real estate – time or space

2020 Year End Summary: Stratford, Connecticut Real Estate Market

December 27, 2020December 30, 2020Blog, connecticut, Stratford, UncategorizedLeave a Comment

As 2020 comes to a close, there is no sign of the housing market slowing down in Connecticut. According to Zillow (and from our own observations) Stratford’s 06614 zip code saw housing prices rise by an incredible 12.5% over the past 12 months. The upward trend is expected to continue by another 11.5% next year in 2021. Home prices continue to rise in Stratford as New Yorkers continue to flee high cost housing and high taxes to Fairfield County Connecticut’s relative bargain pricing. It truly is a bargain when compared to New York City and Westchester rates.

Historically, Stratford has been the most affordable town in Fairfield County. It largely still holds this title, though prices are rising to meet the strong demand from homebuyers looking for more space in town. Stratford is a mix of suburban and shoreline neighborhoods that experienced widespread development after World War II in the 1950’s through the 1960’s. For the most part, any land worthy of development has been developed long ago.

With strong prices and demand in 2020 however, new construction has taken off again in 06614. Developers have found the few remaining buildable lots to build on, now that prices support such development. Town officials seem eager to grant any permit that brings new tax base to town.

Lordship, the beautiful shoreline neighborhood has seen both tear-downs with new homes built as well as once vacant lots sold and permitted for new building. We also wrote about this beautiful new home newly constructed on Park Boulevard this year. In the Paradise Green neighborhood in the North-end of town, more new construction was seen at Cutspring road adjacent to the Mill River Country Club golf course. Three new homes all next to each other were built in 2020 with the third home nearing completion as of December 27, 2020.

Another new construction at the North-end located on Wakelee ave recently went under contract at $469,000 within just one week of being listed in the fall of 2020. On the West-end of town near the Bridgeport line, new construction is seen there, too. Perry lane has two new listings which are currently offered for customization (pre-construction) at $495,000 for 3 bedroom, 2.5 bathroom homes with two-car attached garages.

Fairfield County’s best kept secret, I’m afraid to say, is no longer a secret. With new buyers and investment coming in from New York, prices and a competitive market are here to stay for the foreseeable future.

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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.

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Stratford’s Spooky 1930 Tudor House on Halloween

October 31, 2020UncategorizedLeave a Comment

This spooky vintage 1930 Tudor style home looks exactly like what I’d imagine when reading the classic tale of Hansel and Gretel. Its beautiful brick, stucco and gingerbread exterior with peaked arches and rounded front door are very charming, drawing you in.

The dark 1930’s woodwork are perfectly maintained, perhaps too perfect. Perhaps only a sneaky witch could live in such a beautiful vintage home this inviting. This 5 bedroom abode last sold for an incredible bargain in 2017 at only $230,000. It’s been said that only a Witch could have negotiated a deal that good. It’s also been said around town that if you listen very carefully when passing by this house on Halloween night, a small voice beckons “Do come in…”

Do you like 1930’s homes in this style? Then you might like our recent post on a similar home in Stratford here. These beautiful Tudor style homes were popular in the 1920’s and 1930’s, though they were expensive to build, even back then. After World War II, the focus sadly shifted from craftsmanship to building lots of housing cheap and fast to accommodate the post-war boom.

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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.

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Hansel and Gretel 1916

1929 Colonial at 104 Newtown Ave in Stratford, Connecticut

October 30, 2020October 30, 2020Blog, connecticut, paradise green, Stratford, UncategorizedLeave a Comment

This picture-perfect 1929 Colonial is located at 104 Newtown Ave in Stratford, Connecticut. According to public tax records, it appears that until recently, this home had been occupied by the same owner since 1955! Truly amazing. Newtown ave is a quiet, tree lined street in the Paradise Green neighborhood just steps from Motil Pond.

There are several large prewar homes like this one in the area built in the same style with architecturally steep roof arches and a rounded front door. It is wonderful to see the original rounded front doors kept on these homes, a big part of their historic charm. See another similar door in yesterday’s post here.

It appears that this home may have just recently sold for $369,000 on October 6, 2020.

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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.

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Smaller Houses of the 1920s

English Tudor Cottage Style 1928 Home in Stratford, Connecticut

October 29, 2020October 29, 2020Blog, connecticut, paradise green, Stratford, Uncategorized2 Comments

Stratford, Connecticut has a wonderful variety of home styles, and if you look hard enough, you’ll find some really unique prewar homes around town. Before World War II, during the roaring 1920’s, ornate and complex building styles were embraced as materials, money and labor was abundant. During the war however, everything was scaled back as many resources were dedicated to the war effort. Today, we can appreciate prewar homes for the special time in which they were constructed. They just don’t build them like this anymore.

This English Tudor cottage style home is located at 919 Wilcoxson avenue in Paradise Green. The round arched front door is still original and is set back in 3-4 layers of brick arches. The craftsmanship and detailed masonry work that was done on this home could only be created during prewar times. Priorities forever changed in 1939, and period homebuilding in particular provides this signature in history we can forever look back on.

This home was built in 1928, and is located in Stratford’s Paradise Green on Wilcoxson Ave, just a few hundred yards from Donut Crazy on Main Street. The home is featured on page seventy of Stratford Historical Society’s Images of America: Stratford.

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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.

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Stratford History in Images

93 Brewster Street, Stratford, Connecticut

October 24, 2020October 25, 2020Blog, connecticut, Homes for Sale, Uncategorized1 Comment

Just on the market is an extraordinary oversized cape home in the heart of Paradise Green neighborhood of Stratford, Connecticut. This home is nestled just off one of the most beautiful streets in all of Stratford: Plymouth Street. Plymouth and Brewster are two of the most sought after streets to live on – homes here are usually long term ownership, just like this one. 93 Brewster last sold in 2010 for $329,000. It’s now available for the first time in 10 years at a very reasonable $375,000. Considering what smaller homes in less ideal areas are selling for, I would say this house will likely sell over the asking price.

This Brewster Street home is only one house away from Brewster’s Pond, a beautiful and popular spot for walkers and runners in Paradise Green. Here is a view from the other side of the pond looking towards the home.

Stepping out of your front door, you would be about a 10 second walk from this view of Brewster’s Pond looking South. Heading the other direction would put you right on Main Street in Paradise Green. This house has an excellent location and we think it will sell fast.

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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.

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30-Year Fixed Mortgage Rate Falls to Record Low for 11th Time This Year

October 23, 2020Blog, connecticut, Mortgage Finance, UncategorizedLeave a Comment

Mortgage rates in the US have fallen again to a new record low. The average rate for a fixed thirty year mortgage fell to 2.8% a rate so low it has historically only been seen on 15 year fixed mortgages. Now might be a great time to refinance or consider a cash-out refinance if you have built up equity that you want to tap into. Keep in mind that cash out refinancing will typically result in a slightly higher rate than this historic low. The more equity you cash out, the higher the rate will be.

When I purchased my home in October 2016, exactly four years ago, the best rate available was 3.5% which was a very good rate back then. If you are in the position to find a modest home for a fair price in today’s market, the 2.8% rate is a really great long-term rate. Then again, experts are predicting rates will continue to slide this year and possibly into early next year.

The falling mortgage borrowing rates are just one more variable putting upward pressure on home prices; while rates may be historically low, the combination of low inventory in the suburbs and strong demand is pricing out a lot of people despite the opportunity to lock in a low rate. As rates climb once again, moving or buying a new home becomes less attractive, easing pressure and prices in the market.

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New Construction Completed on Lordship’s Margherita Lawn

October 21, 2020October 23, 2020Blog, connecticut, Lordship, new constructionLeave a Comment

Remember last week’s post about the rare double lots in Stratford, Connecticut? Well, it looks like another one has bitten the dust with the completion of a new subdivision. The owner at 98 Margherita Lawn has subdivided the property and sold it off for a new house to be constructed next door – or so we think. Based on town records, this empty lot next to 98 Margherita Lawn was last sold in 2004 for $74,166. It was just recently sold to a property developer in February 2019 for $130,000.

The owner of 98 Margherita Lawn appears to have also sold their house on August 20 of this year 2020 for $480,000. That home was last purchased in 2004 for $74,166. With the home sale and lot sale combined, that is not a bad payday! With home prices in Stratford getting frothy again, it looks like the property owner made a great choice cashing in and moving on. Then again, they will no longer live in this great community a short walk to the beach.

Taxes on the home in 2004 are listed as being $4,669. In 2020, property taxes have swelled to an incredible $11,771. That represents a 152% increase in property taxes in that period; meanwhile median wage growth has averaged only 3% growth per year. To see actual wage growth rate charts click here. Town governments can make it hard to hold onto a good thing.

So, what was constructed on this lot that sold for $130,000? A beautiful new cape style home with three dormer windows has just reached completion, and looks like it will be 100% complete very soon. With new construction there is no need to worry about home repair for a long time, which is a huge plus. We’ll keep you updated when the listing goes live.

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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.

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Living in the Lordship Neighborhood of Stratford, Connecticut

October 17, 2020October 23, 2020Blog, connecticut, Lordship, Stratford1 Comment

Lordship is a sleepy, quiet waterfront neighborhood on Connecticut’s Gold Coast which overlooks and is surrounded by Long Island Sound. Settlers first arrived here in 1639 when it was originally known as Great Neck. It’s been said that Lordship is a “town within a town” because it feels so different from the rest of Stratford. I would agree with that. In fact, the first time I came here, the drive over the causeway reminded me of Old Saybrook, another Connecticut shoreline town where I grew up.

When my wife and I were newly married and looking to buy our first home in 2016, we began looking in Lordship. That Old Saybrook familiarity led us to place an offer on a wonderful 1950 cape on First Avenue with views of the Sound from the front yard. We couldn’t believe how affordable the price was. We were outbid by the only other offer which was $32,000 over the asking price.

This beach enclave features several public as well as private beaches; Long Beach and Short Beach are two public town beaches available for all Stratford Town residents who acquire a beach parking pass. In the middle, Russian Beach is for town residents only. For trips to Long or Short Beach: as of 2020, the daily rate for non-residents was $20 Monday-Thursday and $40 per day from Friday to Sunday.

The North end of Lordship features Sikorsky Memorial Airport, the only airport in Fairfield County. This airport provides some great visual entertainment for beach goers, who can watch small aircraft gliding low over the Sound and beach as they come in to land. It is a really unique part of Southern Connecticut, and is just another piece of aviation history that makes Stratford great.

The Historic Curtiss Hangar in Lordship, Stratford

Next to the runway is the historic 1929 Curtiss Hangar, which has seen visitors such as Igor Sikorsky, Amelia Earhart, Charles Lindbergh, Juan Trippe, and Howard Hughes. After years of going derelict, the building is scheduled to be renovated and turned into an aviation museum. Let’s hope this project is completed within the next few years.

Traveling further down Stratford Road to Park Boulevard will lead you to some incredible views of the Sound. Homes here run the gamut; they vary from the affordable vintage cape or ranch all the way up to large modern homes and even some new construction. Several new homes were completed in 2019-2020 and a few are under construction now in October 2020.

New Home Construction on Park Boulevard, October 2020

On Summer nights, groups of young people can be seen riding around on long boards, bicycles and Vespa scooters down to the beach. The beach life vibe is alive and well in the Lordship neighborhood. This is truly an idyllic place to grow up: all of the benefits of a small beach town life, conveniently located just one hour to New York City. If you enjoy access to the Sound, water front homes and an active lifestyle, this place just might be for you. This is Stratford’s best kept secret.

Long Island Sound Views in Lordship, Stratford

The center of Lordship offers few amenities such as: a small deli, a pizza shop and a convenience store. The newly renovated Surf Side hotel and Little Pub are popular new spots to visit right on the beach. Recently, a zoning change was made in the area to allow for more commercial development. Like the rest of Stratford, Lordship is no longer forgotten and the area is seeing new money funding the thoughtful development that it deserves.

To read more stories about the Lordship neighborhood of Stratford, Connecticut click here.

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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.

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91 Woodland Ave, Stratford, CT 06614

October 16, 2020October 22, 2020Blog, connecticut, Homes for Sale, paradise green, Stratford1 Comment

Now for sale is a super cute 1920 ranch style bungalow with 1,181 square feet of living space, three bedrooms and two bathrooms. This small vintage home was initially listed for $259,750 but after a recent price drop is now available at $235,000. Incredibly, this home was last sold in November 2016 for only $110,000 which was an incredible buy for this neighborhood.

This 100 year old home is unique to the surrounding area for several reasons: it has a stucco exterior, an unusually large lot size of 9,147 square feet and is a pre-war home. Most property lots in this area are approximately half that size, so they’re in the 5,250 square foot range. Prewar homes (built before 1935) are also more rare to find as the majority of the housing supply in Stratford was developed rapidly after World War II. They just don’t build them as well as these prewar homes anymore! Finally, the stucco exterior is not often seen in this neighborhood, which offers a warm vintage charm.

This little gem is also currently the cheapest single family home on the market right now in Paradise Green, with a large lot size that offers the potential for future expansion. Considering the house right next door is under contract (listing price $349,900) this home may offer a good opportunity for someone to buy, renovate and expand.

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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

October 11, 2020October 23, 2020Blog2 Comments

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.

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