Associate Editor Luke Mullins writes a real estate blog over at US News and World Reports. I really like Luke's blog because he keeps it interesting and makes me laugh.  Woven between the housing start posts and the market updates is some fun stuff like Friday's Goldie Hawn and Kurt Russells Pad for Rent.  ( I wish I had a meditation room.)

I found Luke's Win a Date with Alan Greenspan post to be pretty funny. Since Mr. Greenspan is dating for charity and bringing his wife along, I don't think it is supposed to be funny, but the idea of a date with Alan Greenspan doesn't exactly measure up to one with George Clooney.  So I laughed.   

On Wednesday of this week, Luke was kind enough to include a link to a post I did back in January called Connecticut Foreclosures and Sainthood.  It's always nice to be recognized by my blogging peers, especially from a publication as well regarded as US News and World Reports. 

The link brought lots of visitors to my little Eastern Connecticut Real Estate Blog.

Thanks Luke. 

P.S  Stop by and visit The Home Front where Luke Mullins "tracks the treacherous housing market and explains how to unload a five-bedroom McMansion or even find that dream home. " 

I found this colorful photo opportunity last week on Partridge Hollow Drive in Gales Ferry.  Only a few years ago this home was devoid of any landscaping.  The folks who bought this home have made some really nice changes.  I thought they might like to know we noticed.

Connecticut's January foreclosure rate ranked 8th highest among the states.

In March, www.CTReal.com was launched by the Connecticut Statewide Multiple Listing Service. It is the official public search engine of the Connecticut Association of Realtors.

There are currently 25 residential listings priced over 5 million dollars through the Connecticut Multiple Listing Service. (The highest priced home to sell this year sold for 11 million dollars in Farmington.)

Connecticut law requires that a Realtor® furnish you with a written agreement setting forth all the terms and conditions of the representation between you and the Realtor® prior to showing you a property that is not listed with the Realtor®'s firm.

Sales of single-family houses in Connecticut dropped by nearly 30 percent in March, compared with the same month in 2007.

Connecticut law requires a person who sells real property to pay a real estate conveyance tax when he conveys the property to the buyer.  The tax has two parts; a state tax and a municipal tax. The state tax rate is either 0.5% or 1% of the sale price, depending on the type of property and how much it sells for, and the town tax rate is either 0.25% or up to a maximum of 0.5% depending on where the property is located.

Did you miss me?  I've been doing a weekly Ledyard statistical report for the past two years and rarely miss a week.  I missed reporting last week when I traveled to Pittsburgh for my Cyberprofessional meeting.  Today's report cover changes over the past two weeks.

There were 14 new listings in Ledyard in the past 2 weeks.  During the same 2 weeks, 7 listings were withdrawn from the market and there were 19 price reductions totaling $195,000.  There have been only 3 pending and 3 closed sales since April 20th.

Our Connecticut Multiple Listing Service allows for up to 20 photos.  I'm a firm believer that online photos help sell houses.  I'm always dismayed when I see poor listing photos in the MLS and wonder what the sellers must think.

Now that spring has sprung and we are can post 20 photos, it is a great opportunity to refresh and add to my current listing photos.  If your home is now listed with me, I'll be touching base to arrange for some new photo opportunities.  If you are planning to put your home on the market anytime in the future and you have some nice blooms, take some photos.  We can used them to show off your springtime garden anytime of the year!

 Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  121
Two weeks ago there were 118 and one year ago there were 120 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  20
One year ago there were 43 pending sales in Ledyard.

Number of Homes Sold in 2008:  32
One year ago there were 52 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year:  $459,997.

There were 19 price reductions in the past two weeks, totaling $195,000.

Before I forget, these only reflect those listings and sales as reported to the Connecticut Multiple Listing Service. 

Dear Asset Manager,

I know you are busy.  I suspect you have a gazillion files on your desk but you know (or maybe you don't remember) that I did the work on this Stonington, CT foreclosure in November.  The previous owner moved out and took all the good stuff with her. I secured the property and got a couple bids to remove the trash left behind.  I emailed you the bids in February.  

The reason I'm writing now is because of the Broker's Opinion I prepared for you in November.  It isn't a good number anymore.  Since I did my market analysis, prices have dropped in the Eastern Connecticut area about one percent a month.  The number I gave you is now about 6% too high. 

Seems a shame. You've lost about 6% of real money because you can't keep up with all the files on your desk. 

Sincerely,

Linda Davis
RE/MAX Realty Group

P.S.  I'm pretty organized and have good systems in place for my real estate business.  Please let the main foreclosure dude at your bank know that I can offer some consulting advice.  I'm not cheap but I know I can save your bank some money.  It might even help the economy. 

I was in Pittsburgh for a few days with my Cyberprofessional Networking Group.  My old hometown gave the group plenty of photo opportunities.  Friday's photo is one of 452 photos (not a typo) taken by member Les Sulgrove of Des Moines. The location on Mount Washington is a popular vantage for photographers and captures the Duquesne Incline as well as Point State Park where the 3 rivers meet.  (All together now - the Monongehela, the Allegheny and the Ohio.)  It's my favorite of his many photographs because it reminds me of a postcard. It is also a location that brings back memories of growing up in Pittsburgh. 

Thursday was one of those special days that makes me glad I chose real estate as my profession.

6:00AM:  My day started on a good note when I opened my email and found this message, "I am a Navy Officer that is “Likely” going to be stationed in CT for the next 3+ years.....I am looking for a realtor who really knows this area and the current market.  Lucky for me I stumbled across your blog.  I like what I read, and would like to talk to you about what I am interested in."

I admit, as a blogger, it is really nice to know that I'm not just talking to myself here.  It made me smile and that is a great way to start off the day. 

6:30AM:  I left for a 7AM meeting of the Rose City Chapter of BNI (Business Networking International).  I was a visitor to the organization and met about 40 energetic business owners eager to expand their referral network. The BNI concept is a natural for a real estate agent. As a result there are about 5 agents vying for the real estate agent spot, amazing considering the group meets every Thursday at 7AM.

9:30AM:  A quick stop at the office for a "pre-listing package" and then to an appointment in Gales Ferry where I counseled a home owner that renting her home made more sense than selling it.  Although I won't be able to help for a couple years, I will be able to keep her updated on the real estate market via my weekly email reports.  

11:00AM:  Drinks (3 diet cokes) with some like minded real estate associates.  The exchange of ideas with real estate professionals is always rewarding.

12:30PM:  Lunch break.  A Lobster Roll from Captain Scott's Lobster Dock.   Lunch does NOT get any better than that.

2:30PM:  A past client stops in to update me on the timing of her move.  It will be a nice listing to look forward to!

3:00PM - 4:00PM:   Phone call time.  I called the very pleasant Navy Officer who showed up in my computer at 6:00AM this morning. AND two calls came in from past clients anticipating a future move. Both sellers were clients of mine over 10 years ago. It is always rewarding to get those kinds of phone calls, especially two within one hour.  Appointments scheduled all around.  Life is good.

4:00PM:  My final appointment of the day was a visit to future homesellers who are anticipating a move in about a year. It is never too early to start planning for a move and I appreciate being involved early in the process.  This house was in lovely condition and they didn't need much advice. On most visits, I'm likely to advise some repainting, updating worn floor coverings, and decluttering.  I am now strongly recommending a pre-home inspection. 

7:00PM:  The day is not quite over.  I'm off to a Zoning Commission meeting where I serve as the Ledyard Town Council liaison. I have a few comments to make about my desire to create a Blight Ordinance for the Town of Ledyard.  You'll be reading more about my concerns under my "From Where I Sit on the Ledyard Town Council" series. 

The nice people I met in my computer, on the phone, and in person will lead to future business. 

It was a very good day. 

My friend Chris Griffith has started a mailbox series at her blog, Life In Bonita Springs.  Personally I wish I had thought of the idea first. But the blogophere is full of nice people and Chris is one of the nicest so she suggested I run with the idea.  I found this creative mailbox on Meadow Drive in Gales Ferry.  I'm hoping it will be a blooming mailbox this summer. 

I actually used a photo of a mailbox for Photo Friday in the past so I guess that one would be the first in the series; I just didn't know it was a series at the time.  

If you know where I can find any clever, creative or even bizarre mailboxes, let me know.  I'll go take a photo and they may show up here on Photo Friday!

There were 3 new listings this week but with a few listings expiring, listing inventory remained stable for the second week in a row.  There are currently 19 pending sales including 2 NEW pending sales to report this week.  One year ago there were 50 pending sales, a pretty significant difference and one being experienced in towns throughout Eastern Connecticut.  For the second week in a row, there were no new closed sales to report.

The big news continues to be the number of price reductions.  There were 13 price reductions this week totaling $137,000.

So what's the good news?  Interest rates remain favorable.  My websites are getting lots of visitors and nice weather usually gets buyers out from behind their computers.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  117
One year ago there were 104 residential listings in Ledyard.

Number of Homes Currently Pending: 19
One year ago there were 50 pending sales in Ledyard

Number of Homes Sold in 2008: 29
One year ago there were 39 closed sales in Ledyard

There were 13 Price reductions this week, totaling $137,000

The highest priced home to sell in Ledyard in 2008:  $459,997

Has your agent sold a house this year?  Silly question, huh?  Not really. There are currently 1310 members of the Eastern CT Association of Realtors.  According to association statistics, there were 564 single family homes sold during the first quarter.  Assuming a few agents like me sold more than one house during the first quarter, that means that a large majority of members did not have a single sale in the first quarter. There's more news. The National Association of Realtors reports that the typical realtor has been in the business for 7 years or less. Despite market conditions, membership in the organization increased by 23% in 2007.  That's a whole lot of newbies stumbling around in the worst market in over a decade.

About a year ago, CNN Money posted an article called "Babes in Bear Land".  Although I no longer have the article, the title stuck with me.  The author made the point that most agents haven't been in the business long enough to have experienced anything but boom times. Additionally most of those agents haven't sold many houses.  Buyers and Sellers are relying on these same novice agents to help them maneuver the current market; a market not exactly an easy one to negotiate.

The statistics don't surprise me.  Despite the expectations, culling the herd is just not happening.  While home sales dropped by over 22% in the past year, the number of agents fell from 1347 to 1310, not exactly a plunge.  Real Estate Licenses in Connecticut are up for renewal on April 30th along with a number of required continuing eductation courses. That's the next "opportunity" for a career change for those that need it most. 

I'm hoping. 

Those that follow this blog know that my favorite place to buy lobster rolls is Captain Scott's Lobster Dock in New London. The good news is Captain Scott's is open for the season!  The bad news is lobster prices are way up in the area. Since Scott's Lobster Rolls are mostly made with lobster (and not much filler), the price is now $13.95 for a lobster roll. Yikes!   

P.S. The onion rings are to die for. And the lobster rolls?  They are worth every penny.

Sellers aren't very happy these days.  As a New London Day article reported last week, homeowners in New London County lost an average of $22,000 of equity in the past year.  This is really good news if you are planning on selling your current home and buying a bigger and better one!  Think of it like buying a new car.  You take your old junker to the car dealer for a trade in. The salesman will tell you what your old car is worth.  BUT IT DOESN'T MATTER.  All you care about is the difference between the value of your old car and the value of your new car. 

ARE YOU WITH ME?   If you are unhappy because your current home isn't worth what you hoped, think about how the seller of the home you want to buy feels. If his house is bigger and better, he's losing more than you are!  That's good news for you because all you should care about is the price difference between your old home and the one you want to buy. And the difference could be less now than ever! Get it?

AND with interest rates at historic lows, this very well may be the best time to consider moving up! 

*Analogy alert! This blog post does not mean to imply that your current home is a junker. 

The first quarter sold comparisons are in and as reported in the New London Day Newspaper this week, the number of sales in New London County is down by about 22%, while medium prices were down about 9% from a year ago.  Based on first quarter pending sales, I suspect the second quarter will not be much better.  It appears that sales prices are declining by about 1% per month.

There were 3 new listings this week plus a few that expired so listing inventory remained stable.  While the numbe of solds compares favorably to one year ago, the pending story is quite different.  There are currently 18 pending sales.  One year ago there were 46 pending sales.

The other big news continues to be the number of price reductions.  There were 10 price reductions this week totaling $68,000.

So what's the good news?  Interest rates remain favorable and showings have increased in certain price ranges.  April and May are usually good selling months so let's hope this year is no exception. 

Today's Ledyard Snapshot:

Number of Ledyard Homes Currently for Sale:  118
Last week there were 122 and one year ago there were 108 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  18
One year ago there were 46 pending sales in Ledyard.

Number of Homes Sold in 2008: 29
One year ago there were 33 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year:  $459,997

There were 10 price reductions this week, totaling $68,000.

I know that spring has officially arrived when I see the signs announcing the opening of Ledyard's up-down sawmill. The Town of Ledyard owns 11–acre Sawmill Park, which includes the water powered up-down saw, shingle mill, blacksmith shop, a gristmill, ice harvesting equipment, and other mill artifacts of the Industrial Revolution. The saw mill is operational from April-May and October-November.  The park, located on Route 214, with two-acre pond (and plenty of ducks) is open year round. 

I was in Danbury this week speaking to the nice members of the Women's Council of Realtors of Greater Fairfield County. While I was in Danbury, I thought I'd pay a visit to Stew Leonard's. I've never been there before and found it to be like the Disney World of Grocery Stores, complete with singing cows and dancing chickens. They are known for great produce and dairy products and their muffin tops are to die for. 

There is a Stew Leonard's in Newington, which is a little closer to Eastern Connecticut. I think I'll become a regular visitor.

Although there were 10 new listings this week, overall inventory did not rise due to an equal number of expired listings plus 2 pending sales. The big news this week is the number of price reductions. There were 16 price reductions this week.  Of the 16 price reductions, 10 of them were reductions of over $10,000. 

I received an email this week asking me what listings and sales I included in my report. This report includes only residential single family homes; you won't find condominium statistics here.  I plan to do a separate quarterly report and include condominiums when the quarterly numbers are available.  Those numbers are due this week!

Today's Ledyard Snapshot:

Number of Ledyard Homes Currently for Sale: 122
Last week there were 122 and one year ago there were 104 residential listings for sale.

Number of Ledyard Homes Currently Pending:  15
One year ago there were 41 pending sales in Ledyard.

Number of Homes Sold in 2008: 29
One year ago there were 33 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year:  $459,997

There were 16 price reductions this week, totaling $150,000

Today I have lots of questions.

I can tell that spring has really arrived when I see forsythia blooming.  I found these forsythia plants at BJ's in Waterford this week.  Does this count?  And who actually buys forsythia anyway? Don't they just kind of show up in your yard?

Please note that the man pushing the shopping cart in the background is wearing a flannel jacket.  Does that cancel things out?  Does that mean we are going to have 6 more weeks of winter?

The Ledyard Town Council's Community Services Committee is considering an ordinance designed to prevent roaming cats.  Ledyard is a town that gets very little press coverage but this topic is getting more ink and more interest than the council's vote this Wednesday night on the budget.  After two recent stories on the proposed ordinance, readers weighed in online with comments mostly against the ordinance. 

The proposal originated from a complaint against Mr. Bill Burling, who is a real pussy cat when it comes to caring for stray cats.  In response, Mr. Burling is conducting his own meeting on April 23rd at the Bill library in Ledyard from 7 to 8 PM. At the meeting, Mr. Burling  plans to address the problem the town faces with unwanted pets. I suspect he will have a larger turnout than we'll get at the next town council meeting.

Every spring I do some cleaning in the office which includes sorting through my personal closing files.  When you have been in the real estate business as long as I have, the number of files does tend to grow by a lot each year. This is a good thing and means that despite the market, I keep having closings and adding to my closing files.  Each file is a memory of a house and a buyer or a seller. Most of the files have good memories inside. 

For each closing, We send information to the closing attorney's office which includes the oil reimbursement figures if the home is heated by oil.  In Connecticut, unless otherwise agreed upon, the buyer reimburses the seller for a full tank of oil. Today, while cleaning out a file, we came across this note from my client care manager, Kerry.  "The oil tank at 6 Woodland Lane, Gales Ferry was toppped off on April 27, 2004.  The tank is considered full at 260 gallons.  The price per gallon at the time of top off was $1.19 for a total amount of $309.40."

What a difference 4 years makes. Last week I had a closing and the oil adjustment was $3.52 per gallon for a total amount of $915.20.   Eeek.