Tag Archive for: Ridgefield

Continued Good News In The Ridgefield Real Estate Market!

Coming off a stellar year in 2020, Ridgefield real estate sales continue to impress. With numbers far exceeding 2020’s incredible start to the year, 2021 promises to again post increasing prices and decreased sales times, as long as we can procure the inventory to keep the market moving. With a wealth of qualified buyers waiting in the wings for the perfect house, now is the time to jump into the market if you’ve been contemplating a move.

Prices & Volume
The number of sales in January 2021 exceeded 2020 by 48% with 34 homes sold as compared to 23 in January 2020. There was a rise in overall sales volume as well, with 2021 seeing $30,591,500 sold in the first month of the year compared to $19,658,000 in 2020. The median price this month was where the steepest overall gains were seen with a sales price of $856,000 vs $620,000 in 2020. The average sales price rose from $854,696 to $899,750 this year.

Inventory & Days On Market
In an unprecedented first, the available inventory has dropped to 3 months! In comparison, at this time last year there was 8 months of available inventory on the market. In addition, the days a house remained on the market before entering contract currently sits at 59 days as compared to 132 days in January 2020. For a breakdown by price point of recent sales, see the chart below or DOWNLOAD the chart.

Now Is The Time To Sell
With a continuing number of buyers looking for privacy, space and the suburbs, it’s certainly a good time for sellers. Buyer demand is at an all time high and there is very limited inventory. To find out what your home is worth or for a complimentary consultation, please reach out to us at karla@karlamurtaugh.com or call 203-856-5534. We’d love to discuss our outstanding marketing campaigns and platinum level of service.

Ridgefield 2020 Year In Review Real Estate Market Report

Ridgefield Market Snapshot

2020 started out strong, but the year came to a grinding halt in March as we all sheltered in place due to Covid-19. When real estate was allowed to resume towards the end of April, a torrent of buyers from NYC and other urban areas created unprecedented demand for homes in Westchester and Fairfield counties. The number of single-family home sales in Ridgefield increased by 70% year over year with 556 units selling this year as compared to 327 in 2019. In addition, the total sales volume increased 93.5% in 2020 with $451,684,839 in total sales compared to $233,379,725 last year.

Price gains were seen throughout the Ridgefield single family home market with the Median Sales Price increasing from $628,250 to $707,500, representing an overall increase of 12.6%. The Average Sales Price also increased by 14% from $713,699 to $812,383. The Days On Market decreased with homes spending 70 days on the market before selling, as compared to 167 in 2019. The List to Sales Price Ratio rose from 96.5% to 97.8% with many homes receiving offers above asking price or even multiple offers.

Demand for single-family homes increased at all price points, however, the greatest boost came in properties selling between $1-million and $1.5-million. Sluggish sales over the past few years were reversed with a 217% gain from 24 sales last year to 76 this year. The luxury market – defined as homes selling for more than $1.5-million – also saw appreciable gains with a 128% rise from 18 to 41 sales, and the under $1-million sales increased 54% from 285 to 439. In general, homes that had been updated were often selling at or above their listed price.

Trends In The Market

  • As people reevaluate their lifestyles in the wake of the pandemic, many are finding their home a sanctuary. People are moving out of cramped urban spaces to more residential neighborhoods in the suburbs.
  • While the market has transitioned to benefit the seller, buyers are still wary of creating a ‘bubble’ and will continue to be reasonable in their offer strategy.
  • A shortage of inventory will continue to place pressure on first-time and even ‘move-up’ buyers as continued demand outweighs supply.
  • It is increasingly important to understand how the market changes we are seeing breaks down by price and segment, as not all gains are the same across the board.

For more information, download the FULL REPORT.

Karla Murtaugh Homes Sponsors The Prospector Theatre, Ridgefield

As we all know, 2020 has been a challenging year for many non-profits. Living and working locally, Karla Murtaugh Homes is committed to partnering with and supporting local businesses, and is once again proud to sponsor the Prospector Theater. The Prospector was obviously impacted by the lock-downs and restrictions due to Covid-19, however, in our recent call with the Theatre we were encouraged to learn how they have pivoted to keep every employee – known as “Prospects” – working this entire time. Here are couple of ways their ingenious staff have furthered the Prospector mission to “Sparkle On”.

1. Technology played a starring role as Prospects worked on standard operating procedures, new moviegoing guidelines, video productions, grants, graphic design, daily flash challenges, continuing education classes, virtual service-learning experiences, and more.

2. Prospects have experimented with new alternate revenue streams including an expanded retail line, online gourmet popcorn orders, discounted theater rentals, virtual birthday packages, and curbside concessions. Each one of these new offerings creates dozens of jobs for Prospects while fueling their mission and business.

3. The Prospector reopened its doors on June 17th, 2020. Social distancing seating arrangements, plexiglass partitions, contactless payments, designated one-way traffic, hand sanitizer stations, and more made the Prospector the gold standard for safe moviegoing practices, with several competitors reaching out to the Prospector for guidance.

The Prospector’s work is needed now more than ever. Since March of 2020, an additional 1,000,000 Americans with disabilities have lost their jobs, bringing the unemployment rate to 85%. Karla Murtaugh Homes has been there with unending support for the Prospector’s mission since it opened. It’s not too late – you can join us in helping this important Ridgefield beacon of light by seeing a movie, purchasing a gift card, making a donation, or becoming a sponsor – like us! For more information, visit www.prospectortheater.org

Karla Murtaugh Homes Sponsors “Homes For The Holidays” at the Lounsbury House

The Holidays are looking different this year, but I am consistently amazed at the creativity of the businesses and community leaders in our fabulous town of Ridgefield. I am proud to support the Lounsbury House gingerbread-styled home tour of some of Ridgefield’s most iconic properties. If you get a chance, go online to LounsburyHouse.org and vote for your favorite! Voting closes December 20.

 

October & November Sales Continue Real Estate Momentum

Continuing the strong sales seen in Q3 2020, October and November single family home sales are set to help 2020 close as our strongest year in many. Far outweighing 2019 sales at all price points, the initially sluggish market responded well with our current concern being a lack of inventory. With many buyers still migrating from the city and more urban areas to the privacy of the suburbs, we hope to see sales continue throughout 2020 and into 2021. And while buyer demand remains strong, there simply aren’t enough homes on the market for them to purchase. Unlike previous years, where the consensus was to avoid putting a house on the market as we move into winter, in 2020 that simply isn’t the case. If you’re looking to make a move, now is the perfect time to list your house for sale.

All Indicators Are Positive
Year-to-date, a total of 495 homes have sold in 2020, outpacing 2019 by 40% and the total sales volume stands 46% higher than 2019 at $395,754,813 vs $213,039,725. In October and November specifically, we have seen 130 sales with a list-to-sale price ratio of 98.6%. Our days on market and months of inventory are also at all-time lows with homes spending a median time of 31 days on the market before selling. There is also only 2 months of inventory available, which is concerning given the number of buyers still looking to move to our area. There are currently 78 homes on the market

Prices Are Up
The average sales price was up 11 percent year over year YTD sitting at $801,123 in 2020 compared to $712,507 in 2019. The median sales price was up 10 percent $699,000 in 2020 YTD vs $628,250 in 2019. We have seen a good number of homes selling at or above their listed sale price and homes that are updated and priced properly are often in receipt of multiple bids.

Luxury Sales Are Strong
Sales are up in all price points. There was a three-fold increase in the number of homes that sold for over $1 million (101 in 2020 compared to 37 in 2019). In terms of the luxury market – defined as homes priced over $1.5 million – 37 single-family properties have sold in 2020 YTD compared to only 16 in 2019. There are also a further ten luxury homes with accepted offers set to close by year end.

Karla Murtaugh Homes Sales
Year to date, in Ridgefield alone, Karla Murtaugh Homes has represented either the buyer, seller or both on 78 closed transactions at all price points from a $345,000 condo to a $5.2 million luxury estate property. In the luxury market, we were responsible for representing 23 buyers and/or sellers of the 37 properties that sold. We currently have an additional 28 properties set to close by the end of 2020 or Q1 2021.

Thinking Of Selling?
Now is a great time to meet with us and prepare your home for sale. Take advantage of the unprecedented buyer demand and low market inventory. We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth. For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Now is the time to make sure you work with an experienced realtor – this market comes with many challenges and you really need someone who can get you to the closing table. Contact us today at 203-856-5534 or karla@karlamurtaugh.com

Karla Murtaugh Brokers $5.2 Million Deal For Sugar Hill Estate

Sugar Hill is an extraordinary property, fully befitting its rare provenance. Located only an hour from Manhattan, the sale of the ivy-laced Georgian manse was brokered by Karla Murtaugh at Neumann Real Estate, an exclusive Affiliate of Christie’s International Real Estate, and is the highest grossing sale since 2008. Murtaugh noted that there was multiple interest in the property resulting in the $5.2-million transaction.

Beautifully sited on 46.3 acres, Sugar Hill was constructed in 1939 by the esteemed firm of Noël and Miller (best known for the design of the Whitney Museum of American Art) and stands today as a symbol of a great American past meeting the hope and promise of a new generation. This classic, understated yet elegant seven-bedroom manor features an array of amenities including a grand indoor pool with full service changing rooms, an outdoor pool and cabana, a lighted tennis court, sprawling manicured lawns, and a greenhouse and potting shed for the garden enthusiast. A two-bedroom, two-bath guest house is the perfect complement to the classic manor along with a large detached garage for the car enthusiast, adding 6 additional heated garage spaces, for a total of 11 bays.

“Sugar Hill is an iconic property that exemplifies the ultimate country lifestyle” says Murtaugh. ”The exceptional Georgian architecture, perfect proportions, park-like, private setting and fabulous amenities it offers, make it the perfect full-time residence or weekend getaway from NYC.”

The home’s pedigree is beyond compare. The original owner, Wadsworth R. Lewis, was the son of Frederic E. Lewis a railroad tycoon and president of the Adams Express Company. The Lewis Fund continues to enrich the community through local Ridgefield charities such as the local library, the Boys and Girls Club, and Meals on Wheels.

From 1946-1966, the residence was home to Henry Luce an American magazine magnate and publisher of the Time, Inc. magazine empire, including titles such as Life, Sports Illustrated, and Fortune, and his wife, Clare Boothe Luce, Connecticut’s first elected Congresswoman and the first woman to be appointed to an ambassadorship by the then President Dwight David Eisenhower. Adding to her success, Clare, the playwright, proved a pioneer of the new feminist movement with her successful 1936’s smash satire, The Women.

The Sugar Hill estate was purchased in 1966 by Austrian-born Hans P. Kraus, the most celebrated book dealer & collector of this century. Among his vast collection at Sugar Hill was a Gutenberg Bible, a copy of the Declaration of Independence, and a first printing of the U.S. Constitution. He was a major contributor to the U.S. Library of Congress including the historic Kraus Collection of Sir Francis Drake.

In 1993, Basha Szymanska, a successful Wilhelmina fashion model and clothing designer discovered Sugar Hill while traveling through Ridgefield with her then husband and investment banker Perry J. Lewis.  Basha started her fashion career in New York City where she was originally spotted by Oscar de la Renta at age 19. After 3o years in New York City, the transition to Sugar Hill was an easy one for Basha.  Having immigrated from Poland in 1950, Basha never lost her love of country living and discovered living in Ridgefield one of her greatest joys. Over the years, Basha acquired adjoining properties, eventually expanding the estate to over 63 acres and always working to preserve the historic legacy of this great manor.

Today, natural light floods this decades-old residence through a multitude of French doors accenting the grand 12-foot walls, moldings, and wide hardwood floors. The newly renovated professional kitchen blends the old with the new and boasts modern appliances and a large teakwood prep area for full-scale entertaining. The spacious dining room adjoins a lush conservatory that is the perfect setting for mid-season dining or overflow seating, and the grand living room, with spectacular views of the property, accommodates a grand piano with ample room for relaxing or entertaining guests. The great library, adjoins a small study with a fireplace for quiet evenings and conversation. There are 10 fireplaces throughout the estate, several located in the bedrooms including one in the master bedroom with its oversized deck and views of the western sunset.  Completing the second floor is a media room, and employee /staff wing with plenty of accommodation including a second laundry and a complete caretaker’s apartment.

Murtaugh also commented on the special nature of the town of Ridgefield with its cultural icons such as the Prospector Movie Theater, Ridgefield Playhouse and ACT of CT, impressive restaurants, boutique shopping and philanthropic activism. It also ranks the safest small town in America and is voted the number one town in Connecticut year after year by CT Magazine.

Giving Thanks

It is with truly heartfelt thanks that we enter this Holiday Season. For many it will be very different from the festivities of years’ past.

Gatherings will be smaller, and family and friends will be “zoomed” in from all corners of the globe. We humans have proved we are nothing if not resilient during these unprecedented times!

Enjoy the calmness that this year will bring, with time to look back on the people in our lives who enrich us every day. Start new traditions and reach out virtually to that person you’ve been meaning to reconnect with, but are always too busy to sit down with.

And even more importantly, remember those who are far less fortunate than ourselves – those who have suffered job loss and furloughs. Celebrate the remarkable health care providers who have been on the front lines during this pandemic and continue to risk so much. Give where you can and celebrate the joy that comes from it.

If nothing else, 2020 has proved that our homes are truly our safe haven. We are honored to have assisted so many buyers and sellers this year as they begin their next chapter.

Although this Thanksgiving may look different, the spirit is the same – give thanks and enjoy one another!

Ridgefield Posts Record Sales In Q3 2020

Q3 2020 Rises Beyond Expectations

After Covid-19 took the wind out of our sails in March and April, the Ridgefield real estate market has rebounded with enthusiasm posting record sales that far outweigh 2019. Year-to-date, a total of 358 homes have sold so far this year, outpacing 2019 by 39% and the total sales volume stands 55% higher than 2019 at $280,255,426 vs $180,307,075.

In Q3 specifically, we have seen 201 sales vs 108 in Q3 2019. Additionally, our total sales volume in Q3 2020 posted a 108% gain over the same timeframe in 2019 registering $160,858,383 in sales. Sales in Q3 reflect deposits taken from May to August in most cases.

Our days on market and months of inventory are also lower than in 2019, which is concerning given the number of buyers still looking to move to our area. There are currently only 117 homes on the market, which corresponds to 3 months of available inventory.

Luxury Sales Are Strong

Sales are up in all price points with strong gains in the over $1 million category.  In 2019, there were 37 homes that sold for over $1-million by this time, while there have been 79 year-to-date in 2020. The trend continues when looking at Luxury Homes sales in particular (over $1.5-million) where there have been 25 recorded sales as opposed to only 12 in 2019. There are also 13 additional luxury properties currently under agreement and set to close in Q4 2020.

Prices Are Up

The average sales price was up 12 percent year over year and in Q3 2020.  Year-to-date it sits at $782,836, and in Q3 it was $800,290.  The median sales price was up 11 percent in Q3 sitting at $720,000 compared to $650,000 and 6 percent in the year-to-date with 2019 registering a median value of $635,000 and 2020 $673,750. We have seen a good number of homes selling at or above their listed sale price in a short amount of time. Homes that are updated and priced properly are often in receipt of multiple bids.

Fairfield County Snapshot  

We are experiencing increases in sales and property values throughout Fairfield County with the number of sales increasing 17 percent, median sales price up 12 percent, and total dollar volume up a record 40 percent since 2019. Darien, Greenwich and Westport saw the largest gains in the number of sales and values.

Looking Ahead

We wish we had a crystal ball to have a clearer vision for the market going forward, but with the election, Covid-19 and job security all looming as issues in Q4 and beyond, we are somewhat uncertain what the future holds. Interest rates are holding at historic lows, and we are also seeing more cash transactions in the upper segment of $1-million purchases. One thing we can say is that inventory is low and there are many buyers looking to purchase. If we can continue to list homes, the market will continue to grow. So, if you have been reevaluating your lifestyle and think that making a move would be good for you, now is the time! We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth.  For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Contact us today at 203-856-5534 or karla@karlamurtaugh.com

 

Ridgefield May Real Estate Market Report

As we began Phase 1 of our reopening here in CT, we were able to lift a number of restrictions, which had made it quite challenging to service Real Estate. We are now able to engage photographers and videographers, stagers and marketing specialists to reopen the market and increase inventory. We have changed the way we do things, and making sure everyone is safe is our top priority.

With that being said, the real estate market in Ridgefield is definitely beginning to open up. We are experiencing more foot traffic in terms of buyer tours. There have been some multiple offers qisutaions, but we have not yet seen an appreciable rise in prices We have seen a number of homes take deposits and there is strong interest from both local and out of state buyers. We can feel the momentum increasing as the “spring” market gets into full swing.

Personally, we want to thank all our buyers and sellers who weathered this storm with us, and rest assured we are doing all we can to ensure a safe and smooth transaction for you.