Westport, Connecticut Moves

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

The turmoil in the housing market took a bit longer to hit Westport, CT, but by the end of the year, the market downturn had firmly taken hold.  Annual home sales were off by a third, compared with 2007, for both units and dollar volume, with average selling price, essentially flat.  As the year came to a close, the trend was definitively down.  

Quarterly Recap

The Westport housing market held its own, for the first quarter of 2008.  While unit sales dipped 28%, compared with the first quarter of 2007, prices continued to climb.  The average sale price of a single family home, rose 16% to $1,748,446.  Half of the homes sold, during the first three months of the year, sold for more than $1,339,000.

As Westport's moved through the spring market, its traditional insulation from housing downturns was no longer evident.  In the second quarter, unit sales were down a precipitous 69%, compared with the corresponding quarter, a year ago.  Average sold price fell 6%, to $1,654,202 and median sold price went from $1,550,000, in 2007, to $1,295,000.   

The market firmed up, a bit, in the third quarter.  Though still behind last year's pace, the number of homes sold was only off by 13%, compared with 2007.  The median selling price rebounded to $1,500,000, topping the previous quarters by more than 10%.  Homes also sold quicker.  Average time on the market fell to 93 days.

The financial crisis took its toll on the real estate market in the final quarter of the year.  More than one third fewer homes sold, compared with the comparable period, a year ago.  Median selling price also declined, as sales shifted to the lower end of the market.  Total dollar sales volume, for the quarter, dropped 45%.  On the brighter side, mortgage rates dropped alongside prices, offering qualified buyers an opportunity for some of the best deals of the year.

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 - Home Sales Market Recap 2008

I think most of us have heard the "Touch Paper Once" rule, for working more efficiently.  Instead of letting paperwork pile up, for each document we receive, we should take immediate action or put it in a "to-do box, file it or throw it away.  The same technique can be applied to our inbox, where e-mails seem to multiply faster than bunnies. 

The action we take will depend on the e-mail.  It may just call for "read it, respond and delete."  We may have a series of e-mails documenting ongoing correspondence.  They should be saved in appropriate folders.  Some e-mails may have attached documents that need to be saved.  Others, we may want to forward. Of course, the inevitable junk mail should be deleted immediately - do not pass GO - proceed directly to the garbage.

Okay, I admit I know the rules and some of them, I even follow.  I'm pretty good about deleting junk mail, immediately.  I'm also fairly prompt in dealing with e-mails that require a response.  Client correspondence gets moved to individual folders, but the system starts to fall apart when I get to the "other" category. 

One of my endearing traits is procrastination.  My inbox tends to pile up with the miscellany that I haven't gotten around to categorizing; the article I may want to read, the humorous story or intriguing pictures I may want to forward, the discount coupons I may decide to print and the inevitable promotions that may be worth reviewing.

Well, that "maybe" category has been dealt with, for me.  This morning, while multi-tasking and toggling back and forth to check my messages, my inbox somehow got deleted.  I wasn't even checking my inbox  when it happened.  In an instant - now you see it, now you don't.  All my incoming messages - gone.

I guess I'll be starting the New Year with a clean slate, or at least no more than 10 days worth of unresolved incoming messages.  If you've sent me a message to which I haven't responded, please re-send.  You haven't been ignored - you've been deleted.

Copyright © 2008 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Oh No!! - Forced Efficiency

As we near the end of the year, retailers are marking their merchandise 20%, 30%, 40% and more, off list price, in an attempt to rescue the Holiday Season.  Everything's on sale, from clothing, to electronics, to housewares and toys. In Westport, CT, bargain hunters can also find deals in the real estate market.

There are currently three dozen homes, in Westport, listed at less than 90% of the town appraised value.  Some of the homes may have been reduced in price to overcome less than perfect condition or location.  Others may be in pre-foreclosure or short sale situations.  Still others may already have made a pretty profit for their owners and just need to be sold.

Whatever the reason, now may be a perfect time to make that deal.  Mortgage rates are low and homes are on sale.

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 © 2008 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Homes on Sale!