$238 Million for One Condo in NYC

2016-07-02 NYC Skyline 8615-1920

A finance guy paid $238 million for a large apartment at the top of a building overlooking Central Park.

The CTMLS says that the total cost of the 687 residential properties (single-units, multi-units, and condos) that sold in Hartford in all of 2018 was $109.3 million. This comes out to about $159,153 per property.

West Hartford, which has the most active residential market in this area and strong prices, was able to top that one deal in 2018. The 947 residential deals totaled $311.8 million in total value, which is $329,201 per property.

My mind wanders in many directions when contemplating these data points, but there is one overriding conclusion…

Housing in Greater Hartford is affordable, allowing normal people with regular jobs to pursue ownership opportunities. This is an important advantage we have over NYC and other expensive cities.

2018 Condo Sales: Steady Market

2019-01-21 Hartford County Condo Sales

Hartford County condominiums maintained their pace of sales in 2018. The deal count increased by 2 properties from 2017 to finish with a total of 2,204 sales.

2019-01-21 Hartford County Condo Prices

The median condo sales price increased by 2% from the previous year, reaching $153,000. The positive direction was the first meaningful step upwards for the median price in a decade.

One of the reasons for the long-term downward trend in the median price is that developers have sold fewer “New Construction” condos in the current decade. The chart below shows that there was a wave of new properties built in the previous decade. Those new units, which represented more than 15% of the total number of deals in 2006, played an important role in pushing up the median price.

2019-01-21 Hartford County New Construction Condo Sales

The uptick in median price, and the level deal count, resulted in a reasonably steady distribution of sales by price band.

2019-01-21 Hartford County Condo Sales by Price Band

Finally, here is the breakdown of the number of deals and median prices by town. Condominiums are distributed throughout the County, so a number of towns have active condo markets.

2019-01-21 Hartford County Condominium Sales in 2018 by Town

Don’t hesitate to ask us your condominium questions. We’re experienced agents who are active the local condo market. How can we help you?

Alert: Extreme Cold Ahead

Real Estate Alert 2019-01-19

The precipitation is getting all the headlines, but the extreme cold predicted to follow is just as concerning.

Take a couple minutes today to make sure your house is ready for extended single-digit temperatures. Check your heating oil level, drain the exterior spigots, and bring in some firewood if you regularly burn fires. If you have drafty windows or doors, then consider buying insulating strips to temporarily plug the cracks.

Stay warm, and make sure your house stays warm too. Frozen pipes are bad news.

Free Houses in Sicily

Ruins

We recently wrote about municipal governments offering free houses in Japan in an effort to stabilize the population of rural areas.

Well, a similar offer is available with a Mediterranean flair. Sambuca, a town near the southern coast of Sicily, is offering homes for €1 to new residents who promise to fix up the properties within 3 years. The town dates back to the ancient Greeks, and has a variety of historical influences.

Although we’re not planning to jump at either offer, there is consensus in our house that we would choose Sicily over Japan.