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Slight Thaw Seen In Sales Of High-End Homes In New Canaan

The sale of this home on Clearview Lane in New Canaan for $5.2 million last month was the highest priced home sold in the town this year.
The sale of this home on Clearview Lane in New Canaan for $5.2 million last month was the highest priced home sold in the town this year. Photo Credit: Courtesy of Zillow.com

NEW CANAAN, Conn. – Last month’s sale of a home in New Canaan for $5.2 million could represent a slight thaw in the recent ice cold purchases of high-value real estate, one expert said.

Sales for homes of more than $3 million improved in the first half of 2013, said William Pitt Sotheby’s International Realtor Rachel Walsh, who represented the buyers for the home at 120 Clearview Lane.

The Clearview Lane home was the first home in New Canaan to close for more than $5 million this year. Only two homes in that price range were sold last year in town.

“There are a lot more buyers out there,’’ Walsh said. “There’s a little more comfort level in the high end.”

She believes pent-up demand and rising interest rates helped to break the ice in sales for high-end homes.

“Although there may be an increased demand, inventory is still low, comparative to pre-recession years,” Walsh said. “There have not been that many listings in the $5 million and up range. People don’t list when they don’t think they’re going to be able to sell.”

Purchasers of big ticket homes could realize some significant tax savings. The last assessment in New Canaan was in October 2008, just before market values tanked. A revaluation is scheduled for October.

High-end homes, in particular, figure to be assessed far lower than they were five years ago. That should sharply reduce the tax burden for homeowners, she said. Homes are assessed at 70 percent of their market value.

The Clearview Lane home was not on the Multiple Listing Service when it was purchased, Walsh said. The home had been listed previously. “There is a shortage of inventory, but there definitely is a demand,’’ she said.

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