886 Riverton Terrace, Stratford, CT 06614

This prewar 1936 colonial was listed just five days ago for an incredible asking price in today’s market. For some reason the seller appeared to grossly underprice the home, at an amazing ask of $244,900. Perhaps this was a brilliant strategy to create a lot of interest and spark a bidding war. This three bedroom, one bathroom home of 1,534 square feet is on an oversized lot of 0.26 acres. Whats more remarkable is this home is on a dead end street at the very north end of Paradise Green just below the Mill River Country Club.

This home looks to be in relatively good condition for the price, with various updates already made. This dead end street is one of the best streets in Paradise Green. The dead end would almost guarantee a very livable and safe street for a family with children. Its also a very quiet street due to being a dead end, where most streets in the neighborhood have a medium amount noise because of the through-traffic.

I heard there are at least 8 other offers on the house, maybe more. I am predicting that the house will likely sell for $30,000 over the asking price – around $274,900 is my guess. Even at this price, it looks like a great buy as it is very difficult to find a solid home in this price range on a dead end street in the neighborhood. It always comes down to the location. Two equivalent homes on different streets (different surroundings) cannot truly be considered comps. I will update this post to share what the sale price is once it becomes recorded in the public town records.

Since this is a larger than usual lot (double lot) the owners of this property over the years decided not to subdivide and sell the land for a new construction. Throughout Paradise Green, there are very few original lots of this size remaining, as most were split off and sold during the boom years of construction. Who can blame them? It must have been tempting to subdivide and sell off some land for a profit, and perhaps then sell your own home and move. Most lots in this neighborhood are half the size, non-conforming by today’s zoning standards, and are around 0.13 of an acre. This lot is still 0.26 of an acre, so there is a nice wide space between this home and the neighboring house to the right.

With that amount of space, I would relocate the driveway to the right side of the house and tear up the current one located on the left. I would then replant that left side with a lawn and add a wall of emerald green arbor vitae plantings for additional privacy as the neighboring house is close.

Stay tuned for new blog posts coming soon where I’ll share a few other rare original “double” lots that were never subdivided. There is one property on Reed Street and another around the corner from Reed on Meritine Ave with the original double lot size. These are cool to see because you can kind of imagine what the town used to look like before World War II, when the homes were more spaced out with larger yards and less population density.

To get notified when we post new homes for sale, subscribe to ourĀ email club here.

Information posted is merely the opinion of Time or Space for entertainment purposes only. All information published can be found in Town Records which is made available to the Public.

The 2020 Seller’s Housing Market in Fairfield County, Connecticut Explained

The COVID 19 pandemic continues to affect nearly every element of daily life around the world. Here in Fairfield County, Connecticut we continue to see those pressures come through in real estate in the form of a very hot 2020 sellers market. As it becomes clear that we may not return to a normal way of life anytime soon, those who can move out of New York City continue to do so at an alarming rate.

High-income earners from the city are choosing to relocate to Connecticut suburbs for good reason: excellent public schools systems, space to remain socially distant, space to allow for a home office and a diverse educated community. Space has never been more in demand than right now. Top choices to relocate in are towns such as Greenwich, Darien and Westport. These towns have proximity to NYC, a metro north train station and top-rated public schools. Their property taxes also remain relatively low due to a strong tax base.

Middle-income earners escaping the city will be pushed farther out into the outer limits of Fairfield County such as Fairfield and Stratford. Fairfield is a great shoreline town with good schools, moderate taxes and beautiful beaches. However, home prices in Fairfield remain too high for most in the middle-income bracket. This will force them to look either north into Trumbull and Monroe or further east into Stratford.

Stratford remains the second most affordable Fairfield County town (second only to Bridgeport) and provides a tremendous value even as property values continue to climb. Stratford has some good schools depending on what neighborhood you live in. Some neighborhoods suffer from underperforming schools. Stratford has several beaches, a metro north train station and a diverse, working class community. Property taxes are high relative to the surrounding towns, though home prices have historically been significantly lower than neighboring towns.

Home prices all across Fairfield County are finally recovering back up to the pre-recession levels of 2006-2007. The current seller’s market represents a perfect storm from the lack of inventory supply and the strong demand for space due to the pandemic. Many homes right now are seeing multiple offers, highest-and-best offer scenarios, and are selling over the original asking price. New York City expats are battling locals in price bidding wars for an ever smaller selection of homes on the market.

As prices continue to rise across Fairfield County, home owners who would like to sell may have difficulty navigating this market. While their current homes are now easier to sell at higher values, finding a new home they can afford – and win- without tough competition will be a challenge. This further constrains the supply of homes, which in turn puts upward pressure on home prices.

Interest rates on home loans are at an all time low. It’s common to see 3% and 3.125% 30-year rates at the moment, which allows buyers to afford more expensive homes. With interest rates predicted to remain low for the foreseeable future, this has also contributed to home price growth this year.

As 2020 transitions into 2021, many real estate experts expect the home prices and sales in Connecticut to remain very strong.

To get notified when we post new homes for sale, subscribe to ourĀ email club here.

Suggested Reading:

The Book on Negotiating Real Estate