Simply Ledyard CT

From my seat on the Ledyard Town Council

The Ledyard budget was approved  by an overwhelming margin; good news considering other towns in the area had a harder time of it. Although Ledyard citizens will face some reduced services, their taxes were not increased. More hard work is ahead as we transition into the implementation phase. While the council holds the purse strings in Ledyard, it is the mayor’s responsibility to implement the budget approved by the voters.

To avoid inconvenience to our citizens, they must be informed of any changes that will effect how they will be conducting business in town hall in the future. I stopped in my local bank last month and was given a business card with the bank’s new reduced hours. A simple gesture.  Ledyard needs to make similar gestures. There is nothing wrong with closing an office within town hall at lunch time, or requiring an appointment to speak to a land use professional. Other towns have conducted business this way for years. 

For this reason, the Ledyard’s website will become an important resource for citizens. Ledyard’s MIS Director, Regina Brulette, is encouraging all town departments to add more information to the website. The hope is that more news, forms, permits and applications will be available on line.

In recent news, Ledyard was selected to participate in a pilot project to use social media to enhance their outreach with the public.  The Town will receive $8000 in consulting services from a social media consulting firm. It is hoped, that in addition to the Town website, you’ll soon be able to follow Ledyard news on Facebook and Twitter. Maybe I can even convince the rest of the Town Council to start blogging!

On July 1st, municipal leaders around the region, will begin implementing their budgets.  How towns deal with reduced services will say a lot about a town, its leadership, and its citizens. Ledyard can make the worst of a crappy budget or the best of it.

I hope Ledyard gets it right.

Ledyard Real Estate Update

The medium price of a home listed in Ledyard this week is $263,450, while the medium sales price is approximately $238,000. A very telling statistic is that 46% of the homes on the market in Ledyard have had at least one price reduction. In addition, days on market (DOM), continue to trend higher.

You've probably read the news that May was a great month for closings around Connecticut. It is anticipated that June will be another banner month for closings. The tax rebate generated business!

There were 6 new listings, 4 pending sales (this is good), and 5 closed sales in Ledyard last week. Once we get through the June reporting period, I plan to compare the first 6 months of the year to previous years. That will give us a good picture of 2010. I'll share it here first!

The chart above provided by Altos Research depicts Ledyard residential inventory.

Ledyard Real Estate - Week of June 21st

Number of Ledyard Homes Currently Pending: 30

Number of Homes Sold in 2010: 57

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: $386,000

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

Ledyard Mortgage Monday

As I write this, a large number of homebuyers are being impacted by programs that need something done by Congress and the President.

The tax credit closing deadline is coming up on June 30th.  Nationwide, it is expected that due to short sales and foreclosures being involved, approximately 33% of the people who were under contract to buy a house before April 30th will not be ready to close by June 30th.  The US House of Representatives has approved an extension of the June deadline until September 30th.  The US Senate has done the same thing.  There are differences in the bill and so far they have not come to an agreement on a bill to send to the President for his signature.

The Flood Insurance program run by FEMA has expired.  Congress also needs to approve an extension to this program.  As of today, they have not done so.  If you are buying a home in a flood zone you cannot close until this bill is approved and sent to the President for signature.

The Rural Development mortgage program is out of funding.  Congress also needs to approve new funding for this program.  If you are trying to buy a home in Ledyard or Gales Ferry with RD funds, you cannot close until Congress approves and sends the bill to the President for his signature.

If any of these situations impact you please call Congressman Courtney, Senator Dodd and Senator Lieberman and ask that they work to move these bills along.

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.

Kelo v. New London - 5 Years later

It’s been 5 years since the historic Supreme Court decision Kelo v. City of New London. It seems that New London won a round in the Supreme Court, lost in the court of public opinion, and then lost again when Pfizer decided to close its research and development headquarters.

It is ironic that almost 5 years to the day of the Supreme’s decision, New London came out on top again, when it was announced that General Dynamics had reached a preliminary agreement to purchase the Pfizer complex.

It is great news for the region even as feelings about the whole mess still simmer. I’ve been asked more than once for the use of my photo taken on Hamilton Street in New London, not far from the Fort Trumbell neighborhood that was the setting of the controversy. The book, The Little Pink House, has been written.  Can a movie be far behind?

Ledyard Photo Friday

You won't find any photos today on Photo Friday. That's because I spent the day at the Traveler's Championship at TPC River Highlands in Cromwell, where cameras and cell phones are strictly prohibited. And they really mean it.

If you want to enjoy a PGA Tournament, there isn't a more spectator friendly place than TPC Highlands. Food and water are readily available and there are potties everywhere. Known as a "stadium course", fans can enjoy the action from lots of different vantage points.

If I could have taken a photo, it would have been one of a group of golf fans cheering a soccer game in one of the hospitality tents. It made me laugh. You'll have to try to picture it, since I can't do it for you. That would be strictly prohibited.

Ledyard Real Estate Update

On June 23, 2007, there were 94 closed sales in Ledyard. Today there are 52 for the same time period. That pretty much sums up the Ledyard Real Estate market. Inventory is still much higher than it should be and average days on the market is increasing. Here's the good news: Ledyard Homes are selling; 52 of them in fact this year!

The chart above provided by Altos Research depicts Ledyard residential inventory.

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Ledyard Real Estate - Week of June 14th

Number of Ledyard Homes Currently Pending: 31

Number of Homes Sold in 2010: 52

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: $386,000

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

Ledyard Mortgage Monday

Common sense needs to be a part of a real estate transaction if you are thinking about buying or selling a home in Gales Ferry and Ledyard.

Just this past week the FBI indicted and/or arrested approximately 500 people nationwide for allegedly committing mortgage fraud.  Reading the articles in both the local papers, the nationwide papers and on the internet showed that in all cases that there was collusion between the buyers, the sellers, the appraisers, the attorneys, the real estate agents and the mortgage lenders.  It is alleged that prices were raised, appraisers showed higher than normal values, contractors were paid for work not done and buyers and sellers took part in this without questioning what was going on.  With that many people agreeing to take part in this fraud, it must seem like it is alright to do this.  As you can see with the indictments and arrests, including 15 people right in southeastern CT, eventually you will get caught.

As a buyer or seller, if you are approached to take part in something like this, get away from it as fast as possible.   All real estate transactions should be above board, with everyone involved representing the information accurately and not asking buyers or sellers to be party to money changing hands under the table or outside the closing.  When you sign a Purchase and Sales Agreement to buy or sell real estate, everything regarding the transaction should be included in the agreement.

The Proverb: "If it sounds too good to be true, it probably is" is appropriate here. Don't hesitate to ask around amongst real estate professionals in the Ledyard/Gales Ferry area if you are suspicious of something.  People will help 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.

Ledyard Photo Friday

As I drove by the Nautilus Museum today, it reminded me of moving to Ledyard in the 1970’s as a young Navy wife. My very first tour of a submarine, was on the Nautilus, when she was actually an operational submarine and not a museum. More than 10 years later, on July 6, 1985, I stood on the shoreline of New London as the Nautilus was towed back to Groton, after her extensive historic ship conversion at Mare Island Naval Shipyard in California.

The Nautilus was the world’s first nuclear submarine and was launched in Groton CT in 1954.

Ledyard Real Estate Update

I can only describe last week’s Ledyard real estate market as “topsy turvy”.  Some of my listings were shown numerous time and others not at all.  Price range didn’t seem to matter as one of my highest priced listings in Ledyard, priced at $350,000 had multiple showings and we now have 3 potential buyers.

One thing I do know is that great photos and a “compelling” price does increase showings. I’m also finding that buyers are coming from a multitude of sources on the internet. For that reason, it is important for a home to appear on traditional websites like Realtor.com with multiple photos but also as an enhanced listing on sites like Trulia and Zillow.

Last week, as inventory crept up, there were 8 new listings, 3 pending sales and 5 closed sales. Average Days on Market (DOM) has been increasing and now is at 110 days.

The chart above provided by Altos Research depicts Ledyard residential inventory.

Ledyard Real Estate - Week of June 7th

Number of Ledyard Homes Currently Pending: 31

Number of Homes Sold in 2010: 47

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:  $386,000

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

Ledyard Mortgage Monday

If you are considering purchasing a home in Ledyard or Gales Ferry, please consider taking advantage of the McCue Mortgage Company Buyer's Edge approval program.  Buyer's Edge allows you to be approved for a mortgage loan with only one condition - finding a home and having it appraised.

When you complete a Buyer's Edge loan application, I complete all of the paperwork that relates to you personally.  We ask for pay stubs for one month, W-2's for the last two years, bank/credit union/brokerage/retirement statements covering a two month time period and any other paperwork that may be appropriate to complete and approve your application.  Examples of additional paperwork may be tax returns for two years if you are self-employed, divorce decree or court order if you pay or receive alimony or child support, bankruptcy discharge and bankruptcy debtor's petition if you have been declared bankrupt within the last 7 years.

When we review this information and issue a Buyer's Edge commitment, you are able to show this to a seller stating that not only are you pre-qualified for a mortgage loan, but you have been APPROVED.  When the seller is looking at your offer with a Buyer's Edge approval attached and comparing it to maybe even a higher offer with a pre-qaulification letter attached, you have a better chance of having your offer considered as the best offer.

Consider taking the time to complete a Buyer's Edge application.  It may save you lots of dollars when you are in a multiple bid situation.

I'll be happy to help you.  Please call or e-mail me when you are ready to proceed.  The Buyer's Edge approval is valid for 90 days from its issue date.

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.