Norwalk Real Estate - Nestor's Blog

Latino Purchasing Power

Sat, 01 Nov 2008 20:04:52 -0500

Almost a year old but it gives an idea about this segment of the maket in terms of its purchasing power of $800 Billion dollars. Are you in a position to ignore this potential? Source: Fox Business News

I just want to introduce my Labrador Retriever

Sat, 02 Aug 2008 22:55:15 -0500

Hi all!

Any other Labrador Retriever lovers around?

This is my puppy Henna. She is 8 months old and having her has been a wonderful experience. I was affraid it was going to be tough all the training and avoiding her to chew my house, but against all I read and heard, it has been really easy. She only had a couple of "accidents" in the house when I got her at 12 weeks old. After 2 weeks she would come to me to let me know she needed to get outside. I took her to her kindergarden classes so she would get more socialized. After that we took some basic obedience classes in Newtown and she is doing great.

I couldn't take her with me to my appointments during the summer so I would leave her at her crate at home, and at the end of the day we would go and find new places to explore. She loves to swim and is doing really great.

Any other Lab lovers around? Where do you take your dog to swim? Any good dog parks in your area?

I have taken her to Southbury, Ridgefield, Redding and Norwalk so far and we are having fun.

Norwalk Current Inventory - Snapshot - January 28, 2008

Mon, 28 Jan 2008 22:14:17 -0600

This is the snapshot of today's real estate market in Norwalk, CT.

There are no properties under contract today, and compared to the snaphot taken back in December 15th, 2007, we can see a slight reduction in the number of active Single Family homes for sale listed in the MLS from 335 to 303 or about a 10% reduction.

In terms of median listing price, it went from $579,900 to $599,000, an increase of over 3%.

In other words, we can see a relative reduction in inventory and an increase in Median Listing Price that are taking about 10% more time on the market (144 DOM).

NORWALK - Current Market - Dec. 15 Snapshot

Sat, 15 Dec 2007 22:32:14 -0600

This is the Norwalk's Current Market Snapshot as of December 15, 2007.

While on November 2 we had 371 Single Family ACTIVE units with a Median Listing Price of $585,000 and an Average DOM of 103 days, today we have 335 SF units with a MLP of $579,900 and Avg. DOM of 114 days. This represents a reduction of less than 1% in terms of MLP.

The Median Listing Price for NEW LISTINGS of Single Family homes today is 18.08% lower than those listed on Nov. 02.

Single Family homes in Norwalk today UNDER CONTRACT have a Median Listing Price of 15.34% lower than the MLP presented by those Under Contract as of Nov. 02.

NORWALK, CT - November Sales Report

Sun, 02 Dec 2007 18:28:43 -0600

Single Family homes in Norwalk were sold in November 2007 for a median selling price of 2.70% more than in November 2006 and 2.93% more than November 2005.
On the other hand, Condos have seen their median Selling Price decreased by 3.71% between November 2007 and one year before, and by 5.25% between November 2007 and November 2005.

Those Two-Family homes sold in November 2007 had a median Selling Price of $420,000; a 23.64% less than one year ago.

In the chart below, you can see how the number of units sold in November 2007 decreased compared to one and two years ago.

Nestor N. Romero

www.HomesByNestor.com
1800-314-0461

Northeast Market Standing Strong?

Thu, 29 Nov 2007 18:38:11 -0600

The Northeast, as defined by the Census Bureau, includes Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.

According to the National Association of Realtors report the Northeast is facing the current real estate bump better than other areas of the country.

It also mentions that prices in the Northeast showed an increase of 1.3% compared to a year ago, resulting in the sixth straight month of appreciation. Home prices nationwide declined 5.1% in October compared to October, 2006. The South dropped 6.7%; the West, 6.9%; and the Midwest, 1.6%.

The Northeast's gain follows five straight months of higher prices on a year-over-year basis, including a 0.2% rise in September to a 6.4% bump in July.

According to Lawrence Yun, NAR's Chief Economist, "For the Northeast, the worst is already past and the question is how fast the recovery will be," Yun said. "Will it be a strong recovery or weak recovery?"

Numbers show that Sales in the Northeast fell 12.6% in October compared to October 2006. while U.S. existing home sales fell 20.7% during the same period.

The Northeast has unique attributes that may keep it strong. Due to our current unfavorable exchange rates, the Northeast market remains an attractive investment for overseas buyers. The existence of many prestigious centers of higher learning and the presence of the most powerful financial corporations in the region will continue to contribute to a robust local market.

Many home sellers have resisted to reduce their asking prices in the north even in a market where demand has decreased, but if economic market conditions change, for example with job cuts or lower bonuses at the end of the year, their expectations will have to adjust.

Nestor N. Romero

www.HomesByNestor.com

NORWALK, CT - Condominiums - Snapshot - November 23, 2007

Sat, 24 Nov 2007 01:08:47 -0600

As you can see, while comparing the snapshot taken on November 2nd and today, median listing price for ACTIVE condominiums in Norwalk has been reduced from $369,500 to $349.950. This is probably the reason why the percentage of condominiums with accepted offers went from 6.99% to 9.54%.

The Average Median Price came down from $353,210 to $336,317 an aprox. 5% reduction.

We can also notice that the percentage of units under contract (Sale Pending) decreased but the percentage of properties as "Continue to Show" increased.

NORWALK, CT - Weekly Snaphot - Single Family Homes - Nov. 23, 2007

Sat, 24 Nov 2007 00:19:28 -0600

This is a comparison between what the market looked like on November 2nd and what it looks today for the market of Single Family Properties in Norwalk.

There are small changes overall, however we see how the percentage of Active Listings raised from 75.87% to 84.13%, and those in the status Reduced Price came from 5.73% on November 2nd to 1.36% today.

Overalll, there are almost 10% less listings this week than 3 weeks ago.

Nestor N. Romero
www.HomesByNestor.com

How much did it cost five years ago, one year ago and last October??

Sat, 10 Nov 2007 21:58:44 -0600

In October 2002, buyers paid in average $554,325 or a median price of $450,000 for a Single Family Home with at least 1,500 Sq.Ft. and at least 3 bedrooms in Norwalk, CT.

Similar properties (in terms of Sq.Ft. and minimum number of bedrooms) have been sold for continuously higher price tags (median prices) year after year.

In October 2007, a house with similar characteristics was sold for a Median Price increase of 38% over those prices paid in October, 2002, but you would say, well it was the booble... however, the increase in Median Price from 2006 to 2007 was 29.86%; a great valuation even in what has been considered a "bad year".

As you can see prices have not come down at all. We do see an increase in average number of days on the market (47.14%), and the number of listings sold decreased from 43 in 2002 to 15 units sold in October, 2007.

"They don't pay taxes but use our government's services"

Thu, 08 Nov 2007 00:23:30 -0600

That is a very much generalized perception, especially among those with hidden racial bias.

I am bringing two pieces to the forum. The first one is an article from University of Arizona. The second one is a picture from some anti-immigrant people in a town in Connecticut.

According to a report by the University of Arizona - UA's Udall Center for Studies in Public Policy, immigrants in Arizona generate more than three dollars in taxes for every two dollars they incur for government services such as education, health care, and law enforcement, for a net economic gain approaching one billion dollars.

Through an economic simulation model, researchers used fiscal costs and benefits of immigrants in Arizona's economy for 2004.

These are their findings:

Total state tax revenue attributable to immigrant workers = $2.4 billion aprox.
($860 million for naturalized citizens plus $1.5 billion for non-citizen, being a majority of them most likely undocumented)
Estimated Fiscal Costs = $1.4 Billion
That makes for a net positive impact of about $940 million.

The report estimates that immigrant workers generate about $44 billion, or 12 percent, of Arizona's economic output.

And the second one is a very offending and disgusting sample of what some opt to do to show their opinions. (One of them is a city clerk).

I believe economic reasons are not necessarily what make so many people angry against immigrants.

I will never understand so much hate.

Sorry! I needed to vent.

Why here?

Because I think many don't realize what is happening and some look other way when things like what is shown in the picture below happen.

I respect and enjoy Freedom of Speech. But some manifestations just cross the line between legal and criminal, between showing your opinion and following supremacist theories.

NORWALK, CT - Monthly Sales Report - October 2007

Tue, 06 Nov 2007 22:43:29 -0600

www.HomesByNestor.com brings to you periodic real estate market reports.

I also cover local real estate market reports in Danbury and Stamford.
As we can see in this chart, about 50% of the properties sold in October 2006 under $500,000 had a median selling price of $315,000, while units sold in October 2007 showed a median selling price of $325,000 and represented 57.5% of the 40 properties sold under $500,000.

Single Family homes sold over $500,000 and under $750,000 were sold for a higher median price in October 2007, however there were more units sold in October 2006 (104 vs. 62) in total.

www.HomesByNestor.com

NORWALK, CT - Weekly Snapshot - Multi-Family Units - Nov. 2, 2007

Sat, 03 Nov 2007 23:43:26 -0500

This is the weekly snapshot for the Multi-Family properties market in Norwalk, CT.

This table shows not much activity during the last week. The average medial listing price was $552.221, with a total of 84 units between ACTIVE and under contract (SALE PENDING).

I will present a new snapshot next Saturday and will compare it with the numbers presented here.

NORWALK, CT - Weekly Market Snaphot - Single Family - Nov. 2, 2007

Sat, 03 Nov 2007 22:41:19 -0500

Between Active Listings and Sales Pending of SingleFamily properties in Norwalk, CT, as of November 2nd, there were 489 properties.

75.87% (371) appear to be Active, 37 are under contract and 5.73% showed a price reduction.

There are 20 new listingss and 29 already accepted offers (Continue-to-Show).

The Average Median Listing Price was $587,603 and will be used as a parameter to compare week by week how this local market id doing.

(I apologize for last week's snaphot. It was only until later that I realized I had only counted a sub-segment of the market, so I won't use it to draw any conclusions.)

My comment is not there anymore, so I created a Post in my blog: The Anti-predatory Lending Legislation

Sat, 03 Nov 2007 20:02:15 -0500

I had received some e-mails asking me to sign a petition to oppose it, and I confess I had no idea what this was about. I remember seeing just a few minutes of the hearings with Representative Barney Frank on C-Span (one of those late nights I was just browsing tv channels), so when I read Gallegos' post ( Rey Gallegos "If House Bill 3915 Passes, Find a New Career!") after breakfast today, I commented in his blog and attached some additional information I had found in my searching for a better understanding. When I went back tonight I could not find my comment, so I commented there again, but decided to publish it as my post in my blog.

At the end you will find a couple of links that would help others who like myself (me?) are not sure what this is about. It also presents some analysis at the end by Morgan Brown.

Rey did a great job presenting the pros and cons. I agree with him. There is need for some regulation and control and accountability.

Getting your Real Estate License is not exactly the hardest challenge, but at least you go through some training and if you are a REALTOR you act under a strict ethics standard, and still you will find cases like the one presented by Elizabeth Nieves: Unethical REALTOR®...STRIPPED of His R.E. License...Finds New Career as a LOAN OFFICER! (If THIS Doesn't Make YOU Angry...NOTHING WILL!). There will always be bad apples, bad souls who will try to go overboard in their greed, regardless of the harm they may cause, but at least some regulation controlling or preparing those who will assist somebody in a decision that will probably represent their largest debt in their lifes is appropriate and necessary.

Now, I don't understand why the "loan originator" who is perceived by many as their financial advisor, and the person who will represent their interests when shopping for the best loan for them, doesn't need to be licensed, and in the middle of my ignorance, it makes no sense that a borrower gets hooked in a specific loan not because that program is the best for the borrower, but because that program may bring a higher commission fee to the person who is "advising" the borrower.
I understand that banks have different programs or rates for wholesale and retail deals, and I would expect that the mortgage broker could find the best option for me among several options; otherwise I would do the job of interviewing directly different banks.

I believe there has to be some law to reduce abuses and to keep track of who is operating in this business, but eliminating the broker, sounds to me like Monopoly, in a business where only the big and powerful can rule.

I think I am mumbling here... I am sure a couple of readers here are trying to figure this out, so maybe comments from experts can enlighten us.

This is the information I collected and re-posted as a comment at Rey's blog:

I am not a mortgage broker or a loan officer, so I needed to understand what this was about since it will impact the Real Estate Industry as a whole.

I had to do some research to understand more about what I would be signing. I am sure some of your other contacts already know what a YSP is and how this Mortgage Reform Bill would impact the industry. Some, like me may need some additional information, so I am sharing these findings:

The Proposed Reform:

Reps. Brad Miller (D-NC), Mel Watt (D-NC) and Barney Frank (D-MA) - Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation Introduced in the House

NAMB Warns of Unintended Harm to Borrowers in Mortgage Reform Bill :

http://www.namb.org/namb/NewsBot.asp?MODE=VIEW&ID=216&SnID=1254090055

What is YSP?

Yield Spread Premium: A Tutorial For Realtors

Morgan Brown presents his analysis at his blog:
BlownMortgage.

I think that some regulation in particular related to licensing new Loan Originators and registering them should help implementing fiduciary responsibilities, but the way the bill is written, in some particular sections, would eliminate mortgage brokers. Wouldn't the industry become more of a monopoly if it's handled only by banks?
I believe in free, open and legal competition, and borrowers should be aware of their options upfront to be able to select the best program.

"Education vs. Legislation".

Thanks again.

Regards,

NORWALK, CT - Weekly Snapshot - Condominiums - Nov. 2, 2007

Fri, 02 Nov 2007 23:21:36 -0500

Last week's snapshot for the Norwalk's Condominiums market showed 290 units between Active (all the status displayed in the attached table) and Sale Pending, with an Avg. Median Price of $354,203.45.

This shows no significant changes overall.

As you can see, the number of days on market, in average also show no major changes.

NORWALK, CT - Sales Report October 2007 vs. October 2006

Thu, 01 Nov 2007 02:47:14 -0500

Median Selling Prices in Norwalk showed an increase for Condos and Single Family units, from $507,250 to $527,500, and from $315,000 to $339,000 respectively. That is great news compared to the results shown in September 2007.

In terms of total units sold, there was a deep decrease from 104 in October 2006 to 59 in October 2007.

Norwalk, CT - Weekly Market Snapshot - Condos/Co-Ops

Sat, 27 Oct 2007 00:09:34 -0500

This snapshot shows that 11% of Condominiums in Norwalk, CT as of today, are under contract, while another 8.3% already have accepted offers.

Around 6% of the listed Condominiums had their listing price reduced.

Next week I will include a new snaphot as well as a summary of units sold in October.

NORWALK, CT - Weekly Market Snapshot Report - Single Family Homes

Fri, 26 Oct 2007 22:34:41 -0500

This is the Weekly Market Snapshot for Single Family properties in Norwalk with at least 3 bedrooms and over 1700 Sq.Ft.

There are 289 Single Family properties available in Norwalk today. (The 10 units reported as Continue to Show are considered available). As you can see in the chart above, over 80% of the 306 current listings are ACTIVE.

There are currently 17 homes under contract (5.56%), and 18 new listings (5.88%).

REO Single Family Home in great condition in NORWALK $399,900

Wed, 17 Oct 2007 21:17:20 -0500

New in the market. Bank owned property in convenient location in Norwalk. Great condition. Just move in. Some TLC needed.

REO Single Family Norwalk

NORWALK

$399,900

Single Family

HUGE MASTER SUITE WITH BATH ON 2ND FLOOR
DECK, NEWER WINDOWS ROOF & SIDING
2 BEDROOMS ON FIRST FLOOR WITH BATH
ALL HDWD FLOORS
BASEMENT NEEDS A LITTLE TLC REST VERY GOOD
SOLD AS IS
CENTRALLY LOCATED I-95,THE MERRITT AND RTE 7

Contact me for more information and to visit this REO Property.

REO - Fairfield - Condo

Wed, 17 Oct 2007 20:18:10 -0500

Great condo ideal for entertaining
Perfect location for commuters
Only 4 units in the complex

FAIRFIELD

$717,900

Condo - 3BR, 3.5BA, 3356 Sq.Ft. -2 Car Garage

This is a great opportunity to buy a luxurious condominium owned by a bank. Contact me at Nestor@HomesByNestor.com to get more information about this and other REO properties.

Norwalk REO Properties

Wed, 17 Oct 2007 11:23:25 -0500

These are some of the amazing opportunities to invest in REO properties in Fairfield and New Haven Counties.

Check these properties in Norwalk:

REO Property in Norwalk

NORWALK

CRANBURY

$724,900

Single Family - 5BR - 4 BA - 1.08 Acres - 2,966 Sq.Ft. - 2 Car Garage

Single Family Detached

NORWALK

SOUTH NORWALK

$561,900

Multi-Family

Two Family

Contact Nestor N. Romero, REALTOR, for more information, appointments and to find other REO properties in the area.

203.515.5511
nestor.realtor@gmail.com

SoNo - South Norwalk, CT

Sun, 07 Oct 2007 17:05:04 -0500

SoNo - South Norwalk, CT

Current revitalization projects in place including new condominiums, fancy restaurants and entertainment options in this once industrial area, SoNo - South Norwalk has represented an interesting new option for restaurants and bars along Washington St. However to attract Executives to bring to town new stores and offices, Norwalk will need to provide larger retail spaces and parking facilities.

Construction may begin as soon as this winter on a major piece of redevelopment that may help rectify this shortcoming.

That project is District 95/7, a million-square-foot mixed-use complex. It would be built by a longstanding Norwalk investor, Spinnaker Real Estate Partners, on 12 vacant acres next to the central business district of South Norwalk, where Interstate 95 and Route 7 intersect. Plans for District 95/7 call for a hotel, offices and housing, as well as 125,000 square feet of retail space.

Tarragon Development, an arm of the Tarragon Corporation of New York City, is another project in the works. In April, the company bought the Norwalk Company compressor factory building, at 20 North Water Street, opposite the aquarium.

Tarragon plans to retain the factory's historical facade and reconfigure the site into a five-story, 280,000-square-foot mixed-use complex. Plans call for 133 housing units, a 240-car parking area hidden from street view, an interior public plaza that will help connect Water Street to Washington Street, and 27,000 square feet of street-level retail space.
"From a planning standpoint, this building is a critical connection between SoNo and the aquarium," said John L. Burritt Jr., assistant director of the Norwalk Redevelopment Agency.
William S. Friedman, the chief executive of Tarragon, likened the development to "filling in a tooth that's missing in a smile," because it will act as the long-awaited bridge between the aquarium area and Washington Street.
Washington, in turn, runs into Main Street, where many buildings, like the venerable Avrick furniture store, are either changing ownership or changing their tenant lineup. There are a number of properties for lease.

While the city of Norwalk is grappling with plans for how to best revive the area around the South Norwalk train station, a large new police building on the street has helped draw a small collection of specialty retailers to the part that is closer to Washington Street. These include Chocopologie, a popular 6,000-square-foot chocolate factory and cafe; Studio Snaidero SoNo, a high-end kitchen design store that is a sister store to one in Greenwich; and Ebhome, an eclectic home furnishings store that follows one in Mount Kisco, N.Y.

Jay Lask, managing director for property investments at Madison Marquette, said his company acquired 90,000 square feet of commercial space along Washington and South Main Streets in 2004 and he is pleasantly surprised by the performance of this investment in South Norwalk. Mr. Lask estimated that in the last two years, retail rents along Washington Street and North Main, where Madison Marquette does not own property, have risen 30 percent.

[Extract from New York Times]

Condos in Norwalk - Sales - January to September 2007 vs. 2006

Fri, 05 Oct 2007 23:33:17 -0500

This table shows how the local market of Condominiums in Norwalk, CT has behaved in the last 9 months compared to the first 9 months of 2006.

As you can see, it comes as a surprise that Condos in the price range $200,000 - $400,000 were sold for an average price of 2.43% higher than the average selling price for the first 9 months of 2006. It took an average of 16 more days in 2007 and there were 37 units less sold in 2007 than in the same period in 2006.

Condos sold in the price range of $600,000 to $800,000 also saw a price increase, modest, but still great news.

Sales Report - Condos - Norwalk - September 2007

Fri, 05 Oct 2007 21:10:48 -0500

Condos sold in the price range of $200K and $400K showed an increase in average selling price of 8.64% and a reduction in number of units from 31 in September 2006 to 11 in September 2007.

Five units were sold in the price range of $400,000 and $600,000 in September 2007 versus 3 units in that same price range in September 2006. In that particular price range we also can see that the average price was $471,460, over 6% more than the average price paid for condos in Norwalk in September 2006 in that price range.

Sales Report - Norwalk Single Family Homes in the price range $400K - $600K sold higher than last year in Norwalk, CT

Thu, 04 Oct 2007 03:01:28 -0500

As you can see below, Selling Prices for those homes sold in the price range between $400K and $600K were sold in average at a higher price than last year. The chart also shows how prices in other price ranges behaved.

For example, homes sold with a price tag over $800K showed in average, a final selling price of less than 24% of those prices paid in September 2006.

Now, remember that due to "price adjustments" homes sold last year in a particular price range have probably been listed and consequently sold in a lower price range.

Note: As you can see in the previous posting, the numbers showed 36 SF units sold in Sept. 2007. The difference, I assume, is because sometimes a Listing Agent (or two) don't update the information until a couple of days later...