The first floor has a welcoming foyer, kitchen with eat-in space, combination living room/dining room with wood burning fireplace and a family room. You can access a private patio from the living room area. Upstairs you’ll find two bedrooms and full bath, in addition to the master bedroom with fireplace, walk-in closet and full bath with shower and whirlpool tub. Laundry is also located on the upper level. The basement is fully finished with plenty of built-in storage shelving and an office with built-in desk and bookshelves. The unit has a two car garage and central air. Snow removal and lawn maintenance are covered by the condo association, perfect for easy living.

1368 Asylum Avenue is offered at $3,000 per month. If you’d like to see this home, please have your agent arrange a showing or call us at 860-655-2125 to schedule a visit.

The first floor greets your guests with a large foyer and original molding throughout the level. Large living and dining rooms are perfect for entertaining, plus don’t miss the den with the rounded wall. The kitchen, large butler’s pantry, half bath, mudroom, and laundry area complete the first level. The second floor includes four large bedrooms and an updated bath. Upstairs, the third floor has been finished into a large open space with a vaulted ceiling, skylight, and full bath. The home is set on a 0.37 acre lot, with a stone patio and newly paved driveway.

97 Girard Avenue is offered at $2,000 per month. If you’d like to see this home, please have your agent arrange a showing or call us at 860-655-2125 to schedule a visit. More information and photos are available.

487 Main is a mixed use building on the corner of Elm Street, across the street from the Downtown Branch of the Hartford Public Library. At street level, it has big-name retail tenants in Dunkin’ Donuts, Subway, and Main Street Seafood and Lounge. The upper level had been office space before the conversion to residential.

Access to the three units on the second floor is via the lobby and stairs on Main Street. Many original features have been preserved, including marble wainscoting, an intricate floor tile pattern, and oversized doors.

Each of the ranch-style units feature 2 bedrooms, 2 baths, and a den. The large windows and wide doors between the main living areas make the space feel large and open. And at over 1,600 sqft each, the units are larger than most of the current Downtown options.

The fourth unit is a 2,000 sqft townhouse with a private entrance on Elm Street. The main level has a large open living and dining room at the front, with the kitchen, a full bath, and a large utility room in the back. Upstairs are two very large bedrooms and another full bath.

Kitchens and baths are all brand new, with stone counters, though the appliances had not yet been installed. All of the units have laundry hookups, reasonable closet space, and air conditioning. There is no parking with the building, but there is underutilized on-street parking on Elm Street and parking lots nearby.

These apartments are larger than most everything else that is available in Downtown Hartford. They are bright, cheerful spaces, and well located. Rent for the four units range between $1,650 and $2,000 based on the size and layout. At those prices they are also a terrific value considering that the other large options rent for considerably more.

For more information about 487 Main Street, call Valerie Zullo, the property manager, at 860-522-8000. And just for fun, tell her you learned about the building on the Greater Hartford Real Estate Blog – thanks!

Plans for 410 Asylum have changed dramatically over the years. Vacant since 1995, previous owners considered a number of possibilities before beginning proposing demolition. In response, the Connecticut Historical Commission obtained an injunction against the demolition. They successfully defended the resulting lawsuit, brought by the owners, as the federal court upheld the property’s inclusion in the High Street Historic District on the National Registry of Historic Places. Eventually the structure was donated to Common Ground for redevelopment.

Even after Common Ground took over, there was still some debate within the City about its appropriate use. All parties agreed that ground floor retail with residential above was ideal, however the City and other local developers expressed concern about bringing “supportive housing” to such a prime location. The building is located on the north end of Bushnell Park with unobstructed views of the Connecticut State Capital Building, which could theoretically make it quite valuable.

But all that is in the past. Construction has been going on for over a year – check out the field report photos – and is nearing completion. Jennifer Hawkins, a very helpful representative of Common Ground, notes that “The building will be a mix of historic restoration with modern “green” features.” It will be LEEDs certified (the first in Hartford) and will be a smoke free building.

When complete, there will be 70 apartment units. Of the total, 56 will be income restricted units in a mix of studios (~494 sqft), one bedrooms (~564 sqft) and two bedrooms (~926 sqft). They will only be available to applicants with income at 60% of area median income. Depending on the number of family members, this translates to tenants earning between $34,000 and $43,000. The rent for those units will be set at approximately 30% of income, and include all utilities, access to basement laundry facilities and outside parking.

The other 14 units will rent at market rate and are all two bedroom units (~969 sqft) with in-unit laundry and indoor parking (utilities not included). Rent has not yet been finalized, but initial indications are that it will be about $1,600 per month. The basic floor plan for the apartments can be seen on the 8th page of this marketing document. You can also see the plans for the six retail spaces on the ground floor. Note that some of the information in the PDF may have changed – the figures I have quoted in the text have all come from a recent series of exchanges with Ms. Hawkins.

Common Ground is planning to have a model apartment available for viewing in May, and to begin accepting rental applications in the June/July timeframe. For now, they are collecting names of interested perspective tenants. For more information, or to be added to the list, call 888-399-8848.

The completion of the Hollander Foundation Center will be an exciting event for Hartford. Not only will it formally announce the arrival of Common Ground, but it will also allow our downtown population to continue to grow. Perhaps most importantly, the project has rehabilitated a vacant historic building and integrated it back into the community. It represents one more step in our slow march to revitalize Hartford’s downtown.

Update: Rents for the affordable units are fixed monthly rates, rather than based on individual tenant income as originally stated.

Update 2: The phone number for the property manager, WinnResidential is 860-548-1167

Renting isn’t always the optimal choice for a seller because it doesn’t free up liquidity if they need to immediately purchase another home. Additionally, sellers have to act as landlords and be responsible for a property, even though they may have moved across the country. A renter won’t necessarily maintain a home as well as the owner, so when it comes time to try and resell, the owner may have to make improvements and fix problems from the renter’s stay.

That being said, there are some advantages to renting a home in today’s market…

1. Right now there are many people who would like to buy a home, but can’t because of the current state of the mortgage market. Either their credit scores are too low or they need more time to save for a larger down payment. There is a large market of renters currently available, allowing sellers to sometimes command enough rent for their house to cover all of their carrying expenses.

2. If a seller does not need to liquidate their investment (house) immediately they can take their time and try to wait out the market. This can work especially well if all of their carrying expenses are covered by the renters. When the market starts to turn in seller’s favor, they can typically react by trying again.

I have noticed an uptick in sellers renting their properties this year and thought it would be interesting to see if there was data to support this observation. Here is the Multiple Listing Service data for Single Family home rentals in the Greater Hartford area…

Most towns in Greater Hartford have seen an increase in the number of single family home rentals in 2008 when compared to the same time period in 2007. Overall, single family home rentals in these towns have increased by 47% over 2007. It’s also important to keep in mind that these rentals only take into account the properties that are brokered by real estate companies. Many sellers are privately trying to rent their homes after they are unsuccessful at selling, so the increase may actually be even more significant.

It’s important to keep in mind that most sellers would prefer to sell their house outright, rather than rent. Typically when you see a house for rent, it will also be for sale at the same time. The seller would prefer a sale, but will take a good renter if they find one.

Additionally, if you’re looking for a house to rent, the column “Number of Active Rentals of Single Family Houses” should help you focus your search, as you can see which towns have the most options currently available.

Town finances impact all of us (even renters) through property taxes. They are a hot button issue for the traditional pro-school and anti-tax groups that emerge every time a budget comes up for debate. There is always lots of rhetoric, and there is sometimes cooperation and compromise, but there are rarely constructive suggestions or discussions that address the underlying issues. Which is not surprising because the established rules of the game are that everything is local.

The Greater Hartford Real Estate Blog has written about the financial stresses that local governments face on a couple of occasions. One post focused on West Hartford’s ongoing budget situation, while the other was more general and looked at the difficult economics of running a town. We see financial trouble on the horizon at all levels of government. And like many others have not been sure how best to work within the rules.

Rather than continuing to beat each other up at a local level, another way to address the challenges is to team up at a state and/or regional level and try to work together. The Courant has stepped to the front by making an initial proposal that includes the following:

1. Launch a study at the state level to identify whether or not core services can be more efficiently delivered on a regional basis (with the focus on federal metropolitan areas rather than counties).

2. Begin dialogs about regionalism at the town level immediately, and launch a major education campaign if the state study shows meaningful savings are possible.

3. Create incentives at the state level to encourage towns to participate.

4. Consider enhancing the existing entities that already think on a regional level so they can play more of a leadership role.

Regionalism is a new arrow in our quiver as we all go through the local budget balancing process. It joins tax hikes, reduced services, begging for more state money, and increased efficiency as the primary tools for making sure that town revenue matches town expenses. And of the five, it seems most likely to make a meaningful long-term impact.

So give the editorial a quick read. Talk about it with your friends, neighbors and coworkers. And if it seems as promising to you as it does to us, tell your elected officials to reach out to their counterparts in other towns.

Having riden the bus down either Farmington Avenue or Asylum Avenue nearly every day over the past four years, I’ve gradually realized that Asylum Hill is perhaps the only neighborhood in Greater Hartford in which a resident could legitimately survive without a car.

First and foremost Asylum Hill has plenty of easily accessible job opportunities, with major employers like The Hartford, Aetna, St. Francis Hospital, and the Connecticut Culinary Institute all within walking distance. Beyond those institutions, there are numerous small businesses lining the two major streets. Folks willing to ride the bus can get to downtown, West Hartford Center, Westfarms Mall or the CIGNA campus in Bloomfield without needing to transfer.

The second critical factor is that residents can shop for the supplies they need on a day-to-day basis. With the opening of the Green Apple market on Farmington, residents are now able to get fresh fruits and veggies on a consistent and reliable basis. Other small markets and convenience stores are scattered throughout the neighborhood. There are a number of other eateries and specialty shops on Farmington, and even a few fast food options. Household items may be more difficult to come by, requiring a half-hour bus ride out to the Westfarms area. Perhaps this is the time to mention that the neighborhood is very centrally located in the region, with excellent highway access. So convincing a friend with a car to take a quick trip to wherever should not be a problem.

The neighborhood also has an impressive collection of cultural and community institutions. The Mark Twain House, Harriet Beecher Stowe Center, and Children’s Theater are all clustered on Farmington, with the Hartford Conservatory on Asylum. A number of churches, some of the most beautiful in the city, have prominent positions in the neighborhood. The recently renovated Hartford Public High School serves as a focal point in the community, and there is are a number of community gardens tucked in empty lots.

Finally, there are a wide variety of residential options. Many of the housing choices are either apartment or condo units in multifamily structures. Much has been made of the very visible and recently halted project that David Nyberg is doing on and around Imlay Street, and there appears to be other renovations underway elsewhere in the neighborhood. The northern part of the neighborhood has more single and multi family properties, though there are also plenty of options in larger buildings.

Asylum Hill is a complete urban neighborhood with jobs, retail, culture/entertainment and housing together in a walkable community. It’s time they got the recognition they deserve for being the best available option for the auto-free (or auto-light) lifestyle in Greater Hartford.

Hartford has spent quite a bit of time and money courting young professionals to work and live in the city. Hartford 21, the Lofts at Main & Temple, Trumbull on the Park, in addition to other rental options downtown were created with the Gen Y demographic in mind. The currently stalled Front Street development, Colt Gateway, and Riverfront Recapture efforts were also part of the plan.

Blue Back Square in West Hartford is also seen as an attractive area for young professionals, with its restaurants and shops. While the condos there are essentially out-of-reach based on pricing, there is an upscale rental option with The Lofts at Blue Back Square.

And now Simsbury seems to be throwing its hat in the ring. The Simsbury zoning commission voted last week to a new mixed-use development that would have a rental component, marketed toward the young professional demographic.

With all of these options, where are the young professionals ultimately going to choose to live? While I am not technically part of Gen Y (I was born in ’76 and am a staggering 32 years old), I think I am still considered a young professional. What I see my clients and friends gravitating towards are areas that are close to work (long commutes are really a drag), walkability to shops, restaurants, and coffee shops, and some type of nightlife, whether it be a low key coffee shop or wine bar or a techno-thumping club.

Perhaps more importantly, are employers in the Greater Hartford area going to be able to attract enough young talent that all of these options can survive? At what point is saturation reached? I may be incorrect in my thinking, but I’m going to say it anyway. I have a feeling that the Simsbury development might be a little late to the game and Simsbury might not be the ideal location for young professionals because of its more rural nature and lack of “things to do.” But only time will tell…

If you’re thinking about moving to Connecticut and buying a car in the state at the same time, make sure you have a legal Connecticut address first.

Just don’t be caught in a bind thinking you can purchase your car and then drive around looking for an apartment or house. Unfortunately you’ll have to rent a car, find your place, and then you can buy and register your car. Happy relocating!

Being a landlord isn’t for everyone. Here’s an excellent article from CNN Money which explains when you would want to rent rather than sell your home, if you’re a good candidate for being a landlord, and how to build a team to handle the transaction effectively.

Personally, I’ve been getting a few calls a week from people looking to rent homes in West Hartford, rather than buy. They’re hesitant because of the current mortgage market and wonder if housing prices will continue to drop. Local sellers are also becoming more aware of the situation and are increasingly offering a lease option when listing their property for sale in the MLS.

As a seller, the more options you offer for someone to cover your mortgage, the quicker you can move on to your next home. Just something to consider as we deal with a changing housing market.