Wall Street Place – Will it ever get off the ground?

Wall Street Place - Norwalk, CT - Todd Turcotte

Just when it looked like Wall Street Place might be gaining a little momentum, we get word of a potential setback.

Governor Malloy just toured the Wall Street property at the end of September in what most viewed as a celebratory occasion.  Only a few weeks before the tour, Malloy helped to secure a $5 million Urban Act grant for Wall Street Place.  It was starting to look like the project was headed in right direction even though the “groundbreaking” ceremony took place in front of the development just over a year ago.  For the groundbreaking article from TheHour.com, CLICK HERE.

From a potential high, to a potential low…

The latest news in an article from the Norwalk Hour is that a tax credit might pose a delay.  Here is the problem in layman’s terms:  Congress has already allocated most of the $3.5 billion dollars worth of tax credits for this cycle.  If POKO, the developer of Wall Street Place, misses out on these credits, they will have to wait until the next cycle of credits which is next year.  This could obviously hurt their chances of meeting the proposed September 2014 completion deadline for Phase 1 of the project.

For more info on the tax credit delay, see the article from TheHour.com:  CLICK HERE

Only time will tell how the direction of the Wall Street Place development shakes out.

 

For more information on local real estate, or to ask Todd any questions, visit www.NorwalkRealEstateTodd.com or www.Facebook.com/NorwalkRealEstate

 

New Listing – Norwalk apartment for rent

32 Oakwood - Norwalk ct apartment rental - Todd Turcotte

32 Oakwood # 6, a 1 BR apartment for rent in Norwalk, was just listed for $1,550.

This 1 BR apartment features fantastic hardwood floors, 9’+ ceilings, and an open floor plan.  It is also located near the Wilton line and has convenient access to the Merritt Pkwy, and I-95.

For more information about this Norwalk rental, CLICK HERE.

Looking for something else?  You can browse every listing in Norwalk by visiting www.NorwalkRealEstateTodd.com and clicking on “Search Listings.”

Have a question about this property?  EMAIL TODD

New Listing – Norwalk house for rent

8 Muriel - Norwalk house for rent - Todd Turcotte

8 Muriel St, a house for rent in Norwalk, was just listed for $3,250 per month.

This 4 bedroom, 3.5 bath single family house is in the Cranbury area of Norwalk.  The house boasts about 3,000 square feet of living space when you include the finished basement.  It also features a 2 car garage.

For more information about this great Norwalk rental, CLICK HERE.

Feel free to contact Todd with any questions about Norwalk real estate, or visit www.NorwalkRealEstateTodd.com to search other rental listings in Norwalk!

New Listing – Rare 1 BR apartment for rent in Norwalk, exposed brick!

10 Wall St # 301 - Norwalk apartment for rent - Todd Turcotte

10 Wall St. # 301, an apartment for rent in Norwalk, was just listed for $1,350 per month.

This 1 BR is truly one of a kind.  The vaulted ceilings and exposed brick are very rare to find.  The living room also features an exposed wooden beam running along the side.  This apartment does just offer charm, but the basic necessities of daily life with a dishwasher in the kitchen, and a full-sized washer / dryer in the laundry room (within the apartment).  The apartment also offers a large walk in closet!

For more info about 10 Wall St. # 301, CLICK HERE.

To contact Todd about this property or any other rentals in Norwalk, visit www.NorwalkRealEstateTodd.com

 

New Testimonial – Norwalk condo buyer

norwalk realtor testimonial

Here is a new testimonial from a client who just closed on a condo in Norwalk, CT:

“I first met Todd 2 years ago when helped me find my first apartment. He was very professional, informative and punctual. When I decided to start looking to purchase my first home this summer I knew I had to contact Todd. Todd helped me draw up a list of must have and nice to have features to aid him in our search. Once we finally found a place Todd detailed every step of the purchasing process and made himself available when I needed to reach him. Todd is an excellent agent and I will work with him again in the future.”

Nigel – Norwalk, CT

 

To read 30+ other testimonials from clients who bought, sold, or rented in Norwalk or surrounding towns, visit: http://norwalkrealestatetodd.com/testimonials

 

Sold – Norwalk, CT condo

202 Sunrise Hill Rd. - Norwalk CT condo - Todd Turcotte

202 Sunrise Hill Rd, a condo in Norwalk, CT just sold for $335,000!

This 3 BR, 1.5 Bath condo is in immaculate condition and went under contract soon after coming on the market.  The new owner is psyched to get in there and make it his own.

202 Sunrise Hill Rd. info - Norwalk CT condo - Todd Turcotte

Questions about Norwalk condos or Norwalk real estate?  Send Todd an email by visiting: http://norwalkrealestatetodd.com/contact-me

 

Home prices creeping up… But not in Norwalk

Home prices are creeping up across the country, and are back to 2003 levels…  Norwalk prices tell a different story.

The same thing can’t be said for Norwalk real estate, which according to Zillow.com is down compared to this time last year.  The year over year “Zillow Home Value Index” is down 10.6% for condos in Norwalk, and down 7.1% for single family houses in Norwalk.  The list price for Norwalk condos is down 12.0% compared to last year, and the list price for Norwalk single family houses for sale is down 4.4%.

While it is good news that much of the country is starting to slowly rebound, the consensus is that the housing market is not going to take off anytime soon.  The market is balancing out a little bit, and showing modest improvements.  The pre-foreclosure inventory is still very high and the housing market won’t be able to make large strides until the “dead weight” of the foreclosures are cut off.

Imagine a hot air balloon ready for takeoff.  The balloon is the housing market, and the weights that are tied to the balloon’s basket to keep it on the ground are the properties that are in pre-foreclosure or delinquent on their mortgage payments.  Until those “weights” are cut free, the balloon can never really take off.  It might rise a few inches, or a couple of feet if the weights are trimmed back, but it still can’t take off.

To read the entire article from CNN, CLICK HERE.

There are many more foreclosures and short sales that need to go through the system before this market can really rebound.

Questions on Norwalk real estate?  Todd has answers!  Visit www.NorwalkRealEstateTodd.com and email Todd.

Reduced – Norwalk condo for sale

14 Ferris Ave - Norwalk condo for sale - Todd Turcotte

14 Ferris Ave. # 10, a condo for sale in Norwalk, CT, was just reduced to $224,900!

This 2 BR, 1.5 Bath condo offers and updated kitchen with new appliances, and a 2 car garage that is hard to find in this price range.  This Norwalk condo is in move-in condition!  It is also conveniently located in the center of Norwalk with quick access to shopping, dining, transportation, and highways.

To view the listing for this Norwalk condo, CLICK HERE.

Questions? Feel free to visit www.NorwalkRealEstateTodd.com and email Todd with any of your questions!

 

Sold – Norwalk, CT condo

150 Main Street - Norwalk, CT - Todd Turcotte

150 Main St # B4, a Norwalk condo, just sold for $120,400!

This 1 BR was a Freddie Mac foreclosure property.  This condo will make a great rental property, and is conveniently located within walking distance of many restaurants and shops.

For more info about this specific Norwalk, CT condo, CLICK HERE.

For information on other condos for sale in Norwalk, CT, visit www.NorwalkRealEstateTodd.com and email Todd!

Mortgage rates going lower?

Mortgage rates on a 30 year fixed loan are currently near record lows, however news today from the Federal Reserve may mean they will go even lower.

According to an article published by CNBC.com:

The Fed said it will buy $40 billion of mortgage-backed securities per month in an attempt to foster a nascent recovery in the real estate market.

The move is aimed at boosting the economy, but should also keep rates near their current lows.  Rates might even drop off a little bit in the wake of the buy back.  Investors may also see this as a good time to pull some money out of the bond market and inject it into the stock market, which might make rates creep back up a little.

To read the entire article from CNBC.com, CLICK HERE.

There are many variables at play and it is hard to predict exactly what will happen, only time will tell.

For information or questions about local Norwalk real estate and real estate in Fairfield County, visit www.NorwalkRealEstateTodd.com