Prudential CT Norwich


I look forward to what 2009 has in store, I am cautiously optimistic that the spring season will usher in the calm.  (that would be my crystal ball report!)

But allow me to deal in some real numbers for the 3rd quarter of 2008 as compiled in very factual form by Prudential Connecticut Realty’s own Barry Rosa, I read the whole report and you can too at www.prudentialct.com it is to the right of the main page (eleven pages long, per county separated by residential and condominiums).  For the purpose of my blog, I deal in residential sales in New London and Windham Counties:

New London County  (Groton, Bozrah and East Lyme all had modest price gains)

For nine months so far in 2008, here are the facts:

Days on Mkt                                     Median Sales Price                          Total # of unit sold

140                                                   $255,000                                        1316

For the same nine months in 2007, here are the facts:

Days on Mkt                                     Median Sales Price                           Total # of units sold

138                                                   $280,000                                        1903

Notes:  Median means just a many above as below, there is an 8.9% drop in house prices in year to year comparison, units sold are 30.8% less in 2008

Windham County (Wauregan and Woodstock both had modest price gains)

So far for 2008:

Days on Mkt                                    Median Sales Prices                           Total # Units Sold

138                                                  $205,000                                           613

Same months in 2007

Days on Mkt                                     Median Sales Price                             Total # of Units sold

143                                                  $230,000                                            717

Notes:  That is a 10.1% drop in house price and a 14.5% drop in total units sold

So, I suspect that now that it is being called a recession, maybe that means we are on our way out?  Cross your fingers and read the NAR economic report linked below.

http://www.realtor.org/research/reinsights/economistcommentary

It has come to my attention via the Voluntown website that this towns population doubles in size during the summer months…I had no idea it was such a tourist attraction!  But apparently Voluntown is a hub for camping, boating, hiking and swimming with nearly 70% of its land being state owned.  Lessons learned!  You can visit the town web site at www.voluntown.gov .

Here are some other interesting facts straight from the town’s site:

Estimated 2005 population – 2598

  • Land area – 39 square miles
  • State of Connecticut owns 70% of land (Pachaug State Forest)
  • Population per square mile – 72
  • Households – 952
  • Median Age – 37
  • Total Students Enrolled in Voluntown Schools (pre-K thru grade 8) – 334
  • Student/Teacher Ratio – 13
  • Total Students Enrolled in Designated High Schools (Griswold High and Norwich Free Academy) – 140

And, the real estate market looks like this:

Current Active listings:  18                 Range of value:  $90,000 to 767,000

Current Pending listings:  3                 Range of value:  $209,900 to 339,900

Closed in the last 90 days:  10            Range of value:  $160,000 to 321,000

Average days on market:  85.2

Average sale price:  $260,190

Or, tea leafs, crystal balls, etc. etc.

Reading the economy news is depressing.  I just read the CNN Money report because the headline sounded so promising, “April Housing Sales have Higher than Expected Gains“…who doesn’t like the sound of that?  I got all jazzed because yikes, could the media be shifting tide and ready to share some the more uplifting housing news?

Well, apparently not, because the article was in no way as perky as the headline suggested.  I proceeded to read 3 additional articles…Less Americans Driving (Gee, I wonder why?), Welcome to the Recession (I kid you not…that was the title; that Alan Greenspan is just a regular ray of light) and an article on forecasting the major housing markets through 2009 which in my mind is the Crystal Ball Report (though I admit this was an interesting and realistic read)

And here I was feeling downright optimistic?  But I will not be swayed by CNN which has 24 hours of news programming to fill.  I tell you our market is improving and allow me to share my tried and true signs of determining conditions:

Inquiries, web hits on property have multiplied

Showings on property have increased

Days on market have stabilized and actually gone down year over year

Investors are getting back into the pursuit of real estate (got some calls from old friends I had not heard from in awhile…)

Price reductions are at lesser amounts and there are less of them daily on MLS

Thats my story and I am sticking to it!  The media can say what they will but six months from now they are likely to be reporting todays news.

 

 

And so it begins!  ‘Tis the season of education and municipal budget votes; it is enough to make the average home owner feel a bit faint.

Standing in the Lisbon Town Hall today, I witnessed democracy in action.  Lisbon goes to referendum vote Wednesday, May 21 (with a potential 2 to 1.5 mil increase depending on who you ask) and I got to witness an opinionated citizen in action.  This senior citizen was feeling a bit put upon with the likely increase to her taxes and uttered the words, “If taxes go up again, I won’t even be able to sell my house…”  Then she saw my name badge (as I was there on official REALTOR business) which resulted in a quick scuttle to the town clerks office.

Aside from being too funny, fear of hearing “Allow me to help you out with that” outweighed her need to comment further about pending tax increases, it was a smidge disappointing–I would have heard her out!  It is the quagmire all towns must deliberate– keeping taxes down and yet educate children and provide necessary services for citizens.

Now I dig that my snow gets plowed at the first flake and my kids get an education; I am willing to pay, just not too much…go figure.  I vote at every opportunity and will be there Wednesday at the town hall to cast my ballot.

Hope you rock your towns vote and have a say in your property taxes.  Even if you lose, your vote gives you the right to complain.  Not to mention, the referendum alone costs tax dollars so make it money well spent and VOTE!

 

And a rose by any other name just is not the City of Norwich.

Located where three rivers converge, the Yantic, Shetucket and Thames, Norwich was once a bustling and prosperous mill town with a thriving marina.  The place where Abe stayed, the Wauregan Hotel has been renovated and the rich town history is evident in the sprawling campus of NFA.  Founded in 1659 when it was purchased from the Mohegan tribe, I am proud to call myself a former resident.  I previously lived within walking distance of Mohegan Park, the Rose Garden and NFA…I still miss those walks.

Please check out the impressive history of Norwich at:

www.norwichct.org

www.norwichfreeacademy.com

The real estate in Norwich is sprawling to say the least.  The town is made up of the following areas, Thamesville, Greeneville, Yantic, Norwich, Taftville, Occum, East Great Plains and Norwich Town.  There is an abundance of home ownership opportunities for every price range.  Here is a synopsis view for the whole town in the last 3 months…(it covers a big area compared to the much smaller towns I usually post about):  Residential only, Norwich has a fantastic multi-family and commercial market.

Current Active listings:  207                      Range of Value:  $28,000 – $899,900

Current Pending listings:  43                     Range of Value:  $40,000 – $389,000

Closed in last 3 months:  54                     Range of Value:  $45,000 – 380,000

The following facts obtained from The Real Estate Reporter:

Median Sale Price:  $218,000

Median List Price:  $224,000

Average days on market:  72

Average Sale Price (2008):  $179,338

Big Town, Big Post!

Stepping outside my usual rantings on real estate, the current state of the market and my feeble attempts at humor; I’d like to chat you up about the extraordinary community charity event I attended this week, the 2nd Annual Walkin’ on Sunshine Fashion Show in Norwich.

What is so extraordinary you ask?  Aside from the huge undertaking any charity event is to get off the ground, the fact that this organization, The Sunshine Kids Foundation, is soley dedicated and committed to helping children with cancer and that Prudential Connecticut Realty is its 2nd largest contributor (very proud of that we are!  58 offices do their personal best to raise funds for this very worthy organization); THIS magnanimous event was an outpouring of community charity.

A culmination of tireless effort on behalf of the Norwich Pru office (as a recent returnee to the office, I write from the “better late than never” seats) coupled with the colorful talents of LaFrancois Florals and Gifts; they chose to have their event embrace the entire Norwich community inviting other generous businesses including local attorneys, bankers, web designers, advertising execs and the Mayor of Norwich himself to be models in support of the charity.  Booths were set up where other businesses shared  their products (and sunny dispositions) and there was a gigantic silent auction with donated items. 

To say it was a grand event would be an understatement!  But, stuffy it was not.  The Pampered chef lady had me model vibrant pink dish washing gloves, the Silpada gals gleefully nurtured my love for their jewelry (even dug something out not on display),  and I finally met the lady behind the W in R & W heating!  (Good to meet you Wanda!)

Real Norwich folks modeling outfits from Catherines, Jos. A. Banks and Talbots with a genuine attitude of good will!  The audience was a light hearted bunch and all donated generously in support of the Sunshine Kids. 

Please take a moment and check out the Sunshine Kids Organization at www.sunshinekids.org

Also, tons of photos are published at www.NorwichBulletin.com under multimedia

Bless my little cynical heart, the whole thing left me with that warm and fuzzy feeling!  Dig that.

Here we grow...

Home Sweet Home!

Welcome to my town of choice for the last 9 years!  The order of the day in this bedroom community–development and commercial, at that.  The town has grown in the last few years with a new strip mall underway as I type (pic above).  Soon I may never have to drive further than 3.5 miles for anything.

My favorite part of Lisbon, the reasonable mil rate.  Comparatively my property taxes remain reasonable (though the annual budget vote happens soon, last year it took 4 referendum votes to pass the budget).  We have a new school superintendent who seems intent on keeping the public informed of what the budget increases are for…this year it seems mostly about technology in the school.  Public forums and open letters to the community (sent via email no less, right up my alley) seems the mission.  We shall see how it all pans out come June!

Residential Real Estate In Town is as follows:

26 Active Listings                                                    Range of value:  $41,900 to $1,300,000

11 Pending Listings                                                 Range of value:  $104,000 to $365,900

10 Closed Sales in last 3 months                             Range of value:  $39,000 to $454,050

Average sale price is $231,261 for last 3 months

 

 

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