Buyers continue to be active as far as "looking" at homes in Ledyard, but pulling out the checkbook to make a deposit is another story. As I mentioned last week, many buyers are just entering the market place and do plan to buy in time for the tax credit opportunity which ends April 30th. Hopefully that means we'll be seeing some deposit checks soon.

There were 11 new active residential listings in Ledyard last week but a combination of 9 expired listings and 3 pending sales kept inventory steady.

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I subscribe to an industry newsletter called "Keeping Current Matters" which provides me with an in-depth look at the current market. What do the experts think will happen to home prices?  Let's hope they are wrong!

Number of Ledyard Homes Currently for Sale: 103

Last week there were 102 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 9

Last week there were a total of 12 pending sales in Ledyard 

Number of Homes Sold in 2010: 9

There were 149 residential home sales in Ledyard in 2009. 

There were 143 residential home sales in Ledyard in 2008.

There were 213 residential home sales in Ledyard in 2007.
The highest priced home to sell in 2009 & 2010:  $385,000 

Listings and sales reported by the member of the Connecticut Multiple Listing Service, Inc. and may not represent all sales. Information deemed reliable but not guaranteed.

I’m not much of a gambler but I can appreciate our local casinos for the entertainment and restaurants they offer. Although I live in Ledyard, I find my favorite casino restaurants are at the Mohegan Sun.

“The Original Frank Pepe Pizzeria”  is located away from the smoke and hubbub of the main casino. It's menu is pretty simple.  It offers “tomato pies” made to order. You can also order a salad and drinks but nothing more. You go to Pepe’s for the pizza, cooked in a coal fired oven, and made with perfect tomato sauce, fresh ingredients, and thin and crispy crust. I’ve heard the white clam pizza is excellent. I wouldn't know because I just don't like the idea of clams on my pizza.

The service was quick and friendly. A medium mozzarella pizza (more than enough for two) is $13. I added a few extras like pepperoni and mushrooms on my half for a few more dollars. It was all very good. Not necessarily great. I think I like Valentino’s in Ledyard a bit better but I’d have to try Pepe’s again to be sure.

Thank you to Jennifer Flack who pointed me to the American Memory Collection of the Library of Commerce.  The photographs from the Farm Security Administration – Office of War Information form a record of rural American life between 1935 and 1944.  If you query Ledyard you’ll find a number of photographs like the ones below as well as photographs of the Crouch family. In an email to me, Jennifer reports that “Of the people in the Thanksgiving pictures, the 5 "children" are still living” including her mother. 

Library of Congress, Prints & Photographs Division, FSA-OWI Collection [reproduction number, LC-USF34- 042496-D DLC and LC-USF34-042447-D DLC]

Connecticut Magazine name Ledyard one of the top 10 towns in Connecticut in 2009 in the 10,000 - 15,000 population category. The selection criteria? Education, crime, local economy, cost and leisure.

The Bill Library in Ledyard holds book discussions on Wednesday evenings at 7:00pm. They have created a book mark listing all the books they plan to discuss in 2010. Pick up your laminated copy the next time you are in the library and start reading!

Reservations are now being accepted for Spring and Summer parties and picnics at Colonel Ledyard Park Pavillion and the Jane Perry Pavillion at Highlands Lake. Stop by the Recreation Department to reserve your date.

The Ledyard Garden Club is an educational, non-profit organization comprised of members dedicated to gardening, betterment and beatification of the community. They meet on the 1st Monday of the month (except July and August) at 7PM at the Ledyard Senior Center.  They do good work!  For more details call Donna 860-464-5584.

My blog turns 4 today. When I decided to start blogging 4 years ago, I had no idea where it would take me. I didn’t know if anyone would even read it but I’ve heard that you do.

I certainly didn't realize I'd make a whole bunch of cool friends in the blogosphere; friends I would eventually meet at conferences and conventions all over the country.  Lately my blogging efforts have allowed me the opportunity to teach others about my passion for the real estate business. I’ve been speaking at a number of real estate events like Triple Play and Inman Connect.

After the birth of The Eastern Connecticut Real Estate Blog, I created a blog called Simply Ledyard which started as a photo blog but has developed into something more. And then I launched a blog for my peers called The Real Estate Solutions Blog. That blog struggled getting out of the gate but I'm now spending more time developing it into a quality real estate resource. If that wasn’t enough, I have a mobile blog called, Mobile Linda which is really just for fun.

What's next? By the time the Eastern Connecticut Real Estate Blog turns 5, I expect to post more on area businesses and local politics.

Stay tuned.

This past week we received some very good news.  Connecticut Housing Finance Authority announced that private sector employers would no longer have to contribute any funds to the home purchase transaction of their employees if they wanted to take advantage of the CHFA Urban Rehabilitation Mortgage Program.  Up until this past week, if an employee wanted to use the CHFA UR program they had to receive a financial contribution of anywhere from $500.00 -$2,500.00 from their employer.  In some cases the employer would not agree to do this, thus precluding the employee from taking advantage of the UR program.

CHFA-UR provides a grant of up to $20,000.00 for rehab./renovation work on a one family home and up to $25,000.00 on a 2-4 family home.  Eligible borrowers have to work full time in the city and purchase in the same city.  Eligible cities include New London, Hartford, Waterbury, Bridgeport, New Haven and certain areas of Windham.

I expect this change will generate more home sales in the eligible communities.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

Last week was a busy one, despite the fact there was only one pending sale in Ledyard. Buyers are more active than the statistics show. I have a few listings that were shown multiple times last week and a couple homes that were shown for the second time to the same interested buyer. Pretty impressive considering the bitter cold and ice of last week!

Much of the feedback I'm receiving is that "the buyers liked the house but they have just started looking."  Although that can be disappointing feedback to home sellers, it really is good news. Plenty of buyers are just entering the market place and plan to buy in time for the tax credit opportunity which ends April 30th.

There were 7 price reductions this week totaling $114,000. Of the 102 active listings in Ledyard, 40% of them have had a price reduction during their listing period.

P.S. This week’s photo was taken in Iowa where it was much colder than Ledyard. Photographer Les Sulgrove.

Ledyard Real Estate - January 31, 2010

Number of Ledyard Homes Currently for Sale: 102
Last week there were 101 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 12
Last week there were 14 pending sales in Ledyard. 

Number of Homes Sold in 2010: 7
There were 149 residential home sales in Ledyard in 2009.
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009 & 2010:  $385,000  

For even more Ledyard Real Estate Information, Sign up for a Market Snapshot of your neighborhood. 

Listing and sales reported by the members of the Connecticut Multiple Listing Service, Inc and may not represent all sales. Information deemed reliable but not guaranteed.

Although I’ve taken a few shots of cemeteries, I’m not in the habit of taking photos of funeral homes. I liked the looks of this one in Niantic because it is very “New Englandy” for a funeral home.

The Ledyard CT Page on Facebook is growing and over 250 fans have signed on. There is also a separate page on Facebook for Ledyard Real Estate.

State Representative Tom Reynolds and State Senator Edith Prague have sent a letter to the US Postal Service District Manager in Hartford expressing concern and requesting an update on the reopening of the Gales Ferry Post Office.

If you are interested in seeing what the Town of Ledyard has online about your home visit www.LedyardGIS.com where you will find your parcel documents and a maps of your property.

The Library Commission will be reporting to the Ledyard Town Council on the Future of Library Services on Wednesday, January 27th at 7:30 in the Council Chambers.

1. FHA announced on Wednesday they will require 10% down payment (Max LTV 90%) for borrowers with FICO scores less than 580. I do not expect this to impact the FHA mortgage loans that I originate. Very few people have been able to get approved with FICO scores less than 580.

2. FHA is increasing the Upfront MIP from 1.75 to 2.25 effective for case numbers issued from 4/1/2010 forward.  This sounds ominous but if a borrower is financing $200,000.00, the Upfront MIP will increase $1,000.00 from $3,500.00 to $4.500.00.  Most FHA borrowers finance the Upfront MIP.  This will increase their monthly payment by $5.35 per month if they are borrowing the money at 5% for 30 years.

3. FHA did implement a waiver on Jan 15 for 1 year starting on 2/1/2010 lifting the 90 day rule.  This means properties that transferred within 90 days of the sales contract will be eligible for FHA insurance with certain criteria.   As more information becomes available regarding the certain criteria, I will share it with you.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

A series of events are coming together that might point to the next 90 days as the best selling period of 2010.

1.  The expanded homebuyer tax credit will expire soon. Buyers will need to sign a contract by April 30th to be eligible for the tax credit. 

2.  On April 1st, the Federal Reserve will end the program that kept rates low. Without this trillion dollar program to artificially reduce rates, interest rates are expected to increase. 

3. A shadow inventory of almost 2 million  bank foreclosures are expected to start entering the market. The shadow inventory includes home that have been foreclosed or are near foreclosure and are not on the market YET. More inventory is bad news for sellers if these homes suddenly start adding to existing inventory.

4. The Federal Housing Administration (FHA) announced changes this week that will tighten underwriting standards beginning this spring and summer.

 Although showings in some price ranges continues to be brisk, there was only 1 pending sale reported last week priced at $152,900.

Ledyard Real Estate - January 24, 2010

Number of Ledyard Homes Currently for Sale: 101

Last week there were 97 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 14

Number of Homes Sold in 2010: 4

There were 149 residential home sales in Ledyard in 2009. 

There were 143 residential home sales in Ledyard in 2008.

There were 213 residential home sales in Ledyard in 2007.

Sales reported by the members of the Connecticut Multiple Listing Service, In. for Ledyard do not represent all sales.  Information deemed reliable but not guaranteed.

Last week (or maybe it was the week before) was Retro Week on Facebook. It wasn’t “official” since Facebook themselves didn’t make any announcement like “This is Official Retro Week”. In fact, the week was kind of a rolling week as people have been joining in for some time now. Below was one of my Retro Week photos. As a child, I was often stopped and told I looked like Kathy in Father Knows Best. I’ll let you decide.

The photo below of Lauren Chapin was taken from the website Lauren Knows Best.

There was some good news this past week.  For the last year and a half, the mortgage insurance companies who insure conventional loans in the state of Connecticut have required 10% down if the appraisers stated that the real estate market was in decline. Typically conventional loans were available with 3 - 5% down.

Genworth (GE Mortgage Insurance) has informed us that they will now start accepting 3 -5% down.  This is great news.  It means that Genworth feels that the Connecticut market is stabilizing and for homebuyers who couldn't qualify for FHA (3.5% down) or VA (no money down) this now allows them to buy a home with 3 -5 % down.

On a $300,000.00 purchase price, 10% down was $30,000.00.  3% down is $9,000.00 and 5% down is $15,000.00.  This positive change from Genworth will open up the market to qualified homebuyers who may not have had the means to come up with 10% down.

Hopefully this is just the beginning of more positive news for the real estate market.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

I don’t believe I’ve ever used this Real Estate Blog to share a recipe, but a comment I made on Facebook has changed that.  About a week ago, I mentioned that I had just made a really good omelet in a Ziploc Zip’n Steam bag. The comment elicited a bunch of responses, including at least one asking for the recipe. Although there is a recipe for a Southwestern Omelet Wrap in the package of bags, my recipe was more traditional (and easy) so I thought I’d share it here. This makes a great Weight Watcher’s recipe when you use low fat ingredients.

Combine thoroughly in medium or large bag:

2 large eggs or the equivalent egg substitute

2 tablespoons Half and Half

1 teaspoon butter

2 tablespoons shredded cheese

Pinch of salt

I then added some chopped ham and mushrooms. You could also add green pepper, onions, tomatoes etc.

The tricky part is the timing. You may need to experiment with your own microwave.  I found that real eggs cook faster than the egg substitute so 2 minutes worked fine in my high power microwave. I cooked them about 20 seconds longer when I used the egg substitute. They omelet slides right out of the bag!

P.S.  I love these bags for all sorts of things.  I haven’t been able to find the medium bags locally so I bought them on Amazon of all places.

Although Ledyard only has one reported closed sale so far in 2010, the good news is that of the 5 pending listings, one was listed at $399,900!  There hasn't been a home in Ledyard sell in this price range since 2008 so I'm hopeful that the sold price will be good news once it is reported in the MLS.

In other good news, showings were especially brisk in the under $250,000 price range and there is some very positive news from GE Mortgage Insurance for Connecticut homebuyers. You can read about that news in Phil Tunrer’s Mortgage Monday tomorrow. Along with the tax credit in place, this news will continue to help first time buyers, which is a large segment of the U.S. real estate market, as shown in the chart below.

January is the time to review real estate statistics from the previous year and I typically spend time analyzing Ledyard statistics to properly advise my clients. Last week I reported on residential home sales in Ledyard. For a complete list of  New London County sales prices by town in 2009 visit the Eastern Connecticut Realtor's Website.

One statistic easy to track in 2009 was the number of building lots that sold in Ledyard. There were 0 building lots sold in Ledyard in 2009 through the Multiple Listing Service. Builders sometimes buy lots directly from owners so it is possible there were some residential land sales in Ledyard in 2009, but obviously the news is not good if you have a building lot to sell in Ledyard .   

Ledyard Real Estate - January 17, 2010

Number of Ledyard Homes Currently for Sale: 97

Last week there were 99 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 15

Number of Homes Sold in 2010: 1

There were 149 residential home sales in Ledyard in 2009.
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009:  $385,000  

I started my service to the community on the Ledyard Parks and Recreation Commission over 25 years ago and have some fun memories of my time spent there. The commission is very non-political, and with Director Don Grise as a guide, provides an outstanding service to the Town of Ledyard. The Commission has two openings. They meet every fourth Tuesday of the Month. If you are interested in serving, you may pick up an application at the Town Council office, located in the Ledyard Town Hall Annex.

Volunteers are ready to proceed with the Alice Acres Cook Book. They are asking for your help in compiling some terrific recipes. You’ll find information about the cook book by visiting my Simply Ledyard website.

It’s official. The Chamber of Commerce of Eastern Connecticut has moved from Route 12 in Gales Ferry to their new address in Waterford. Ledyard needs to focus on keeping the few businesses we have in town. Very disappointing.

The Ledyard Farmers Market will open June 2nd in a new location and on a new day.  The market will move from the parking lot of Tri-Town Foods to the Ledyard Center Fairgrounds.  Instead of Fridays, the market will be open from 4-7PM on Wednesdays.

And finally..the Gales Ferry Post Office is still closed.  Bummer.

As with most photos, this one has a story.  It’s a long one and not pretty. I’ll leave it at that. In the meantime, enjoy the view.

Ok, so it’s not Monday.  I’ll fess up, I totally forgot to post this.  So here it is:  Mortgage Monday on Thursday nite.  Sorry Phil.

The days are flying by. The federal tax credit of up to $8,000.00 for first time home buyers and up to $6,500.00 for previous homeowners has 110 days to go before it expires.  Real estate purchase and sales agreements have to be signed by April 30, 2010 and the closings need to take place by June 30, 2010.

There are many mortgage finance options open to home buyers interested in taking advantage of the tax credits.  The most popular mortgage program currently is the Connecticut Housing Finance Authority  mortgage loan.  CHFA is available primarily to first time buyers (someone who has not owned a home within the last three years).  The current rate is 4.5% with 1 point for a 30 year fixed rate mortgage.  In addition to CHFA, the State of CT offers the DAP (Downpayment Assistance Program) to provide closing costs and down payment monies for home buyers who have less than $5,000.00 available to them.  The combination of these two programs allows for 100% financing with loans guaranteed or insured by FHA, VA or RD

(Federal Housing Administration, Veterans Administration, Rural Development).

These loans are carefully underwritten in order to make sure that the home buyer does not get in over their head financially.  Also, all three agencies providing insurance or guarantees for CHFA also provide loss mitigation tools.   These loss mitigation tools help homebuyers who may have problems with their payments due to job loss, death in the family or divorce.

With 110 days to go until April 30th, now is the time to begin your home search.

I hope to see you soon.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.

Ledyard Real Estate statistics for 2009  have been finalized and they tell quite the story. Keep in mind that the significant drop in average sales price was driven by the number of homes that sold below $200,000 in 2009. In addition, there were only 7 sales in Ledyard over $350,000, the highest at $385,000.

Ledyard's average sale price is one of the lowest in the area, topping only New London, Norwich, Voluntown, Sprague, Montville, Frankin and Bozrah. For a complete list of  New London County sales prices by town visit the Eastern Connecticut Realtor's Website.

Ledyard Real Estate - January 10, 2010

Number of Ledyard Homes Currently for Sale: 99
Last week there were 96 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 10

Number of Homes Sold in 2010: 1

There were 149 residential home sales in Ledyard in 2009. 

There were 143 residential home sales in Ledyard in 2008.

There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009:  $385,000

This weeks’s photo was taken on Riverside Place. This home, built around 1976 is currently used as the varsity quarters of the Yale Crew.

Mill Cove is located off Military Highway in Gales Ferry, just north of the back gate of the Submarine Base in Groton.

Red skies at night, sailor's delight…

The Gales Ferry Post Office has now been “temporarily” closed since October and despite what looked like a quick response to roof and ceiling issues, the building is still closed. This means that those of us with post office boxes need to drive to the Ledyard Post Office to pick up our mail. Usually that means winding your way up Route 214, not a particular desirable path in any weather. Besides Gales Ferry businesses, lots of individuals in Gales Ferry have post office boxes. It has become a burden, especially to our senior citizens.

The most frustrating part is that no one seems to have an answer to when the grand re-opening will take place. So if anyone has the scoop, could you let the rest of us know?

For more information on Ledyard and Gales Ferry, visit my Ledyard Photo Blog and my Ledyard Real Estate Facebook Page.

As I began working on my weekly newsletter this afternoon, I realized that I've been publishing an electronic Ledyard newsletter now for 5 years. For those that have been with me for that long, thank you for your support. For those that received the newsletter for the first time this weekend, welcome aboard. And for those that would like to receive my weekly report, feel free to send me your email address. My weekly newsletter includes a little more detail than you’ll find here.

It's been a long and bumpy 5 years for Ledyard real estate. Although the final sales are still being reported, the picture is pretty clear. Ledyard closed 2009 with about 146 residential sales, very close to the number reported in 2008. In 2008, the average residential sales price in Ledyard was $269,460,  but in 2009 that price dropped to $219,550. It is important to remember that the average sales price is driven by what price segment was the most active in any given year. Of the 146 sales reported, 63 of them sold for less than $200,000. I remember the glory days of 2004 and 2005, when it was almost impossible to find a home priced less than $200,000. Times have changed and all the good news is for buyers.

As far as the past two weeks, there were 5 new listings, 1 pending sale and 2 closed sales, while inventory dropped to 96 active listings as several listings were allowed to expire at the end of the year.

Once I'm sure all closed sales have been reported, I will be doing more analysis of Ledyard Real Estate in 2009.

This week’s photo was taken by the home owner of my listing at 2 Palmer Court in Gales Ferry during much nicer weather!

Southeastern CT has been long overdue for a real New England winter. Last week we had about 14 inches of snow and today brought us one of those pretty storms where the snow clings to the trees. Tonight the winds will play havoc with the trees. The good news is I didn’t have to go out of my backyard to snap this photo. It looks like it was taken with black and white film but it wasn’t! 

It’s been almost three years since Photo Friday made its debut on my Eastern CT Real Estate Blog. Below are just a few of my favorites, but you can find all of the photos by just searching “Photo Friday” in the search box located at the top right corner of this blog. I hope you’ll look forward to another 52 photos in 2010.  Happy New Year!

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