27 Fairfield Road, West Hartford

27 Fairfield Rd - West Hartford

This sweet colonial, located in the Norfeldt/King Philip/Hall district, is ready for its next owners. With newly refinished hardwood floors and fresh paint throughout, all you’ll need to do is move right in.

The first floor offers a classic layout featuring a living room with wood burning fireplace and a formal dining room. The kitchen has plenty of storage and workspace, as well as room for an eat-in table. A powder room completes the first floor.

Upstairs there are three bedrooms with nicely sized closets, as well as a fully remodeled bathroom.

The basement is great for storage or could be finished, if desired. Laundry shares this space.

Enjoy the mature plantings in the oversized, level yard with paver patio. It’s a wonderful space to unwind, play, and garden.

The one-car attached garage is accessed through a bright breezeway. Relax in this room 3 seasons a year, overlooking your outdoor space.

The home has replacement windows throughout, 2 window-mounted air conditioning units which cool the space, a new refrigerator, and many updated lighting fixtures. A must see!

27 Fairfield Road is offered at $289,000. 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 are available.

227 Penn Drive, West Hartford

227 Penn - West Hartford

This thoughtfully updated home in the Morley/King Philip/Hall district awaits its new owner.

A showstopper kitchen remodel is the focal point of the first floor, which has opened the entire kitchen and dining space. An oversized center island is perfect for meal prep and congregating. There are granite counters, stainless steel appliances, double sinks, tile flooring and backsplash, and a beautiful greenhouse window. The large dining area accommodates formal or informal gatherings.

A sizeable living room flows well with the kitchen and features a bay window and gas fireplace.

Another fantastic addition is the new full bathroom with tiled shower and floor, large vanity cabinet, and built-in storage.

A bright sunroom completes the first floor.

Upstairs, the master bedroom is spacious and features double closets. There are two additional bedrooms, a classic full bath with both a tub and shower, and a large unfinished room, perfect for storage.

The basement offers a partially finished space with a fireplace, the laundry room, and a storage area.

Outside, a level backyard has a nicely sized deck for entertaining, space for play and gardening, as well as a useful storage shed.

The home has a new roof, newer high efficiency gas boiler, replacement windows throughout, hardwood floors, and a 1-car attached garage. There’s really nothing to do but move in and enjoy the updates!

227 Penn Drive is offered at $339,900. 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 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.

3 Burr Street, Unit A-2, West Hartford

3 Burr Street, West Hartford Center

Come see this nicely updated one bedroom, one bathroom end unit condo located in the heart of West Hartford Center and Blue Back Square.

The eat-in kitchen is renovated and features tile flooring and backsplash, stainless steel appliances, and plenty of storage space. A living room with electric fireplace opens to the kitchen. The bedroom has double closets and a fully remodeled bathroom.

The condo also comes with laundry in the unit, a reserved parking spot, low condo fees ($276/month), and plenty of guest parking.

Supremely convenient to restaurants, retail and grocery shopping, a movie theater, the Town library, highway access, and public transportation- the location can’t be beat.

3 Burr Street, Unit A-2 is offered at $155,000. 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.