Westport, Connecticut Moves

Offer and counter-offers go back and forth and the buyers and sellers finally reach an agreement on price.  The homeowners breathe a sigh of relief, knowing their home is finally sold...or not! 

Let's Make A Deal

While price may be the major issue in reaching an agreement, there may still be hurdles to overcome before the deal becomes a closed transaction. More often than not, there are additional conditions, known as contingencies, which must be cleared, before the sales contract is enforceable.  Each contingency will include an action and a date by which it must be met or removed and an understanding of who is responsible for covering any cost incurred. If the contingency cannot be met, the buyers may escape the contract without forfeiting the deposit.  The most common contingencies deal with mortgages and property inspections. 

Mortgage Commitment

In addition to obtaining a loan commitment by a given date, the mortgage contingency may stipulate specific terms, such as 30-year, fixed rate, at a given interest percentage.  Failure to qualify financially is the most obvious reason for being unable to obtain a mortgage.  However, particularly in the current environment of falling home prices, the loan commitment may be denied because the property does not appraise at a high enough value.

Property Inspections

The buyers will want a home inspection done to determine the physical and systems condition of the property.  The inspector will examine such structural conditions as roof, windows, siding and foundation, and systems conditions, including plumbing, heating and electrical. Other inspections may include testing for water quality, pest infestation, radon, lead paint and asbestos.  Depending on the property, the buyers may also require inspections of the oil tank, septic system, well, pool and tennis court.

If any unacceptable conditions are discovered, the buyers may ask for them to be remediated, be given a credit or have the contract cancelled.  There will be a specified time period in which to resolve the situation or terminate the sale.

Other Contingencies

In some cases, the contract may include a property sale contingency.  In this instance, the buyers will make the sale contingent on their being able to sell their current home.  In some areas, this is known as a Hubbard Clause.  Other contract limitations may include contingencies that are only applicable to a particular property.

Most agents will advise their homeowners to remove and replace any fixtures they want to keep, before they put their home on the market.  The buyers may acknowledge that the chandelier, sconces, etc. are excluded from the sale, but having seen the item, they may require that a comparable fixture be installed in its place.  Guaranteed, if Grandma's chandelier is still in place, and the sellers can't bear to part with it, it will become a condition (contingency) of sale. 

On a rare occasion, a contingency will make it into the contract, based on an erroneous assumption.  Such was the case of a contingency stating that the sellers had to kill and remove the poison oak vine, growing around a large tree.  It turned out that the objectionable growth was a Climbing Hydrangea Vine that the homeowners had a local nursery plant and train, to climb the tree.

            This contingency will heretofore be known as the

                                De-Vine Contingency.

On Saturday, May 9, citizens representing 99 Westport residences made their way to the Westport/Weston Health District Parking Lot, to take part in Westport's first Community "Shred Day."                           

While visiting her daughter in Chapel Hill, NC, Westporter Nina Streitfield was impressed by the use of local shred days.  She wrote to Westport's First Selectman, Gordon Joseloff, suggesting the activity for Westport.   Joseloff liked the idea and turned to Town Clerk Patricia Strauss to help implement the program.  After interviewing three vendors, the town contracted with Secure EcoShred of Brookfield, who enthusiastically endorsed the effort and offered their services at a deep discount.

Under the program, each household was allowed to bring up to five, 12 X 18 inch boxes of papers to shred.  Paper shopping bags could be used as substitutes for the boxes.

As cars pulled into the lot, Patty Strauss and Pat Scully checked people in, confirming residency and noting the number of boxes/bags to be shredded.

Members of the  Staples High School Service League of Boys (SLOBS) then helped residents unload their cars and carry their boxes to the shredder.

From 9 A.M. until Noon, Westporters took the opportunity to safely dispose of documents containing confidential information, including cancelled checks, tax papers and bank statements.  Some residents parted with personal papers, such as old love letters. 

By the end of the morning, the contents of 237 boxes, containing 5000 lbs of paper, had made its way through the shredder. 

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT- Community Shred Day

Photograph taken with a Point and Shoot Nikon, Coolpix S1.  Photo has not been enhanced or edited, in any way.  Photo displayed taken by Marilyn Katz and is covered by Copyright, all rights reserved and may not be reproduced without express written permission,

Copyright © 2009 Marilyn Katz, WestportCTProperties, All Rights Reserved... Wordless Wednesday - Happy Passover 

Part II - Taking Off Is Hard To Do

Part I, of this saga, ended as I arrived at Terminal 8, with 48 minutes to check my luggage, clear security and make it to the gate.  Checking my bag and clearing security went smoothly.  My flight was on time, leaving from Gate 46. 

Terminal 8 is designed with gates along two parallel legs.  In keeping with how the day was going, Gate 46 was at the end of the far leg.  Okay, I still had time.  All I had to do was cross the first building, escalator down, cross another expanse, escalator up and find Gate 46.  I arrived as the first passengers were boarding.

Look on the bright side.  Being early, may be prudent and my first choice, but sitting at the gate, waiting to board, is boring.  Circumstances had eliminated that "in limbo" state.  Timing was perfect.  Let's get on the plane and Go!

This was a full flight and it was taking a lot of time to get everyone aboard.  Just when it looked like we were ready to leave, a commotion broke out, in the back of the plane.  The flight attendants and a few passengers were scurrying up and down the aisle.  Voices got louder and a group of guys were asked to step out to the boarding ramp, where one of the attendants and the Captain could speak with them.  The decibel level increased and it was soon obvious that they were being thrown off the flight.

They were gone, yet we still didn't takeoff.  The attendants were now checking the overhead compartments, to retrieve their luggage. Finally, doors closed and we began to taxi away from the gate.  As our flight left the ground, I looked at my watch - 33 minutes behind schedule.

During the flight, the attendant filled me in on what had transpired.  Four friends were flying to Las Vegas to surprise a friend, on his birthday.  They were among the last passengers to board and each had carry-on luggage.  At this point, the overhead bins were pretty full and they were asked to check their bags.  They refused, rather adamantly.  Trying to diffuse a potential problem, the flight attendants said if they could find room for their bags, they could keep them aboard.  A couple of bags were placed in the first class cabin, although they were told the bags needed to be in the cabin where they were seated.

Then they started moving luggage around the bins, trying to make room for their own.  At least one passenger told them to leave his luggage alone and an argument ensued. The attendant tried to intervene but the argument escalated and the language became abusive.  At this point, the attendant and Captain tried to speak to them.  After more arguing, they were told to leave the plane.  Airport security was called and they were arrested as they disembarked. 

The rest of the flight was uneventful. 
Truth be told, I had had enough excitement. After the events of the day, realizing that I had forgotten to take the charger for my blackberry, seemed anti-climatic.  I was just glad to land and check into the hotel.  Hopefully, the Convention will be exciting, but less dramatic. 

BTW, the hotel supplied me with a spare charger.  Seems not only do a lot of guests forget to bring their chargers, another group forgets to take them home.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Travails of Travel - Part II

Part I - Troubled Waters Over A Bridge 

I hate being late.  Scenes of rushing across an airline terminal, with just enough time to make my flight, are not my idea of fun.  So, when I arranged for a limo to take me to the airport, for my trip to the Prudential National Sales Convention, in Las Vegas, I left plenty of time.  The limo company suggested a 2 o'clock pickup should easily get me to the airport, an hour before my flight.  I opted for 1:30, knowing that the driver would likely show up 15 minutes early.  That gave my 2 hours and 15 minutes for a trip that typically takes less than an hour and a half.  It should have been more than enough cushion...or not.

The ride started out uneventful.  My driver, Barry, opted for the Merritt, saying that early afternoon, southbound, it was usually a better choice than I95.  Not a bad decision, as we moved along at a fairly good clip.  We were still making good time as we left CT and entered Westchester County.  Since we were ahead of schedule, there was not much concern when traffic began backing up, as we approached the Whitestone Bridge.  "They're probably working on the bridge and maybe have a lane closed", Barry assured me. 

We were now moving at a crawl and things started looking more ominous. We could see the bridge and a few cars moving northbound but there didn't appear to be any traffic heading towards Queens.  "This makes no sense", Barry observed. "Cars are moving forward but they're not crossing the bridge.  It's just like the Twilight zone.  Cars are simply disappearing."  

As we neared the toll plaza, the reason became apparent.  The bridge was closed and traffic was being diverted into the northbound lane.  We'd have to try to make it across the Throgs Neck Bridge.  My cushion was starting to deflate!!  Needless to say, with two bridge loads of cars, trying to go across one bridge, movement towards the Throgs Neck wasn't progressing much better.

Even less encouraging was Barry's suggestion that I start to check on alternate flights.  Every few minutes, I glanced at my watch and recalculated time and distance to the airport.  It wasn't looking hopeful. Eventually, we crossed over, into Queens, turned off, onto the Cross Island Expressway and traffic started to flow.  "We're looking good, now", Barry cheered.  "Let's not jinx it.  We still have a ways to the airport", I countered.

As we approached Terminal 8, Barry offered, "I think it's safe to say, we're looking good, now."  We had made it to the airport, with 48 minutes to check my luggage, clear security and make it to the gate. 

Remember that image of rushing through the terminal with just enough time to make my flight.  Piece of cake!! 

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Travails of Travel - Part I

Westport Goes Green.  Plastic Bags Banned from Most Retail Use.

On September 2, 2008, The Representative Town Meeting (RTM) passed an ordinance to ban the use of plastic bags for retail checkout of purchased goods.  Yesterday, that ordinance went into effect, making Westport the first town in Connecticut to institute a plastic bag ban. 

The ordinance passed by a vote of 26 to 5, with one abstention.  The six month delay in implementing the ban was put in place in order to allow time for establishments to use up their supplies of plastic bags and to prepare and educate Westport residents to the change.

The RTM is Westport's legislative body.  Their stated purpose for the Retail Checkout Bags Ordinance is to encourage the use of reusable checkout bags.  The new ruling applies to all retail establishments and restaurants.  The ban does not apply to sales by residents, at their homes, such as tag sales or to sales by non-profit organizations.  Arguably, the largest and most immediate effect of the ban is being felt at supermarkets. 

There are some exclusions to the ban.  Still allowed are the thin, plastic produce bags used to carry meats and produce to the checkout counter.  Also, exempt are plastic bags with more than one opening, such as those used by the cleaners and plastic bags measuring 28" by 36", or larger.

Although "going green" and protecting the environment are currently popular issues, not everyone is quick to jump aboard the plastic bag ban.  A plastic bag ordinance was proposed in the Connecticut State Legislature, but it never gained traction. A similar proposal, made to the city council in New Haven, CT, was rejected. 

Some argue that while having consumers use recylable bags is a positive goal, the more likely result of the ban will just be the increased use of paper bags, which carries its own negative environmental issues.

Two years ago, San Francisco was the first United States city to ban the use of plastic bags.  Los Angeles and Manhattan Beach, California have also passed plastic bag legislation.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Plastic Bag Ban Now in Effect

The tree-lined streets and backyards are among the features that make Westport a scenic town.  Coupling that with above ground power lines and high winds sometimes truly brings us "back to nature", as in life without phone, cable or power.  Today, brought one of those mornings.

I had heard the forecast for high winds, so it was not much of a surprise, when we lost power.  We'd been through this before, so we knew the routine.  While my husband hooked up the generator, I played with my new toy, a blackberry, and began returning e-mails.  All in all, not so bad.  The phone was still working and when the genny started humming, we found the internet was also unaffected.  Hopefully , power would be restored, shortly. 

But, Mother Nature had left us another surprise.

My husband and I were on our way to a funeral.  As we left the house, we were confronted with yellow tape across the road.  We approached, and were greeted by the sight of a fallen tree and downed power line pole. We got out of the car and neighbors informed us that initial crews estimated three hours before the street would be cleared and eight hours before the power was restored.  It didn't look like we were going to make it.

This was not an appointment which could be rescheduled, so we put the car back in the garage, made a phone call and luckily found a friend who could pick us up.  We hiked to the main road and waited for our ride.

We are now back home, the genny is still humming and the power company is working on installing a new pole.  I guess today is one day I won't make it into the office. 

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Don't Mess With Mother Nature

Have you been waiting for the right time to purchase a home?  The planets may finally be aligned in your favor.  Three factors have come together, to create an attractive buying opportunity.

• More negotiable home prices
• Historically low mortgage rates
• First time buyer tax credit

More Negotiable Home Prices

At first blush, it doesn't appear that prices have softened, in Westport.  Average selling price of a single family home remained flat, rising less than 1%, from $1,699,078 to $1,708,804, comparing 2007 and 2008.  However, we see a different story if we just look at the 4^th quarter, comparing similar size and style homes. The average selling price of a 3-4 bedroom, 2-4 total baths, 2,000-4,000 s.f., not new construction colonial, declined 10%, from $1,173,631 to $1,059,532.

Clearly, prices are becoming more negotiable.  Additionally, the proliferation of short sales and foreclosures are placing further downward pressure on home prices.  In all likelihood, we may not have hit bottom, but trying to time the market could mean missing out on a good buying opportunity. 

Historically Low Mortgage Rates

As with home prices, there is no way to guarantee a given date when you will receive the absolute lowest mortgage rate.  However, mortgage rates are currently hovering at historical lows.  During 2006 and 2007, the national average rate for a 30-year fixed, conforming loan was in the low to mid 6% range.  During 2008, national rates averaged around 5.5%.  As recently as 2000, rates were over 8%.

While rates are subject to change, yesterday, January 29,2009, Jeff Jensen, a certified mortgage planner with Connecticut Home Mortgage, quoted the conforming 30-year fixed rate at 4.875%  and the Jumbo 30-year, fixed rate at 5.875%.  These rates coupled with softening prices are an attractive combination.

First Time Buyer Tax Credit

In July, Congress enacted the Housing and Economic Recovery Act of 2008.  Included in the package was a provision for a $7,500 refundable tax credit, available for first time home buyers.  In reality, this tax credit is more accurately described as a zero interest loan, repayable over 15 years.  For the purposes of eligibility, first time home buyers include anyone who hasn't owned a principal residence during the past three years.

The credit is for 10% of the purchase price up to $7,500.  The full $7,500 credit is available to taxpayers with modified adjusted gross income of $75,000/year ($150,000 for couples.)  Partial credit is phased out for higher earnings. 

To qualify, the homes must be purchased on or after April 9, 2008 and before July 1, 2009.  The credit May also be used for new construction as long as the home is occupied by July 1, 2009

All of these factors, plus the enviable position of not having a home to sell, makes it a opportune time to purchase your home.

First Time Home Buyers - This is your market!

To view Connecticut listings Search the MLS/IDX   Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT, First Time Home Buyers - This is your market!

The Westport real estate market ended 2008 on a stagnant note, posting weak unit and dollar sales .  As we begin 2009, there are currently 252 single family homes actively listed (not including 7 with agreed to offers.)  This equates to eleven months of inventory, based on 2008 sales data.  Most of the listings are not new offerings.  The average time on market for these listings is 149 days, or approximately five months.  This figure is understated, as it does not take into account the days on market, for those homes that were previously listed.  During 2008, inventory averaged over 300 homes, with 281 active listings, in January 2008.

In the final month of 2008, approximately half of the single family, unit sales were for homes that sold for $1 million or less.  Yet, in the current inventory, only 30% of the listings are in that price point.  Clearly, the makeup of the market is out of synch with the current buyer.

What does this mean for the consumer?

For homeowners, now may be a good time to list your home.  Inventory is the lowest it's been, in a year. Make sure your home is competitively priced. Pricing just under comparable properties may be all it takes to get you offers.  Clearly, a two and a half million dollar home is not going to be sold for a million, but perhaps, your asking price may have to come down to $2.4 million or even $2.3 million.  You may also consider offering buyer incentives, such as purchasing a home warranty or allowing a credit towards closing costs.

For buyers, the ball is in your court.  Mortgage rates are at historical lows but they won't stay there forever.  First, find out the price home for which you qualify.   Don't be afraid to make an aggressive offer but remember you are not just buying an investment, you are buying a place to live.  If the house is well priced, and it meets all or most of your wish list, there is nothing wrong with paying at or near asking.

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING

To view Connecticut listings Search the MLS/IDX   Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Looking Ahead to 2009