Condo Report

Eight condominiums have sold in the last 30 days; another six condominium sales are currently pending. This has been a strong season for condo sales, perhaps because of the lack of single-family houses in our inventory. Typically, over the last 15 years, New Canaan has sold about four condos per month. In the past year, we've sold 70. I wondered if perhaps the increase in sales during a low-inventory market is a result of new construction? Only two of the 13 recent and pending sales are new construction. Similarly, when I look at the currently active condo inventory, only two condos are resale, 13 are new. In addition to11 units at The Vue,there is a new 3-bedroom townhouse at 42 Forest Street ($2.3million), a large 4-bedroom at 95 Forest Street ($1.6 million),and a 3-bedroom townhouse at Pride's Crossing ($1.075 million).

The Vue—there were 40 units built for sale and 59 for rent. The rentals were leased right away, and I'm told there is a waiting list for rentals. Today, 11 are offered for sale. This month, a 2-bedroom unit went under contract for $1.65million, or $1,211 per square foot, about double the average price per square foot in town of $613 and 78% above this month's average condo sale of $922,813. Of the remaining units for sale, three are 3-bedroom units averaging 2,128 square feet and $2.26 million, and eight are 2-bedroom units averaging $1.516 million and 1,323 square feet, listed for 1,043 days on the market.

162 Forest Street—is new construction, a 3-bedroom townhouse, 2,232 square feet, asking $1.75 million. It's now under contract. Jeff Sandreuter bought the two-family rental back in 1999. Approved in 2022, he built two buildings with two units each. Unit 3, in the back, has been on the market since May but only completed this month. It features 9' ceilings and the potential for an elevator and a finished lower level setting it apart. At $784 per square foot, this feels like a bargain for new construction. In front, 158 Forest and 160 Forest each closed for $1.085 million last month, leaving only one unit coming up,:unit #4 for $1.075 million. It is stylish. I‘ll bet it sells quickly. Good luck, Jeff.

Kings Grant—has a reputation for having some of the largest condos in town. The current sale doesn't disappoint:3 bedrooms, 3-bedroom unit with 2,614 square feet, sold for $1.475 million, $100,000 over-asking, after only 12 days on the market.

Heritage Hill–—There were three sales this month, all two-bedroom units, all within$10,000. Unit #55 sold in 18 days, at full price, $649,000. It was a first-floor end-unit and a garage. The unit presented as new, with fresh floors and a fresh stainless steel kitchen. Similarly, #51 sold for $640,000, and #87 sold for $645,000. Note, $579 per square foot and 212% of assessment, these three sales represent a new high-water mark for Heritage Hill. Looking at the eight sales in the last year, there were a trio of 1-bedroom units and five sales of 2-bedroom units. The average sale was $411,375, and it was 175% of assessment. The previous high-watermark was $599,000 for a 2-bedroom unit in July, making the current trio of $650,000 sales all the more remarkable.

Southgate—sold a two-bedroom townhouse in 95 days for $980,000, which was 96% of the asking price. Southgate is one of the half dozen co-op developments built by George Platz, all stylish red-brick townhouse style and always in high-demand. I was surprised this lingered more than a day because people are always inquiring. In the past year, there have been three sales of George Platz co-ops at Southgate between $950,000 and $1.050 million and one a tHatfield Mews for $1.149 million. None of them sold quickly. The average time on the market was 104 days at 99% of the asking price and $697 per square foot. It's a healthy market for George Platz' style, but not overheated.

Looking at the 70 sales of condos over the last year, can we draw any conclusions? The averagesize was 1,842 square feet, sold for $1,218,700 or $652 per square foot after 168 days on the market, and at 99% of the asking price. The medians were 1,672 square feet, sold for $1,165,000, after 37 days. The 12 Vue sales have been on the market for 1,043 days, which brings the average days on the market up, so the 37-day median is more telling . Thirty-three of 70 sales were under contract in under a month.

There were only four sales of one-bedroom condos and two sales of four-bedroom condos. New Canaan is like Goldilocks. Not too big, not too small. Sixty-four of 70 sales were evenly split between 2 and 3 bedrooms, 32 and 36 respectively. Not surprisingly, 55 of 70 had garages. The least expensive condo sale in the last year was $238,603, and it was also the smallest at 724 square feet. The most expensive condo was more than 14 times as much: a 3-bedroom penthouse, 3,600 square feet on Forest Street, sold for $3.45 million.

According to the National Association of Realtors, 40 of the 70 condo sales were cash, another 13 took out conventional mortgages, four had other financing, and 13 withheld the information. If you read last week's column, you know that this is typical since 65% of sales in NYC were also for cash.

When were the condos built in New Canaan? There were only four sales of condos built before 1960, 12 sales in the 1960s, 31 sales from the 1970s, three in the 1980s, two in the 1990s, two in the 2000s, ,and then 16 sales of condos built since 2010, of which 14 were at The Vue, and two were built this year by the aforementioned Jeff Sandreuter.

Check out John Engel’s Podcast, Boroughs & Burbs, the National Real Estate Conversation here.