A ritzy New England town has come up with a seemingly counter-intuitive plan to cope with an increasingly volatile housing market: hiding the evidence.
Realtors in New Canaan, Connecticut, have voted to ban For Sale signs throughout the community about 40 miles north of Manhattan where several high profile figures including David Letterman, Harry Connick Jr and Paul Simon have estates.
The ban has been praised by many who are happy to saw goodbye to the clunky signs that are littering the picturesque town.
However, experts say the move may be a feeble attempt to cover up a real estate market that’s oversaturated with sellers – the result of statewide economic issues.
Realtors in New Canaan, Connecticut, have voted to ban For Sale signs across the community that is currently facing a volatile housing market with an oversaturation of sellers
The ritzy New England town where several high profile figures including David Letterman, Harry Connick Jr and Paul Simon own estates is located about 40 miles from Manhattan
The main argument in support of the ban, which has been on the table for some time now, is that potential buyers are now conducting their searches on the web rather than on the street.
‘Millennials and other potential buyers shop for real estate online and we believe they will be able to find New Canaan homes without these signs,’ Janis Hennessy, President of the local Board of Realtors, told the New Canaanite.
‘We have seen how eliminating the signs has improved the look of other towns in Fairfield County without impacting the real estate markets. New Canaan Realtors believe it is worth a try here in the “Next Station to Heaven” as well.’
Residents in the town of fewer than 20,000 also appear to be in support of the ban.
‘I haven’t heard of anyone who thinks this is crazy,’ one local told Fox News.
‘If you drive around this town, it looks like a yard sale. It just looks bad. It starts to look ugly and desperate. And I don’t think it’s helping anyone sell their homes.’
Another resident said: ‘I have personally sold three homes in New Canaan without any signs on my property.’
‘The signs disrupt the charm and quaintness of the town.’
New Canaan is one of the priciest zip codes in the US, with the median price of currently-listed homes pushing $1.5million. Residents say that the sign ban will clean up the streets
Experts have said that the counter-intuitive move by the Board of Realtors may be a feeble attempt to cover up a volatile real estate market – which is the result of statewide money issues
By July 1 For Sale signs will need to be removed across New Canaan, and after a six-month trial period the Town Council could move to make the ban an official ordinance.
Although New Canaan is one of the priciest zip codes in America – with the median price of homes currently listed pushing $1.5million – the town has not been immune to statewide surge in homes hitting the market.
Connecticut’s is facing a deficit of nearly $5billion and has the third-worst credit rating in the country.
Experts say that people are being driven to sell their properties by high property and income taxes along with the recent loss of major corporations including General Electric and insurance firm Aetna.
In Greenwich, down the road from New Canaan, commercial signage has also been banned in residential areas under an ordinance for ‘cosmetic purposes and to avoid drive-bys’.