Milford PPSF House Values Plummet 51.5% In One Year!

The price per square foot or (PPSF) value on a home is a number that has many indications, but is often the figure that resembles the "canary in the coal mine" of Real Estate.

When the PPSF takes a dive the main reason is property neglect, neglect that can occurr due to homes being sold at discount prices to compensate new owners for the additional work these homes need.

In Milford there are 78 homes in the pre-foreclosure stage, and in my neighborhood there is one bank owned home that is not even for sale. As the home sits vacant the elements and bank neglect are incurring the wrath of nature and making the "out of pocket" restoration expenses to that home increase and the PPSF to plummet.

The following report on Milford is from Trulia, and tells a chilling tale! A tale that suggests many people in our community are letting the insides and outsides of their homes fall apart to avoid or delay costly repairs.  None-the-less home inspectors are reporting these discrepancies and shoddy workmanship at alarming rates.

According to Trulia the "average price per square foot for Milford CT was $207, a decrease of 51.5% compared to the same period last year. The median sales price for homes in Milford CT for Jun 10 to Aug 10 was $277,000 based on 89 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $7,000, and the number of home sales decreased 36.4%. There are currently 518 resale and new homes in Milford on Trulia, including 5 open houses, as well as 78 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

The average listing price for homes for sale in Milford CT was $383,088 for the week ending Sep 22, which represents a decrease of 1.9%, or $7,288, compared to the prior week. Popular neighborhoods in Milford include Post Road North and , with average listing prices of $269,621 and $383,088."

Source Trulia.com.

First Time Homeowner Credit Stirs Milford Real Estate Market

The Obama administration introduced many capital injections into our economy. From "Cash For Clunkers, Unemployment Extensions, Banker Bailouts, and the First Time Home Buyer Credits."

The "Home Buyer Credit" gives $8,000.00 to first time home buyers who have decided to purchase a modest home. Realtors have been pushing otherwise unwilling buyers to get into that first house and quit renting. The $8,000.00 credit has been a great selling tool and we have seen "ups and downs" in the property transfers here in town.

The property transfers seem to have either less than ten properties sold or in some cases 20-30. Their seems to be very little consistency in the numbers from week to week.

This is especially true on the lower priced homes that have become more affordable thanks to the homeowner credit. This program, although a great program for a new buyer has had a significant effect. This effect has resulted in artificially skewing real estate numbers in Milford and putting our Real Estate marked into an uncertain future.

If anyone looked at the stats they will see that smaller energy efficient homes have retained their value much better than larger three and four bedroom homes that have actually declined significantly in value.

A local realtor I spoke with said that the "First time home buyer credit" has been a stellar program and has helped sell many homes that otherwise may have not been sold. She fears that when the program ends and without additional incentives or improvement in the overall economy home sales may return to being sluggish.

This is an assertion that is, some what contradicted by a Yale New Haven professor who said this months increase was good news, and that the uptick in markets is better news. However, we should not go and celebrate a rebirth in the Real estate market just yet because the economy is still on shaky ground. He believes that we may be entering a new bubble and confidence may be the answer not the First time Home Owner tax credit.

Robert Schiller was formerly a quantitative forecaster of the real estate market indexes and he said that the monumental shift in the index to the upside has caused him to put his expertise aside. Shiller states the numbers are beyond what he was taught as a forecaster and until we see solid momentum we may be looking at the beginning of another bubble.

While we all instinctively know things in the Real Estate market are different, those out there looking to develop property for profit, or relocate to a new house should consider their actions much more carefully. The Real Estate Market will continue to be volatile, and since for many buying a house is likely to be the largest financial transaction in a persons life, the extra due diligence could not hurt.

(Photo of quantitative forecaster Robert Shiller of Yale University)

Link on this page goes to video

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Schiff Adds His Thoughts On Real Estate
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This Weeks Property Transfers

38 Prindle Dr, Glenn A. and Hilary A. Duhaime to Wallace F. and Carol A. Gantter, $450,000.

8 Alana Dr Unit 8, River Brook LLC to Michael Arnone, $250,000.

104 Carriage Path S Unit 104, Robert Sicignano to Tracie Dinette-Caselli, $172,500.

14 Chesterfield Ct, Woodstock Dev LLC to Dana Stournaras, $265,000.

101 E Broadway Unit C, Miller Jeanne Est and Kirk Benn Crocco to Matthew Sisti, $162,000.

8 Julia Ct, Daryle J. and Ronna M. Hiltz to Mark E. and Amber M. Bishop, $400,000.

180 Melba St Unit 201, Ocean Point LLC to Judith L. Stevens, $285,000.

450 Naugatuck Ave Unit 450, Southwind Cove LLC to James G. Savastano, $275,000.

1 Sand St, Richardson Margaret C Est and Michael S. Richardson to Cedar Properties LLC, $75,000.

FOR ASSESSORS DATABASE CLICK HERE

Tall Grass And Unregistered Cars Target Of Blight Ordinance

The city is stepping up efforts to combat blighted properties.

The Board of Aldermen recently adopted an antiblight ordinance that allows the city to slap the owner of a neglected property with a $100-a-day fine if the blighted property adversely affects the health, safety or property values of other residents.

The ordinance also allows the city to fix — at the property owner’s expense — long-ignored problems on properties deemed to be blighted.

Blight, as defined by the ordinance, can be as simple as broken windows or overgrown grass. An abandoned building, one with extensive fire or water damage or one that is infested with vermin or has unregistered cars or garbage on the property, also can be considered blighted.

Any other condition causing “substantial depreciation of the property values in the neighborhood” also falls under the ordinance.

Alderwoman Jessica Blacketter, D-4, asked City Attorney Win Smith during an ordinance committee meeting last week if the term “substantial depreciation” could be more clearly defined.

Smith advised against putting a percentage or dollar amount to represent lowered property values because property appraisals can vary a great deal, depending on who is doing the appraising.

A hard number or percentage of depreciation could undermine the city’s position in court and make the ordinance more difficult to enforce, Smith said.

Aldermanic Minority Leader Vincent Ditchkus, R-3, agreed with Smith.

“In the real estate market, you could have three different appraisers come out ... and have three different, substantial changes to that appraisal,” Ditchkus said.

Alderman Nick Veccharelli Jr., D-2, said he supported the idea of an anti-blight ordinance, but took issue with the one adopted because he thought it gave the “blight enforcement officer” too much power.

The idea of a blight enforcement officer being able to go onto a property based simply on an anonymous call, without first notifying the property owner, did not sit well with Veccharelli.

“I am simply asking that before we allow someone to enter onto somebody’s property — that we let them know we are coming over,” Veccharelli said. “Please, if they are going to go on someone’s property, let’s at least have the common decency to inform the people.”

Aldermanic Chairman Ben Blake, D-5, said the intent of the ordinance is to protect the health, safety and welfare of residents, and having to give notice “could take some of the bite out of the ordinance.”

Responsibility for enforcing the ordinance rests with the city health director or a designee.

Smith said the health director and zoning enforcement officer already have the power by state law to enter properties to deal with code violations.

ORIGINAL STORY BY JIM TINLEY

Milford Ct Recent Property Transfers

65 Brookdale Ave, Austin Mary Kathleen Est and Lynn A. Panaions to David Salinas, $275,000.

15 Buckingham Pl, Eileen P. Paquet to Christian P. and Jennifer M. Gregory, $210,000.

68 Live Oaks Rd, Kevin M. Leydon and PHH Mortgage Corp to PHH Mortgage Corp, $1.

34 Market Pl, Elizabeth N. Shea to Standish Construction LLC, $95,000.

308 Meadowside Rd Unit 206, George Marinich to Timothy P. Myers, $95,000.

180 Melba St Unit 305, Ocean Point LLC to Tonya Grace Burehette, $215,500.

330 Merwin Ave Unit C1, Karen L. Howling to Christina Andriotis and Sophia Pampoukidis, $250,000.

663 Merwin Ave, Timothy V. Swaller to Julie Goldstein and Aroni Pinkussohn, $325,000.

75 Narrow Ln, Allan W. Voytek to Susan E. Parisi, $127,000.

1414 New Haven Ave, Gold Properties LLC to Douglas Knapp, $324,000.

Milford Ct, Real Estate Values Plummet 9.3% In June

The median sales price for homes in Milford CT for Apr 09 to Jun 09 was $250,000. This represents a decline of 9.3%, or $25,524, compared to the prior quarter and a decrease of 28.2% compared to the prior year. Sales prices have depreciated 10.7% over the last 5 years in Milford.

The average listing price for Milford homes for sale on Trulia was $444,997 for the week ending Jul 22, which represents an increase of 0.8%, or $3,449, compared to the prior week and a decline of 2.2%, or $9,902, compared to the week ending Jul 01. Average price per square foot for Milford CT was $196, a decrease of 19.3% compared to the same period last year. Popular neighborhoods in Milford include and Post Road North.

More Information From Trulia

Current Snapshot of Milford's Real Estate Market

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