Archive for the 'The Valley' Category
The Fight for Young Professionals in the Hartford Area
Young professionals, usually associated with Generation Y (1980-1994), are where it’s at. Local towns and cities in central Connecticut are fighting over them because there are a lot of them (Gen Y is the largest demographic group since the Baby Boomer generation) and they have a lot of spending power.
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…
Greater Hartford Real Estate Market Statistics- Condos
I recently posted the latest real estate statistics for single family homes in Greater Hartford. Below are the latest real estate statistics for condos in Greater Hartford.
I pulled the time period of April through July (essentially the spring market) and compared 2008 to 2007. A few things to keep in mind; some towns simply have more condo complexes than others, some towns have lots of new condo construction going on while others do not, some condo stock is for 55+ owners only and I did not separate those out.
All data came from the CT Multiple Listing Service and is deemed reliable, but not guaranteed…
My takeaways…
1. If buyers are looking for a deal, they may want to focus on towns with Months of Inventory shaded yellow. These towns are all indicating a Buyer’s market (more than 6 months of inventory). However, it is still important to look at the overall inventory situation in the price range you’re interested in, as it might be somewhat different than the town’s overall condo market.
2. Months of Inventory may be understated in some cases, as new construction condos may not enter every available unit in the Multiple Listing Service, so they can’t be counted for my analysis. Sometimes a new condo complex will have only a few listings in the MLS as a random sample, even though they have many more units available for sale. This causes inventory estimates to be understated.
3. For the most part, condos are sitting much longer than they did last year. In many cases, on average, they sit for longer on the market than a single family home in the same town.
4. Median prices seem to be down in most towns as well. Part of this decline may be attributed to more newer construction selling in 2007 than 2008, therefore inflating the median price in 2007 with higher priced new condos.
Greater Hartford Real Estate Market Statistics- July 2008
The lazy days of summer are here. But at the Greater Hartford Real Estate Blog, we’re not lazy, we’re market focused! So just what the heck happened out there in July? Let’s look at the lastest real estate statistics, straight from the CT Multiple Listing Service…
My takeaways…
1. If you’re a buyer and looking for a deal, you might want to concentrate on the markets with their inventory numbers highlighted yellow. Those are all Buyer’s markets right now, based on the last 3 months of sales data.
2. If you’re a seller in Newington or West Hartford (inventory highlighted green), you’re most likely in a good position right now, Seller’s market. Homes are moving fairly quickly in these two towns, and depending on the amount of inventory in your price range, you should be able to get close to your asking price, if you’re priced correctly. Buyers in these two towns should be very aware of what’s available in their price range and be able to react quickly and with reasonable offers if they see something they like. Because if you don’t move on it, someone else will.
3. If you’re a buyer or seller in any of the towns with inventory shaded white, you’re in a Neutral market. Look closely at the competition when submitting offers and pricing your home for sale.
4. Many towns saw substantial Percentage Changes in the number of closings between July of 2008 and July of 2007. Make sure you look at the actual # Sold though. Many of the numbers are small, so small changes of a few closings sometimes translates to large Percentage Changes. Ah, the wonder of statistics. Remember this when you’re reading newspaper articles about the housing market, as they often only speak in percentage terms and not actual # of Sold properties.
Test Scores and Home Prices
Last week the results for the Connecticut Mastery Test were released to the public. The Courant has put together a nice page for quickly seeing data, while the official results website allows users to generate detailed reports.
As expected, there has been a flurry of commentary on the results for different towns. The West Hartford results are being debated on West Hartford Forums, Talk of West Hartford, and The West Hartford Blog. I’m sure that there are other places also.
Rather that rehashing what has already been said, let’s keep the focus on real estate and take a look at the relationship between test scores and home prices. Will buying a home in a town with higher median home prices provide access to better performing schools (based on CMT results)?
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The above graph shows test scores for each town (average performance of eighth graders) as a function of the town’s median home prices (second quarter of 2008).  It is interesting to note that test scores and median home price seems to be correlated. I’m sure there are other factors that influence the relationship. Anyone up for running a regression analysis… 
Celebrate West Hartford & Farmington Antiques Weekend
There are two fun outdoor events going on this weekend that you might want to check out.
Celebrate West Hartford is a free outdoor festival where you can shop at craft booths, enjoy rides and games, sample some delicious food from local eateries, and participate in a 5K road race. The event runs Saturday from 10-6 and Sunday from 12-6 in the West Hartford Center and Blue Back Square area.
Farmington Antiques Weekend is also taking place this Saturday and Sunday. Whether a browser or a buyer, you’ll have a good time looking at the wares of over 400 vendors. Saturday’s $10 admission is good for both days. The show runs from 8-5 on Saturday. If you only want to visit on Sunday, admission is $7 and hours are 10-5. The event is held at the Farmington Polo Grounds at 152 Town Farm Road.
I’m taking a much needed day off tomorrow and will be hitting up the antique show in the morning and volunteering at the West Hartford Dog Park booth at Celebrate West Hartford in the afternoon. Hope to see you there and don’t forget to wear your sunscreen! Also, this would be a great opportunity for weekend plans with friends…