Milford Real Estate Report

The following assessment is from the real estate experts at Trulia. Trulia is a market forecaster, and analyst site that specialized in providing data to people interested in real estate trends.

One important item to note is that the first time home buyer credit has skewed the average selling prices of local homes to the negative side. The Federal program offers an incentive to buy lower cost qualifying homes.

This is their current assessment for Milford.

"Average price per square foot for Milford CT was $194, a decrease of 14.5% compared to the same period last year. The median sales price for homes in Milford CT for Nov 09 to Jan 10 was $240,000 based on 96 home sales. Compared to the same period one year ago, the median home sales price decreased 12.2%, or $33,500, and the number of home sales increased 15.7%.

There are currently 374 resale and new homes in Milford on Trulia, including 29 open houses, as well as 28 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 $414,721 for the week ending Feb 17, which represents an increase of 1.2%, or $4,942, compared to the prior week. Popular neighborhoods in Milford include Post Road North and , with average listing prices of $346,394 and $414,721."

Source is www.trulia.com

This Weeks Property Transfers

75 Jasmine Cir Unit 75, Lawrence and Patricia Burnagiel to Thomas and Lori Vazzano, $565,000.

308 Meadowside Rd Unit 301, Malcolm C. Nicholson to Indymac Federal Bk, $1.

1564 New Haven Ave, Robert Steven Sipos and Phyllis Morlando to Jeffrey and Tina M. Andranovich, $190,000.

85 Viscount Dr Unit 8a, Richard Ramah to Johanna Pagliaro, $277,500.

47 West Ave, Darlene A. and Finn J. Macdaniel to Jennifer Macdaniel and John J. Patterson, $206,000.

FOR ASSESSORS DATABASE CLICK HERE

Lessons Learned From The Cadley House Debacle

There are many lessons to be learned from the Cadley House debacle. At the very least, I hope we have learned to never again empower one person alone with the authority to determine the fate of a historically significant Milford property.

In their resolution, the board of aldermen handed the Mayor the authority to purchase and then sell the historic Cadley House. That authority granted the Mayor power over the transaction and even over building refurbishment, like selecting the exterior paint color. It seems that the aldermen’s intent was to preserve and protect the house, while entrusting this responsibility to the Mayor. However, the process followed by the Mayor was the opposite of what the aldermen envisioned.

The Mayor used the authority to have the historic house demolished, and then sold the house to a developer who had a new home built on the site.

Though possibly well intentioned, the results of the Mayor’s actions have raised many questions about the process. In the future, I would like the fate of our historic properties-whether to demolish, purchase, sell or renovate-to be resolved in accordance with city ordinances and with greater input from our City Historian, whose responsibility is to preserve Milford history. By doing this, the Mayor will not be alone in making the final decision concerning our historic properties, but rather consult and receive input from those that know more about the processes and the historic item.

As your Mayor, I will ensure that this practice is strictly adhered to so that the Cadley House debacle will never be repeated.

As Milford is the 6th oldest City in the State of Connecticut, we need to be more considerate of the historical property that we have, and we certainly need to be even more considerate in the way that we handle our historical property. Once we lose a historical piece of property, we lose it forever.

Peter Spalthoff

This Weeks Property Transfers

65 Tulip Tree Ct, James Parker Esse and Maria Turnage to Richard and Leighann Weber, $431,000.

109 Grant St, Angelo C. and Gene A. Memoli to Melissa P. Knauert, $475,000.

12 Alana Dr Unit 12, River Brook LLC to Chris Palumbo, $250,000.

14 Beverly Rd, Stephen and Lisa Young to Calogero A. Distefano, $385,000.

58 Botsford Ave, Pierpont Russell J Jr Est and Barbara Richards to Salvatore Cappetta, $135,000.

207 Broadway, Bank Of New York and Certificate Holders Inc to Brian W. Wellington, $260,000.

75 Carmen Rd, Nationstar Mortgage LLC to Vasilia Perselis, $241,500.

77 Carriage Dr Unit 77, Edmund Doglio to Terrence J. Garrison, $157,500.

250 Chapel St, US Bk and Master Alternative Loan T to Jonathan J. and Meredith L. Trottier, $215,600.

59 Colonial Ave, Lance S. Winer to Melissa Kamen, $258,000.

14 Cooper Ave, James B. and Janet E. Turiano to Elena Martinez, $170,000.

55 Earle St, Vincenza Garcia to Wells Fargo Bk, $1.

125 Eastern Pkwy, Maria F. Rimkus to Brandon M. Adams, $226,000.

34 Elaine Rd, Un Cha Deane to Barbara S. Werner, $239,900.

20 Elder St Unit 20, Thomas A. Maguire and Janet M. Shanley to David Colasanto, $203,000.

53 Fairfield St, Deutsche Bk to Michael Braccio, $136,000.

33 Foran Rd Unit 16, Mark Pueci to Paul Smith, $144,000.

33 Forest Rd Unit C, Bank Of New York Mellon to Marilyn P. Boone, $225,900.

6 Green Meadow Rd, Karey S. and Glenn V. Maxwell to Debora M. Taylor and James F. Weaver, $379,900.

118 Gulf St Unit 12, Marcia M. Benedosso to Megan Flaherty, $170,000.

61 Hackett St, Terence Lilly to Anthony J. Pantuso, $246,000.

146 High St Unit 101, Graham Wylie to Laura Sincavage and David Mcallen, $152,000.

53 Hilltop Cir, Robert N. Morrissey to Scott J. Cweklinski, $250,000.

2 Jackson Dr Unit 2, Annette Mezzanotte to Jerome Hampton, $210,000.

88 Joyce Ct, Kar Financial LLC to Terrence W. and Stacy D. Lilly, $325,000.

3 Kensington St, Russell Davies to Laura and Fabio Marinelli, $317,000.

157-1/2 Kings Hwy Unit F, Charles T. and Eileen J. Poarch to John A. Dubac, $306,500.

19-21 Marie St, Jose R. Suarez to HSBC Bank USA, $1.

180 Melba St Unit 105, Ocean Point LLC to Colleen Ryan, $189,900.

180 Melba St Unit 112, Ocean Point LLC to Celia Gote, $299,900.

74 Midwood Rd, Theodore W. and Leslie A. Bielecki to Christopher Canavan, $350,000.

498 Naugatuck Ave Unit C, Irene M. Pataiano to Jared J. Becker, $170,000.

783 Naugatuck Ave, Frederick W. Detar to Milton Investments LLC, $175,000.

158 New Haven Ave, Deborah Snyder and Kevin J. Cusseaden to Bank Of New York and Certificate Holders, $265,200.

843 North St, Joseph M. Wicklow and Joy A. Taylor to Doreen Castigaoli, $425,000.

169 Oronoque Rd, Donald J Ritchie RET and Donald J. Ritchie to David J. Field, $360,000.

208 Point Beach Dr Unit 3, Richard J. Cottrell and Anthony N. Benedosso to Aurora Loan Svcs LLC, $145,331.

6 Rita Ln, Yongsian Su and Oi Che to Erik Wattnem, $340,000.

153 Rogers Ave, Bank Of New York and Certificate Holders Cwabs to Brendan Magnan, $369,900.

61 Sandpiper Cres Unit 61, Christian Thompson to Patricia Sabasteanski, $322,000.

23 Silver St, MTS Rentals LLC to Gary J. and Diana L. Cirillo, $120,000.

14 Springdale St, Doris Cossett to Stephanie M. Mccarhern, $165,000.

39 Stiles St, Alicia and Robert L. Guevara to Craig Corey, $360,000.

417 Swanson Cres Unit 417, Carol A. Wiencko and Debra S. Masica to Jason Parsons and Lori Mcnulty, $188,000.

50 Underhill Rd, Adam J. and Susan S. Karvosky to Robert J. Thomas and Amanda A. Sternemanow, $263,900.

30 Wilcox Rd, Michael F. King and Carol K. Salvatore to Cynthia Johansson and Juan Muniz, $242,000.

56 Windy Hill Rd, John and Marlen Ivak to Glenn and Jocelyn Porzelt, $310,000.

N/a, William E. and Genevieve M. Chase to Ryan D. and Linda James, $322,500.


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Alderman Raymond Vitali R5, May Hold Jonathan Law's Future In His Hands

The future of a $4 million addition to Jonathan Law High School rests in the hands of Alderman Raymond Vitali, R-5, after the Board of Finance rejected authorizing funds for the work Monday night.

The Finance Board’s 3-2 rejection means the request will be sent back to the Board of Aldermen. The aldermen will need a supermajority to approve the addition, and reverse the Finance Board’s decision.

Earlier this month, the aldermen voted 10-5 to approve creating a draft bond authorization, which was a critical first step toward allocating the $4 million for the work.

All nine Democrats and Vitali, a retired longtime school principal, approved creating the draft bond allocation, while the board’s remaining five Republicans voted against the project, saying a recession is not the right time to be borrowing funds.

In order for the aldermen to get a supermajority vote, Vitali would again need to break from his party and vote with the Democrats.

Vitali, who is aware of his role, stood up during the Finance Board meeting held at the Parsons Government Center Monday, and said, “I am the two-thirds vote.” He said the entire process has been “purely political,” but did not elaborate.

After the meeting Vitali declined to say how he’d vote, saying he needed to learn more about the city’s finances and “do some thinking.”

Before the Finance Board’s vote, Republican Mayor James L. Richetelli Jr. again reiterated his strong objection to borrowing any money, while the nation is in a historic recession.

He also said it sends a terrible message to borrow funds many residents are suffering financially.

Finance Board Chairman Jack Skudlarek said he had concerns that the aldermen, and not Richetelli, placed the project on the agenda calling it an “extraordinary” measure. Skudlarek said the mayor as the city’s chief executive officer places items on the agenda, and Richetelli said, while unprecedented, the move was legal according to the bond counsel.

Skudlarek also said he was not convinced there were any immediate health and safety concerns warranting that the project be approved now.

Proponents of the Law addition say the bids came in $1 million less than anticipated, and waiting would likely mean the city would receive less state reimbursement.

Jonathan Law Principal Janet Garagliano said the addition is needed because next year 15 teachers are projected to be using carts, which means they do not have their own classroom.

She said the school is short two science labs, and is looking to convert storage space into reading classrooms. Four classrooms have been converted from storage spaces in the school.

The work includes construction of a 12,234-square-foot addition including seven regular classrooms and two science laboratories in a ninth-grade wing.

Finance Board member Joseph Agro said the project should move forward because it’s likely costs will only increase in the future, but board member Joseph Fitzpatrick argued the bids are too high, and it’s likely the costs will drop.

Aldermanic Chairman Ben Blake, D-5, defended the aldermen’s actions saying typically the city spends $15 million annually on bond projects and by approving only $4 million for the Law addition it’s still “reining back considerably” the amount of money that is borrowed.

ORIGINAL BRIAN MCREADY POST CLICK HERE

Milford School Suspensions Decline To 16

Officials say the good news is that the number of city students being expelled from school dropped significantly, from 27 in 2007-08 to 16 during the most recent school year.

But the bad news is that the cases involving the expulsions “were more involved,” said Superintendent of Schools Harvey B. Polansky.

Five Joseph A. Foran High School students, one from Jonathan Law High School, and six Alternative Education High students were expelled for inappropriate behavior, officials said. Additionally, one Harborside Middle School student and two from West Shore Middle School were expelled, according to a report produced by school administrators. The annual expulsion report is mandated by the state.

The report details that a 17-year-old Foran student was expelled for one year last July for inappropriate sexual behavior in school; an Alternative Education student, also 17, was expelled in February for possession of marijuana, drug paraphernalia and a weapon on school grounds, and an 18-year-old Law student was expelled in May for threatening via the Internet to shoot up the school.

Also, the report says, on June 10, two Foran students were expelled: one for one semester for igniting fireworks in the school, causing the building to be evacuated, and another for a school year for inappropriate and threatening text messaging.

Other students were expelled for threatening staff members, possession of marijuana at school, stealing and possession of stolen property, bullying and threatening, and threats made to students, the report says.

“The value of the expulsion report is it gives us knowledge of what the teachers and administrators have to face in the building,” said Board of Education Chairman David Hourigan, D-4. “It gives us a perspective as to what goes on during the day.”

Hourigan said it’s interesting that the total number of expulsion cases has declined since last year. He said the state has amended the expulsion law, which makes it more likely students will be expelled.

The law previously allowed administrators to suspend students five times, for up to 10 days or a total of 50 days, before expulsion, but now students can only be suspended for 10 days before they have to be expelled.

As for the severity of the cases, Hourigan said, unfortunately “these things happen year after year.”

“Our hope is the number of incidents decreases as the kids get wiser,” Hourigan added.

ORIGINAL STORY BY BRIAN MCREADY

Current Snapshot of Milford's Real Estate Market

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Local Retailers Face Hardship in 2008

The year is coming to a close and the Federal Reserve has indicated there is a good chance of a National Recession. The numbers on the economy continue to disappoint economists with the poorest performing sectors being in Banking and Real Estate. Retailers also saw a disappointing holiday season as they indicated their sales were off.

Locally here in Milford I have noticed a more obvious growth of retail vacancies in plazas like the one here on Cherry Street where half the plaza appears up for lease. Milford has a very large retail base many of it from national chains like the new Lowes, Sears, and large chain stores. Should shoppers continue to curb spending into the the future the dynamic of our retail markets could dramatically change as major retail corporations rethink ways to contain losses and keep their finances on track.

Cramer from "Mad Money" the popular CNBC Cable show said that he is not concerned about all the dismal economic news, he believes that none of it is Germain in the face of Strong employment numbers throughout the country. He has no intention of sounding the "alarm" on the economy but said should the employment numbers rise to high un-employment in addition to the slumping economy, than his entire optimistic opinion will dramatically change to one of serious concern.

The current sentiment is that the economy will continue to slump into 2008, the Fed will continue to take corrective measures, and the dollar may very well continue its decline as the U.S. struggles to maintain control over the health of and continuity of our debt mired nation.

Milfords New Mill Rate Takes Effect on Jan 1, 2008

Like most towns affected by the new property assessments, Milford got assessed at the peak of the Real Estate Boom. The assessments done in 2007 were completed as Connecticut law requires every town to do. Our taxes are then re-calculated based on a new mill rate of which is based on 70% of your homes "real value" as of its assessment date. To explain this further, a mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with a assessed value of $50,000 located in town with a mill rate of 20 mills would have a property tax bill of $1,000 per year. (In Milford our mill rate as of today is 31.77.)

2008 could be the year that breaks the backs of Milford's residents. This is of great concern to me because most of the towns frustrations are being erratically played out in this years municipal election for Mayor. To begin we must look at the fundamentals in our town and the areas town residents will be affected the hardest.

Inflation is affecting everything, this is largely due to federal policy of spending more than the nation can afford to pay. When America continues to borrow, borrow, borrow and then print money to pay our bills, the whole country gets quietly taxed by way of inflation. Simply put that $20.00 in your pocket loses its value at the rate of about a 1.5 cents a week. This happens every time consumer prices go up, and the money supply (M3) is expanded.

Energy, is at the forefront of these cost of living increases in town. Electricity is up 90% over the last 7 years, and Connecticut has the highest gasoline prices in the Continental USA, second only to Hawaii. Oil is at $94.00 a barrel making the cost of staying warm this winter the most expensive in history. Poor people are also affected as Bush just cut funding to the energy assistance program.

Mortgages, being in the mess that they are in and set to re-adjust in 2008, is causing the New Haven Milford area to lead the charge in the State Foreclosure fiasco.

Homeowners Insurance, has increased this year making the required home owner escrow payments even higher than usual. This escrow is also inclusive of many double digit increases in property taxes.

All our foreign made goods are expected to rise in value as the U.S. dollar continues to purchase less and less. The dollar has already lost over 50% of its value when compared to other major currencies. This makes all those inexpensive foreign produced "Wall-Mart" items more expensive.

Food costs are also up dramatically over the last five years making the cost of feeding a family that much more expensive.

The city and its tax policy is just struggling to maintain the existing infrastructure it already has in place. To lower taxes in Milford one would have to reduce the city services and size of the government. This is a very unlikely and difficult task, given that the largest employer in Milford is the city itself. Would the town support a hiring freeze, or 10% expansion of the teacher student ratio? This could be debated at the local level, but it is usually very unpopular because it gives teachers more work for the same pay.

These ideas, however, may be largely irrelevant because it is entirely possible that the city of Milford may be headed for a large and unexpected involuntary adjustment due in large part to macro-economic monetary policy of which it has no control over. Foreclosures are just the first sign that the city demand is greater than the provisions of the city residents. This is expected to accelerate further, as baby boomers go bankrupt on health care costs and the lack of good paying jobs continue to leave our state.

Currently Milford is at risk of mass real estate depreciation, this will put the Mill Rate out of kilter with the true assessed home values. Should the dollar continue its decline, our middle class homes will be all but unaffordable to the next generation of home buyers. Foreigners, however, will find great bargains on America's properties as currencies like the Euro, and Canadian Dollar continue to appreciate.

Sadly, Milford's position on the shoreline may become a great opportunity for foreigners to purchase second vacation homes here in the U.S. This may be good for our town as these vacationers would probably not have children in our local schools and would likely only be here seasonally. This would help our struggling mill rate of which is based on out of kilter assessments. The news today is that home prices across America are the lowest in 16 years. If this is true of our town as well than that makes the current mill rate deceptively higher than what you might think. For now the best thing we can do is be vocal about future State and Federal tax increases, stay out of debt, and get a good deal on a cord of wood this winter.

Milford's Home Values Holding or not?

Today the National Association of Realtors announced sluggish home sales due to the Credit and Lending markets being in turmoil. The National report indicated the average U.S. home price to be down to $211,700 for Q3 2007. at the end of 2004 the median home price in the U.S. was $221,000. This is apx. a 5% decline over the last 5 years.

These numbers are deceptive however, because they do not factor in what the U.S. dollar is worth in this global economy. When we factor in the value of the dollar five years ago we can clearly see the dollar declined in value against other major currencies. A decline in excess of 55% in real world Global economic value. When we consider this figure it is simple to see that the average U.S. home plunged to the equivalent of $95,265.00. While this may seem irrelevant to you, it is a real attractive deal for anyone buying a U.S. home in Euros. This is the true economic and masked deception the global economy uses to fool us into believing our markets are "Holding on."

One may wonder how did this happen? The answer is simple, it boils down to U.S. monetary policy, and the reliance on the Federal Reserve to print money out of "thin air" to pay our bills. America is the largest debtor nation on the planet now owing in excess of 9 Trillion, and some believe that we can no longer continue without debasing and counterfeiting money to pay bills. Greenspan, Walker of the GAO, and the IMF, have all indicated that the dollar is in trouble. There is even talk of America using a north American currency called the "Amero" to solve these problems.

Meanwhile, if you are a globalist America has just robbed the Global value of your home by debasing our currency on world markets. This practice, is not expected to end soon because our Political leaders at all levels of government continue to spend like "Drunken Sailors." The debased currency is fueling a cycle of inflation that is making every leader in America scramble for new and innovative ways to grab your last few bucks in new taxes. In short this is one part of Real Estate Globalism our leaders would prefer you not focus on.

Now lets talk a bit about our home values in Milford right here in town. The National Association of Realtors has listed the average home in Milford to be up 1.5% over the last five years. This I suppose is good news because the entire North East is down 10% comparatively. While we have seen the values of our homes go up and and down over the last few years we are now settled at $297,000. In 2008 The average homeowner will pay $4,653.00 in property tax. This also translates to a per capita tax of apx. $2,550 or your personal share of the city tax burden.

According to CRC a city profile research company the debt obligation per citizen in Milford was $1,888.00 in 1999. When we look at the debt growth due to State and national monetary challenges we soon realize that our personal tax obligations increased at apx 4.25% per year compounded. As compared to the CPI(Consumer Price Index) a figure used to asses normal economic inflationary cycles, this figure outpaces normal inflation for the Northeast by an estimated 1%. This would indicate to me that the city has adjusted its annual budget to meet the obligations of the existing services. The city has not cut back, and cannot cut back without eliminating jobs and or departments and services to alleviate tax burdens. Our Mayor Richitelli has held the line, but has not shrunk the size of the local government of which may be a bad idea since Milford is the largest employer in Town.

With these figures it is my opinion that any Mayoral candidate who states it is possible to cut taxes without compromising services, or city jobs is simply deceiving, not telling the truth, or has no understanding of the CPI relative to the City's tax needs.

Part of my campaign has been to promote and expand the ailing tax base. I believe that the best way we can rid ourselves of this Real Estate Tax Rut is to expand local commerce and encourage commercial development. The city also needs to audit frequently non contract labor, while ensuring new contracts are really beneficial and cost prudent. Lastly, we need to demand our Federal Income Tax dollars be apportioned back to us as the law requires. Not one cent of our Federal Income Tax helps a Milford resident with their personal tax burden. To learn more about this tax fraud read the Reagan era report issued by the "Grace Commission." Nothing has changed since then, other than we now have U.S. Congressman Ron Paul telling us the IRS is still not acting legally and should be eliminated.

On the state level I think CT should adopt a position of states rights, including distancing ourselves from the ailing "greenback." I believe that CT should issue its own statewide currency in the same manner that the "Berkshare Note" was issued in New Hampshire. With the constant and continued dire warnings of a debased dollar, CT has been more than warned. Creating an aggregate currency might be a good security measure for CT, so long as that new currency is not backed by the Dollar itself. It should also serve the purpose of hedging against the now struggling dollar. CT has last printed its own currency in the late 1800's in New London. If New Hampshire is able to have its own currency than I believe CT should be able to as well.