The Granger & McElhone Group | Candlewood Lake Market Update

Candlewood Lake Market Update LiveCandlewoodLake.com

Irit Granger

203.803.3748 igranger@williampitt.com

Matt McElhone

860.733.5780 mmcelhone@williampitt.com

The Granger & McElhone Group at William Pitt Sotheby’s International Realty Irit Granger and Matt McElhone work together to offer their clients a level of personal and professional service that is defined by diligence, thoughtfulness and a commitment to excellence. They blend experience and expertise with dedication and innovation and are backed by the extraordinary strength and reach of Sotheby’s International Realty.

Their team approach guarantees their clients receive regular communications, along with weekly market and showing updates. They work together to preview all available area homes for their buyer clients and constantly brainstorm new marketing strategies for their seller clients based on individual property characteristics and market opportunities.

Irit Granger | Broker Associate 203.803.3748 8 Today’s real estate market demands that a broker provide in-depth counsel, connections, experience, clarity and, above all, the ability to carefully navigate and manage multifaceted business transactions. Irit’s sense of diplomacy, integrity and outstanding dedication to personalized service have earned her high praise among her clients and customers. Over the years, she has been able to develop an impeccable track record of successful transactions as well as a developed network of clients that has grown largely from referrals. Irit is noted for her relentless dedication, diligence and professionalism and possesses a keen sense of understanding the specific needs of clients, tailoring each of her assignments to each client’s unique requirements.

Matt McElhone | Sales Associate 860.733.5780 Matt McElhone entered the real estate world with one main objective: to give back to his community by helping local buyers and sellers achieve their goals. A strategist by nature, he knew he could make the biggest impact by joining the #1 brokerage in Litchfield County, and partnering with one of the firm’s top agents, Irit Granger. Matt grew up working for his father’s construction company, which inspired him to pursue a degree in Small Business Management. His background experience and education seamlessly carry over into his client relationships, and he takes pride in assisting those he works with to make smart, calculated decisions.

Candlewood Lake’s outstanding beauty and recreational offerings are a magnet for people seeking refuge from the city. For those fortunate to live here full-time, life is like a year-long vacation. For these reasons, the real estate market for waterfront and water community homes continues to outperform all other market segments and is less immune to market downturns. This year, beyond any in recent memory, inventory is so low that fresh offerings are selling quickly and competitively. For homeowners thinking about selling, now is the time to take action. By placing your trust in the Granger McElhone team, you can be assured of the highest standards of concierge-level service, the formidable backing of the Sotheby’s International Realty brand, and a smooth, stress-free experience from start to finish.

Lenox

OU R LOCA L NE TWOR K

Berkshire County

1,100 Sales Associates

Great Barrington

26 Brokerages

About William Pitt Sotheby’s International Realty

$4.1 Billion in Sales

Salisbury

Founded in 1949, William Pitt-Julia B. Fee Sotheby’s International Realty is one of the largest Sotheby’s International Realty® affiliates globally and the 37th largest real estate company by sales volume* in the United States, achieving over $4 billion in volume with approximately 5,800 sides in 2019. The company was built on a commitment to extraordinary service, community expertise and best in class tools and support.

Litchfield

Litchfield County

Tolland County

Windham County

Avon

Hartford County

Kent

Washington Depot

Middlesex County Northern Fairfield County

New Haven County

Westchester County

Fairfield County

Stamford Scarsdale

Guilford

Wilton Southport Westport

New Canaan

Irvington

Old Lyme

Madison

Ridgefield

* By sales volume, REAL Trends 2019

Essex

New London County

Rowayton Darien Corporate

Rye

Bronxville Larchmont

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Residential Brokerage Locations

William Pitt Julia B Fee

Our services to sellers include: Pre-Launch

· Provide an in-depth presentation of current market conditions and recent sales · Conduct a comprehensive review of the property, seller’s timing and financial goals · Recommend repairs or staging solutions that will enhance the home’s show-readiness and curb appeal · Hire professional photographer for photos, video and possible drone footage · Create a customized marketing plan to include a broker launch party, public open houses, electronic, print and social media advertising, and press exposure

· Prepare a well-crafted property description, including design, history, features, architectural details and nearby amenities for use in marketing and public relations materials as well as for inclusion in showing packets

· Conduct mechanical search at Town Hall to compile pertinent documents for inclusion in buyer showing packets, such as field cards, surveys, and deeds. Review files for any open permits that require closing out

· Set list price based on comparable sales and market conditions and with an eye towards maximizing the eventual sale price · Provide broad access to a complete support system that includes fellow agents, public relations professionals, social media experts, home stagers, attorneys, architects, designers, inspectors and a wide variety of contractors and vendors

· Augment our efforts through the strength and global reach of the Sotheby’s International Realty brand Launch

· Host Broker Open House event to introduce the home to area brokers · Prepare comprehensive showing packets that include a 4-page color brochure as well as a list of features and recent home improvements and any pertinent historical or architectural details

· Generate weekly market reports with number of online hits and rate of interaction with potential buyers · Accompany all showings, perform diligent follow-up with buyer’s agent and provide feedback to sellers following every showing · Offer a team approach that allows us to provide 24/7 service to both our seller and buyer clients · Skilled negotiation of offer · Manage transaction through to its successful closing/conclusion Our services to buyers include:

· In-depth knowledge of the market and different communities throughout Litchfield and Upper Fairfield Counties · Immediate notification of new listings, price or other status changes · Guide informed showings of a range of properties, consulting on resale values and overall attributes · Provide a market analysis that helps buyers judge a home’s fair market value independent of asking price · Provide skilled negotiation techniques · Oversee inspections and advise throughout that process

THE GRANGER & MCELHONE GROUP | 3

For more details about us and Candlewood Lake go to LiveCandlewoodLake.com

Photos by Michael Bowman

Candlewood Lake History In 1926, when the board of directors of a young Connecticut Light & Power Company approved the construction of the Rocky River Power Plant and the creation of Candlewood Lake to fuel it, they knew they would be constructing the first hydroelectric powerplant of its kind in America.

In an unprecedented and visionary move, they purchased 6,000 acres of land in 5 towns and flooded the 8.4 square mile valley by pumping it full of water from the Housatonic River. They built a pump-up system of storing water during periods of low electrical demand in order to be able to generate power when demand is high. This is an engineering feat that was recognized by the American Society of Mechanical Engineers and the American Society of Civil Engineers as being an accomplishment on a par with the Golden Gate Bridge and the Empire State Building! At the same time, their vision set the stage for creating an 11-mile long recreational lake that has drawn visitors and homeowners in increasing numbers ever since. With the addition of Candlewood Lake’s 60+ miles of shoreline, the personality of western Connecticut – and particularly the 5 towns that border Candlewood Lake – were for ever changed.

Early waterfront and water community residents typically built getaway cabins that, in many cases, were not even insulated for year-round use. Over time, the value of these properties increased disproportionately to those around them, and most homes have since been enhanced or rebuilt. To this day, investing in a waterfront or water community home is still a good bet as prices have continued to rise and the lake’s diverse amenities continue to attract new residents. For sellers, this creates opportunities to maximize their initial investments and sell their homes profitably.

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Three-Year Comparison of Waterfront Sales by Town* BROOKFIELD

2019

2018

2017

TOTAL SALES

9 (18 SIDES)

12 (24 SIDES)

14 (28 SIDES)

TOTAL DOLLAR VOLUME

$19,393,000

$29,360,000

$27,146,500

AVERAGE SALES PRICE

$1,077,389

$1,223,333

$969,518

AVERAGE DOM

147

131

106

2019 SALES

STREET

SALE PRICE

LIST PRICE

BEDROOMS

SQ FT

DOM

$311,500 $665,000 $750,000 $775,000 $925,000 $1,200,000 $1,595,000 $1,675,000 $1,800,000

$359,000 $725,000 $849,900 $895,000 $925,000 $1,495,000 $1,600,000 $2,195,000 $1,950,000

3 3 3 4 2 4 4 3 3

1,148 2,483 1,294 2,281 1,650 3,350 3,100 2,898 4,854

87 185 87 190 75 67 28 380 221

283 Candlewood Lake Road 559 Candlewood Lake Road 160 North Lake Shore Drive 74 South Lake Shore Drive 42 South Lake Shore Drive 78 North Lake Shore Drive 68 South Lake Shore Drive 6 Morton Road 100 Kellogg Street

NEW MILFORD

2019

2018

2017

TOTAL SALES

3 (6 SIDES)

12 (24 SIDES)

9 (18 SIDES)

TOTAL DOLLAR VOLUME

$5,570,000

$22,066,000

$13,825,000

AVERAGE SALES PRICE

$928,333

$919,417

$768,056

AVERAGE DOM

145

147

98

2019 SALES

STREET 132 Sherry Lane 10 Oak Point Club 50 Ferris Estates Road

SALE PRICE

LIST PRICE

BEDROOMS

SQ FT

DOM

$795,000 $815,000 $1,175,000

$795,000 $1,195,000 $1,495,000

3 4 4

1,712 3,824 3,000

19 298 117

THE GRANGER & MCELHONE GROUP | 5

DANBURY

2019

2018

2017

TOTAL SALES

8 (16 SIDES)

8 (16 SIDES)

12 (24 SIDES)

TOTAL DOLLAR VOLUME

$10,971,000

$13,631,000

$17,308,900

AVERAGE SALES PRICE

$685,688

$851,938

$721,204

AVERAGE DOM

101

100

102

2019 SALES

STREET

SALE PRICE

LIST PRICE

BEDROOMS

SQ FT

DOM

$470,000 $505,000 $554,000 $665,000 $675,000 $685,000 $731,500 $1,200,000

$525,000 $625,000 $549,000 $729,000 $670,000 $699,999 $799,000 $1,495,000

2 3 2 3 3 2 4 4

1,788 1,375 1,408 1,416 1,500 1,257 1,875 4,208

151 208 26 110 21 12 121 159

21 Boulder Ridge 247A Stadley Rough Road 37 Moody Lane 73 Taagan Point Road 26 Waterview Drive 16 The Crest Way 38 Waterview Drive 9 Flint Ridge Road

SHERMAN

2019

2018

2017

TOTAL SALES

8 (16 SIDES)

9 (18 SIDES)

11 (22 SIDES)

TOTAL DOLLAR VOLUME

$9,481,000

$17,969,000

$26,551,400

AVERAGE SALES PRICE

$592,563

$998,278

$1,206,882

AVERAGE DOM

243

106

147

2019 SALES

STREET 8 & 3 Crest Road 3 Sawmill Road 23 Orchard Rest Road 23 Candlewood Lake Drive 33 Orchard Rest Road 41 Orchard Rest Road 45 Orchard Rest Road 11 Deer Run Trail

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SALE PRICE

LIST PRICE

BEDROOMS

SQ FT

DOM

$260,000 $265,000 $300,000 $635,500 $670,000 $685,000 $825,000 $1,100,000

$350,000 $399,000 $450,000 $685,000 $749,000 $819,000 $1,095,000 $1,295,000

1 2 1 3 3 3 4 4

500 1,104 740 2,285 3,215 2,477 3,219 3,070

110 470 173 160 94 147 548 239

NEW FAIRFIELD

2019

2018

2017

TOTAL SALES

18 (36 SIDES)

10 (20 SIDES)

24 (48 SIDES)

TOTAL DOLLAR VOLUME

$35,144,500

$26,847,000

$42,213,000

AVERAGE SALES PRICE

$976,236

$1,342,350

$879,438

AVERAGE DOM

176

94

113

2019 SALES

STREET 4 Old Road 10 Bogus Hill Road 11 Candlewood Road 29 Deer Run 86 & 88 Lake Drive South 28 Eastview Road 85 Lake Drive North 5 Harlequin Drive 10 Sunrise Road 28 Windmill Road 69 Lake Drive North 106 Lake Drive South 79 Lake Drive North 52 Lake Drive South 34 Windmill Road 29 Sail Harbour Drive 40 Lake Drive South 55 Lake Drive South

SALE PRICE

LIST PRICE

BEDROOMS

SQ FT

DOM

$150,000 $349,900 $633,500 $667,000 $675,000 $710,000 $760,000 $775,000 $840,000 $880,000 $915,000 $1,250,000 $1,275,000 $1,311,750 $1,350,000 $1,480,000 $1,600,000 $2,000,000

$200,000 $419,900 $649,000 $965,000 $1,795,000 $895,000 $775,000 $879,000 $1,295,000 $1,600,000 $1,195,000 $1,199,000 $1,595,000 $1,489,000 $1,450,000 $2,195,000 $1,695,000 $2,795,000

1 2 3 3 4 2 2 3 3 4 3 3 4 4 3 5 3 3

616 1,000 1,524 1,500 3,200 2,229 1,751 2,000 2,014 3,836 2,428 2,054 3,351 2,324 4,073 6,129 2,600 3,044

29 339 45 196 313 72 276 38 168 46 130 116 225 79 342 58 491

Total Waterfront Sales By Year 2019

2018

2017

TOTAL SALES

46 (92 SIDES)

51 (102 SIDES)

70 (140 SIDES)

TOTAL DOLLAR VOLUME

$80,559,500

$109,873,000

$127,044,800

AVERAGE SALES PRICE

$875,647

$1,077,186

$907,463

AVERAGE DOM

167

118

113

THE GRANGER & MCELHONE GROUP | 7

Client Testimonials “Selling a much loved property is always difficult, even when it is time to do so. Irit and Matt’s expertise, efficiency and empathy made the process as easy and positive as possible”-Alexis and Al Dorf “Irit and Matt were extremely professional, communicative and very good advisors throughout the time they represented us as our realtors. We never felt pressured to lower our price or to change our minds on any aspect of selling the house, Irit and Matt scored 100% on this front. We give them the highest recommendation to anyone contemplating selling, buying or renting”. -Jean McNulty and James Dimartino “I have purchased seven homes in the tri-state area over the past 35 years and working with Irit Granger was certainly one of the best home buying experiences I have had. She was working as a dual agent in this last purchase and I had complete confidence in her expertise, knowledge of the area and market, and impartiality in the transaction. She was able to negotiate fairly with both parties and quickly complete the transaction. I was told by everyone in the area that she was the best, and I now share that opinion. I would highly recommend her to both buyers and sellers.” -Jon Bourassa “My husband and I attribute the sale of our unique home to Irit. We truly believe that she was instrumental in the sale from the very beginning. From the amazing photos of our home to the marketing then final negotiation of the sale. She managed every detail large and small. She was a true professional and a delight to work with at every stage of the listing and sale.” -Maribeth Winslow “Matt did a terrific job in helping me purchase this property. He was professional, answered all my questions and made the process easy.

I have already recommended him to other potential clients.” -Jane Eckert “My wife and I had no knowledge of Litchfield and the natural beauty that lies within Matt was there to show us what it had to offer. He carefully listened to our search criteria and delivered on every bullet. Matt viewed each property with us and provided honest feedback as if he was purchasing the property, in other words, he did not try to rush a sale.” -Gianfranco Audia

Irit Granger

Matt McElhone

203.803.3748 igranger@williampitt.com @ConnecticutHomes

860.733.5780 mmcelhone@williampitt.com @mattmcelhone

Broker Associate

Sales Associate

Litchfield Hills Brokerages | 9 Maple Street, Kent, CT 06757 | williampitt.com © MMXX WPS Holdings, LLC and Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. *Source: All statistics from SmartMLS Closed Residential Sales Litchfield and Fairfield Counties 2017-2019.