Friday, April 1, 2016

063. Decline in New Canaan Home Prices

According to <https://mail.google.com/mail/u/0/?shva=1#inbox/153ce868d31a01a6>
a 4/1/2016 sample of current homes for sale in New Canaan showed overall declines of:

Property  Current Price      Original  Price Change
727 Smith Ridge Road $6,900,000 $8,900,000 -22.5%
579 Frogtown Road 4,295,000 5,800,000 -25.9%
354 South Avenue 3,995,000 4,950,000 -19.3%
60 White Oak Shade d 2,995,000 3,195,000 -6.3%
260 Lukes Wood Road 2,699,000 2,899,000 -6.9%
117 S Bald Hill Road 2,269,000 2,495,000 -9.1%
14 Gower Road 2,195,000 2,650,000 -17.2%
99 Hickok Road 1,995,000 2,195,000 -9.1%
43 Bartling Drive 1,950,000 1,995,000 -2.3%
165 Old Norwalk Rd 1,649,000 1,735,000 -5.0%
251 White Oak Shade  1,329,000 1,395,000 -4.7%
116 Rocky Brook Road 999,999 1,100,000 -9.1%
157 Weed Street 975,000 1,050,000 -7.1%
128 Bald Hill Road 927,900 959,000 -3.2%




PRICE CHANGES $39,004,899 $45,407,000 -14.1%

Homes over $4 million declined 22.6%, homes over $1 million declined 4%. The final sale price will be below these declines.

CONCLUSION: The erosion in home prices is particularly severe on high-priced homes. The actual sale price of these homes is not known, but will most likely show further reductions.

No comments:

Post a Comment

For comments please e-mail paul@strassmann.com