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The above ranch is located at 20 Maplewood Drive in Cos Cob. I feel this is a great value. I love the location of this house for the price of $895K. It is within walking distance to Cos Cob train station and shops. When walking through the house it had a newer feel than that of the year 1957 when it was built. The owners have obviously done renovations, that included refinishing the floors. They are also in the process of renovating a walk out bonus room on the lower level which is an additional 507 s.f. to the 1,601 s.f. of the home. The kitchen may need some renovating, but with the location and the renovations, I feel it is a great value. The lot is on the smaller size with .18 of an acre.
The goal of this newsletter has always been to inform buyers and sellers alike. Clients are always asking when is the right time to buy or sell. My personal opinion is there is not a better time to buy than right now. We know that regardless of who is president the Obama Healthcare plan that was passed, contains a federal transfer tax of 3.8% to go into affect January 1. On top of that the Bush tax cuts are scheduled to expire at the end of the year. If one, assumes a 60 day close and would want to spare the 3.8% transfer tax, they would need to be in contracts by the end of the month. Which leaves only a few weeks to find the right house, negotiate a price, get inspections, and sign contracts to close by the end of the year.
As you will see by looking at the charts below, we are seeing the sold properties grow continually over the last three months vs the sold properties in the same time period last year. For the last three months we are about 25% higher in sold properties than we were in 2011. However, we are seeing more new listings than we did last year. In my opinion this is a sign that things are in the beginning stages of improving. We have sold 25% more in July-September than we did last year, but just as important is we have not sold more properties than the amount of new listings coming onto the market. So, even though it is encouraging we have more activity, until the sold properties outnumber the new inventory we will not see much change as the excess inventory is not declining. My personal opinion is we will start to see closed properties outnumber (or close to it) the new listings in the last quarter, and work into a more competitive 2013.
Please let me know if you would like me to provide customized information or statistics for you based on your criteria.
**The information on the featured property and all statistical information is from the Greenwich MLS.
**All opinions garnered from the statistics are my own
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