 3-4 bedroom, 2-4 total baths, 2,000-4,000 s.f., not new construction colonial, declined 10%, from $1,173,631 to $1,059,532.

Clearly, prices are becoming more negotiable. Additionally, the proliferation of short sales and foreclosures are placing further downward pressure on home prices. In all likelihood, we may not have hit bottom, but trying to time the market could mean missing out on a good buying opportunity.

Historically Low Mortgage Rates

As with home prices, there is no way to guarantee a given date when you will receive the absolute lowest mortgage rate. However, mortgage rates are currently hovering at historical lows. During 2006 and 2007, the national average rate for a 30-year fixed, conforming loan was in the low to mid 6% range. During 2008, national rates averaged around 5.5%. As recently as 2000, rates were over 8%.

While rates are subject to change, yesterday, January 29,2009, Jeff Jensen, a certified mortgage planner with Connecticut Home Mortgage, quoted the conforming 30-year fixed rate at 4.875% and the Jumbo 30-year, fixed rate at 5.875%. These rates coupled with softening prices are an attractive combination.

First Time Buyer Tax Credit

In July, Congress enacted the Housing and Economic Recovery Act of 2008. Included in the package was a provision for a $7,500 refundable tax credit, available for first time home buyers. In reality, this tax credit is more accurately described as a zero interest loan, repayable over 15 years. For the purposes of eligibility, first time home buyers include anyone who hasn't owned a principal residence during the past three years.

The credit is for 10% of the purchase price up to $7,500. The full $7,500 credit is available to taxpayers with modified adjusted gross income of $75,000/year ($150,000 for couples.) Partial credit is phased out for higher earnings.

To qualify, the homes must be purchased on or after April 9, 2008 and before July 1, 2009. The credit May also be used for new construction as long as the home is occupied by July 1, 2009

All of these factors, plus the enviable position of not having a home to sell, makes it a opportune time to purchase your home.

First Time Home Buyers - This is your market!

To view Connecticut listings Search the MLS/IDX Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT, First Time Home Buyers - This is your market!

The Westport real estate market ended 2008 on a stagnant note, posting weak unit and dollar sales . As we begin 2009, there are currently 252 single family homes actively listed (not including 7 with agreed to offers.) This equates to eleven months of inventory, based on 2008 sales data. Most of the listings are not new offerings. The average time on market for these listings is 149 days, or approximately five months. This figure is understated, as it does not take into account the days on market, for those homes that were previously listed. During 2008, inventory averaged over 300 homes, with 281 active listings, in January 2008.

In the final month of 2008, approximately half of the single family, unit sales were for homes that sold for $1 million or less. Yet, in the current inventory, only 30% of the listings are in that price point. Clearly, the makeup of the market is out of synch with the current buyer.

What does this mean for the consumer?

For homeowners, now may be a good time to list your home. Inventory is the lowest it's been, in a year. Make sure your home is competitively priced. Pricing just under comparable properties may be all it takes to get you offers. Clearly, a two and a half million dollar home is not going to be sold for a million, but perhaps, your asking price may have to come down to $2.4 million or even $2.3 million. You may also consider offering buyer incentives, such as purchasing a home warranty or allowing a credit towards closing costs.

For buyers, the ball is in your court. Mortgage rates are at historical lows but they won't stay there forever. First, find out the price home for which you qualify. Don't be afraid to make an aggressive offer but remember you are not just buying an investment, you are buying a place to live. If the house is well priced, and it meets all or most of your wish list, there is nothing wrong with paying at or near asking.

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING

To view Connecticut listings Search the MLS/IDX Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Looking Ahead to 2009