Another scorcher here in Fairfield CT. And the humidity is back, making it a perfect day to sit in the office and pore through statistics and market data.
There are currently 89 listings classified as "Fairfield Beach Area" by the local MLS - my work focus is typically on the pure Fairfield waterfront properties - of which there are maybe 18 that qualify (meaning they are on Long Island Sound or Pine Creek near the Sound .) For today's discussion, I am not including any Sasco Creek or Southport properties - those I will cover later in the month.
The Fairfield Beach properties range in price from $ 580,000 for a bungalow (generally used as a Student Rental for Fairfield University students) in the college section to $ 3.0 million for a 3500 square foot waterfront contemporary. In between are a host of options, from teardowns and investment opportunities to really really beautiful homes either on sandy dunes overlooking the Sound or large homes with docks on Pine Creek (with views of the Sound.)
Unlike last summer where there were very few sales, this year we have seen some good movement. Maybe it's the fact that banks have re-opened their credit for second homes, maybe it's "the economy", or maybe a combination of both. Either way, there is a limited amount of true waterfront property that is located within an hour of New York City in a "Top Town" That said, there is still an oversupply of Fairfield Beach inventory at prices far below the highs of 2006.
Drilling deeper, there are several Sellers very anxious to sell before summer's out - so if you have any opportunistic buyers, send 'em over. I can almost guarantee that prices will be higher next summer! There was just a nice price reduction on a spectacular Pine Creek Avenue home, and another creek home is even giving away a boat with the purchase of the home! This beautiful oceanfront property has a pristine beach - and this home comes with a cottage and dock. If you just want to test the waters, we even have an amazing rental right on the Creek across the street from the Beach for just $2,000 per month!
If you want more hard data on sales and pendings and new listings, just email me at PaulKrumins@gmail.com
Have a great day!
Paul Krumins
Managing Partner/Rainmaker
The Higgins Group
Fairfield County's Fastest Growing Real Estate Brokerage
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