Week 56: Zillow’s New ‘Climate Risk Threat Score’ Misses Key Details, Sparking Concerns Among Homeowners. John Engel’s Real Estate Column for the New Canaan Sentinel
Zillow, inventor of the controversial Zestimate, has rolled out a new “climate risk threat score” for every house in the country. Zillow gets their data from First Street which has been crunching numbers on climate risk for a decade. Redfin offers a similar tool, but Zillow’s version ups the game with a mapping feature. This […]
Week 55: A New Approach to Restoration Without Taxpayer Cost. John Engel’s Real Estate Column for the New Canaan Sentinel
I read with interest in Good Morning Wilton the story of an historical building owned by the town of Wilton which has fallen into disrepair and is now evacuated, requiring a multimillion-dollar renovation. This is not a problem unique to Wilton. New Canaan tasked Penny Young and Amy Murphy Carrol to study over 50 town- […]
Week 54: What’s going on with the purchase of Avalon? John Engel’s Real Estate Column for the New Canaan Sentinel
The New Canaan Housing Authority (a non-profit corporation) is attempting to purchase Avalon New Canaan, 9.1 acres, 10 buildings, 104 units, currently with only 7 vacancies starting at $4,030 per month (for a 2-bedroom) WHY THE HOUSING AUTHORITY? The New Canaan Housing Authority (HANC) has statutory authority to issue bonds, acquiring and managing real estate […]
Week 53: Where We Are Nine Months Into the Year. John Engel’s Real Estate Column for the New Canaan Sentinel
It is October and that means it’s time to paint a picture of the Fairfield County real estate market through 9 months. I’ll compare New Canaan with peers Darien and Westport and include large-market Stamford as a contrasting baseline. Median Sales Price – All Property Types – New Canaan ($1.973m) is up year over year […]
Week 52: An Existential Threat. John Engel’s Real Estate Column for the New Canaan Sentinel
We are facing an existential threat in New Canaan. No, I’m not talking about the annual drumbeat of laws from Hartford which strip away local control of our zoning and of our schools. I am talking about shutting down the New Canaan Multiple Listing Service. The New Canaan Board of Realtors (NCBOR) has been around […]
Week 51: How Real Estate is Like and Not Like Poker. John Engel’s Real Estate Column for the New Canaan Sentinel
Today I am speaking on a panel on industry changes. I am noticing more pressure on buyer’s agents from a number of directions. Sellers are asking if they can eliminate or reduce offers of compensation, probing for a better deal. Buyers are approaching the listing agent directly. This is to be expected as both sides […]
Week 50: Like a Starter’s Pistol, We’re Off! John Engel’s Real Estate Column for the New Canaan Sentinel
t is as if we began the Fall Season with a starter pistol on Labor Day. Buyers and sellers are feeling a newfound urgency to enter the market. Last week we listed an in-town renovated antique for $2.5 million. Over 30 groups made appointments last weekend and there were multiple offers when the dust settled. […]
Week 49: Labor Day Market Report – 8 Months In John Engel’s Real Estate Column for the New Canaan Sentinel
Homes for Sale. For the third month in a row the amount of inventory fell in New Canaan and continues to drop around Fairfield County. Darien and Wilton see single family home inventory consistently below 50 homes since late 2022 while New Canaan has been below 75 since that time (with the exception being last […]
Week 48: What Drives the Housing Market? John Engel’s Real Estate Column for the New Canaan Sentinel
We are at the long-awaited inf lection point where the Fed reverses course and lowers rates. The stock and bond markets rallied this week on the news. A survey of big banks predicts 30- year rates between 6.5% and 6.7% in the fourth quarter. 15-year adjustables, already in the high 5’s, will drop to the […]
Week 47: Round House. John Engel’s Real Estate Column for the New Canaan Sentinel
In 1968 midcentury modern architect Richard Foster designed The Round House in Wilton for his own family, a house also known as The Spaceship House or The Circambulant House, one which rotates fully on its axis once every 45 minutes, the first rotating house in the world. Melissa and I had the pleasure of touring […]
