Ridgefield Market Report For August 2014

August 2014 saw both the number of sales and the median price drop as compared to the same time last year. However, when you look at the year-to-date figures, the median price is still $40,000 higher than last year, even though unit sales are lower. Inventory, days on market, new properties listed and the number of properties under contract (entering escrow) remain fairly constant – a good sign that the market is stable. I’m looking forward to a continued positive market, and maintain that with record low mortgage rates still in effect, its a good time to buy or sell.

CLOSED SALES
The number of closed sales decreased from 50 in August 2013 to 37 this year, representing an 26.0% decrease over last year. Total closed sales to date figures also follow this trend with 287 sales in 2013 compared to 236 in 2014.

MEDIAN SOLD PRICE
The August median sales price decreased 18.4% from August 2013 with the median price being $633,500 compared to $776,500 last year. Overall, year-to-date figures however, show an increase in the median sales price from $637,500 in 2013 to $677,500 this year. That represents a $40,000 or 6.3% increase.

PROPERTIES UNDER CONTRACT
Encouragingly, the number of properties under contract in the month of August was substantially higher than during the same time period last year. 48 properties are currently under contract compared to 34 last August–an increase of 41.2%. In the year-to-date figures, 273 properties have opened escrow since the beginning of 2014, as compared to 285 over the same time period last year.

DAYS ON MARKET and INVENTORY
The days a listed home spends on the market continues to decrease in 2014 with properties spending an average of 124 days on the market during August 2014, as compared to 142 days last year. Overall, in year-to-date figures, the days on market has decreased by 21.9%. The months supply of inventory has also decreased to just 7.4 months, from 10.3 months during the same time last year.

NEW PROPERTIES FOR SALE
Interestingly, the number of new properties for sale has not changed significantly from last years figures with 34 new properties coming onto the market in August 2014, compared to 35 last year. Overall, 496 new properties have been listed in Ridgefield in 2014 compared to 506 by this time last year.

For a full graphical analysis of Ridgefield’s August 2014 real estate market, download the report. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2014/09/August-2014-09-03-08.04.01.pdf

Ridgefield Market Report : 2014 Mid-Year Review

The Housing Recovery Continues.

At first glance it appears the momentum over the past two years has stalled. We need to remind ourselves that 2013 was a breakaway year for the local real estate market here in Ridgefield. We experienced a 37% increase in unit sales when comparing the first 6 months of sales in 2013 vs. 2012. We ended 2013 with a 45% increase in unit sales over 2012. Those are signs of significant shifts, further demonstrating the market is in recovery mode. The 15.2% decrease in 2014 sales for the first 6 months is a direct reflection of an extremely harsh winter. Q1 2014 unit sales were 27.4% below the same three-month period in 2013. Typically, by March the Spring Selling Season should be in full swing, but we did not start to see business pick-up until mid-late April. Unit Sales from April through June 2014 fell short 7.8% when compared to the same period in 2013, proving that fewer buyers were in the market this winter, and resulting in fewer Q2 closings. Most promising, however, is that the Median Sales Price for a home in Ridgefield increased by nearly 17% to $690,000 when compared to the median price of $590,000 in the first 6 months of 2013. The Unit Sales by Price Category Chart reveals that we are selling a greater number of higher priced homes than we did in 2013 indicating consumers are confident about investing in Ridgefield.

Supply and Demand.

Inventory is down slightly when compared to June 2013. Many predicted there would be a significant number of new homes hitting the market this spring, but this did not materialize. With lower than expected inventory levels in the more popular price segments, homes that were priced properly, updated and show ready sold quickly.

Going Forward.

I predict that the current trend of steady, reasonable growth will continue through the end of the year. With consumer confidence at its highest since 2007, and interest rates remaining historically low, buyers still feel the urge to buy – especially those properties which reflect good value. Ridgefield continues to attract families looking to settle in a community that offers a wonderful quality of life, award winning schools and a vibrant downtown center with many new destinations.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2014/07/2014-Mid-Year-Review.pdf

Ridgefield Market Report for May 2014

May 2014 was an interesting month for Ridgefield home sales. The number of closed sales actually decreased from previous months, however the median sales price increased, as did the number of homes under contract. The months supply of inventory decreased as did the days on market, indicating homes are selling quickly and at an increased market value. This is all good news for the Ridgefield Real Estate market moving forward.

CLOSED SALES
The number of closed sales decreased by 4 over May 2013 from 35 to 31, representing an 11.4% decrease over last year. Total closed sales to date figures also follow this trend with 124 sales in 2013 sales compared to 98 in 2014. Given the timing of the closings, I would say this decrease can still be attributed to the relatively slow start to the market given the bad weather seen in February and March.

MEDIAN SOLD PRICE
Even though the number of unit sales was down, the median sales price rose from $627,000 in May 2013 to $644,000 in May 2014. This represents a modest increase of 2.7%. When comparing year-to-date median values however, the jump is more apparent with prices increasing 13.7% year-over-year. ($653,750 in 2014 compared to $575,000 in 2013).

PROPERTIES UNDER CONTRACT
The number of properties that went under contract and opened escrow in May 2014 was up 93.3% over May 2013 rising from 45 to 87. This trend continued in the year-to-date figures where 199 have opened escrow since the beginning of 2014 as compared to 153 over the same time period last year.

DAYS ON MARKET and INVENTORY
Good news for sellers! The average days on market for homes listed has been steadily decreasing since last year. Although there was no big change when comparing May 2013 to May 2014 (133 vs 134 days) there was a significant 9.5% decrease in the number of days a home spent on the market when comparing the year-to-date. The months supply of inventory is also down by 51% over May 2013, which indicates strong demand for homes in Ridgefield.

NEW PROPERTIES FOR SALE
As expected, the number of properties for sale is steady from last year to the this year with 95 new properties listed in May, and 358 overall year-to-date. This represents no significant change from 2013.

For a full graphical analysis of Ridgefield’s May 2014 real estate market, download the report here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2014/06/May-2014.pdf

A Day In The Country – 8 Exquisite Ridgefield Estates

Calling all brokers!
On Wednesday, May 21st, join me for a Spectacular Broker Event celebrating eight of Ridgefield’s most beautiful properties. Two of my incredible Ridgefield Estates will be featured.

KING MANOR
44 King Lane
10:00am -12:30pm
This beautifully updated & expanded residence sits elegantly behind its distinctive stone wall. featuring 8,500 Sq.Ft. of refined living space including a spectacular gourmet kitchen, family room with exposed beams, handsome library, incredible billiards room, master bedroom suite with His & Her baths, 5 ensuite bedrooms, exceptional wine cellar, fitness studio, gunite pool, distinctive landscaping & more!

STRAWBERRY RIDGE
109 Old Branchville Road
1:30pm – 4:00pm
A perfect blend of classic & modern design with an open floor plan featuring floating walls, dramatic vaulted ceilings & an abundance of windows in a sophisticated mix of high quality woods & stone. Rebuilt in 2001, the home includes sophisticated formal spaces & comfortable private rooms. Features a half-mile walking trail, spectacular indoor & outdoor pools, 7.58 acres, guest house, tennis court & terraced outdoor living room. The perfect marrying of romantic classicism with modern minimalism, this zen- like masterpiece is simply magnificent!

Click here for a description of all of the magnificent properties on the tour, and a map of the event.

Join Me At Ridgefield’s Run Like A Mother 5K This Sunday

Run Like A Mother is almost here! Every year since its inception, I have been fortunate enough to be a sponsor of this wonderful, empowering event which celebrates women and mothers of all shapes, sizes and abilities.

This Sunday, May 11th at 8:30am join my team and run the original “Mother” route in Ridgefield. The race starts at Yanity Gym and ends at Ballard Park on Main Street. It promises to be a fun race with music at 3 locations and you’ll be cheered on as you cross the finish line to receive your finishers Mother’s Day Rose. Be sure to invite the entire family to celebrate with you at our post race party featuring activities, entertainment, and cool products and services from our sponsors.

Pick up your pre-race packet on Friday, May 9 10:00AM- 6:00PM at BMW of Ridgefield, 746 Danbury Road, Ridgefield or Saturday, May 10 10:00AM to 2:00PM at Caraluzzis Market, 920 Danbury Road, Wilton (Georgetown). Don’t forget to color your Motivation Station poster or better yet, join me at both the start and finish line Motivation Stations to design an inspirational message!

Make this Mother’s Day a one-of-a-kind memory.

Copper Beech Farm Sells for $120 Million

We are proud that Christie’s Exclusive Affiliate, David Ogilvey & Associates, has brokered the largest transaction in U.S history for a single-family home, showing once again that Christie’s International Real Estate and its affiliates have the widest reaching marketing program in the world. As an Exclusive Affiliate ourselves, Neumann Real Estate takes advantage of this incredible resource as well, reaching out to our other affiliates and marketing our properties to an incredible scope of people.

Copper Beech Farm, the magnificent estate situated on more than 50 waterfront acres in Greenwich, Connecticut, has sold for $120 million to an undisclosed buyer. Offered by David Ogilvy & Associates with international marketing services provided by Christie’s International Real Estate, the sale represents the largest transaction in U.S. history for a single-family residential property.

This property with spectacular views across Long Island Sound is the last waterfront parcel of its size in Greenwich or anywhere along the coast from Greenwich to New York City and boasts a rich and distinguished history. Built in 1896, it was purchased by the Lauder Greenway family, co-founders of U.S. Steel with Andrew Carnegie who lived there for 75 years. Their heirs sold it in the 1980’s and it has been used as a weekend retreat since then.

“High-end sales at this end of the spectrum are compelling indicators of the continued growth of the luxury residential real estate market,” said Kathleen Coumou, Senior Vice President of Christie’s International Real Estate. “I congratulate David Ogilvy on this splendid achievement.”

“We’re delighted to have listed and sold this incredible property,” said David Ogilvy. “Copper Beech Farm is the ultimate waterfront property in Greenwich on the fabled Connecticut coast and there simply are no more in existence like it. The property’s new owners will truly enjoy the total privacy, exclusivity, and unparalleled waterfront location just 45 minutes from New York City.”

From its vantage point 40 feet above mean high water, the main residence offers panoramic vistas across Long Island Sound including Island Beach, a public offshore island park given to the town by the Lauder Greenway family. The estate also includes two offshore islands and together, the property has almost a mile of shorefront. Copper Beech Farm is easily reachable from New York City by car or train in Greenwich, has easy access to all major New York airports and is a short drive from Greenwich’s many world-class shops, restaurants, schools, and recreational offerings.

Although not quite in the same price range, Ridgefield has some incredible luxury properties on the market as well. Some of my own offerings are Strawberry Ridge, Deer Run, Homewood Estate and 44 King Lane. If you’re in the market for a luxury home in the area, start your search here or contact me.

Ridgefield Market Report for March 2014

March 2014 unit sales of Single Family Homes in Ridgefield were lower as compared to the same time last year, dropping to 19 from last year’s 24. The same holds true for the Q1 2014 results where only 45 homes sold as compared to 62 in Q1 of 2013. This represents an approximately 29% drop in sales, which could be attributed to the unseasonably bad weather we experienced in January, February and March of this year.

The Median Sales Price of a single family home, however, showed a favorable increase in dollar value in Q1 2014 rising from $527,750 to $680,000. The March 2014 figures also follow this trend increasing to $619,000 from $562,500 a year ago. The Average Days on Market decreased by 15.4% from Q1 2013 to Q1 2014, and 30.8% when comparing the month of March alone. These two indicators would seem to point to a strong demand for homes in good condition that are priced appropriately.

The number of homes the went under contract in the month of March was 52, as compared to 32 last year, while the Months Supply of Inventory decreased to only 5.9 months compared to 11 months last year. The number of New Properties for Sale in March 2014 outpaced 2013 86 to 70, but overall we are still lagging behind when looking at the number of new properties listed overall in Q1 2014.

For a full graphical analysis of Ridgefield’s March and Q1 2014 real estate market, download the report here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2014/04/March-ridgefield.pdf

Karla Murtaugh Chosen To List $5.25 Million Zen-Like Estate

Recently featured in Ridgefield Magazine, Strawberry Ridge, located in the desirable town of Ridgefield, Connecticut, is a large, private estate owned by investment banker and NYU professor, Gerald Rosenfeld and producer, Judith Zarin. Offered at a price of US $5.25 million, the property is being presented by Christie’s International Real Estate, the world’s leading luxury real estate network, and exclusive affiliate Neumann Real Estate. Featuring a mid-century modern design by architects Donald Billinkoff and Yvan Prokesch, the structure accentuates a series of wings that encompass the best of living in every season.

“When we designed this home we had two goals, “ says Zarin. “First, to turn the traditional Colonial residence into a contemporary home that still looked appropriate in its location, and second, to have a home which provided fun and comfort in all four seasons of the year.” The owners also renovated and recently sold a modern, 6500 square foot townhouse in the West Village and are currently renovating a new apartment on the Upper West Side in preparation for the move back to Manhattan.

“It is rare to find a property that so perfectly marries modern minimalism with such warmth and comfort,” says Karla Murtaugh, who is brokering the property for Neumann Real Estate. “Strawberry Ridge is a perfect country residence for someone who appreciates clean, uncluttered lines in a bucolic setting, yet still wants to remain close to the action and accessibility of New York City.”

Located in the foothills of the Berkshire Mountains in beautiful Fairfield County, the wonderfully renovated and expanded 11,272 square foot residence sits behind natural privacy walls in one of Ridgefield’s premier enclaves. A striking front entrance opens to reveal a central reception area offering access to both wings of the home. The contemporary, vaulted design of the “summer” wing includes a sleek European kitchen, which seamlessly gives way to a breakfast area, and a large family room with multiple large-pane glass doors. An expansive great room and elevated gym lead to a stunning indoor pool with a spa and waterfall. Off the great room, the sumptuous screened porch with a built-in grill acts as a living room during the warmer seasons, and the recent addition of a stone fire pit and treehouse add to the unpretentious, zen feel of the property.

The “winter” wing can be defined as romantic classicism married with modern minimalism. The glass sunroom provides views of the beautifully terraced, outdoor living room designed by landscape architect Diane Devore of Fairfield, Connecticut. The formal living room features wall-to-wall views, while the large dining room – at once formal and elegant – is made equally soft and inviting with a plethora of maple paneling and a warm, stone fireplace. A relaxed library will satisfy the most discerning of book aficionados, while the original glass finial at the bottom of the circular stair to the private living quarters reflects the home’s three-century heritage.

The private, upper level spaces of the home continue to impress. The master suite is positively breathtaking with its exposed beams, comfortable fireplace, and incredible views of the guest house and woods beyond. The manicured 7.59 acre property has been meticulously sculpted to reflect the roots of contemporary design in Puritan tradition. The grassy stepped living room, and cedar and gravel walking path meandering around the perimeter of the property blend seamlessly with the outdoor pool, sport court and tennis court.

See more information about this spectacular home here. Contact me directly at 203-856-5534 for a private showing.

The Truth About Mold

Mold is one of the world’s most successful organisms – it will find its way into any location, even unexpected ones. However, that is not to say that mold is an inevitable – or even likely – problem to arise in your home. Mold grows under very specific conditions, all of which are easy to prevent.

Mold reproduces with spores, which are invisibly small organic particles that float everywhere. Although these spores are in the always in the air, when mold begins to grow, the spores may rise to levels that cause health problems and increase the likelihood that it will become a problem and spread. Outside of bread and other foods, the most likely place in your home for mold and spores to grow is on a wet surface, as it cannot grow without some kind of moisture.

To defeat mold before it begins, check your home to see if there are areas of high moisture or areas with direct water leaks. Fixing these issues should keep your house free of mold indefinitely. Keeping the relative humidity to less than 60 percent is also a good rule of thumb in ensuring your home remains inhospitable to fungus. Introducing a dehumidifier into a moist area, such as a basement in the summer time, is often an effective method to curb problems.

Mold can also grow in ducts and other HVAC systems. If the air in your home is causing problems, resulting in an increased difficulty when breathing particularly for those afflicted with respiratory issues, have your ducts checked to see if they need cleaning. Advanced filtration systems can also be installed in places that are predisposed to mold, but for most homeowners, this is not necessary.

Once it becomes established, mold can affect your health in a number of ways. Inhaling large amounts of spores can exacerbate allergy problems or cause other irritation. Although mold is generally not particularly harmful some varieties of mold, such as black mold, produce directly toxic substances called mycotoxins. However, the primary concern with mold is their effect on respiratory health.

If there is already mold in your home, it may be possible to clean it yourself. According to the EPA if there is less than 10 square feet of surface mold, scrubbing it off a hard surface by using detergent and water is generally enough to get rid of the problem. Soft or porous surfaces that have mold on them will likely need to be thrown away. Carpeting or curtains can get mold in various crevices and spaces in the material, and may therefore be impossible to clean. Painting over mold is not an acceptable way to treat mold. While cleaning the mold, make sure to wear gloves and goggles and avoid breathing the spores by wearing a respirator. If there is mold on an item that is particularly valuable, or the area of mold measures more than 10 square feet, contact a professional.

Although there is plenty of buzz about mold these days, in reality, mold is unlikely to pose serious problems for most homeowners. Usually, few areas in a home are prone to mold growth. By keeping tabs on moisture around your home and taking a few simple precautions, you should be able to remain mold-free forever.

If you’re thinking of selling and are concerned about the possibility of mold in your home prior to listing it, contact me for more information. I would be happy to assist you to get home ready for the upcoming real estate market.