81 Fern Street, Hartford’s West End

81 Fern Street, Hartford

Don’t miss 81 Fern, a stylish Victorian that has been updated to impress!

The home receives high marks for character, with an oversized front porch, double entry, natural woodwork, fireplaces, and turned stairs. The foyer, living room, and dining room are all open to each other, providing a comfortable environment to relax and a wonderful space to entertain.

However, it’s the thoughtful updates that will make you fall in love.

The kitchen features stone counters and stainless appliances as it wraps through the butler’s pantry to the dining room. Thoughtful features include a wine fridge, ample cabinetry, and a high-end gas range. The master bedroom has a fireplace, private balcony, walk-in closet, and an en-suite bath with double sinks and a luxury shower with rain head. A suite like this is rarely available in Victorian homes.

You’ll love coming home to this charming space with large rooms and a great feel.

Also included is a sunroom that overlooks the level back yard. There are two additional bedrooms, an office, and a hall bath on the second level. The top level is currently set up as an au pair suite with two large rooms, a full bath, and a kitchenette.

The home’s convenient location in the West End is close to parks, schools, coffee shops, and restaurants. Downtown Hartford and West Hartford Center are a short ride, with reliable public transportation available.

Come visit today … this is the property that you will want to call home!

81 Fern Street is offered at $385,000. If you’d like to see this home, please have your agent arrange a showing or call Amy at 860-655-2125 to schedule a visit. More details and a photo tour are available.

Is Money Less Green in Hartford?

I’m perplexed. It appears that money available to be earned in Hartford is less valuable than money that can be earned in West Hartford. Even though that goes against the basic idea that a dollar is a dollar.

We have a 2-unit building for sale in Hartford that is quite close to the West Hartford town line. For those interested in the specifics, it’s at 307 New Park Avenue, which is across the street from the movie theater and just south of I84.

307-309 New Park Ave, Hartford

That location is not closely linked to any Hartford neighborhood. In fact, the closest residential enclave to the homes on this triangle of land is in West Hartford.

What confuses me is that investor buyers aggressively pursue properties in West Hartford, but they don’t seem interested in a building a block away that is similar in layout and vintage, and has better economics.

Only four 2-unit buildings sold south of the highway in West Hartford over the past year. The table below compares those buildings to our listing.

2019-01-29 Comparing Two-Unit Deals

Rental income is not available for all the properties on the list. However, the actual rent our listing generates is in line with two properties that sold in the $260,000s. We’re only asking $209,900 … and our property taxes are much lower. Our listing has the most favorable ratio of income to expenses, by a long shot.

Why the big difference in value?

It could be that the buildings have different attractiveness to owner-occupants, but most West Hartford buildings are purchased as investments. So the buyer is unlikely to live in any of these properties.

The tenants pay their own utilities in our listing, so that’s not a hidden expense to the investor owner that is holding back our price.

The condition of the property is fine, so it’s not like we’re marketing a place in poor shape. Tenants generally ensure that the rent they pay reflects the condition anyway, and we know the rents.

Investments in the Hartford multi-family market have even shown better appreciation over the past few years. Median prices increased 32% compared to 4%.

2019-01-29 Two-Unit Deals in West Hartford versus Hartford

It is interesting to note that our $209,900 asking is a lower price than any West Hartford 2-unit building sold for since 2016.

I must be missing something in this analysis…
A.) The building is barely outside of West Hartford.
B.) Actual tenants pay strong monthly rents and utilities.
C.) Market appreciation has been strong in Hartford.

There is money to be made by operating 307 New Park Avenue as an investment property. More money than buying a similar vintage 2-unit building a block away in West Hartford.

Is money less green in Hartford?

Note: All data is from the CTMLS, and deemed reliable but not guaranteed. It represents multi-unit properties marketed as 2-unit buildings. One West Hartford property that was a commercial use simultaneously marketed as a 2-unit was removed from the data set.

A Well Maintained Building

39 Woodland - 5200 - 1920

The well maintained building at 39 Woodland Street in Hartford is identified by the Structures and Styles book as the Melancthon W. Jacobus, Sr. House. Its Tudor Revival architecture is in excellent condition 110 years after construction!

Kudos to the State for the recent maintenance to keep the 29,571 square foot structure looking good. The building is currently the central office for the Connecticut Technical Education and Career Center.

16 Charter Oak Place, Unit D, Hartford

16 Charter Oak Place, Hartford

Enjoy pretty City views from this end unit town house condo, located on quiet, historic Charter Oak Place.

Inside this lovely Victorian building you’ll find the unit’s main living area is a wide open plan, allowing for natural light and flow throughout. The eat-in kitchen overlooks the formal living room. The living room features a working wood burning fireplace, as well as access to a balcony, offering beautiful views of the City and beyond. A powder room is tucked away near the front entrance. There is oak hardwood flooring throughout this level.

Upstairs, the vaulted ceiling provides great light and amplitude. This level features two bedrooms, both with generous closets, a full bathroom, and laundry area.

The condo also features thermopane windows, gas heat, central air, basement storage space, low monthly HOA fees ($150), and one parking spot behind the building.

16 Charter Oak Place, Unit D is offered at $154,900. If you’d like to see this home, please have your agent arrange a showing or call Amy at 860-655-2125 to schedule a visit. More details and a photo tour are available.