The Commercial Record August 2012

AUGUST 2012

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CONNECTICUT’S BUSINESS MAGAZINE

SOUTHERN EXPOSURE

WHY THE BANK OF SOUTHERN CONNECTICUT’S PAST POOR PERFORMANCE CONTINUES TO BURN

INSIDE MEET CONNECTICUT’S COMMUNITY BANK HEROES IS EMINENT DOMAIN IMMINENT? THE RIGHT WAY TO CHARGE BANK FEES

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inside 25

Community Bank Heroes

The Commercial Record set out to find community bankers who stand out from their peers. These individuals not only excel in their careers, but also devote professional and personal time to making the local communities they serve better places for all.

25

6 Past Is Prologue An FDIC order to the Bank of Southern Connecticut punishes for the sins of the past.

8

Basel’s Impact Banks in Connecticut are watching the effects of Basel III carefully, but uncertainties abound.

10 No Gold In Fairfield The numbers are grim, and the outlook isn’t good, but commercial real estate experts aren’t counting Fairfield County out yet.

12 Operating In Good Faith Proposed new rules from the CFPB might actually be worthwhile – if you can get through the 1,100 pages explaining them.

14 Land Grab Municipalities in California are considering taking underwater homes under eminent domain laws, then selling them back to the owners. Could it happen in Connecticut?

8 16 Fee-Free Local banks are pushing back against user fees to gain customers, but the loss of income can hurt. Is there a better way?

6 18 news roundup 19 c-changes 20 state statistics 22 top commercial transactions 24 gossip report 40 trendlines

August 2012 | The Commercial Record | 3

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from the editor

Money For Nothing

U

sed to be, risk begot reward. True, not taking certain risks could sometimes bring rewards. But by and large, throughout history, fortune has favored the bold.

But as testament to how far the paradigm has shifted in just the past few years, it seems that now, fortune (literally) favors the passive.

For years, economists have bemoaned the fact that companies and financial institutions are simply sitting on massive piles of cash, unable – or, more likely, unwilling – to lend it out or make productive use of it. If these entities would just deploy those trillions of dollars, the national and global economies would be in much better shape.

But why take the slight risk involved in deploying that capital when there is some nominal reward – especially for financial institutions – in simply letting it collect dust? Especially when, in this case, that dust takes the form of lucrative compound interest?

In order to provide adequate liquidity as a cushion against their loans, banks have long been required to maintain a certain level of capital reserves with the Federal Reserve. Historically, banks kept the minimum amount allowed with the Fed, since keeping anything above minimum reserves meant taking money away from the amount they could lend. Additionally, these reserves – both required and any excess – never earned interest.

Keeping money with the Fed for long periods of time actually ended up costing banks as inflation rose and eroded the value of that cash.

Except in 2008, that all changed.

In October of that year, as investment banks were imploding and many banks faced collapse as a result of not enough liquidity, the Fed began paying interest on those reserves. At the time, one can imagine the Fed thought it was good policy to incentivize lenders to re-build their reserves in any way possible. And what better way than to pay them for it?

But after four years, the policy isn’t working anymore.

The Fed currently pays 0.25 percent interest on required and excess reserves. That may not sound like a lot, but it’s not nothing, either. Two-year treasury bonds have been paying less recently. And the return on lending that excess cash to other banks

has been as low as 0.13 percent in recent months.

An interest rate of 0.25 percent, compounded daily, on an initial deposit of $1 billion nets the account holder more than $2.5 million in “profit” after just one year.

So getting 0.25 percent for essentially doing nothing starts to look pretty good.

It looks doubly good when one considers that inflation – historically the last remaining barrier to just sitting on cash – has largely been a non-factor of late. Some economists say they are actually seeing signs of deflation in the monetary supply, which makes those piles of cash effectively even bigger – again, all without doing a thing.

Compounding the policy problem is the fact that new Basel III regulations will ostensibly require banks to keep even more cash on hand. Thus far, banks have been saying all the right things about how those regulations will cut into their ability to lend. But once that interest dust starts accruing, it could make for a decent consolation prize.

Stopgap measures put in place in 2008 to try and re-create a safety net for a staggered industry no longer work as we shift from a damage-control phase into rebuilding mode.

The Fed ought to give its bank depositors a taste of their own medicine. Begin charging monthly “maintenance fees” on excess deposits, just like banks do to their own depositors. Eliminate interest on those deposits altogether – again, just as many banks have seemingly eliminated interestbearing checking accounts.

By eliminating the reward for inaction, the Fed could force banks to take the risks that made them succesful in the first place.

Or it can do nothing. And we all can get nowhere.

Cory S. Hopkins Editorial Director August 2012 | The Commercial Record | 5

Consenting Adults

Southern Exposure The Bank of Southern Connecticut Continues To Be Burned

By Poor Past Performance As FDIC Demands Stronger Management Role

BY MATT BROWN | COMMERCIAL RECORD STAFF WRITER

T

he Federal Deposit Insurance Corp. consent order issued to the Bank of Southern Connecticut may seem like any other FDIC order received by any other institution. But to Joseph Greco, the bank’s president and CEO, it’s a reminder that the work of resuscitating the bank is far from finished.

It is also a reminder that the FDIC is watching the Bank of Southern Connecticut to make sure it doesn’t make the same mistakes it, and JOESPH GRECO the banks it associates with, did in the not-so-distant past.

The order requires the bank to review and revise the management plan its board approved in September. The revisions will be reviewed by the FDIC’s Boston office and the state Department of Banking.

The order also requires the bank’s management team include “a chief financial officer with demonstrated ability in all financial areas including … accounting, regulatory reporting, budgeting and planning, management of the investment function, liquidity management and interest rate management.”

The FDIC also wants to see a chief executive with “proven ability … in upgrading a low quality loan portfolio.”

One Connecticut banker who spoke to The Commercial Record anonymously, citing a conflict of interest, said perhaps the only thing that makes the consent order issued last month unique is its very

specific language regarding the Bank of Southern Connecticut’s management team.

“It’s very rare that one of these orders mentions the CFO position specifically,” the banker said.

A Messy History What the order says the FDIC is lookY you’re taking ing for is “reaffirmationN that a good, hard look at your management team and that you’re comfortable with them,” Greco said.

Orders like the one regarding the Bank of Southern Connecticut are issued frequently by the FDIC, and Greco said that may just be a sign of the times. Capital levels dip, banks get ordered to fix things.

“They pretty much all say the same thing, and they’ve become prevalent because of the times,” Greco told the Commercial Record. “The regulators are being cautious, and given the economic times, probably rightfully so.”

The problems at the Bank of Southern Connecticut weren’t created on Greco’s watch. He was hired as president and CEO late last year after former chief executive John H. Howland abruptly stepped down.

Howland is now president and CEO of the First Bank of Greenwich, which last year was sued for bank fraud by a partner in an upstate New York car dealership run by members of the bank’s board of directors.

Howland stepped down five months after the Office of Thrift Supervision halted the Bank of Southern Connecticut’s acquisition by Naugatuck Valley Financial Corp. (NVFC), parent of Naugatuck Valley Savings & Loan.

6 | The Commercial Record August 2012

Officially, the $134 million Bank of Southern Connecticut’s loan portfolio was so weak, the OTS was uncomfortable saddling another bank with so much bad debt.

But several banking industry executives told The Commercial Record that the OTS was perhaps equally doubtful that $570 million Naugatuck Valley was strong enough to handle even the relatively small increase in size.

The concern was that the acquisition would simply create “a bigger bad bank,” one Connecticut executive told The Commercial Record.

And late last month, Naugatuck Valley had its own unexpected resignation when John C. Roman told the company he would resign as president and CEO in early August.

On June 5, Roman gave NVFC 60-days written notice of his resignation, according to documents filed with the U.S. Securities and Exchange Commission.

Roman had been President and CEO of Naugatuck Valley Financial Corp. since 2004. He was also president and CEO of Naugatuck Valley Savings and Loan since September 1999. Roman was president and CEO of Naugatuck Valley Mutual Holding Company since 2004.

Before that, he was the bank’s chief lending officer.

He remains a director of NVFC, and was reelected to the board in late June.

In 2011, Roman received $220,532 in total compensation. He also signed an employment agreement that expires in November. Under terms of the agreement, if Roman terminates his employment for “good reason,” he receives a

lump sum including salary and benefits covering the remainder of the contract.

Roman did not respond to invitations to comment for this story.

What the order says the FDIC is looking for is “reaffirmation that you’re taking a good, hard look at your management team and that you’re comfortable with them.”

–Joseph Greco; President & CEO, Bank of Southern Connecticut

Inherent Risk Look at the earnings reported by the Bank of Southern Connecticut and Naugatuck Valley Savings & Loan, and some of the crucial numbers are not pretty.

But where the Bank of Southern Connecticut is at least showing signs of stability, Naugatuck Valley continues to struggle.

In the first quarter, Naugatuck Valley reported a net loss of $977,000 compared to a $396,000 profit a year earlier. Its return on average assets was -0.68 percent compared to 0.23 percent a year prior. Its return on average equity was -4.71 percent compared to 2.99 percent.

Nonperforming assets were 4.94 percent of total assets compared to 4.59 percent a year earlier.

Interest income decreased 4.4 percent during the quarter, and its provision for loan losses jumped to $1.97 million from $438,000 a year prior and nonperforming loans increased to $27.3 million from $24.7 million a year earlier.

The Bank of Southern Connecticut faces some of the same difficulties, but it ended the first quarter with a net loss of $59,299 after closing the first quarter of 2011 with a loss of $636,318. It’s provision for loan losses shrunk to $30,000 from $743,104 a year prior.

“We have shrunk the bank significantly,” Greco said. If a bank approached the Bank of Southern Connecticut with an acquisition offer at “a price we couldn’t refuse,” Greco and his board would certainly consider it, but on the other hand, “I think there’s good opportunity here in New Haven for a commercial bank.”

What got the bank into trouble in the first place was “a combination of factors,” including the inherent risk in commercial lending.

“Everyone loves to second guess the underwriting standards at banks, and maybe they weren’t up to the standards they are now,” he said.

■ Email: mbrown@thewarrengroup.com

CR ONLINE To read the FDIC’s full consent order sent to The Bank of Southern Connecticut, please visit www.commercialrecord.com August 2012 | The Commercial Record | 7

Cost Of Doing Business

The Basel Bummer Why A Series Of Rules Tailored Toward Large, European Banks May Impact Local Lending

BY MATT BROWN | COMMERCIAL RECORD STAFF WRITER

T

he capital requirements of the Basel III proposal may be confusing and complex, but shouldn’t put a damper on lending in Connecticut, according to industry experts watching the new rules develop.

Still, the state Department of Banking is watching the relationship between higher capital standards and lending levels very carefully.

Since its release in early June, Basel III has been the subject of dread uncertainty among bankers as their lawyers and accountants keep tabs on how the global rules may ultimately affect banks in the Constitution State.

Giant accounting firms like KPMG have published lengthy, complicated reports on Basel III, but how well the present findings of those reports will match the final version of the new rules remains to be seen.

In fact, much remains to be seen – and that’s exactly what has industry experts worried.

Basel III is the result of months of negotiations between the 27 countries that make up the Basel Committee on Banking Supervision. As it stands, it triples the size

of the capital reserves banks are required to hold against losses.

In response to the global economic crisis, Basel III sets a new key capital ratio of 4.5 percent. The current standard is 2 percent. A buffer of 2.5 percent is also included. If a bank’s capital falls within the buffer, its ability to pay dividends and bonuses will be restricted.

The new rules are scheduled to be phased in between January 2013 and January 2019.

8 | The Commercial Record August 2012

Prohibitively Expensive The Basel framework is extraordinarily complex, and because it is being crafted largely

by Europeans, its primary concern is with the 20 or so banking giants that control the market across the Atlantic. How that ultimately translates to

Connecticut, which is home to several community and regional banks, is where things get troublesome.

From the local point of view, parts of the proposal make sense and other parts do not. In fact, they “appear to be unduly punitive on banks like community banks with simple and easily understood and regulated business models,” Martin Geitz, president and CEO of Simsbury Bank, told The Commercial Record.

Geitz attended an FDIC information session on the Basel III proposal in late July in order to “help in balancing the various provisions to formulate a perspective.”

“It’s huge, and there’s so much that’s

left undecided,” said David Woronov, partner at Boston-based law firm Posternak, Blankstein& Lund. “I’m looking at reports from January that say, ‘American banks, don’t worry, you can use mortgage servicing rights toward capital.’”

Six months later, it turns out mortgage servicing rights cannot be counted toward capital for the purposes of complying with Basel III. In a recent report, KPMG suggests DAVID WORONOV banks sell all or part of their insurance subsidiaries. Of course, KPMG would appreciate it very much if banks would retain them to take care of this and many other transactions.

“That’s part of the problem,” Woronov said. “It’s going to create markets that will be too expensive for your local bank.

These products will be so expensive as to be prohibitive.”

MARTIN GEITZ Even foregoing those expensive products, Connecticut’s banking industry is well capitalized in general, but will nevertheless be required to do the work of complying with Basel III. “Obviously with the Basel requirements there are modifications to the minimum capital levels. We are viewing these higher minimum capital levels as strengthening the banks, not weakening them,” James Heckman, a state Department of Banking spokesman, told The Commercial Record

As of right now, the department said it doesn’t feel that ensuring the banks maintain higher minimum capital levels will lessen their ability to lend.

“It provides a greater capital cushion to absorb loan losses should that be necessary,” Heckman said. “The legal lending limits calculations are not being changed; in fact, the lending limit calculations will be at higher amounts with the increase in the bank’s capital levels.”

Giant accounting firms like KPMG have published lengthy, complicated reports on Basel III, but how well the present findings of those reports will match the final version of the new rules remains to be seen.

In fact, much remains to be seen – and that’s exactly what has industry experts worried.

Still, banks aren’t worried about lending levels for nothing, and the department understands the anxiety, Heckman said.

“I do think this feeling about banks not being able to lend as much may be

somewhat valid. There may be validity to the concern that banks may lend less,” he said. “Unless a bank has raised capital, is in good condition and has a fully funded reserve, the higher standards could tend to lessen lending. That’s the function of higher prudential capital requirements.”

Preliminary Discussions Also, certain nuances are lost in translation between Europe, where the Basel standards are drafted, and the United States.

Woronov said despite the consequences that are going to be felt by local banks as a result of Basel III, they and the industry’s giants do have significant tracts of common ground.

“It’s really hard on local banks, but it’s equally hard on the huge international banks, too.” Woronov said. “It’s a political process, and [banks] are going to have more issues with the same question marks. How do we do the valuation?

The whole point of Basel III is to reduce risk, but that presupposes that it can be determined without a question, across the board, what is a risky asset and what is good for all geese is good for all ganders.”

When it was released June 7, Basel III carried a 90-day comment period. American industry groups are pushing for an extension of that time.

Several banks declined The Commercial Record’s invitation to comment for this story. One industry executive did say Basel III would “have a lot of people heading for the exits.”

“We’ll be talking about this until 2020,” Woronov said.

■ Email: mbrown@thewarrengroup.com

August 2012 | The Commercial Record | 9

Slow & Unsteady

Fairfield, Flatlined Fairfield County’s Office Market Is Largely Stagnant, And Looks To Remain That Way

BY JIM CRONIN | COMMERCIAL RECORD STAFF WRITER

I

f slow and steady wins the race, then Fairfield County’s office market might have a chance in the long run – but it would have to be a very long run.

Because with the way Fairfield County’s office segment is currently performing, the market might be lucky if it places in the race at all.

Throughout much of the county, leasing activity is crawling along, but absorption is steady – that is, if you consider negative absorption to be steady. The 48.6 million-square-foot Fairfield County office market has given up about 80,467 square feet in negative absorption year-to-date, according to information from Jones Lang LaSalle. The vacancy rate sits at 21.7 percent, or roughly10.6 million square feet.

Then there’s the leasing activity. For the first half of this year, there was a total of 857,069 square feet in leases penned.

That’s a 23.9 percent decrease from more than 1.1 million square feet leased in the

first half of 2011, according to Cushman & Wakefield.

The 0.9 million-square-foot year-to-date leasing activity represents the second slowest half-year period in the last 10 years, well below the 1.4 million-square-foot average for mid-year periods over the last decade.

Class A leasing activity for the second quarter was 390,165 square feet, an increase from the 250,734 recorded in the first quarter, but a 41.2 percent decrease from the 663,443 square feet absorbed in the second quarter of 2011.

But while the numbers paint a grim picture, they don’t tell the whole story.

Balancing Out While velocity might be down slightly, last year’s velocity started strong and then mid-way through the year. “It all just stopped,” said Bob Miller, senior vice president for Prudential Connecticut Realty’s commercial group.

“The difference is … the activity this year is starting to translate into some actual closings,” Miller told The Commercial Record.

Even so, those leases tend to be in the range of 5,000 square feet and smaller.

Those 60,000-square-foot and up whales just aren’t rearing their heads these days, Miller said.

“The situation is still fragile and seemingly unstable,” Miller opined. “But [the vacant space] is being chipped away and chipped away. For every 50,000 square feet of space that comes back to the market, there are nine or 10 smaller leases that are happening elsewhere in the market to balance it out.”

Still, there have been some large deals exceeding 20,000 square feet in the area so far this year – four, to be exact. Commodity merchant Freepoint Commodities signed for 59,000 square feet at 58 Commerce Road in Stamford; brand research firm

“We’re just not seeing much activity at all on our listings, and I don’t think other local brokers are getting much action either. And brokers who are from Stamford and other places aren’t showing space in Westport either. I think the office outlook is pretty grim right now.”

– Ted Hampe; Broker, John D. Hastings Commercial Real Estate 10 | The Commercial Record August 2012

Millward Brown took 50,778 square feet at 401 Merritt 7 in Norwalk; GE Capital Real Estate expanded its footprint at 901 Main Ave. in Norwalk by 49,500 square feet; and mineral processing and mining firm Tronox Limited leased 27,145 square feet at 263 Tresser Blvd. in Stamford.

But those larger deals and expansions seem to be the exception, as more companies opt to stay where they are and renew within their current footprint. There was a significant amount of renewal activity in the second quarter in the Fairfield County market, as financial services companies and others continue to avoid staff increases amid widespread uncertainty.

“The Fairfield County labor market is adding jobs, but the pace of growth is less than sufficient to propel a significant rebound in the local economy,” said Robert Ageloff, international director and head of Jones Lang LaSalle’s Stamford office.

The Class A overall vacancy rate in the

Stamford Central Business District decreased slightly from last quarter, but it had the largest year-over-year increase in the county, rising 3.2 percentage points from 23 percent in the second quarter last year to 26.2 percent, according to Cushman & Wakefield.

‘Pretty Grim’ However, the Stamford Non-CBD submarket registered a substantial year-overyear decrease in overall Class A vacancy, falling to 26.6 percent in the second quarter from 29.6 percent during the same period last year, largely due to NBC Sports’ lease of almost 100,000 square feet at 1 Blachley Road in the second half of 2011.

In the Westport and Norwalk markets – the mid-coast markets of Fairfield County – there just isn’t much action to go around, said Ted Hampe, broker with John D. Hastings Commercial Real Estate in Westport. In Westport specifically, the office

vacancy rate is above 20 percent, Hampe, the founder and former chairman of HK Group Commercial Real Estate, told The Commercial Record.

“We’re just not seeing much activity at all on our listings, and I don’t think other local brokers are getting much action either,” Hampe said. “And brokers who are from Stamford and other places aren’t showing space in Westport either. I think the office outlook is pretty grim right now.”

In Greenwich, the overall vacancy rate increased by 1.8 percentage points from last quarter’s 19.6 percent, ending the quarter at 21.4 percent. The Class A vacancy rate increased from the first quarter’s 15.9 percent to the current 17.9 percent.

There was 46,190 square feet of space added to the Greenwich submarket this quarter, which could partially account for the sharp increase in vacancy.

■ Email: jcronin@thewarrengroup.com

Few & Far Between Large leases of 25,000 square feet or more have been scarce recently in Fairfield County.

Here’s the only four that have been signed so far this year: 59,000 SF Freepoint Commodities; 58 Commerce Rd., Stamford

50,778 SF Millward Brown; 401 Merritt 7, Norwalk

49,500 SF GE Capital Real Estate; 901 Main Ave., Norwalk

27,145 SF Tronox Limited; 263 Tresser Blvd., Stamford

August 2012 | The Commercial Record | 11

Drowning In Rules

CFPB Piles It On Why Local Lenders Are Warily Eyeing Still More Paperwork From The Much-Maligned Consumer Financial Protection Bureau

BY COLLEEN M. SULLIVAN | COMMERCIAL RECORD STAFF WRITER

T

he Consumer Financial Protection Bureau (CFPB) has released two new proposed rules which could have major effects on mortgage lending.

The first proposes new forms which attempt to combine the disclosures required under the federal Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).

The second aims to expand protections to more homeowners by covering a wider pool of loan types.

Lenders are glancing with trepidation at the new regulations – which run to almost 1,100 closely printed pages – especially after having gone through another tumultuous round of changes less than two years ago.

Lenders will be required to return a “loan estimate” form, similar to the current “good faith estimate,” (GFE) of all costs associated with a loan to consumers within three days of receiving an application – with little to no margin for error on many

of the line items. And the rule also redefines the way the annual percentage rate (APR) is calculated, so that it covers almost all of the up-front costs of the loan.

“On the face of it, the CFPB’s changes look like they’ll actually bring about a better good faith estimate than the convoluted one being used now,” said Vincent M. Valvo,

12 | The Commercial Record August 2012

executive director of the Connecticut Mortgage Association. “But the GFE is a five-page document, and there’s 1,100 pages discussing how this is supposed to work. So clearly, there’s a minefield of regulation we have to cross.”

“The issue is that every time you make an adjustment to disclosure to solve one probVINCENT VALVO lem, another one pops up, sort of like that whack-a-mole game,” said Norman Roos, partner in the Hartford office of law firm Robinson & Cole. “The forms seem to address a lot of the issues that have come up in recent years,” Roos said, but he’s already come across small errors, and NORMAN ROOS it will take time for the industry to absorb the changes and alter its practices.

Striking A Balance The proposal would allow for some last minute changes without requiring a new estimate be generated – any change which results in less than $100 total to the final fee or which comes about as a result of negotiations between buyer and seller prompted by the final walk-through can be accommodated.

“We’re trying to strike a balance between making sure consumers have [loan forms] as early as possible, while making sure the lender has all the

information they need,” said Ben Olson, managing counsel for the CFPB, in a conference call announcing the new rules.

All lenders will have to use the same standard forms for the disclosure. Some lenders had lobbied to be allowed to come up with their own.

Left up in the air by the current version of the rule is who will have ultimate responsibility for the form, lenders or settlement agents. Back when there were two forms, the “HUD-1” settlement document and a TILA form, each was responsible for one set of disclosures. TILA, the lender’s purview, contained info pertaining to the loan itself, while the HUD-1 was a comprehensive listing of all the fees involved in closing the loan, including title searches, attorneys’ fees and miscellanea.

Combining all the fees attached to the loan on one form may make things simpler for consumers, but requires that either lenders or settlement agents be given the responsibility for preparing a crucial legal document. Lenders are naturally anxious to have that responsibility on their shoulders, since any mistakes made between what’s actually charged and what’s on the form could land them in hot water.

Diminished Role?

But settlement agents said they fear having full responsibility for all fee disclosure placed in lenders’ hands could diminish their role in the closing process.

“We should remember title insurance and settlement companies didn’t cause the housing crisis and didn’t take advantage of consumers and investors,” wrote Michelle Korsmo, chief executive officer of the American Land Title Association, in an open letter to the CFPB. “Consumers deserve an inde-

pendent, third-party at the settlement table and this rule should ensure this role remains in the real estate transaction.”

But it’s the second rule proposal which could have a more comprehensive effect. The Dodd-Frank act requires certain protections for homeowners enshrined in the 1998 Homeowner and

“The issue is that every time you make an adjustment to disclosure to solve one problem, another one pops up, sort of like that whacka-mole game.”

– Norman Roos; Partner, Robinson & Cole Equity Protection Act to be expanded to cover “high-cost” loans.

The CFPB’s interpretation of the rule would mean that many loan features that marked the boom-year lending of the mid-2000s would be banned, including balloon payments, pre-payment prohibitions, home equity lines of credit offered without assessing a borrower’s credit-worthiness. The rule also says that borrowers with a “highcost” loan can’t be charged a fee when seeking to have their loan modified or deferred, and that such loans can’t be sold to borrowers who have previously defaulted on their mortgage.

The rules will be open for public comment through November, with final approval expected early next year.

The new rules are expected to kick in late in 2013.

■

August 2012 | The Commercial Record | 13

Imminent Rights

Eminently Possible A Controversial California Proposal To Use Eminent Domain To Fight Foreclosure May Have Local Roots

BY COLLEEN M. SULLIVAN COMMERCIAL RECORD STAFF WRITER

14 | The Commercial Record August 2012

T

here’s a new proposal out there to fight foreclosures, and it’s frightening banks.

The idea is to use government’s power of eminent domain – seizing private property for the public good – to snap up underwater mortgages at current market prices.

This allows existing homeowners to reDWIGHT MERRIAM finance into much lower monthly payments, while leaving banks holding the bag.

The use of eminent domain to address foreclosures has taken off like a rocket since San Bernardino County in California announced earlier this month it was considering the deal. San Bernardino is working with a firm of former finance executives called Mortgage Resolution Partners (MRP), which includes a former director of residential lending at Bank of America.

MRP has also approached several other cities nationwide which have been hard hit by the foreclosure crisis. And the idea is already attracting attention in Washington: Rep. Brad Miller (D-NC), a member of the House Financial Services Committee, recently endorsed the idea in an oped in American Banker.

Surprisingly, the current proposal may have its roots in Connecticut – specifically, in the 2005 Supreme Court case of Kelo vs. New London. In that case, the city of New London used its eminent domain power to seize the land of homeowner Suzette Kelo as part of economic redevelopment plan. In a narrow 5-4 decision, the Supreme Court ruled it would be acceptable under the constitution for a local government to take land under eminent domain and sell it to a private entity, so long as this served a public good or use.

That ruling opened the door to a

much broader array of reasons for using eminent domain, said Dwight Merriam, a partner at law firm Robinson & Cole in Hartford and author of the book “Eminent Domain Use And Abuse.” If it’s acceptable for New London to seize land in order to build a shopping center, it’s entirely possible that seizing a mortgage in order to restore blighted neighborhoods and shore up tax rolls might well meet the definition of a “public good,” though the idea remains untested in court.

Determining Value But serving a public good is only the first component of legally using eminent domain seizure. Governments must also provide fair compensation to the property owner. But figuring out fair value for the mortgages might prove a big problem.

MRP suggests that because bonds based on bundles of underwater mortgages are auctioned all the time on Wall Street, it ought to be simple to come up with a fair market price.

But critics point out that MRP’s plan is focused not simply on all underwater mortgages, but underwater mortgages in good standing, where the borrower is still making payments. Though it’s true that underwater borrowers are more likely to default in the future, so long as they’re making the payments, they might be a bank’s best customers: Since they bought their house during the boom, they’re paying higher interest rates. And since they’re underwater, they can’t refinance.

That means that simply looking at what similar homes have sold for or even what similar bonds have sold for might not be a good analogue for what a given loan means to a bank’s bottom line.

“Where there’s a sharp difference of opinion [about the value of a property being seized], they sometimes do go to trial and sometimes they come up with rather dramatic results,” Merriam said.

And that is sometimes to the detriment

of the government doing the seizing: Merriam recently worked on a case which ended up costing the state of New York $167 million.

Uncertain Future “I think in the case of taking mortgages, we’d see a couple things happen. Because of the uncertainty of using eminent domain for that, and the problems with valuation, there’d be a lot of controversy,” which could potential result in legal battles, Merriam said. But even if the big banks are able to block seizures in court, smaller lenders might find themselves out in the cold.

“These cases are going to be particularly difficult to do as a class action,” Merriam said. “They’re going to have to do them one at a time. It’s like tax appeals – the cost of lawyering may well exceed the additional value they get for compensation.”

It’s still unclear whether eminent domain seizure will ever get off the ground.

As yet, no mortgages have been seized in San Bernardino, and the county seat’s recent declaration of bankruptcy may have permanently pushed it to the back burner.

But the mere possibility already has Wall Street up in arms. The American Securitization forum declared in a letter to San Bernardino County that seizures “would undermine the national market as a whole, making credit less accessible for homeowners and devaluing the investments of pension funds, mutual funds and other entities that hold mortgage-backed securities.”

More drastically, the Securities Industry and Financial Markets Association declared that its members would not accept mortgages for securitization from any city or county which used eminent domain – a threat that could potentially cripple the mortgage market in those areas.

■ Email: csullivan@thewarrengroup.com

If it’s acceptable for New London to seize land in order to build a shopping center, it’s entirely possible that seizing a mortgage in order to restore blighted neighborhoods and shore up tax rolls might well meet the definition of a “public good.”

August 2012 | The Commercial Record | 15

Fee You Later

Is There A ‘Right Way’ To Charge Bank Fees?

Local Community Banks Are Pushing Fee-Free Amenities, But Non-Interest Income Is Increasingly Important.

So Where’s The Middle Ground?

BY MATT BROWN | COMMERCIAL RECORD STAFF WRITER

16 | The Commercial Record August 2012

“A

re you tired of all the fees?” Stick your community bank card in a Bank of America ATM and you get whacked for $3. Those faceless corporate profiteers are having their way with you.

It’s a familiar admonishment from community banks trying to lure customers away from big banks.

But it’s not entirely truthful.

Community banks charge fees, too.

They just aren’t pilloried for passing on costs to customers.

The truth is banks count on fees and other “non-interest income” to boost or bolster profitability. It doesn’t account for a huge portion of any bank’s bottom line, but community banks have become more dependent upon non-interest income in recent years in order to compensate for declines in other areas of the balance sheet.

Still, the marketing temptation is strong, and trade groups warn that cutting fees is ultimately counterproductive and unsustainable – despite the fleeting competitive advantage.

So, is there a “right way” to charge fees, whether they’re for ATM use or overdraft protection?

Maybe there is.

For marketing folks and bankers alike, it’s a matter of perception.

Pay For Service Steve Wolfberg, principal and chief creative officer at Hartford-based marketing firm Cronin & Co., said big banks’ names were so tarnished during the economic meltdown that it’s almost impossible for anything they do to pass without harsh public criticism.

“The smaller banks didn’t have the same issues, and they’ve burnished their brands as the friendly neighborhood institution,” Wolfberg told The Commercial Record.

Wolfberg said he works with several banks in Connecticut, including Middletownbased Liberty Bank. “You don’t want to go out there and promote the fact that you charge fees, but if you stand for something

Establishing A Fee-dom 2010 state median non-interest income: 0.55 percent of average assets

2012 state median non-interest in­come*: 0.57 percent of average assets

*Through March 31 | Source: FDIC

in the community, you’re building a brand that hears what (the customer) is saying.”

In Connecticut, non-interest income, like average assets and margins, has been flat or deflating in recent years, according to Federal Deposit Insurance Corp. data.

In 2010, the state median non-interest income, which includes items like fees and charges, was 0.55 percent of average assets. In the first quarter of 2011, it was 0.54 percent. It worked its way up to 0.57 percent in the first quarter of 2012, according to the FDIC. Over that time, margins have been similarly flat. Statewide in 2010, the median net interest margin was 3.53 percent. In the first quarter of 2011, it was 3.37 percent and in the first quarter of 2012, it was 3.33 percent.

John Patrick, president and CEO of Farmington Bank, told The Commercial Record that amid all the market’s flatness, and the costs related to providing customers with the (free) technology they’ve come to expect, community banks will “absolutely” come to rely more heavily on non-interest income.

As a result, at community banks new fees may come to be associated with oldschool products.

“As more investment is made in technology for banking products, more and more banks will begin to charge for services they haven’t charged for in the last 10 years,” like hard copy monthly bank statements, Patrick said.

In an environment where most account holders often frequently check their statements online, Patrick said, “if you want a monthly statement in an envelope, you’re probably going to have to pay for it. We can’t keep absorbing those costs.”

Capital Maintenance “Historically, community banks have not charged these fees, but we are in a brave new world with increased regulation and increased borrowing costs,” he continued. “If you’re not going to pay for it in fees on one side, you’re going to pay for it with increased interest rates on the other.”

Within the last couple of months, a U.S. Appeals Court ruled in favor of major banks that charge ATM fees to cardholders who withdraw money from competitors’ machines.

The ruling came in a case filed eight years ago. In it, plaintiffs accused Bank of America Corp., Wells Fargo & Co., J.P. Morgan Chase & Co., Citigroup Inc. and other banks with fixing those fees.

The court found that a fee that banks charge each other for such transactions was not directly passed on to customers.

Still, fees of any kind, especially those charged by big banks, have become a major target of opportunity for consumer groups – as well as the community bank and credit union industries – as they look to take the fight to their much larger competition.

“Bank of America took a look and said, ‘If you’re going to have something outside of the easy delivery channel, if you want a higher level of service, you’re going to pay for a higher level of service,’” Patrick said.

“The consumer historically doesn’t want to pay fees, and for a decade, the consumer hasn’t had to pay fees. In the ’90s, free checking came into vogue, but one of the components of a safe and secure banking system is earnings. Banks still have to maintain capital.”

■ Email: mbrown@thewarrengroup.com

“You don’t want to go out there and promote the fact that you charge fees, but if you stand for something in the community, you’re building a brand that hears what (the customer) is saying.” – Steve Wolfberg; Principal & Chief Creative Officer, Cronin & Co.

August 2012 | The Commercial Record | 17

NEWS ROUNDUP

THE MOST

HISTORIC FARMINGTON MILL RESTAURANT PROPERTY SELLS FOR $810K • A 5,572-square-foot antique mill in Farmington has sold for $810,000.

• The town’s first mill at 44 Mill Lane dates back to the 1640s, and is set on 1.7 acres on the Farmington River.

• Stephen Press of Press/Cuozzo Realtors represented the sellers, The Trustees of the Estate of Mario Zacco. The buyer, Miss Porter’s School Inc., was represented by Gayle Talbot and Bruce Cagenello of Prudential CT Realty.

• The greatest portion of the building was occupied by the Grist Mill Restaurant, which was opened over 20 years ago by Zacco and was sold to a subsequent operator in 2001; the restaurant closed on June 31.

MOST EMAILED ARTICLES IN JULY • Owner Responsibility For Private Well Quality Is At Heart Of Contamination Issues • Bank Of S. Connecticut Subject Of FDIC Consent Order • Hartford Apartment Rent Growth Ranks 10th Highest In Nation • 1990 Law Spurs Affordable Housing Development, And Anxiety • Historic Farmington Mill Restaurant Property Sells For $810K MOST VIEWED ARTICLES IN JULY • Bank Of S. Connecticut Subject Of FDIC Consent Order • Zillow: Hartford Among Nation’s Best Buyers Markets • My Realtor Sent My Panties Into Cyberspace • Hartford Apartment Rent Growth Ranks 10th Highest In Nation • Owner Responsibility For Private Well Quality Is At Heart Of Contamination Issues

CHELSEA GROTON BANK MAKES $25K COMMITMENT TO SENIOR HOUSING

FIVE HARTFORD STUDENTS SELECTED FOR BOFA STUDENT LEADERS PROGRAM • Five Harford students have been selected as part of Bank of America’s national student leaders program.

• Recognized for their commitment to community engagement and volunteerism, this year’s students are: Martha Olang, Damien Gunn, Eboni Hylton, Marco Aurelien and Raissa Lana. Each student was awarded a paid, eight-week internship at The Boys and Girls Club of Hartford.

• In addition to the internships, the students traveled to Washington, D.C. to take part in a national, week-long Student Leadership Summit. There, the students developed their leadership skills, networked with other students from around the country and participated in a service project.

18 | The Commercial Record August 2012

• Chelsea Groton Bank, a longtime community partner with the Fairview Odd Fellows Home of Connecticut, has made a five-year, $25,000 financial commitment to Fairview’s land development fund.

• The fund was established last year to help offset the cost of new independent senior housing planned for Fairview’s campus in Groton. The new independent housing will be in addition to 24 currently existing independent living apartments.

• A permanent sign will be placed near the entrance of a recently renovated building on the Fairview grounds in recognition of Chelsea Groton Bank’s commitment to this project. The name “Chelsea Cottage” was chosen for the building’s four new apartments.

C-CHANGES IN CONNECTICUT’S EXECUTIVE SUITES John Bonora recently joined Stamford-based First County Bank as first vice president, director of operational risk and compliance. Bonora’s responsibilities will include assessment of the bank’s compliance management system and directing and leading the bank’s risk management program. Prior to joining First County Bank, Bonora was vice president, regulatory risk and compliance assurance manager at the Royal Bank of Scotland. From 2007 to 2011, he worked at Fairfield County Bank as vice president/compliance officer. n

Scott Harrison has been named executive vice president and chief financial officer at Hartford-based property and construction management firm FM Facility Maintenance, overseeing finance, pricing, strategy, merger and acquisition efforts, and capital markets activities. Prior to joining FM, Harrison worked at CPG International Inc. as executive vice president, chief financial officer and treasurer, according to a statement. Harrison previously worked at Silgan Plastics, First Union Capital Partners and Bowles Hollowell Conner & Co. n

Nancy Viggiano has been named president and chief executive officer of The First National Bank of Suffield and its holding company First Suffield Financial Inc. Viggiano also serves as a director of both entities. She has been at The First National Bank of Suffield since 1995 in a variety of capacities within the bank’s retail, lending, branch administration and executive management functions. n

Ken Weinstein has been promoted to senior vice president at Newtown Savings Bank. Weinstein will serve as the bank’s senior risk officer and oversee investments. Weinstein joined the bank in November as vice president of special projects. Prior to joining Newtown Savings, he held senior-level product management and risk management roles at People’s United Bank, where he worked for more than 20 years. n

AWARDS & ACCOLADES: Alex Masse, vice president and assistant director of retail banking at Chelsea Groton Bank, has been named to the board of the Greater Norwich Chamber of Commerce, where he will serve as an ambassador for the chamber and contribute his expertise to advance the work of committees within the organization. n

Want to see your face on our C-Changes page, and/or in our daily emails and popular “People” section on commercialrecord.com? Simply send your announcement, along with a high-resolution headshot, to editorial@thewarrengroup.com

August 2012 | The Commercial Record | 19

STATE STATISTICS NUMBER OF SALES

Condo Sales by Price Range

Top 5 Credit Unions MarketShare: All Mortgages

7,500

American Eagle FCU | 2012 Rank: 1 | 2011 Rank: 1 6,000 $700K+

$300k-$399k

$500k-$699k

$150k-$299k

$400k-$499k

$10K-$149k

18.21%

4,500

16.36% Charter Oak FCU | 2012 Rank: 2 | 2011 Rank: 2

3,000

13.82% 1,500

11.32% 0

1988

1993

1998

2003

2008

2012

CT State Employee FCU |2012 Rank: 3 | 2011 Rank: 3

9.54%

*Statistics include sales January-June - All Years Source: The Warren Group

9.84%

10-Year Condo Sales

Sikorsky Financial CU Inc. | 2012 Rank: 4 | 2011 Rank: 4

8,000

5.70%

NUMBER OF SALES

6,400

5.33%

4,800

Navy FCU | 2012 Rank: 5 | 2011 Rank: 8

3,200

4.46% 1,600

3.45% 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

*Statistics include sales January-June - All Years Source: The Warren Group

20 | The Commercial Record August 2012

2012

2011

*2012 MarketShare percent (of Credit Union Lenders only) through June 2012 **2011 MarketShare percent (of Credit Union Lenders only) through June 2011 Source: The Warren Group

Top 5 Lenders by MarketShare

Multi-Family Home Sales

Purchase Mortgages Wells Fargo Bank NA | 2012 Rank: 1 | 2011 Rank: 1

5.49%

Norcom Mortgage | 2012 Rank: 11 | 2011 Rank: 2

3-Family

640 NUMBER OF SALES

6.02%

2-Family

800

480

320

3.79%

160 1.85%

0

NE Moves Mortgage Co. | 2012 Rank: 3 | 2011 Rank: 3

2008

2009

2010

2011

2012

*Statistics include sales January-June - All Years Source: The Warren Group

3.48%

10-Year Single-Family Sales More than 1 Million

3.45%

1,400 Webster Bank | 2012 Rank: 7 | 2011 Rank: 4

1,200 3.32%

2.66% Peoples United Bank | 2012 Rank: 5 | 2011 Rank: 5

3.24%

800 600 400 200

2.99%

2012

2011

*MarketShare percent and Rank statistics includes loans thru June for both 2011 and 2012

NUMBER OF SALES

1,000

0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

*Statistics include sales January-June - All Years Source: The Warren Group

August 2012 | The Commercial Record | 21

TOP COMMERCIAL TRANSACTIONS Visit www.commercialrecord.com for a complete list of commercial transactions updated weekly

TOP 3 STATEWIDE 829 Hartford Tpke, Waterford......... $5,800,000 Use:............................................. Commercial Building Buyer: ............................... Waterford Plaza Assoc LLC Seller: ...................................................... 317 3rd LLC Mtg: ....First Niagara Bank $4,300,000 Date: 06/12/12 Total Assessed Value (2011): .....................$2,971,430 Lot Size:....................................................... 142006sf Prior Sale:..................................... $4,880,000 (10/03)

25 Laurel St, Hartford..................... $5,186,650 Use:................................... Apartment Bldg - 9 + Units Buyer:....................................... 25 Laurel Street Assoc Seller: ........................................Underwood Assoc LP Date: ............................................................ 05/24/12 Total Assessed Value (2011):..................... $2,744,984

8 N Main St, Beacon Falls............... $4,482,521 Use:............................................. Commercial Building Buyer: .................................................... 2 N Main LLC Seller: ............................................. BMV Assoc 1 LLC Mtg: ....................Capital One Hm Loans $15,000,000 Date:............................................................ 06/29/12 Total Assessed Value (2011): ........................$231,040 Lot Size: ........................................................... 3485sf Prior Sale: ........................................$250,000 (02/98)

2101 Commerce Dr, Bridgeport...... $1,975,000 Use:............................................. Commercial Building Buyer:............................... Self Storage Commerce Fai Seller: .......................................... CLS Bridgeport LLC Date: ............................................................ 05/29/12 Total Assessed Value (2011): ........................$324,160 Lot Size: ......................................................... 68825sf

2226 Black Rock Tpke, Fairfield..... $1,900,000 Use:............................................. Commercial Building Buyer:....................................... Clearview Holding LLC Seller: .....................................Blue Dolphin Props LLC Date:............................................................ 05/31/12 Total Assessed Value (2011): .....................$2,261,000 Lot Size: ......................................................... 28385sf

235 Dividend Rd, Rocky Hill............ $3,950,000 Use:..................................................Industrial Building Buyer:................................. Dividend Road Realty LLC Seller:......................................... Bussmann Assoc Inc Date:............................................................ 06/28/12 Total Assessed Value (2011): .....................$3,792,600 Lot Size: ....................................................... 453024sf Prior Sale:........................................ $149,000 (11/00)

64 Knotter Dr, Southington............. $3,450,000 Use:.....................................................................Hotel Buyer: .......................................Southington Hotel LLC Seller:......................................... First Citizens B&T Co Mtg:....................... National Republic Ban $2,945,000 Date: ............................................................ 06/01/12 Total Assessed Value (2011): .....................$3,446,030 Lot Size: ....................................................... 105154sf Prior Sale:................................................... $1 (11/11)

376 Danbury Rd, New Milford.......... $910,000 Use:.......................................................State Property Buyer:...................................................... Blondell LLC Seller:..................................... 376 Danbury Road LLC Date: ............................................................ 06/22/12 Total Assessed Value (2011):........................ $628,810 Lot Size: ....................................................... 161172sf Prior Sale: ...................................................$1 (02/12)

18 Bank St, New Milford.................. $630,000 Use:............................................. Commercial Building Buyer:...................................... Bank Street Props LLC Seller:....................................... Bank Street Assoc Inc Date:............................................................ 06/01/12 Total Assessed Value (2011):........................ $591,010 Lot Size: ........................................................... 4792sf

33 Main St U:A, Old Saybrook.......... $280,000 Use:.......................................... Non-residential Condo Buyer: ...................................................... Mark Warren Seller: .......................................... CNH Properties LLC Date: ............................................................ 06/07/12 Total Assessed Value (2011):.......................... $46,900 Prior Sale: ........................................$350,000 (01/05)

33 Main St U:B, Old Saybrook.......... $280,000 Use:.......................................... Non-residential Condo Buyer: ...................................................... Mark Warren Seller: .......................................... CNH Properties LLC Date: ............................................................ 06/07/12 Total Assessed Value (2011):.......................... $46,900

FAIRFIELD 20 Nutmeg Dr, Trumbull.................. $3,000,000 Use:..................................................Industrial Building Buyer: .....................................Securemark Decal Corp Seller:................................ Mahle Engine Components Date: ............................................................ 06/14/12 Total Assessed Value (2011): .....................$3,419,000 Lot Size:....................................................... 224334sf Prior Sale:..................................... $1,000,000 (05/95)

HARTFORD 25 Laurel St, Hartford..................... $5,186,650 Use:................................... Apartment Bldg - 9 + Units Buyer: .......................................25 Laurel Street Assoc Seller:........................................ Underwood Assoc LP Date:............................................................ 05/24/12 Total Assessed Value (2011):..................... $2,744,984

LITCHFIELD 104 Pinewoods Rd, Torrington........ $1,200,000 Use:............................................. Commercial Building Buyer: .............................. Pinewoods Health&Racquet Seller:................................................... Victal Corp Inc Mtg:............................. Svgs Bk of Danbury $960,000 Date:............................................................ 06/22/12 Total Assessed Value (2011): ........................$795,470 Lot Size: ....................................................... 300564sf

MIDDLESEX 218 E Main St, Clinton.................... $1,375,000 Use:............................................. Commercial Building Buyer: ......................................WHS Clinton Land LLC Seller: ..................................Edward Salvin Foundation Mtg:................... Pascack Community Ba $3,500,000 Date:............................................................ 05/22/12 Total Assessed Value (2011): ........................$977,200 Lot Size: ......................................................... 93218sf

22 | The Commercial Record August 2012

FEATURED PROPERTY 235 Dividend Rd, Rocky Hill.............. $3,950,000 Use:........................................ Industrial Building Buyer:........................ Dividend Road Realty LLC Seller:................................ Bussmann Assoc Inc Date:.................................................... 06/28/12 Total Assessed Value (2011): ............ $3,792,600 Lot Size: ............................................... 453024sf Prior Sale:............................... $149,000 (11/00)

NEW HAVEN 8 N Main St, Beacon Falls............... $4,482,521 Use:............................................. Commercial Building Buyer:.................................................... 2 N Main LLC Seller: ............................................. BMV Assoc 1 LLC Mtg: ....................Capital One Hm Loans $15,000,000 Date:............................................................ 06/29/12 Total Assessed Value ........................ (2011): $231,040 Lot Size: ........................................................... 3485sf Prior Sale:........................................ $250,000 (02/98)

2817 N Main St, Waterbury............. $3,350,000 Use:.......................................................Nursing Home Buyer: ........................................Sabra Health Care NE Seller: .......................................Aurora Holdings 3 LLC Date: ............................................................ 06/01/12 Total Assessed Value (2011): .....................$4,566,360 Lot Size: ....................................................... 228690sf Prior Sale:..................................... $6,333,327 (08/08)

855 Orange Ave, West Haven......... $2,450,000 Use:............................................. Commercial Building Buyer: ................................................. Bart Realty LLC Seller: ...................................... Hide Realty Assoc LLC Mtg: ........................JPMorgan Chase Bank $122,500 Date:............................................................ 06/18/12 Total Assessed Value (2011):..................... $1,447,880 Lot Size: ....................................................... 357192sf

197 Howard St, New London.......... $2,500,000 Use:..................................................Commercial Land Buyer: ................................. Lawrence&Memorial Hosp Seller: ..........................................Amber Howard LLC Date:............................................................ 06/07/12 Total Assessed Value (2011): ........................$139,300 Lot Size: ......................................................... 11914sf

194 Howard St, New London.......... $2,500,000 Use:............................................. Commercial Building Buyer: ................................. Lawrence&Memorial Hosp Seller:.......................................... Amber Howard LLC Date:............................................................ 06/07/12 Total Assessed Value (2011): .....................$5,813,570 Lot Size: ......................................................... 87992sf Prior Sale: .....................................$4,900,000 (12/87)

643 Middle Tpke, Mansfield........... $1,125,000 Use:................................................... Commercial Use Buyer:....................................... Cumberland Farms Inc Seller:............................................... Kathleen A Jones Date: ............................................................ 06/11/12 Total Assessed Value (2011):........................ $239,260 Lot Size: ......................................................... 72745sf

1657 Boston Tpke, Coventry........... $476,000 Use:............................................. Commercial Building Buyer: ................................ 1657 Boston Turnpike LLC Seller: ................................ Meadowbrook Of Coventry Mtg:..................... Meadowbrook Of Covent $351,000 Date: ............................................................ 06/11/12 Total Assessed Value (2012):........................ $198,100 Lot Size: ....................................................... 127631sf

75 Main St, Putnam......................... $600,000 Use:............................................. Commercial Building Buyer:.............................................. Union & Main LLC Seller:....................................... Putnam Dev Corp LLC Mtg: ................................... Citizens Natl Bk $600,000 Date: ............................................................ 05/17/12 Total Assessed Value (2011): ........................$745,200 Lot Size:......................................................... 15246sf Prior Sale: ........................................$251,300 (07/02)

Quaddick Town Farm Rd, Thompson..$460,000 Use:............................................ Farm and Forest Use Buyer: .........................................Wyndham Land T Inc Seller:........................................... Malcolm H Robbins Date: ............................................................ 06/15/12 Total Assessed Value (2011): ..........................$23,280 Lot Size: ..................................................... 5379660sf

NEW LONDON 829 Hartford Tpke, Waterford......... $5,800,000 Use:............................................. Commercial Building Buyer: ............................... Waterford Plaza Assoc LLC Seller:...................................................... 317 3rd LLC Mtg:............................ First Niagara Bank $4,300,000 Date: ............................................................ 06/12/12 Total Assessed Value (2011): .....................$2,971,430 Lot Size: ....................................................... 142006sf Prior Sale: .....................................$4,880,000 (10/03)

TOLLAND 33 Windermere Ave, Vernon........... $1,575,000 Use:................................... Apartment Bldg - 9 + Units Buyer: ..............................................Windsong 33 LLC Seller: ..........................................Lee & Lamont Realty Mtg: .................................. Rockville Bank $1,260,000 Date: ............................................................ 05/25/12 Total Assessed Value (2011): ........................$955,970 Lot Size:....................................................... 112385sf Prior Sale: ...................................................$1 (02/11)

WINDHAM 931 Main St, Windham..................... $750,000 Use:............................ Mixed Use-Prim Comm & Resd Buyer: ................................................ Soulor Main LLC Seller: ....................................Tenacity Enterprises LLC Mtg: ...........................................Dime Bank $750,000 Date: ............................................................ 06/19/12 Total Assessed Value (2011):........................ $357,770 Lot Size: ........................................................... 9148sf Prior Sale:.......................................... $98,000 (03/00)

August 2012 | The Commercial Record | 23

GOSSIP REPORT

July represented the best month yet for the Connecticut luxury market, with two properties bursting past that seventh zero at the end of the dotted line – and a third coming in very close. This month’s report is rounded out by two new construction properties built on spec.

1

DARIEN ADDRESS: PRICE: SIZE: BUYER: SELLER: AGENT: SOLD:

203 Long Neck Point Rd., Darien $11,500,000 9,937 s.f. on 4.84 acres ASL Partners LLC William Ewing Nancy Rawls Duak, Halstead 06/26/2012

GREENWICH ADDRESS: PRICE: SIZE: BUYER: SELLER: BROKERAGE: SOLD:

55 Otter Rock Dr./0 Mayo Ave., Greenwich $10,250,000 10,780 s.f. on 1.43 acres Lorraine Slavin T and Lorraine Slavin Matthew G. Johnson and Jolie J. Johnson Halstead Property 07/03/2012

GREENWICH

1 2 3 4 5

ADDRESS: PRICE: SIZE: BUYER: SELLER: AGENT: SOLD:

2

17 Meadowcroft Ln., Greenwich $9,391,000 10,235 s.f. on 3.97 acres Lokemachris LLC Gloria Lee and Thomas Lee Martha Jeffrey, David Ogilvy & Associates 07/03/2012

3

GREENWICH ADDRESS: PRICE: SIZE: BUYER: SELLER: SOLD:

79 Meadow Rd., Greenwich $6,400,000 4,634 s.f. on 0.87 acres Kathleen J. Bellissimo Jonathan W. Sparks and Sandra A. Crawford-Sparks 07/24/2012

GREENWICH ADDRESS: PRICE: SIZE: BUYER: SELLER: AGENT: SOLD:

24 | The Commercial Record August | August 2012 2012

4

5

22 Cornelia Dr, Greenwich $6,400,000 2,066 s.f. on 2 acres Vincent A Gierer and Linda A Gierer Jonathan W. Sparks and Sandra A. Crawford-Sparks Suzanne Wind, Sotheby’s International 07/24/2012

T

he Commercial Record set out to find community bankers who stand out from their peers. These individuals not only excel in their careers, but also devote professional and personal time to making the local communities they serve better places for all.

Dozens of outstanding nominations poured in. And, after an arduous review, 13 winners were selected.

GOLD SPONSORS

All of our winners are respected industry professionals who have made a significant impact on their institutions, their employees and their communities. They consistently give back to the industry and the community, giving freely of their time, energy and resources.

Many work quietly, steering charitable donations from their banks to local nonprofit organizations and individu-

SILVER SPONSORS

als in need. Others join in community outreach efforts, working side-by-side with other volunteers, after work and on weekends, to better their communities.

Their deep involvement in community affairs, their awareness of the needs of local families and businesses and their commitment to using local deposits to improve their communities makes them Community Bank Heroes.

BRONZE SPONSORS

August 2012 | The Commercial Record | 25

SENIOR VICE PRESIDENT, SENIOR MARKET MANAGER SIMSBURY BANK

TERRY BOULTON

A

sk anyone in town and they’ll tell you that Terry Boulton is Simsbury Bank.

A 38-year veteran of the industry with a commitment to community, she’s become TERRY BOULTON the go-to person for both banking and civic matters.

A 1986 graduate of the New England School of Banking at Williams College, Boulton took her first banking job in California with Wells Fargo. Upon her return to New England, she secured a position at South Windsor Bank and Trust and remained there for the next 26 years as the financial institution underwent several changes through acquisition.

In 2004, after several invitations to join Simsbury Bank, Boulton made the move and became chief retail officer. Three years later, she was named market manager and has what she considers the best of both worlds.

“I work with individuals, organizations, and the town and help them accomplish their goals. I act with integrity in their interests and in the bank’s interest,” she said. “I could be at the grocery store or at the town dump and people come up to me to talk about banking. People even call me on my cell phone when I’m on vacation, but they know I am accessible, that I return phone calls.”

Participation in community organizations stems from two passions, according to Boulton. “I always want to grow myself,” she says. “I don’t want to be bank president, but want to learn different aspects of things outside of banking.”

Boulton also feels strongly about giving back to local organizations. “I have something to contribute with my experience,” she said.

Her active participation has earned recognition from a number of sources.

The town awarded her “Simsbury Home Town Hero” in 2002; that same year, she received the Secretary of the State’s “Public Service Award.” Two years later, she was named Simsbury’s “Business Leader of the Year” and also received the Rotary Club’s “Paul Harris Award,” which recognizes “service above self.”

Boulton’s drive, experience and connections have proven to be a boon for the

townspeople and Simsbury Bank. “Since 2005, we are the largest bank in town, even bigger than the national banks,” she said.

“We are the largest mortgage provider in town and have the largest deposit base.”

But the crowning achievement came two years ago when Boulton convinced the town to do its banking at her institution.

“They’d been with another bank for 50 years and switched to Simsbury Bank,” she noted.

Through her professional and personal activities, Boulton has made a significant impact.

“Being a good partner with families, businesses, and the community makes this a better place to live,” she said.

■

By Phyllis Hanlon Special To The Commercial Record Email: editorial@thewarrengroup.com

RE-thinking Bank Compensation Executive Salaries Incentive Compensation Benefits, SERPs and Perquisites Board Governance and Fees

Learning, Giving Boulton actively participates in many civic and social organizations, including the Chamber of Commerce, Rotary Club and Tourism Committee. Her involvement, however, can be a double-edged sword at times, she conceded.

“Community involvement is my job.

Finding time to take part in all the things I want to is challenging,” she said. “I don’t mind getting up early to meet someone or go to late meetings. I just don’t want to spread myself so thin that I can’t be effective.”

26 | The Commercial Record August 2012

Arthur Warren, Esq.

Executive Compensation and Benefits Advisor 30 Years Experience advising more than 100 Community Banks

Arthur Warren Associates

508-660-0280 | arthur@afwarren.com | www.afwarren.com

TODD BURTON

I

t’s all about the small stuff. Todd Burton will tell you that the little things you do each day can add up to big accomplishments.

And he should know.

After graduating TODD BURTON from Southern Connecticut State University with a bachelor’s degree in corporate communications, Burton sought employment with a résumé that lacked one important qualification: experience. So he signed with a temporary agency, starting in customer service and then becoming a supervisor.

He had worked with a significant number of credit customers and thought he might test those waters.

“It looked like an interesting area so I went into finance and lending,” he recalled.

For the next four years, Burton worked as a consumer loan originator and a corporate underwriter. “I figured I would be a better originator if I knew more about the credit industry, so I went to a banking platform and sold commercial credit for the next five or six years,” he said.

His next stop on the financial corporate ladder was as a district manager/financial sales leader. A year and a half ago, he opted out of the big, national bank system and joined Thomaston Savings Bank.

Currently assistant vice president and regional retail manager, Burton oversees five financial centers within Thomaston Savings Bank, where he also serves as business development officer.

Burton reports that while the everchanging economic environment can be very challenging, he thoroughly enjoys mentoring his staff.

“There is nothing more satisfying than helping an employee overcome a complex problem, create a performance development plan or implement a

ASSISTANT VICE PRESIDENT, REGIONAL RETAIL MANAGER THOMASTON SAVINGS BANK

new tactic or practice and then see it work,” he remarked. “An engaged employee is a happy employee. They give better service and exceed customer expectations. If you work hard for staff, they will work hard for you.”

Helping, Connecting When Burton is not working at the bank, he volunteers on several committees at the Central Connecticut Chamber of Commerce and offers his services to the Main Street Foundation in Bristol. Concern for the environment prompts Burton to donate time to the Pequabuck River Watershed Association.

“A tremendous amount of water came through Connecticut during the winter and spring. I help with the cleanup of trash and debris,” he said. “I feel strongly that what these

organizations do for the community is truly beneficial and I feel like I can make a contribution. At the same time, I’m making connections with the people within the communities. I find out their needs, both personal and financial.”

Burton looks upon every day as an opportunity to make a difference in some small way.

“At the end of the day I try to think of what I have done,” he said Recognizing an employee for a job well done, assisting a business owner find a better way to manage his budget, advising a customer how to improve his credit score, or volunteering are the things in life that matter, he said.

■

By Phyllis Hanlon Special To The Commercial Record Email: editorial@thewarrengroup.com

Community Bank Hero 2012 Thomaston Savings Bank proudly congratulates AVP/Regional Manager, Todd Burton of Thomaston Savings Bank on being selected as one of the Community Bank Heros for 2012

by The Commercial Record.

Congratulations!

860.283.1874 | www.thomastonsavingsbank.com

Thomaston Savings Bank Member FDIC

Committed to Community

August 2012 | The Commercial Record | 27

TSB Todd Burton Community Bank Hero Award AD for The Commercial Record - August 2012

NICK CAPLANSON

A

s a banker, Nick Caplanson naturally enjoys numbers.

But, given the choice, he would prefer to be serving pasta to the homeless or walking to raise money for diabeNICK CAPLANSON tes research.

Caplanson attended Boston College and then transferred to University of Connecticut where he received his bachelor’s degree in economics. He then attended the Barney School of Business at the University of Hartford where he received a master’s degree in accounting. After graduation, he joined Northeast Savings and remained with the institution when it was acquired first by Shawmut and then by Fleet.

Caplanson’s next foray into the banking world led him to the American Savings Bank, a community bank in New Britain

PRESIDENT & CEO | DIME BANK

that was acquired by TD Banknorth seven years after he arrived. At this point, he decided to exit the industry and spent twoand-a-half years with a consulting firm in Glastonbury. But the banking industry still called to him.

In 2005, Caplanson joined Dime Bank as CFO, and last August was named president and CEO. In addition to his banking responsibilities, he actively promotes volunteerism.

“I go to employee orientation sessions once a month and tell people that regardless of their job, they can help the bank by getting involved,” he said.

Caplanson’s innate proclivity to connect with the community sets him apart from other bank presidents.

“This is somewhat unique to our institution. We encourage all our employees to be active. And it starts from the top down to the rank and file,” he said. “We are multidimensional people. When a banker can do

DAVID W. CARSWELL

D

avid W. Carswell is quick to tell folks he is a Leo, so helping people comes naturally. But you really don’t need to tell locals that – they feel the full effects of his unselfish contributions DAVID W. CARSWELL every day.

The Virginia native took several business courses at Piedmont Community College in his home state and worked as a manufacturing sales representative for several years before moving to Connecticut in 1995. After a short stint at Citizens Bank, he accepted his current position as business development officer at Guilford Savings Bank where he has an opportunity to use those all-important people skills.

“My position is multi-faceted. One of the

‘Holistic Approach’ While community involvement had been a long-standing core mission, the bank kicked the practice up a notch when it formally organized the “Blue Crew” four years ago.

Instantly recognizable by their dark blue tee shirts with the Dime Bank logo, this group of volunteers has participated in numerous community activities. They have served as bell ringers at Christmas time for the Salvation Army and have also organized and participated in a dodge ball tournament and Trivial Pursuit night for Madonna Place, a nonprofit agency in Norwich that provides services and programs to strengthen families and prevent child abuse.

“We’ve donated time at a soup kitchen and helped someone displaced by a fire,” Caplanson said. “We’ve become pretty well known in our communities.”

BUSINESS DEVELOPMENT OFFICER | GUILFORD SAVINGS BANK

key responsibilities is bringing in and meeting with prospective clients in the consumer and commercial categories,” he explained.

On both a personal and professional level, Carswell enjoys helping make businesses stronger.

“I grew up in a successful family business and I know the trials small business owners face,” he said. “At some banks, you have a title, but no key functions that help day to day.

Here, all officers sit on committees and help run the bank. It’s very gratifying.”

As the face of the bank, Carswell believes one of the best aspects of his job involves getting out from behind his desk. Among other volunteer positions, he co-chairs the Branford Chamber of Commerce Not-for-Profit Council with Jim Lamb of SARAH Inc. “We help folks with intellectual disabilities find employment, housing,” he said. “We’ve also brought in political leaders who’ve done

28 | The Commercial Record | August 2012

something outside the bank, it makes you a well-rounded person.”

presentations on what is happening in the state and how it affects nonprofits,” he added.

A similar organization, Branford Cares. org, also benefits from Carswell’s philanthropic efforts.

“Our key function is to raise awareness of the six basic needs of living. We help individuals who are suffering from economic and other misfortunes,” he said, noting that the organization has seen a groundswell of support from across the community.

Grateful To Give Back Another similar organization close to Carswell’s heart is Habitat for Humanity, which attempts to eliminate poverty housing.

“On a personal note, I know what it’s like to need those services,” he said, explaining that a difficult divorce situation left him at one point in the past without the resources to pay for rent, food and utilities for nine months.

A BANKER WHO BELIEVES IN REINVESTMENT – Nick Caplanson, Dime Bank President & CEO Caplanson supports the United Way, which he says impacts a large portion of the community. And he co-chairs the American Diabetes Association for strong personal reasons.

“You make a much bigger impact when you have a personal connection to the organization. I like knowing my time and my dollars are going to something I can relate to,” he said.

Dime Bank considers its relationships to charitable organizations as a partnership.

“Many of the organizations to which we contribute bank with us, so there are benefits in a business sense,” Caplanson said. “Our community efforts help us build a customer base and secure our future. It’s a holistic approach. As a community bank, we can continue to focus on giving back more. This is an important part of the banking system.”

■

By Phyllis Hanlon Special To The Commercial Record Email: editorial@thewarrengroup.com

Congratulations to our own COMMUNITY BANK HERO,* Nick Caplanson on a well-deserved honor!

Your dedication of service to both Dime Bank and to the community is beyond compare.

Your focus on reinvestment in our neighbors has helped us remain true to our mission of benefiting the people and businesses in the communities we serve.

We are proud of your exceptional leadership and the impact that you make every day.

860.859.4300 \ dime-bank.com The 2012 Community Bank Heroes Awards are presented by The Commercial Record.

*

11 locations in New London County and Westerly, RI Member FDIC

Commercial Record/ square 4.75” w x 4.75” h

“I know what it’s like to be a guy in a white shirt and tie and go to a food pantry,” he said. “ If I can help other individuals, I will.”

Carswell also feels compelled to support Shoreline Arts.

“Music is in my bones. I am blessed with a good voice and my folks are artists by training,” he commented. “Art has always been very central in my life.”

A board member, he also volunteers at sponsored functions and helped the group obtain resources for computers and other donations.

Having lived through his own personal challenges, Carswell gratefully “pays it forward” and is thankful he is in a position to give back to the community and improve life for others.

■

Guilford Savings Bank congratulates David Carswell, Business Development Officer for being chosen as a Community Bank Hero.

gsb-yourbank.com David Carswell

By Phyllis Hanlon Special To The Commercial Record Email: editorial@thewarrengroup.com

August 2012 | The Commercial Record | 29

PRESIDENT & CEO THE CITIZENS NATIONAL BANK

DAVID CONRAD

T

he mission statement of The Citizens National Bank is “to remain an independent community bank, providing quality products and services DAVID CONRAD to our customers and the community with superior value to shareholders,” and it’s a position that the bank’s president and CEO, David Conrad, takes very seriously.

The centrality of a community bank appeals to him on a basic level.

“Decisions are very local – you don’t have to go up the chain of command,” he said. “Everything is centered within a small network that the bank serves, and decisions are made for their benefit.”

Originally from the Finger Lakes re-

gion of New York, Conrad earned his undergraduate degree from Alfred University, and his graduate degree from the University of Wisconsin. He began his banking career in Rochester, N.Y., with a multi-bank holding company that became Norstar.

After 12 years, he decided corporate banking wasn’t for him.

“At a big bank, you get lots of training and experience, and it gave me a good start,” he said. “But you can get pigeonholed. An opportunity came up at that point in my career, to slide into executive management at a young age. That carrot got me to jump from large regional bank to local bank.”

He became the president of a small bank in Florida, Horizon Bank, then moved to a bank in the Adirondacks region of New York – coincidentally, also called Citizens National Bank.

R

‘Where I Want To Be’ As the president of a community bank, he said, one “wears many hats one day you’re negotiating a million-dollar deal, the next day you’re moving furniture.”

When he’s not moving furniture, negotiating deals or any of the other varied tasks of a bank president, he enjoys bike racing and riding. He was on a bike tour of the Allegheny Mountains when a text came in from his administrative assistant, Marie Morich, letting him know he had been selected as a winner.

Morich, who nominated Conrad as a Community Bank Hero, described her boss as “a respected industry professional who strives to make a significant impact on those who surround him.”

“He strongly supports the advance-

ASSISTANT VICE PRESIDENT, SENIOR MARKET MANAGER SIMSBURY BANK

ROBIN DINICOLA

obin DiNicola, in her 26 years in banking, has hopscotched all over Connecticut, working for many of the state’s community banks.

But no matter where ROBIN DINICOLA she goes, the communities she works in and the banks she works for benefit from her time there.

DiNicola grew up in Newington, and began her banking career in high school as a teller at American Savings Bank. After high school, she moved across the street to Federal Savings Bank, where she entered the bank’s management training program, and eventually moved to Mid-Connecticut Bank as assistant manager. She was recruited by Farmington Bank, then Simsbury Bank.

In 2000, he joined Citizens National Bank in Putnam.

She is tremendously involved in the Newington community, where she and her husband are raising their two children.

She was a cheerleading coach for five years, and has been involved with the Cub Scouts and the town’s lacrosse program.

Since her children expressed an interest, she is now learning to play ice hockey at the Newington arena.

Her personal involvement in the community is strongly linked to her professional approach.

“I love being in the community, helping the community,” she said. “At a community bank, you really get to know customers, as you work with them one-on-one. You get to know their families. It’s a nice community atmosphere. We can really give good customer service. It’s all part of being a community banker.”

Howard Zern, Simsbury Bank’s executive vice president, chief of retail banking

30 | The Commercial Record August 2012

operations and technology office, said DiNicola is a tremendous asset to the bank.

Committed To Excellence She is “committed to promoting the high standards of Simsbury Bank, stressing community awareness, customer satisfaction and a strong efficient team,” he said.

“Her visibility throughout the Farmington Valley community allows her to continually create awareness of products, services and promotions at Simsbury Bank. Robin and her team increased the Avon Branch deposits by over 30 percent in four years.

She is committed to customer service excellence at Simsbury Bank and helped develop standardized business policies and procedures effectively in use by all branches.”

DiNicola is the consummate team player, according to Zern. She “encourages her staff to achieve sales goals, increase

ment of knowledge through education for his employees,” she said, making available economic webinars and training so employees and directors become more informed on the economic situation that affects their lives and the banking industry.

Conrad also supports professional training for employees, she added, noting that employees receive bonuses for completing courses that result in a certificate or degree.

It’s all in a day’s work for the president of The Citizens’ National Bank.

“The employees, the board and the community have become a large family,” he said. “Where I am now is where I want to be, and where I’ll stay.”

■

By Cassidy Norton Murphy Commercial Record Staff Writer Email: cnortonmurphy@thewarrengroup.com

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Congratulate customer satisfaction and retention, and supports and assists individuals in their quests for promotions within Simsbury Bank,” he said.

A graduate of the Connecticut School of Finance and Management, DiNicola received the John G. Shortell Award for Outstanding Academic Achievement in 2004.

She volunteers for the Salvation Army, Autism Speaks, March of Dimes, American Cancer Society, Special Olympics, Cystic Fibrosis and Juvenile Diabetes. She is president of the Avon Chamber of Commerce, treasu rer of the Farmington Valley Visitors Association, secretary of The Arc of the Farmington Valley (FAVARH), and a member of the organization’s executive, finance and search committees.

■

Terry Boulton & Robin DiNicola

for being honored as Community Bank Heroes.

T H A N K YO U F O R T H E WO N D E R F U L J O B YO U D O S E RV I N G YO U R C O M M U N I T I E S !

By Cassidy Norton Murphy Commercial Record Staff Writer Email: cnortonmurphy@thewarrengroup.com

August 2012 | The Commercial Record | 31

PRESIDENT & CEO (RETIRED) LITCHFIELD BANCORP

MARK MACOMBER

F

or Mark Macomber, the survival of America’s community banks is critical to the survival of America’s communities.

Macomber retired as President and CEO MARK MACOMBER of both Connecticut Mutual Holding Co. and its Litchfield Bancorp subsidiary at the end of 2011. He remains on the board.

But after 18 years at Litchfield and multiple leadership posts in state and national banking organizations, Macomber’s voice still resonates deeply in the Connecticut banking community.

He said he fears that banking community may be endangered as steadily rising regulatory and compliance costs divert scant resources from community advocacy.

“All the money we’re spending on the compliance function… a lot of that money could very well have gone into the community,” Macomber said. “But it’s being sucked out of the community.”

And it’s not just cash that communities lose when their local bank pulls back.

“We’re a small bank. We’re in a relatively small community. We’re involved in everything,” Macomber said of Litchfield Bancorp. “It’s not just money – we have people involved in virtually every nonprofit in the community.”

But as more small community-focused institutions struggle to stay afloat, more also continue to get absorbed by larger rivals with often different priorities.

“You lose [community commitment] if all you have is that branch of a large bank in town,” Macomber said.

Still, despite the challenges of the past few years, Macomber and Litchfield have set the bar for community involvement admirably high.

Litchfield and its partners organize an annual golf tournament to benefit the Susan B. Anthony Project, a Torringtonbased advocacy group for survivors of domestic and sexual abuse. The tournament

has helped raise more than $200,000 for the organization.

Macomber was the first president of the combined United Way in Connecticut. He continues to serve on the board of Connecticut Junior Republic, a nonprofit dedicated to helping at-risk, special needs and troubled youth become productive members of their communities.

Family Business

Macomber’s grandfather served as a corporator at a Rhode Island community bank, and when Macomber left the U.S. Navy, he followed in his grandfather’s footsteps and thrived.

But when Bank of Boston purchased the community bank he was working for at the time, Macomber got his first taste of life at a bigger bank – and he didn’t like it.

“When Bank of Boston got involved, when you wanted to take a men’s room break, you had to get permission from Boston,” Macomber recalled.

32 | The Commercial Record August 2012

Macomber said he jumped at the chance to get back into community banking when he took over then-struggling Litchfield Bancorp, “and it’s been very rewarding ever since.”

But perhaps more rewarding than his own triumphs has been seeing his employees thrive. Macomber said he is particularly proud of the roughly half dozen Litchfield bankers who have made their way through the American Bankers Association’s Stonier Graduate School of Banking.

“It’s a recognition of the bank more than it is for me personally,” Macomber said of being named one of The Commercial Record’s Community Bank Heroes.

“It’s a function of our board and our overall philosophy and how we operate in the community.”

■

By Cory S. Hopkins Commercial Record Staff Writer Email: chopkins@thewarrengroup.com

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August 2012 | The Commercial Record | 33

SUSAN MURPHY

S

usan Murphy came to community banking in a roundabout way. In high school, her dream was to become a professional musician – and she achieved it. After earning her associate’s SUSAN MURPHY degree in marketing, she spent a decade playing guitar and singing, including two appearances at Carnegie Hall. But as is often the case, after awhile, she realized she “needed a day job.”

After stints in hotel catering, temping and eventually working at United Bank (which became Fleet Bank), and working in the communications department at the University of Hartford, she came to Liberty Bank in 1997.

SCOTT NARDOZZI

S

cott Nardozzi began working at his local community bank the day he turned 16, and never looked back. For nearly 30 years, the joy of working within his SCOTT NARDOZZI community, and giving back to it, has made his job a pleasure.

Now on the boards of six nonprofits in the Farmington Valley, he said the interconnection between his position at Union Savings Bank – vice president of new business development – and his volunteer positions is one of the most important parts of his life.

“They are really very intertwined,” he said.

“I feel very fortunate in my life, and these are great opportunities to give back. I’ve met some great people who are just amazing.”

He began his career at Colonial Bank, which was purchased by another bank, and then another, and another, until he found himself employed by what became Bank of

VICE PRESIDENT, EXECUTIVE DIRECTOR | LIBERTY BANK FOUNDATION

Murphy calls her varied journey to Liberty “a pathway of opportunity,” and now that she’s there, can’t see herself going anywhere else.

She started at the bank as the communications manager, and a few short months into the position, began working with the bank’s charitable foundation – which she now calls “the world’s best job.”

“I come to work every day, thinking about the people at the bottom end of the income ladder and how we can improve their lives, help them realize the dreams they have,” she said. “They have dreams like everyone else, but don’t have the opportunities and advantages to achieve them.”

The foundation recently stepped in to help fund Pathways to Your Future, an after-school program in Middletown. Funding was in place for about 30 students, and with the bank’s

financial assistance, enrollment increased to 80. The children receive help with homework, tutoring and career mentoring.

“For those 50 kids, that’s pretty big,” she said. “If you remember your first job and what an impact it had on you, and everything you learned – these kids are going to have a first job because of the help we provided.”

Her job provides “hugely satisfying work,” she said. “It’s not easy, and not every story is a success story, but it happens often enough that it’s always worth it.”

Giving Freely Brenda Woods, employment manager/ diversity officer at Liberty Bank, said that Murphy volunteers hundreds of hours of her own time to community groups.

“She never looks for recognition for any of

VICE PRESIDENT, NEW BUSINESS DEVELOPMENT UNION SAVINGS BANK

America. Eight years ago, he stepped back from one of the biggest banks in the country and returned to community banking.

“I decided to seek out a community bank, where I could give a high level of service to our clients and the community,” he said.

And the community has embraced him.

‘Spirit and Humor’ Ronelle Cipolla, development director at The Arc of the Farmington Valley (FAVARH), an aid organization for adult and children with intellectual disabilities, said of Nardozzi – currently a member of the nonprofit’s fundraising committee – that “despite Scott’s busy schedule at work, he continues to make an effort to reach out and touch the lives of others of so many others. It is so rewarding to see him interact with our clients, always with spirit and humor that endears him to them.”

“He has also diligently worked to bring the new services and products of Union Bank to our organization,” Cipolla said. “Just recently, he helped us to streamline our credit card

34 | The Commercial Record August 2012

transactions by introducing a phone application for card swiping. It has made our fundraising events that much more efficient.”

Rebecca Makas, vice president and treasurer of Prudential Bank & Trust FSB in Hartford, also had strong praise for Nardozzi.

“I have known Scott for most of my professional career,” she said. “He has built a large client base … because he treats his clients with the utmost care and respect. He gets to know them as people and business owners, and truly wants to support them.

“He is creative with solutions to meet personal goals, and always goes the extra mile to meet his clients’ needs. I have referred countless friends, family members and customers to Scott,” she added. “I have used Scott as a banker myself. He is the consummate community banker.”

■

By Cassidy Norton Murphy Commercial Record Staff Writer Email: cnortonmurphy@thewarrengroup.com

SUE MURPHY:

the work she does,” Woods said. “She always gives freely of her time and expertise. Because of her outstanding reputation, individuals, nonprofits, colleagues and the community at large often call on Sue for advice, assistance and time. If you ask her, she’ll just say she’s doing her job, but anyone who knows her knows she always goes above and beyond.”

For Murphy, it’s pretty simple: “We’re concerned with the customers, the communities that we work in, and our employees. If you concern yourself with the welfare of those three things, you succeed.”

■

YOU’RE OUR HERO, TOO! Nobody does more to keep the “community” front and center in community banking. Liberty Bank thanks Executive Director of the Foundation Sue Murphy for her energy, resourcefulness, commitment to action, and genuine caring concern for the welfare of the 36 cities and towns in which we operate. She’s a leader, an advocate, a volunteer and an inspiration. You make us proud, Sue!

By Cassidy Norton Murphy Commercial Record Staff Writer Email: cnortonmurphy@thewarrengroup.com

2012 Community Bank Hero award winner

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August 2012 | The Commercial Record | 35

ROBERT F. POLITO JR.

O

f his many accomplishments, Robert F. Polito Jr. is most proud of having risen to the rank of captain in the Connecticut Army National Guard.

Polito spent 12 ROBERT F. POLITO JR. years in Connecticut’s 1-102nd and 1-158th Infantry Battalions.

He joined the guard as a college freshman, starting with ROTC. By the time he was 20, he was a second lieutenant, commanding others who were more than twice his age.

“I really relished my time in the military,” Polito said. “I try to tell people in the business world what it was like, and unless they served, they have no idea of the camaraderie, or the ‘I got your back’ aspect.”

As senior vice president and director of government guaranteed lending at Webster Bank, Polito continues to serve the military,

veterans and members of the National Guard and Reserves, and their families, through his work with the U.S. Small Business Administration’s Patriot Express Program. The program provides loans to help start, maintain or develop a business.

Brian Enright, an attorney and partner at law firm Halloran & Sage LLP in New Haven, noted that under Polito’s leadership, Webster Bank wrote the first SBA Patriot Express Program loan in Connecticut.

“Over the years, Robert has led the Webster Bank team in making many business dreams come true for our servicemen and women and their families,” Enright said.

“Because of his work, Robert has helped to give many individuals in our state the opportunity to succeed in business, despite the challenging economic times.”

Polito, who works out of Webster Bank’s New Britain office, said that his background enables him to relate to members of the military and veterans.

G

Talking The Talk “Any banker can talk to a veteran about stuff, but unless that banker is a veteran they’re never going to be able to automatically grab the attention of that veteran and then talk the talk,” Polito commented.

“We’ve lent to some absolutely true heroes,” he continued. “They’re looking to start businesses, buying franchises; it runs the gamut.”

Part of his job is also speaking frankly and advising veterans with unrealistic business plans that they need to get jobs and save some money before launching a business.

“I do a lot of counseling in that respect,” he said.

Polito spearheads Webster’s SBA lending, and has received numerous awards for his work. In 2003, he was awarded the SBA’s Financial Advocate of the Year. In 2007, he received the SBA’s Award for Lending Excellence – one of only two awarded in the

SENIOR VICE PRESIDENT, BRANCH ADMINISTRATOR THE MILFORD BANK

JORGE SANTIAGO

rowing up in Bridgeport, The Boys & Girls Club was an important part of Jorge Santiago’s life.

His mother was working two jobs to help make ends meet, and JORGE SANTIANGO after school it was a safe place for him and his younger brother to go to.

“It was a place where we could escape from bullying and negative peer pressure. We could focus on being kids and being a part of something,” he said. “Because of what the club meant to my brother and me growing up I want to provide that safe haven for the kids of the community I live and work in.”

Santiago, who senior vice president and branch administrator at The Milford Bank,

SENIOR VICE PRESIDENT, DIRECTOR OF GOVERNMENT GUARANTEED LENDING WEBSTER BANK N.A.

is doing his best to ensure other youths have the same opportunities. He is president of The Boys & Girls Club of Milford, and an active supporter of its efforts.

When a carnival operator offered to donate proceeds from a weeklong fair to The Boys & Girls Club, Santiago scrambled to find a location for the event — in just two weeks.

Santiago met with business owners and city officials, and at the 11th hour received permission to hold the carnival on Walnut Beach in Milford. The May carnival generated thousands of dollars.

The club’s biggest event, however, is its Pumpkins On The Pier festival, which raised almost $40,000 last fall.

Santiago’s efforts have not gone unnoticed.

He received a Champion of Youth Award from the Boys & Girls Club of America this year.

He active in several other local nonprofit and professional organizations, including the

36 | The Commercial Record August 2012

Stratford Chamber of Commerce; the Center for Financial Training; The Get In Touch Foundation; Junior Achievement and the Milford Chamber of Commerce.

“Usually, if I’m not with my kids a couple of nights a week, I’m at a meeting,” said Santiago, who has a son, Angel, 9, and a daughter, Faith, 5.

From Bowdoin To Banking Santiago received his bachelor of arts from Bowdoin College in Maine – a world away from the streets of Bridgeport.

“Just the idea that everything closed up at 7 p.m. was very different,” he said.

Santiago had learned of Bowdoin from a high school guidance counselor. “After I was accepted, the school brought me up for a visit and I was hooked,” he said.

After he graduated, he wrote a letter to former People’s United Financial Inc. CEO David

nation. In 2009, the SBA’s Connecticut District Office named him “Veteran Business Champion of the Year.”

He was recently elected president of the SBA’s “Connecticut Key to the Future,” the SBA’s educational and business outreach nonprofit entity.

Polito has 25 years of experience in banking, including 23 years in commercial lending.

He received his bachelors’ degree from Eastern Connecticut State University and an MBA from the University of New Haven. He has served on numerous boards and is currently the vice chairman of Connecticut’s Masonic Charity Foundation and chairman of Masonicare’s investment committee.

He and his wife, Lori, reside in Madison.

■

By Nora Lockwood Tooher Commercial Record Staff Writer Email: ntooher@thewarrengroup.com

WE’RE PROUD OF OUR

COMMUNITY BANK HERO Carson, whom he had heard speak when he was in high school, asking for a job.

To his surprise, he ended up getting one, and started as an assistant branch manager in Bridgeport at People’s Bank.

He worked for People’s Bank and People’s Securities Inc. for 11 years, rising to the rank of vice president and sales manager of the company’s investment sales force in Fairfield County.

In 2005, Santiago joined The Milford Bank, where he is responsible for leading the bank’s strategic direction within its branch network, including sales, staffing, customer services, operations and compliance programs. He oversees the bank’s marketing and community relations departments, as well as life insurance and investment sales departments.

■

By Nora Lockwood Tooher Commercial Record Staff Writer Email: ntooher@thewarrengroup.com

BLUNT WHITE We invest our time, our expertise and our financial resources in the communities we serve.

Blunt White Vice President Commercial Loan Officer 860-448-4120

chelseagroton.com

Member FDIC

August 2012 | The Commercial Record | 37

GREGORY R. SHOOK

G GREGORY R. SHOOK

r e g o r y R. Shook spent much of his 38-year career in banking working for publicly owned companies. As president of Essex Savings Bank, he values the uniqueness of a local mutual

savings bank.

“It’s just a different mindset,” he said.

“Community banks really truly are from the community. We do what we can to integrate ourselves into the local community, make loans, help businesses prosper.”

Shook joined the bank in December 1997 as vice president of administration.

He was named president and CEO a year and a half later after the sudden death of former bank president John Barr.

PRESIDENT & CEO | ESSEX SAVINGS BANK

Since taking the helm, he has championed the bank’s commitment to invest 10 percent of its after-tax net income back into the community. This year, Essex Savings Bank is distributing more than $250,000 to about 200 area nonprofits.

Shook encourages employees to become involved in their communities through volunteer efforts. And the bank earmarks 10 percent of earned income a year to its employees.

A marketing manager by training, Shook began his career collecting bills from customers of a subsidiary of Philadelphia National Corp.

“I used my sales acumen to try to make people like me enough to want to pay me,” he recalled. “It was really an eye-opening event for me.”

He held various management positions in branches in Ohio and Virginia before

B

Branching Out As head of Essex Savings Bank, Shook has focused on maintaining the bank’s financial health.

“Having revenue and earnings is one of the things I’ve always worked at,” he said.

“We are one of the few banks in Connecticut that has not lost money in any quarter over the decade. Capital has risen and we’ve grown the assets.”

Under Shook’s leadership the bank has

VICE PRESIDENT, COMMERCIAL LOAN OFFICER CHELSEA GROTON BANK

BLUNT WHITE

lunt White doesn’t work banker’s hours.

As a sergeant in the Stonington Borough volunteer fire police, he responds to fire and accident calls at JORGE SANTIANGO all hours. He helps control traffic and protects firefighters while they do their jobs.

White, who is a vice president and commercial loan officer at Chelsea Groton Bank, has been a volunteer fire policeman for about 10 years. He is also chairman of the Stonington Economic Development Committee, which he has served on since 2005.

“The Economic Development Commission works to help grow the Grand List [the summation of all taxable prop-

joining State Home Savings Assoc. in Bowling Green, Ohio in 1981 as vice president.

In 1984, Shook moved to Connecticut, as vice president of administration at First Federal Savings of Madison.

From 1987 to 1997, he was with Branford Savings Bank, where he held several senior positions, including FDIC-approved interim president and CEO in 1991.

erty in town], and at the bank, we deal with business people who are coming to town to locate or expand, so the hats are very similar,” he said.

He also serves on committees at the Eastern Connecticut Chamber of Commerce, the Community Foundation of Eastern Connecticut and the Rotary Club of Mystic.

White also plays harmonica in a folk/ blues duo. He noted that it’s completely different from his job at the bank, and said: “It helps me use the other side of my brain.”

White joined Chelsea Groton in January after 14 years with People’s United Bank, where he held a variety of positions in the commercial loan department, rising to the rank of vice president.

He previously worked at Norwich Savings Society as a commercial loan workout officer and at The Bank of Mystic as

38 | The Commercial Record August 2012

a loan officer. Earlier in his career, he was a commercial real estate agent and a sales manager for a family owned plastics manufacturing company.

At Chelsea Groton, he is based out of the bank’s Poquonnock Road office in Groton, serving New London and Windham counties and western Washington County, Rhode Island.

‘No Two Customers Are Alike’ “There are more than 6,000 businesses operating in New London County,” White noted. “Many of them have the ‘big bank blues,’ which is great for wellcapitalized community banks like Chelsea Groton.

“My 25 years of banking experience in Eastern Connecticut have taught me to stay focused on the customer’s needs,” he added. “It takes time to develop customer relationships, which we do very

grown its trust department from zero to $210 million in managed assets. It also formed its Essex Financial Services, a fullservice broker dealer with more than $3 billion in managed assets “We have quite an interesting, diversified business, but we will provide services in a true relationship manner,” Shook said. “Your mother or daughter can come in to buy a house and we treat them like family. We don’t sell products. We try to be consultative.”

He is an advisory council member of the The Federal Reserve Bank of Boston and is active in professional organizations.

In his spare time, he plays bass guitar in a blues band, Blues On The Rocks, Shook often foregoes his performance fee, donating his time and talent to community events.

As head of Essex Savings Bank, Shook

well here at Chelsea Groton Bank. No two customers are alike, and being a community bank we don’t have to mass market and use a cookie-cutter approach where one size fits all.”

“Beyond the need to stay informed, community involvement is a great opportunity to meet and learn from new and interesting people,” he said. “The best ideas come from shared knowledge.”

White said he is pleased to be back at a community bank.

“I grew up in Eastern Connecticut, never left, and as a result have done business here my entire life,” he said. “Local knowledge, local people, local decision-making and mutual goals – these are foundations of community banking.”

■

By Nora Lockwood Tooher Commercial Record Staff Writer Email: ntooher@thewarrengroup.com

said he is most proud of increasing the number of employees by 50 percent and tripling the size of the payroll.

“To me, that’s helping the community, helping families during a difficult

The Test of Time.

economy,” he said.

■

By Nora Lockwood Tooher Commercial Record Staff Writer Email: ntooher@thewarrengroup.com

For over 160 years, Essex Savings Bank has offered services to individuals, businesses and non-profit organizations alike. In addition to free checking, loans and deposit accounts, we provide a wide array of investment and trust services. We combine strength, resources and performance with an unmatched level of personal attention. We have the resources and decision-making power to provide the answers you need, when you need them. We can guide you in finding creative solutions that allow you to meet your present financial requirements while making steady headway towards your objectives.

Come in today and discover the Essex Savings Bank difference.

Offices: Essex, 35 Plains Road, (860) 767-2573 Essex, 9 Main Street, (860) 767-8238 Old Saybrook, 155 Main Street, (860) 388-3543 Old Lyme, 101 Halls Road, (860) 434-1646 Madison, 99 Durham Road, (203) 318-8611 In Connecticut Toll-Free 877-377-3922 www.essexsavings.com Member FDIC • Equal Housing Lender

August 2012 | The Commercial Record | 39

TRENDLINES

FAIRFIELD COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

BETHEL 1 Family Condo All Sales

7 5 1 8

13 10 25

85.71% 100.00% 38.89%

39 23 79

48 37 109

23.08% 60.87% 37.97%

$332,900 $514,345 $247,550

$425,000 $366,850 $425,000

27.67% -28.68% 71.68%

$314,000 $436,948 $324,000

$299,500 -4.62% $305,500 -30.08% $275,000 -15.12%

38 22 98

-24.00% 4.76% -11.71%

265 91 536

211 106 531

-20.38% 16.48% -0.93%

$130,250 $85,000 $104,000

$132,000 $65,074 $115,100

1.34% -23.44% 10.67%

$115,000 $75,000 $101,250

$130,000 13.04% $56,625 -24.50% $110,000 8.64%

1 5 3 2 2

20 4 24

33.33% 33.33% 9.09%

50 14 81

62 21 94

24.00% 50.00% 16.05%

$440,000 $239,500 $380,000

$344,000 $261,500 $341,500

-21.82% 9.19% -10.13%

$391,000 $215,000 $320,000

$314,009 -19.69% $195,000 -9.30% $302,500 -5.47%

3 3 2 8 7 0

29 19 54

-12.12% -32.14% -22.86%

141 111 297

160 108 328

13.48% -2.70% 10.44%

$268,000 $260,950 $260,950

$280,000 $135,000 $271,250

4.48% -48.27% 3.95%

$248,000 $207,400 $240,000

$250,000 0.81% $174,201 -16.01% $242,500 1.04%

3 3 0 3 4

51 3 56

54.55% N/A 64.71%

119 2 129

143 5 154

20.17% $1,450,000 150.00% 19.38% $1,449,500

$1,140,000 $625,000 $1,125,000

-21.38% $1,424,500 N/A N/A -22.39% $1,445,000

$1,107,500 -22.25% $440,000 N/A $1,098,750 -23.96%

2 0 2

2 0 3

0.00% N/A 50.00%

18 0 20

38 0 41

111.11% N/A 105.00%

N/A N/A N/A

N/A N/A $975,000

N/A $630,750 N/A N/A N/A $592,000

$491,250 -22.12% N/A N/A $527,500 -10.90%

BRIDGEPORT 1 Family Condo All Sales

5 0 2 1 1 11

BROOKFIELD 1 Family Condo All Sales

DANBURY 1 Family Condo All Sales

DARIEN 1 Family Condo All Sales

EASTON 1 Family Condo All Sales

FAIRFIELD 1 Family Condo All Sales

6 9 7 9 5

70 11 85

1.45% 57.14% -10.53%

264 39 345

240 35 317

-9.09% -10.26% -8.12%

$560,000 $471,500 $552,000

$587,500 $323,500 $575,000

9 6 1 4 1 30

86 20 134

-10.42% 42.86% 3.08%

257 38 350

216 48 334

-15.95% 26.32% -4.57%

$1,725,000 $630,000 $1,497,500

1 5 2 1 7

12 6 20

-20.00% 200.00% 17.65%

51 11 69

61 27 95

19.61% 145.45% 37.68%

29 5 36

-27.50% -44.44% -35.71%

121 34 176

102 25 137

-15.70% -26.47% -22.16%

54 0 63

59 4 72

4.91% -31.39% 4.17%

$528,500 $442,500 $500,000

$500,000 -5.39% $323,500 -26.89% $480,000 -4.00%

$1,242,000 $500,000 $1,182,000

-28.00% $1,650,000 -20.63% $692,500 -21.07% $1,431,000

$1,327,500 -19.55% $624,500 -9.82% $1,115,000 -22.08%

$382,000 N/A $382,000

$448,000 $184,000 $409,500

17.28% $340,000 N/A $175,500 7.20% $330,000

$364,000 7.06% $197,500 12.54% $280,000 -15.15%

$1,357,500 $655,000 $1,000,000

$1,280,000 $370,000 $1,197,500

-5.71% $1,412,500 -43.51% $657,500 19.75% $1,157,500

$1,282,500 -9.20% $520,000 -20.91% $1,080,000 -6.70%

$451,250 N/A $451,250

$350,000 N/A $327,250

-22.44% $327,500 N/A N/A -27.48% $320,000

$300,000 -8.40% $222,500 N/A $274,750 -14.14%

2.50% $377,500 N/A $411,763 -4.43% $370,000

$354,500 -6.09% $265,250 -35.58% $350,000 -5.41%

GREENWICH 1 Family Condo All Sales

MONROE 1 Family Condo All Sales

NEW CANAAN 1 Family Condo All Sales

4 0 9 5 6

NEW FAIRFIELD 1 Family Condo All Sales

1 4 0 1 4

23 2 26

64.29% N/A 85.71%

9.26% N/A 14.29%

NEWTOWN 1 Family Condo All Sales

3 3 1 3 6

25 4 31

-24.24% 300.00% -13.89%

94 9 114

128 6 145

36.17% -33.33% 27.19%

$400,000 N/A $417,500

$410,000 $339,000 $399,000

6 1 2 6 9 9

58 17 103

-4.92% -34.62% 4.04%

233 111 404

223 99 412

-4.29% -10.81% 1.98%

$515,000 $243,500 $410,000

$351,250 $275,000 $319,000

-31.80% 12.94% -22.20%

$435,000 $265,000 $363,000

$395,000 -9.20% $243,000 -8.30% $325,000 -10.47%

1 0 0 1 2

8 1 9

30 1 37

32 2 41

6.67% 100.00% 10.81%

$752,500 N/A $667,500

$556,055 N/A $587,110

-26.11% $595,000 N/A N/A -12.04% $598,000

$458,750 -22.90% N/A N/A $435,000 -27.26%

108 15 134

125 11 152

15.74% -26.67% 13.43%

$773,000 $209,000 $665,000

$555,000 -28.20% N/A -100.00% $540,000 -18.80%

NORWALK 1 Family Condo All Sales

REDDING 1 Family Condo All Sales

-20.00% N/A -25.00%

RIDGEFIELD 1 Family Condo All Sales

3 6 7 4 9

38 1 43

5.56% -85.71% -12.24%

40 | The Commercial Record August 2012

$663,750 $275,000 $630,250

$607,500 -8.47% $195,000 -29.09% $587,500 -6.78%

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

MEDIAN PRICE

2011 YTD

2012 YTD

%CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

-12.39% -20.45% -10.11%

$328,666 $263,750 $310,000

$312,500 $248,000 $279,200

-4.92% -5.97% -9.94%

$300,000 $240,000 $287,250

$288,000 $265,000 $276,000

-4.00% 10.42% -3.92%

$435,000 N/A $360,000

$435,000 N/A $435,000

0.00% $352,500 N/A N/A 20.83% $325,000

$427,500 N/A $425,000

21.28% N/A 30.77% -3.64% -9.52% -8.89%

SHELTON 1 Family Condo All Sales

2 9 1 2 5 0

23 9 38

-20.69% -25.00% -24.00%

113 44 188

99 35 169

7 0 9

133.33% N/A 125.00%

12 0 15

19 0 24

58 33 100

-18.31% -48.44% -36.71%

240 231 575

249 207 557

3.75% -10.39% -3.13%

$540,000 $318,500 $440,000

$617,500 $270,000 $488,000

14.35% -15.23% 10.91%

$550,000 $315,000 $425,000

$530,000 $285,000 $387,200

30 10 43

-9.09% 233.33% 4.88%

169 32 224

175 44 253

3.55% 37.50% 12.95%

$232,000 $125,000 $232,000

$216,950 $113,500 $170,000

-6.49% -9.20% -26.72%

$220,000 $165,000 $211,000

$210,000 -4.55% $130,000 -21.21% $195,000 -7.58%

3 6 2 4 0

27 5 39

-25.00% 150.00% -2.50%

117 14 141

147 12 179

25.64% $350,000 -14.29% 26.95% $340,000

$369,900 $305,000 $335,000

5.69% $358,500 N/A $312,400 -1.47% $344,000

1 3 0 1 3

16 0 17

23.08% N/A 30.77%

56 0 60

45 0 51

-19.64% N/A -15.00%

$637,500 N/A $637,500

$645,000 N/A $640,000

1.18% $748,500 N/A N/A 0.39% $748,500 19.89% $1,074,950

SHERMAN 1 Family Condo All Sales

3 0 4

58.33% N/A 60.00%

STAMFORD 1 Family Condo All Sales

7 1 6 4 1 58

STRATFORD 1 Family Condo All Sales

3 3 3 4 1

TRUMBULL 1 Family Condo All Sales

$362,500 $365,000 $361,000

1.12% 16.84% 4.94%

WESTON 1 Family Condo All Sales

$659,000 -11.96% N/A N/A $650,000 -13.16%

WESTPORT 1 Family

5 2

52

0.00%

194

170

-12.37%

$1,087,500

$1,303,750

Condo All Sales

3 5 8

2 61

-33.33% 5.17%

16 231

15 209

-6.25% -9.52%

$575,000 $1,075,000

N/A -100.00% $567,000 $1,260,000 17.21% $1,010,000

1 Family

2 9

25

-13.79%

91

90

-1.10%

$889,000

$790,000

Condo All Sales

1 3 1

2 30

100.00% -3.23%

11 106

7 104

-36.36% -1.89%

N/A $863,500

N/A $783,000

-5.13% 2,836 -10.58% 847 -6.55% 4,374

2,842 854 4,508

0.21% 0.83% 3.06%

$575,500 $290,000 $457,300

$549,000 $257,500 $455,000

$1,057,500

-1.62%

$645,000 13.76% $960,000 -4.95%

WILTON -11.14%

$820,000

$772,500

-5.79%

N/A $350,000 -9.32% $732,500

$390,000 $748,750

11.43% 2.22%

$447,250 $241,500 $360,000

-8.35% -8.87% -8.86%

FAIRFIELD COUNTY 1 Family Condo All Sales

7 80 740 2 08 186 1 ,160 1,084

-4.60% -11.21% -0.50%

$488,000 $265,000 $395,000

LOOKING FOR MORE? Our online real estate records offer a much deeper look into your markets and neighborhoods. Every Thursday, CommercialRecord.com is updated with the most recent sales, foreclosure, mortgage and credit information available from The Warren Group. Our weekly digital records are offered in a convenient, searchable PDF format, and are archived to 2001. Each PDF is organized by county, town and street to make it easy to find exactly the data you need to make informed business decisions. As a bonus, all subscribers to The Commercial Record get access to similar weekly data from Rhode Island. Simply visit www.commercialrecord.com, log in, click on the big, red “Records & Research” button in the upper left corner, and get busy putting The Commercial Record to work for you.

August 2012 | The Commercial Record | 41

TRENDLINES

HARTFORD COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

AVON 1 Family Condo All Sales

2 6 1 0 4 0

22 14 40

-15.38% 40.00% 0.00%

86 33 137

86 42 144

0.00% 27.27% 5.11%

$352,500 $204,000 $336,000

$691,750 $222,750 $363,500

96.24% 9.19% 8.18%

$392,500 $215,000 $332,000

$415,000 $203,000 $319,500

5.73% -5.58% -3.77%

1 3 7 2 9

18 4 29

38.46% -42.86% 0.00%

59 35 127

74 27 133

25.42% -22.86% 4.72%

$241,000 $250,000 $241,000

$206,500 $238,000 $247,400

-14.32% -4.80% 2.66%

$255,000 $244,900 $255,000

$223,000 -12.55% $229,000 -6.49% $228,000 -10.59%

1 7 1 2 4

10 9 24

-41.18% 800.00% 0.00%

56 19 90

64 30 114

14.29% 57.89% 26.67%

$185,000 N/A $214,000

$186,000 $225,000 $236,000

0.54% $182,450 N/A $224,000 10.28% $185,500

$155,750 -14.63% $269,000 20.09% $179,000 -3.50%

3 5 1 0 5 5

34 12 54

-2.86% 20.00% -1.82%

140 45 247

176 41 274

25.71% -8.89% 10.93%

$175,000 $168,500 $174,900

$201,000 $101,500 $167,450

14.86% -39.76% -4.26%

7 0 1 0

7 1 12

0.00% N/A 20.00%

45 0 53

39 2 64

-13.33% N/A 20.75%

$375,000 N/A $327,500

$305,000 N/A $257,500

-18.67% $334,900 N/A N/A -21.37% $334,900

6 3 1 0

8 1 11

33.33% -66.67% 10.00%

34 10 54

42 13 62

23.53% 30.00% 14.81%

$329,400 $345,000 $347,450

$297,000 -9.84% N/A -100.00% $295,000 -15.10%

5 1 8

-16.67% -50.00% 0.00%

14 5 21

23 8 36

64.29% 60.00% 71.43%

$260,000 N/A $260,000

$315,000 N/A $300,215

33 5 46

22.22% 66.67% 9.52%

133 18 216

185 16 259

39.10% -11.11% 19.91%

$159,900 $220,000 $161,450

$135,000 $127,000 $136,500

-15.57% -42.27% -15.45%

$147,200 $104,088 $145,000

$129,000 -12.36% $59,750 -42.60% $127,000 -12.41%

6 1 1 0

5 4 10

-16.67% 300.00% 0.00%

29 19 64

32 20 62

10.34% 5.26% -3.13%

$211,500 N/A $195,000

$147,600 $187,250 $177,500

-30.21% $195,000 N/A $215,000 -8.97% $186,500

$161,500 -17.18% $194,750 -9.42% $177,500 -4.83%

4 1 1 0 5 7

39 8 56

-4.88% -20.00% -1.75%

165 31 215

164 29 222

-0.61% -6.45% 3.26%

$170,000 $153,000 $167,900

$160,900 $135,500 $160,950

-5.35% -11.44% -4.14%

$165,000 $134,000 $162,500

$163,950 $135,000 $162,000

19 18 40

-5.00% 80.00% 29.03%

67 39 117

90 68 175

34.33% 74.36% 49.57%

$310,000 $191,000 $243,500

$421,000 $322,500 $357,500

35.81% 68.85% 46.82%

$320,000 $193,000 $270,000

$285,750 -10.70% $190,000 -1.55% $257,000 -4.81%

3 8 1 4 5 5

44 9 60

15.79% -35.71% 9.09%

130 57 211

160 49 241

23.08% -14.04% 14.22%

$407,500 $186,000 $388,325

$314,500 $177,000 $306,225

-22.82% -4.84% -21.14%

$354,500 $184,000 $296,000

$324,950 $185,000 $299,900

1 1 2 1 6

11 2 14

0.00% 0.00% -12.50%

44 6 60

57 8 74

29.55% 33.33% 23.33%

$275,000 N/A $224,975

$245,000 N/A $212,500

-10.91% $275,000 N/A $157,500 -5.55% $239,975

$245,000 -10.91% $184,000 16.83% $232,250 -3.22%

19 14 75

11.76% 0.00% 2.74%

93 48 345

91 49 366

-2.15% 2.08% 6.09%

$115,000 $36,000 $95,000

$95,000 $27,500 $107,000

-17.39% -23.61% 12.63%

$138,000 $55,000 $122,000

$106,000 -23.19% $38,000 -30.91% $100,000 -18.03%

3 0 3

200.00% N/A 50.00%

3 0 4

10 0 11

233.33% N/A 175.00%

N/A N/A N/A

$185,000 N/A $185,000

$60,000 N/A $88,375

$202,500 237.50% N/A N/A $195,000 120.65%

BERLIN 1 Family Condo All Sales

BLOOMFIELD 1 Family Condo All Sales

BRISTOL 1 Family Condo All Sales

$165,000 $130,000 $160,000

$174,450 $120,000 $165,000

5.73% -7.69% 3.13%

BURLINGTON 1 Family Condo All Sales

$309,000 -7.73% N/A N/A $253,000 -24.46%

CANTON 1 Family Condo All Sales

$362,450 $221,750 $290,000

$290,000 -19.99% $176,000 -20.63% $272,500 -6.03%

EAST GRANBY 1 Family Condo All Sales

6 2 8

21.15% $246,500 N/A $111,000 15.47% $233,000

$230,000 $127,450 $220,500

-6.69% 14.82% -5.36%

EAST HARTFORD 1 Family Condo All Sales

2 7 3 4 2

EAST WINDSOR 1 Family Condo All Sales

ENFIELD 1 Family Condo All Sales

-0.64% 0.75% -0.31%

FARMINGTON 1 Family Condo All Sales

2 0 1 0 3 1

GLASTONBURY 1 Family Condo All Sales

-8.34% 0.54% 1.32%

GRANBY 1 Family Condo All Sales

HARTFORD 1 Family Condo All Sales

1 7 1 4 7 3

HARTLAND 1 Family Condo All Sales

1 0 2

42 | The Commercial Record August 2012

N/A N/A N/A

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

MANCHESTER 1 Family Condo All Sales

4 2 1 1 6 1

47 10 61

11.90% -9.09% 0.00%

157 46 245

189 64 300

20.38% 39.13% 22.45%

$158,950 $168,000 $165,000

$163,000 $148,200 $163,000

2.55% -11.79% -1.21%

$165,000 $153,500 $161,500

$159,000 -3.64% $120,000 -21.82% $149,950 -7.15%

4 1 6

0.00% 0.00% -25.00%

13 2 21

35 2 42

169.23% 0.00% 100.00%

$84,500 N/A $156,750

$265,000 213.61% $205,500 N/A N/A N/A $264,500 68.74% $220,000

$265,000 N/A $264,000

22 8 49

0.00% 166.67% -2.00%

113 19 227

121 24 246

7.08% 26.32% 8.37%

$148,450 $63,673 $141,000

$134,400 $126,000 $128,900

-9.46% 97.89% -8.58%

$137,000 $83,000 $125,100

$115,000 -16.06% $77,500 -6.63% $117,000 -6.47%

20 8 32

-9.09% 33.33% 6.67%

92 34 149

83 38 133

-9.78% 11.76% -10.74%

$195,500 $143,100 $191,000

$210,501 $139,000 $200,000

7.67% -2.87% 4.71%

$189,000 $163,450 $178,000

$207,000 9.52% $131,750 -19.39% $195,000 9.55%

7 8 17

-50.00% 0.00% -46.88%

37 21 77

44 21 74

18.92% 0.00% -3.90%

$199,000 $134,750 $159,950

$120,000 $172,375 $183,000

-39.70% 27.92% 14.41%

$189,900 $139,500 $159,900

$168,750 -11.14% $132,000 -5.38% $159,500 -0.25%

9 10 22

0.00% -9.09% 10.00%

43 42 95

52 52 116

20.93% 23.81% 22.11%

$285,000 $155,000 $218,500

$250,000 $187,500 $212,500

-12.28% 20.97% -2.75%

$265,000 $166,450 $217,000

$251,250 $181,450 $219,200

25 9 39

-7.41% 50.00% 14.71%

91 20 118

103 40 155

13.19% 100.00% 31.36%

$375,000 $157,500 $326,000

$394,900 $200,000 $369,000

5.31% 26.98% 13.19%

$345,000 $157,500 $314,000

$316,000 -8.41% $179,250 13.81% $278,000 -11.46%

19 10 31

72.73% -23.08% 6.90%

64 38 118

75 39 126

17.19% 2.63% 6.78%

$269,900 $190,000 $230,000

$249,900 $196,000 $236,000

-7.41% 3.16% 2.61%

$252,500 $176,500 $220,000

$263,000 4.16% $145,250 -17.71% $227,000 3.18%

2 6 1 6 4 9

37 8 62

42.31% -50.00% 26.53%

120 47 221

144 46 266

20.00% -2.13% 20.36%

$265,000 $220,500 $249,000

$277,000 $117,750 $235,500

4.53% -46.60% -5.42%

$243,000 $199,900 $234,000

$245,000 0.82% $147,750 -26.09% $221,250 -5.45%

1 6 2 2 0

12 5 18

-25.00% 150.00% -10.00%

56 8 77

50 10 71

-10.71% 25.00% -7.79%

$381,750 N/A $357,500

$276,750 $190,000 $233,250

-27.50% $285,500 N/A $184,950 -34.76% $277,000

$233,000 -18.39% $137,500 -25.66% $233,000 -15.88%

92 7 109

5.75% -46.15% 0.93%

253 59 351

323 70 441

27.67% 18.64% 25.64%

$325,000 $235,000 $304,000

$350,000 $212,500 $350,000

7.69% -9.57% 15.13%

$300,000 $235,000 $290,000

$299,500 -0.17% $201,500 -14.26% $281,500 -2.93%

2 9 4 3 4

24 6 35

-17.24% 50.00% 2.94%

109 19 135

140 24 183

28.44% 26.32% 35.56%

$226,000 $144,750 $222,500

$231,500 $148,200 $212,000

2.43% 2.38% -4.72%

$215,500 $149,999 $209,000

$211,000 $155,000 $190,000

-2.09% 3.33% -9.09%

2 1 5 2 7

28 4 35

33.33% -20.00% 29.63%

102 23 139

107 23 141

4.90% 0.00% 1.44%

$220,000 $190,000 $200,000

$190,450 $174,750 $185,000

-13.43% -8.03% -7.50%

$190,500 $190,000 $192,800

$180,000 $186,000 $180,000

-5.51% -2.11% -6.64%

8 5 14

-42.86% 66.67% -26.32%

41 12 66

43 19 69

4.88% 58.33% 4.55%

$181,250 $204,900 $186,900

$144,000 $129,500 $143,750

-20.55% -36.80% -23.09%

$152,000 $155,000 $163,000

$150,000 -1.32% $125,000 -19.35% $146,000 -10.43%

2.60% 2,389 6.35% 755 2.95% 4,000

2,802 874 4,600

17.29% 15.76% 15.00%

$239,000 $186,500 $210,000

$228,000 $167,000 $210,000

-4.60% -10.46% 0.00%

$214,000 $168,500 $191,500

$205,000 $156,750 $187,000

MARLBOROUGH 1 Family Condo All Sales

4 1 8

28.95% N/A 20.00%

NEW BRITAIN 1 Family Condo All Sales

2 2 3 5 0

NEWINGTON 1 Family Condo All Sales

2 2 6 3 0

PLAINVILLE 1 Family Condo All Sales

1 4 8 3 2

ROCKY HILL 1 Family Condo All Sales

9 1 1 2 0

-5.19% 9.01% 1.01%

SIMSBURY 1 Family Condo All Sales

2 7 6 3 4

SOUTH WINDSOR 1 Family Condo All Sales

1 1 1 3 2 9

SOUTHINGTON 1 Family Condo All Sales

SUFFIELD 1 Family Condo All Sales

WEST HARTFORD 1 Family Condo All Sales

8 7 1 3 1 08

WETHERSFIELD 1 Family Condo All Sales

WINDSOR 1 Family Condo All Sales

WINDSOR LOCKS 1 Family Condo All Sales

1 4 3 1 9

HARTFORD COUNTY 1 Family Condo All Sales

6 15 631 1 89 201 9 83 1,012

-4.21% -6.97% -2.35%

August 2012 | The Commercial Record | 43

TRENDLINES

LITCHFIELD COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

BARKHAMSTED 1 Family

3

1

Condo

0

0

4

1

All Sales

-66.67%

13

9

0

0

-75.00%

16

16

0.00%

$292,500

N/A -100.00% $234,000

$256,250

-66.67%

9

11

22.22%

$300,000

N/A -100.00% $230,000

$207,500 -9.78%

0

0

13

13

0.00%

$250,500

-40.00%

N/A

-30.77% N/A

$245,000 N/A

N/A -100.00% $240,000 N/A

N/A

N/A

$239,900 -0.04% N/A

N/A 9.51%

BETHLEHEM 1 Family

3

1

Condo

0

0

4

1

All Sales

N/A -75.00%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A -100.00% $201,000

$250,000 24.38%

N/A

N/A

N/A $450,000

$363,000 -19.33%

N/A

N/A

N/A

BRIDGEWATER 1 Family

0

1

N/A

5

3

Condo

0

0

N/A

0

0

4

2

11

9

-18.18%

$452,500

1 Family

0

3

N/A

3

8

166.67%

N/A

$240,000

Condo

0

0

N/A

0

0

N/A

N/A

0

3

N/A

4

9

125.00%

3

4

0

0

All Sales

-50.00%

N/A

N/A

N/A -100.00% $450,000

N/A

N/A

$800,000 77.78%

CANAAN

All Sales

N/A

N/A $195,000 N/A

$185,000

-5.13%

N/A

N/A

N/A

$240,000

N/A $173,500

$205,000

18.16%

N/A

N/A

N/A $213,800

$158,950 -25.65%

N/A

N/A

N/A

COLEBROOK 1 Family

2

1

Condo

0

0

2

2

0.00%

4

6

50.00%

N/A

N/A

N/A $244,400

$158,950 -34.96%

0.00%

5

5

0.00%

N/A

N/A

N/A $335,000

$340,000

1.49%

0

0

N/A

N/A

N/A

N/A

N/A

All Sales

-50.00% N/A

33.33% N/A

N/A

N/A

N/A

CORNWALL 1 Family

2

2

Condo

0

0

3

2

-33.33%

6

10

66.67%

$330,000

N/A -100.00% $332,500

$227,500 -31.58%

1 Family

5

1

-80.00%

25

7

-72.00%

$320,000

N/A -100.00% $320,000

$277,500 -13.28%

Condo

0

0

0

1

6

2

-66.67%

36

18

-50.00%

$270,000

100.00%

17

24

41.18%

$270,000

$244,000

0

2

N/A

N/A

All Sales

N/A

N/A

N/A

GOSHEN

All Sales

N/A

N/A

N/A

N/A

N/A

N/A

N/A -100.00% $292,500

N/A

N/A

$179,500 -38.63%

HARWINTON 1 Family

3

6

Condo

0

0

5

7

40.00%

29

33

13.79%

$270,000

$220,000

1 Family

1

2

100.00%

7

9

28.57%

N/A

Condo

0

0

3

3

0.00%

N/A

2

2

0.00%

12

17

41.67%

All Sales

N/A

N/A

-9.63%

$198,000

$187,750

N/A

N/A

N/A

$197,500

$189,000

-4.30%

N/A

N/A $386,000

$364,500

-5.57%

N/A

N/A $125,000

N/A

N/A

N/A $253,775

N/A -18.52%

-5.18%

KENT

All Sales

N/A

$55,000 -56.00% $255,000

0.48%

LITCHFIELD 1 Family

1 1

8

-27.27%

32

23

-28.13%

$212,000

$171,250

Condo

2

0 -100.00%

3

1

-66.67%

N/A

N/A

-37.50%

46

31

-32.61%

$231,000

$171,250

14.29%

N/A N/A

All Sales

1 6

10

-19.22%

$260,000

N/A $210,000 -25.87%

$198,450 -23.67% N/A -100.00%

$276,500

$198,450 -28.23%

N/A

N/A $270,000

$191,250 -29.17%

N/A

N/A

MORRIS 1 Family

1

0 -100.00%

7

8

Condo

0

0

0

0

3

1

-66.67%

11

11

-60.00%

20 1

All Sales

N/A

N/A

N/A

N/A

N/A

0.00%

$250,000

N/A -100.00% $265,000

$165,000 -37.74%

19

-5.00%

$225,000

N/A -100.00% $243,500

$239,900 -1.48%

3

200.00%

N/A

N/A

12.90%

$198,000

$125,000

NEW HARTFORD 1 Family

5

2

Condo

0

1

7

5

-28.57%

31

35

All Sales

N/A

N/A

N/A

$1

N/A

-36.87%

$217,150

$239,900

10.48% -9.26%

NEW MILFORD 1 Family

2 8

24

-14.29%

93

107

15.05%

$283,625

$263,250

-7.18%

$270,000

$245,000

Condo

8

5

-37.50%

40

27

-32.50%

$162,250

$115,000

-29.12%

$128,600

$109,000 -15.24%

4 0

39

-2.50%

156

179

14.74%

$257,500

$245,000

-4.85%

$210,000

$203,000

All Sales

44 | The Commercial Record August 2012

-3.33%

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

8

16

0

0

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

NORFOLK 1 Family

2

3

Condo

0

0

2

4

100.00%

8

20

-50.00%

7

16

0

0

-66.67%

13

24

All Sales

50.00% N/A

100.00%

N/A

$270,000

N/A

N/A

150.00%

N/A

$266,250

128.57%

N/A N/A

N/A

N/A $440,000 N/A

N/A

$141,000 -67.95% N/A

N/A

N/A $440,000

$141,000 -67.95%

N/A

N/A

$80,250

$158,629

97.67%

N/A

N/A

N/A

N/A

N/A

NORTH CANAAN 1 Family

2

1

Condo

0

0

3

1

All Sales

N/A

N/A 84.62%

$194,000

N/A -100.00%

$84,800

$151,800 79.01%

PLYMOUTH 1 Family

1 2

10

-16.67%

38

37

-2.63%

$155,000

$147,200

Condo

1

2

100.00%

2

5

150.00%

N/A

N/A

1 6

16

0.00%

56

52

-7.14%

$155,000

$112,450

1 Family

2

4

100.00%

10

9

-10.00%

N/A

$465,500

Condo

0

0

0

0

N/A

N/A

2

8

300.00%

14

15

7.14%

N/A

200.00%

10

16

60.00%

0

1

15

27

All Sales

-5.03% N/A -27.45%

$165,000

$171,000

3.64%

N/A

$66,000

N/A

$162,500

$145,500 -10.46%

ROXBURY

All Sales

N/A

N/A

N/A $487,500 N/A

$720,000

47.69%

N/A

N/A

N/A

$347,250

N/A $437,500

$451,000

3.09%

N/A

$417,100

N/A $530,000

$337,500 -36.32%

N/A

N/A

80.00%

$250,000

$387,500

100.00%

N/A

$430,000

N/A

N/A

70.00%

N/A

$430,000

SALISBURY 1 Family

1

3

Condo

0

0

3

7

1 Family

0

3

N/A

7

14

Condo

0

0

N/A

0

0

0

3

N/A

10

17

All Sales

N/A 133.33%

N/A

N/A

N/A

N/A

N/A

$335,000

$358,000

6.87%

N/A $237,500

$402,500

69.47%

55.00%

SHARON

All Sales

N/A

N/A

N/A

N/A

N/A

N/A $223,750

$375,000

67.60%

$224,900

24.94%

THOMASTON 1 Family

6

3

-50.00%

21

15

-28.57%

$176,250

$255,000

Condo

2

0 -100.00%

6

1

-83.33%

N/A

N/A

All Sales

8

4

-50.00%

34

21

-38.24%

$156,000

$199,500

44.68% N/A

$180,000 $94,950

N/A -100.00%

27.88%

$165,000

$177,500

7.58%

$125,000 -17.76%

TORRINGTON 1 Family

3 2

27

-15.63%

110

137

24.55%

$143,750

$130,000

-9.57%

$152,000

Condo

1 1

8

-27.27%

30

31

3.33%

$96,000

$85,000

-11.46%

$95,500

$75,000 -21.47%

4 7

41

-12.77%

159

202

27.04%

$135,000

$118,000

-12.59%

$138,000

$115,000 -16.67%

1 Family

0

1

N/A

4

3

-25.00%

N/A

N/A

N/A $197,500

Condo

0

0

N/A

0

0

N/A

N/A

N/A

N/A

N/A

N/A

1

1

0.00%

11

9

-18.18%

N/A

N/A

N/A $220,500

$320,000

45.12%

-57.50% $1,050,000

All Sales

WARREN

All Sales

N/A

$235,000

18.99%

WASHINGTON 1 Family

3

5

66.67%

22

16

-27.27%

$1,200,000

$510,000

Condo

1

0 -100.00%

2

1

-50.00%

N/A

N/A

50.00%

29

30

3.45%

$782,500

$510,000

-34.82%

$900,000

$517,500 -42.50%

-22.29%

$197,500

$165,000 -16.46%

All Sales

6

9

N/A

N/A

$545,000 -48.10% N/A

N/A

WATERTOWN 1 Family

1 8

18

0.00%

64

73

14.06%

$216,200

$168,000

Condo

2

1

-50.00%

4

3

-25.00%

N/A

N/A

2 5

28

12.00%

98

112

14.29%

$219,900

$135,000

-60.00%

12

30

150.00%

$101,000

3

0

-100.00%

N/A

44

83.33%

$101,000

$213,450 111.34%

$103,000

$115,950

12.57%

$410,000

$385,000

-6.10%

All Sales

N/A $227,500 -38.61%

$191,500

$88,538 -61.08% $158,750 -17.10%

WINCHESTER 1 Family

5

2

Condo

0

0

7

4

-42.86%

24

All Sales

N/A

N/A -100.00% $123,450 N/A

N/A $116,000

$154,450 25.11% N/A -100.00%

WOODBURY 1 Family

6

4

-33.33%

21

19

-9.52%

$450,000

$231,250

Condo

2

3

50.00%

9

13

44.44%

N/A

$180,000

1 2

8

-33.33%

46

54

17.39%

$485,000

$214,750

All Sales

-48.61%

N/A $140,000

$80,500 -42.50%

-55.72%

$324,750

$265,000 -18.40% $188,550 -13.51%

LITCHFIELD COUNTY 1 Family

1 53

136

-11.11%

573

638

11.34%

$212,000

$206,000

-2.83%

$218,000

Condo

2 9

20

-31.03%

103

92

-10.68%

$130,000

$89,269

-31.33%

$118,000

$87,000 -26.27%

2 28

211

-7.46%

892

1,014

13.68%

$209,950

$185,000

-11.88%

$196,750

$170,000 -13.60%

All Sales

August 2012 | The Commercial Record | 45

TRENDLINES

MIDDLESEX COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

CHESTER 1 Family

5

5

0.00%

11

21

90.91%

$304,000

$420,000

38.16%

$315,000

$247,000 -21.59%

Condo All Sales

0 5

0 5

N/A 0.00%

1 17

0 24

-100.00% 41.18%

N/A $304,000

N/A $420,000

N/A N/A 38.16% $300,000

N/A N/A $246,000 -18.00%

1 Family

1 3

8

-38.46%

50

54

8.00%

$292,000

$334,500

14.55%

$265,000

Condo All Sales

3 2 3

1 10

-66.67% -56.52%

6 73

11 82

83.33% 12.33%

$160,000 $205,000

N/A -100.00% $150,500 $274,000 33.66% $190,000

$162,500 7.97% $242,250 27.50%

8 9 27

-33.33% 12.50% 8.00%

37 29 92

35 42 93

-5.41% 44.83% 1.09%

$260,000 $142,450 $259,000

$277,450 $102,010 $187,000

6.71% -28.39% -27.80%

$254,900 $159,000 $217,500

$238,200 -6.55% $130,250 -18.08% $185,000 -14.94%

CLINTON $256,500

3.31%

CROMWELL 1 Family Condo All Sales

1 2 8 2 5

DEEP RIVER 1 Family

4

5

25.00%

15

14

-6.67%

$448,500

$230,000

-48.72%

$276,000

$281,250

1.90%

Condo All Sales

0 4

2 9

N/A 125.00%

1 18

3 21

200.00% 16.67%

N/A $448,500

N/A $175,000

N/A N/A -60.98% $230,000

$126,000 $230,000

N/A 0.00%

1 Family

8

9

12.50%

12

32

166.67%

$312,500

$299,000

-4.32%

$312,500

$249,500 -20.16%

Condo All Sales

1 9

0 -100.00% 11 22.22%

2 14

2 38

0.00% 171.43%

N/A $295,000

N/A $269,900

N/A N/A -8.51% $302,500

N/A N/A $246,250 -18.60%

DURHAM

EAST HADDAM 1 Family

8

Condo All Sales

1 1 4

8

0.00%

34

39

14.71%

$313,000

$219,500

-29.87%

$243,000

$290,000

19.34%

0 -100.00% 10 -28.57%

1 60

0 47

-100.00% -21.67%

N/A $240,000

N/A $201,000

N/A N/A -16.25% $220,000

N/A $270,000

N/A 22.73%

5 3 9

11 5 16

120.00% 66.67% 77.78%

41 11 63

56 9 69

36.59% -18.18% 9.52%

$224,000 $144,000 $177,000

$255,000 $111,500 $200,000

13.84% -22.57% 12.99%

$235,500 $152,250 $224,000

$234,750 -0.32% $111,500 -26.77% $199,900 -10.76%

4 0 6

8 1 10

100.00% N/A 66.67%

30 2 37

32 4 42

6.67% $453,500 $285,000 100.00% 13.51% $384,500 $255,500

-37.16% $414,500 N/A -33.55% $337,000

$297,500 -28.23% $202,000 N/A $286,250 -15.06%

1 Family

7

3

-57.14%

26

23

-11.54%

$355,000

$375,000

Condo All Sales

0 1 2

0 6

N/A -50.00%

0 43

0 35

N/A -18.60%

N/A $315,500

N/A $373,750

N/A N/A 18.46% $262,500

N/A $239,500

N/A -8.76%

EAST HAMPTON 1 Family Condo All Sales

ESSEX 1 Family Condo All Sales

HADDAM 5.63%

$290,500

$240,750 -17.13%

KILLINGWORTH 1 Family

8

5

-37.50%

31

23

-25.81%

$336,000

$380,000

13.10%

$294,350

$377,500

28.25%

Condo All Sales

0 1 0

0 6

N/A -40.00%

0 34

0 28

N/A -17.65%

N/A $336,000

N/A $307,500

N/A N/A -8.48% $294,675

N/A $350,199

N/A 18.84%

MIDDLEFIELD 1 Family

4

5

25.00%

14

13

-7.14%

$323,750

$225,000

-30.50%

$244,900

$237,000

-3.23%

Condo All Sales

0 4

0 6

N/A 50.00%

2 23

1 18

-50.00% -21.74%

N/A $323,750

N/A $217,500

N/A N/A -32.82% $189,000

N/A $228,500

N/A 20.90%

60.00% 83.33% 51.72%

71 26 129

98 40 176

38.03% 53.85% 36.43%

$232,000 $77,000 $178,000

$215,000 $128,000 $185,000

-7.33% 66.23% 3.93%

$205,500 $143,750 $180,000

$193,750 -5.72% $116,000 -19.30% $156,000 -13.33%

MIDDLETOWN 1 Family Condo All Sales

1 5 6 2 9

24 11 44

OLD SAYBROOK 1 Family

1 5

23

53.33%

69

87

26.09%

$450,000

$379,000

-15.78%

$398,000

$317,500 -20.23%

Condo All Sales

2 2 0

1 26

-50.00% 30.00%

10 99

8 114

-20.00% 15.15%

N/A $440,000

N/A $342,500

N/A $379,000 -22.16% $380,000

$392,250 3.50% $307,500 -19.08%

PORTLAND 1 Family

1 5

3

-80.00%

31

27

-12.90%

$170,000

$170,000

0.00%

Condo All Sales

1 1 7

0 -100.00% 5 -70.59%

4 43

5 46

25.00% 6.98%

N/A $170,000

N/A $170,000

N/A $210,500 0.00% $198,000

46 | The Commercial Record August 2012

$198,000

$179,900

-9.14%

$145,000 -31.12% $167,500 -15.40%

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

WESTBROOK 1 Family

7

2

-71.43%

31

6

-80.65%

$367,000

Condo All Sales

0 9

0 4

N/A -55.56%

1 38

0 12

-100.00% -68.42%

N/A $367,000

N/A -100.00% $282,500 N/A $162,500

N/A N/A -55.72% $282,000

$332,500 17.70% N/A N/A $142,500 -49.47%

-2.31% 20.00% -0.51%

503 96 783

560 125 845

11.33% 30.21% 7.92%

$295,000 $154,500 $260,000

$268,000 $122,000 $225,000

-9.15% -21.04% -13.46%

$253,700 -4.98% $130,000 -18.75% $225,000 -6.25%

MIDDLESEX COUNTY 1 Family Condo All Sales

1 30 2 5 1 96

127 30 195

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TRENDLINES

NEW HAVEN COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES

MEDIAN PRICE

JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

%CHG 11-12

JUNE 2011

1 Family

5

7

40.00%

36

42

16.67%

$233,000

$178,500

Condo All Sales

2 8

3 12

50.00% 50.00%

4 55

5 72

25.00% 30.91%

N/A $185,700

$175,800 $171,400

N/A $178,750 -7.70% $175,000

100.00%

8

10

25.00%

N/A

N/A

N/A $181,250

2

4

100.00%

N/A

N/A

N/A

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

ANSONIA -23.39%

$186,100

$168,450

-9.48%

$159,000 -11.05% $147,500 -15.71%

BEACON FALLS 1 Family

1

2

Condo

0

0

2

7

250.00%

20

30

50.00%

N/A

$209,000

1 Family

3

5

66.67%

21

24

14.29%

$295,000

$250,000

Condo All Sales

0 4

0 7

N/A 75.00%

0 26

0 35

N/A 34.62%

N/A $245,000

N/A $250,000

All Sales

N/A

$203,500

12.28%

N/A

$88,000

N/A

N/A $135,500

$165,000

21.77%

$290,000

$339,500

17.07%

N/A N/A 2.04% $267,000

N/A $275,625

N/A 3.23% 2.86% 6.03% 0.66%

BETHANY -15.25%

BRANFORD 1 Family Condo All Sales

1 2 1 1 2 5

19 14 37

58.33% 27.27% 48.00%

56 47 125

66 59 151

17.86% 25.53% 20.80%

$282,500 $150,000 $236,000

$325,000 $162,750 $256,000

15.04% 8.50% 8.47%

$271,740 $157,500 $226,000

$279,500 $167,000 $227,500

1 2 8 2 3

24 6 35

100.00% -25.00% 52.17%

87 32 133

85 30 133

-2.30% -6.25% 0.00%

$440,000 $190,000 $430,000

$311,875 $208,500 $300,000

-29.12% 9.74% -30.23%

$349,900 $179,000 $301,000

$290,000 -17.12% $177,500 -0.84% $267,000 -11.30%

1 Family

7

5

-28.57%

19

21

10.53%

$175,000

$170,000

-2.86%

$170,797

$153,000 -10.42%

Condo All Sales

2 1 2

2 8

0.00% -33.33%

10 46

8 42

-20.00% -8.70%

N/A $172,450

N/A $173,500

N/A $162,500 0.61% $167,450

$100,000 -38.46% $135,000 -19.38%

23 12 37

27.78% 300.00% 68.18%

91 26 125

91 35 133

0.00% 34.62% 6.40%

$163,950 $149,900 $163,950

$195,000 $148,500 $170,000

18.94% -0.93% 3.69%

$191,500 $138,950 $190,000

$163,000 -14.88% $160,000 15.15% $160,000 -15.79%

$376,500

$375,000

CHESHIRE 1 Family Condo All Sales

DERBY

EAST HAVEN 1 Family Condo All Sales

1 8 3 2 2

GUILFORD 1 Family

2 2

32

45.45%

71

108

52.11%

$472,500

$449,750

-4.81%

Condo All Sales

2 2 7

3 37

50.00% 37.04%

16 108

11 136

-31.25% 25.93%

N/A $465,000

$100,000 $425,000

N/A $178,450 -8.60% $365,000

-0.40%

5 7 1 8 7 7

42 16 67

-26.32% -11.11% -12.99%

177 46 245

191 48 297

7.91% 4.35% 21.22%

$259,500 $132,500 $195,000

$216,375 $118,100 $175,000

-16.62% -10.87% -10.26%

$210,000 $137,200 $195,000

$210,000 $140,000 $185,000

0.00% 2.04% -5.13%

1 Family

3 3

27

-18.18%

92

101

9.78%

$425,000

$395,000

-7.06%

$425,000

$390,000

-8.24%

Condo All Sales

2 3 7

1 29

-50.00% -21.62%

6 112

8 121

33.33% 8.04%

N/A $412,000

N/A $395,000

N/A $375,000 -4.13% $422,500

3 8 7 5 4

48 6 66

26.32% -14.29% 22.22%

176 41 261

205 37 291

16.48% -9.76% 11.49%

$152,500 $115,650 $149,500

$125,750 $133,500 $125,000

-17.54% 15.43% -16.39%

$144,750 $110,000 $130,000

$144,000 -0.52% $79,000 -28.18% $127,500 -1.92%

$107,000 -40.04% $359,174 -1.60%

HAMDEN 1 Family Condo All Sales

MADISON $362,500 -3.33% $380,000 -10.06%

MERIDEN 1 Family Condo All Sales

MIDDLEBURY 1 Family

1 0

8

-20.00%

33

29

-12.12%

$319,000

$292,500

-8.31%

$285,000

$261,500

-8.25%

Condo All Sales

2 1 3

1 9

-50.00% -30.77%

4 41

9 46

125.00% 12.20%

N/A $310,000

N/A $295,000

N/A $237,500 -4.84% $285,000

$340,000 $264,855

43.16% -7.07%

5 0 1 5 7 6

5 3 8

-90.00% -80.00% -89.47%

186 54 275

89 24 132

-52.15% -55.56% -52.00%

$262,000 $193,000 $242,500

$201,000 $162,500 $196,500

-23.28% -15.80% -18.97%

$279,500 $200,750 $249,000

$230,000 -17.71% $165,000 -17.81% $216,500 -13.05%

19 7 37

-13.64% 16.67% 5.71%

115 17 161

117 25 178

1.74% 47.06% 10.56%

$165,000 $120,000 $162,000

$175,000 $70,000 $148,000

6.06% -41.67% -8.64%

$169,900 $100,000 $157,385

$150,000 -11.71% $52,000 -48.00% $130,000 -17.40%

MILFORD 1 Family Condo All Sales

NAUGATUCK 1 Family Condo All Sales

2 2 6 3 5

48 | The Commercial Record August 2012

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

MEDIAN PRICE

2011 YTD

2012 YTD

%CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

-36.84% 9.09% -14.12%

137 63 392

131 48 383

-4.38% -23.81% -2.30%

$177,750 $154,000 $142,000

$208,500 $215,000 $161,000

17.30% 39.61% 13.38%

$145,000 $152,000 $131,450

$149,900 3.38% $120,500 -20.72% $122,000 -7.19%

-8.88%

NEW HAVEN 1 Family Condo All Sales

3 8 1 1 8 5

24 12 73

NORTH BRANFORD 1 Family

4

8

100.00%

24

42

75.00%

$268,875

$245,000

$240,875

$233,000

-3.27%

Condo All Sales

2 8

2 14

0.00% 75.00%

10 39

7 58

-30.00% 48.72%

N/A $219,450

N/A $231,500

N/A $168,500 5.49% $230,000

$185,000 $222,125

9.79% -3.42%

4.79%

$254,500

0.59%

NORTH HAVEN 1 Family

3 0

16

-46.67%

105

80

-23.81%

$245,250

$257,000

Condo All Sales

0 3 5

0 20

N/A -42.86%

5 127

4 101

-20.00% -20.47%

N/A $239,500

N/A $263,800

N/A $210,000 10.15% $251,000

$253,000

$181,000 -13.81% $260,000 3.59%

1 Family

9

14

55.56%

34

53

55.88%

$337,000

$320,000

-5.04%

$310,000

Condo All Sales

5 1 5

0 -100.00% 20 33.33%

8 48

3 64

-62.50% 33.33%

$554,807 $365,000

N/A -100.00% $555,520 $400,000 9.59% $359,950

$515,895 -7.13% $330,000 -8.32%

1 Family

1 4

10

-28.57%

48

42

-12.50%

$327,500

$335,218

$319,500

Condo All Sales

3 2 0

2 16

-33.33% -20.00%

7 70

7 64

0.00% -8.57%

$404,000 $360,000

N/A -100.00% $399,999 $335,218 -6.88% $345,000

$365,000 -8.75% $330,000 -4.35% $235,000

ORANGE $336,000

-7.74%

OXFORD 2.36%

$324,500

-1.54%

PROSPECT 1 Family

6

5

-16.67%

25

37

48.00%

$294,850

$353,500

Condo All Sales

4 1 3

2 8

-50.00% -38.46%

18 54

12 60

-33.33% 11.11%

$334,279 $270,000

N/A -100.00% $359,119 $347,809 28.82% $307,988

19.89%

$233,000

$272,686 -24.07% $252,000 -18.18%

0.86%

$217,000

$182,000 -16.13%

N/A $102,000 -8.88% $210,000

$73,000 -28.43% $181,000 -13.81%

SEYMOUR 1 Family

1 5

17

13.33%

49

65

32.65%

$228,000

$205,000

Condo All Sales

0 1 5

1 26

N/A 73.33%

11 67

6 98

-45.45% 46.27%

N/A $228,000

N/A $207,750

-10.09%

SOUTHBURY 1 Family Condo All Sales

9 2 4 3 9

11 13 26

22.22% -45.83% -33.33%

52 79 148

47 77 147

-9.62% -2.53% -0.68%

$435,000 $130,000 $170,000

$330,197 $90,000 $188,500

-24.09% -30.77% 10.88%

$367,450 $107,000 $190,000

$275,000 -25.16% $119,900 12.06% $144,000 -24.21%

33 14 54

50.00% 40.00% 35.00%

114 52 195

129 57 229

13.16% 9.62% 17.44%

$241,500 $175,000 $239,000

$252,500 $175,000 $227,450

4.55% 0.00% -4.83%

$229,688 $188,700 $215,000

$229,900 $180,375 $219,900

60 24 112

17.65% 20.00% 7.69%

247 102 527

317 107 565

28.34% 4.90% 7.21%

$108,000 $73,550 $92,700

$86,000 $32,500 $62,500

-20.37% -55.81% -32.58%

$100,000 $66,250 $79,000

37 7 60

8.82% 75.00% 42.86%

152 60 230

139 38 233

-8.55% -36.67% 1.30%

$185,000 $149,500 $187,000

$175,000 $154,000 $177,500

-5.41% 3.01% -5.08%

$160,000 $53,957 $145,000

$160,000 $97,250 $154,000

10 11.11% 0 -100.00% 12 0.00%

44 5 55

50 5 64

13.64% 0.00% 16.36%

$262,000 $166,250 -36.55% $260,000 -100.00% $261,000 $166,250 -36.30%

$223,750 $188,500 $222,500

$180,600 -19.28% $179,000 -5.04% $178,100 -19.96%

9 1 10

27 0 29

42 9 66

-3.88% 2,226 -7.32% 725 -0.70% 3,714

2,353 683 3,929

WALLINGFORD 1 Family Condo All Sales

2 2 1 0 4 0

0.09% -4.41% 2.28%

WATERBURY 1 Family Condo All Sales

5 1 2 0 1 04

$92,500 -7.50% $50,000 -24.53% $77,400 -2.03%

WEST HAVEN 1 Family Condo All Sales

3 4 4 4 2

0.00% 80.24% 6.21%

WOLCOTT 1 Family Condo All Sales

9 3 1 2

WOODBRIDGE 1 Family Condo All Sales

1 0 0 1 0

-10.00% N/A 0.00%

55.56% $458,750 $480,000 N/A 127.59% $458,750 $477,500

4.63% $389,900 N/A 4.09% $389,900

$408,200 $250,000 $367,500

4.69% N/A -5.75%

$190,000 $130,000 $169,000

-9.52% -7.14% -8.65%

NEW HAVEN COUNTY 1 Family Condo All Sales

5 41 1 64 8 53

520 152 847

5.71% -5.79% 5.79%

$230,000 $156,000 $195,000

$214,450 $140,700 $185,000

-6.76% -9.81% -5.13%

$210,000 $140,000 $185,000

August 2012 | The Commercial Record | 49

TRENDLINES

NEW LONDON COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

2 0 3

100.00% N/A 200.00%

6 0 9

6 0 13

13 62.50% 0 -100.00% 15 0.00%

50 10 74

52 4 78

17 3 23

6.25% -25.00% -8.00%

67 16 98

72 33 118

1 0 2

0.00% N/A 100.00%

3 0 5

4 0 9

4 1 7

4 2 7

0.00% 100.00% 0.00%

20 5 33

21 2 40

1 9 7 3 0

22 3 32

15.79% -57.14% 6.67%

81 29 153

100 15 172

6 0 6

6 0 8

35 0 38

9 1 1 8

11 1 13

22.22% 0.00% -27.78%

6 0 1 0

2 0 3

3 0 4

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

BOZRAH 1 Family Condo All Sales

1 0 1

0.00% N/A 44.44%

N/A N/A N/A

N/A N/A $121,000

N/A $170,450 N/A N/A N/A $189,900

4.00% -60.00% 5.41%

$250,000 N/A $220,000

$229,900 N/A $229,900

-8.04% $232,250 N/A $148,750 4.50% $220,220

7.46% 106.25% 20.41%

$269,747 $308,000 $264,494

$362,666 $214,000 $270,000

N/A N/A N/A

5.00% -60.00% 21.21%

$115,500 -32.24% N/A N/A $121,000 -36.28%

COLCHESTER 1 Family Condo All Sales

8 2 1 5

$234,400 $171,250 $225,000

0.93% 15.13% 2.17%

$275,000 $217,500 $262,747

$275,000 $220,000 $250,000

0.00% 1.15% -4.85%

N/A N/A N/A

N/A $205,000 N/A N/A N/A $140,000

$192,450 N/A $179,900

-6.12% N/A 28.50%

$145,000 N/A $130,000

$135,000 N/A $67,500

-6.90% $130,000 N/A $105,000 -48.08% $120,000

23.46% -48.28% 12.42%

$205,995 $136,000 $198,998

$224,000 $136,000 $213,750

28 0 34

-20.00% N/A -10.53%

$174,000 N/A $174,000

$161,500 N/A $161,500

-7.18% $220,000 N/A N/A -7.18% $212,250

57 5 89

75 8 96

31.58% 60.00% 7.87%

$179,000 N/A $137,495

$147,500 N/A $147,500

-17.60% $212,000 N/A $89,200 7.28% $184,500

$210,000 $99,400 $206,500

-0.94% 11.43% 11.92%

-66.67% N/A -70.00%

13 0 21

15 0 22

15.38% N/A 4.76%

$183,700 N/A $165,950

N/A -100.00% $178,500 N/A N/A N/A $190,100 14.55% $172,000

$179,000 N/A $178,950

0.28% N/A 4.04%

3 0 5

0.00% N/A 25.00%

10 0 16

11 0 19

10.00% N/A 18.75%

$720,000 N/A $500,000

$349,000 N/A $349,000

-51.53% $473,500 N/A N/A -30.20% $396,000

$260,000 -45.09% N/A N/A $260,000 -34.34%

12 1 13

300.00% N/A 160.00%

35 0 50

57 4 71

62.86% N/A 42.00%

$96,500 N/A $259,900

$185,750 N/A $172,500

92.49% $167,000 N/A N/A -33.63% $187,250

$162,500 -2.69% $70,250 N/A $150,000 -19.89%

8 4 19

-20.00% 33.33% 5.56%

64 21 100

57 12 115

$150,500 $168,225 $154,113

$138,500 $117,500 $115,000

-7.97% -30.15% -25.38%

$141,000 $158,000 $144,500

$150,000 6.38% $113,500 -28.16% $130,000 -10.03%

$163,250 N/A $163,250

$352,000 115.62% $262,500 N/A N/A N/A $298,250 82.70% $252,000

$273,500 4.19% N/A N/A $197,500 -21.63% $129,550 $109,750 $122,500

EAST LYME 1 Family Condo All Sales

1 6 4 2 5

34.45% -30.52% 2.08%

FRANKLIN 1 Family Condo All Sales

1 0 1

33.33% N/A 80.00%

GRISWOLD 1 Family Condo All Sales

$156,000 20.00% N/A -100.00% $115,000 -4.17%

GROTON 1 Family Condo All Sales

8.74% 0.00% 7.41%

$207,000 $145,000 $191,200

$230,700 $157,590 $199,500

11.45% 8.68% 4.34%

LEBANON 1 Family Condo All Sales

0.00% N/A 33.33%

$180,000 -18.18% N/A N/A $180,000 -15.19%

LEDYARD 1 Family Condo All Sales

LISBON 1 Family Condo All Sales

LYME 1 Family Condo All Sales

MONTVILLE 1 Family Condo All Sales

3 0 5

NEW LONDON 1 Family Condo All Sales

1 0 3 1 8

-10.94% -42.86% 15.00%

NORTH STONINGTON 1 Family Condo All Sales

3 0 5

6 0 8

100.00% N/A 60.00%

21 0 31

22 1 33

4.76% N/A 6.45%

1 8 8 3 2

13 3 20

-27.78% -62.50% -37.50%

106 37 161

66 18 115

-37.74% -51.35% -28.57%

$161,700 $112,250 $140,000

$154,900 $156,500 $144,000

4 -60.00% 0 -100.00% 6 -64.71%

35 4 54

50 4 65

42.86% 0.00% 20.37%

$367,500 N/A $330,000

$315,000 N/A $315,000

NORWICH 1 Family Condo All Sales

-4.21% 39.42% 2.86%

$130,500 $114,500 $124,900

-0.73% -4.15% -1.92%

OLD LYME 1 Family Condo All Sales

1 0 1 1 7

50 | The Commercial Record August 2012

-14.29% $370,000 N/A $332,500 -4.55% $327,500

$328,000 -11.35% $182,500 -45.11% $315,000 -3.82%

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

PRESTON 1 Family Condo All Sales

3 0 4

1 0 5

-66.67% N/A 25.00%

12 0 18

22 0 30

83.33% N/A 66.67%

$170,000 N/A $197,500

N/A -100.00% $167,500 N/A N/A N/A $85,000 -56.96% $189,950

2 0 5

9 0 9

350.00% N/A 80.00%

9 0 25

25 2 32

177.78% N/A 28.00%

N/A N/A $90,000

$255,000 N/A $253,750 N/A N/A N/A $255,000 183.33% $203,142

0 0 0

1 0 1

N/A N/A N/A

8 0 10

4 0 9

-50.00% N/A -10.00%

N/A N/A N/A

48 6 65

84 8 129

7 0 12

6 0 9

$188,588 12.59% N/A N/A $141,700 -25.40%

SALEM 1 Family Condo All Sales

$278,000 N/A $270,000

9.56% N/A 32.91%

SPRAGUE 1 Family Condo All Sales

N/A N/A N/A

N/A $175,121 N/A N/A N/A $146,371

$134,200 -23.37% N/A N/A $70,000 -52.18%

STONINGTON 1 Family Condo All Sales

1 1 3 1 7

20 81.82% 0 -100.00% 33 94.12%

75.00% 33.33% 98.46%

$255,000 $325,000 $255,000

-14.29% N/A -25.00%

N/A N/A $243,000

$316,250 24.02% N/A -100.00% $236,500 -7.25%

$291,250 $296,500 $268,000

$320,000 $362,500 $290,000

9.87% 22.26% 8.21%

VOLUNTOWN 1 Family Condo All Sales

2 0 3

1 0 2

-50.00% N/A -33.33%

N/A N/A $243,000 N/A N/A N/A N/A -100.00% $125,000

CCIM Connecticut ConnecticutChapter Chapter CCIM CCIM Connecticut CCIM Connecticut Chapter Chapter

$204,950 -15.66% N/A N/A $120,500 -3.60%

WATERFORD 1 Family Condo All Sales

6 2 1 4

15 3 27

150.00% 64 82 28.13% $187,500 $215,000 14.67% $205,500 $224,000 9.00% 50.00% 12 18 50.00% N/A $99,000 N/A $145,000 $139,500 -3.79% 92.86% Mission 95 128 34.74% $167,400 $157,500 -5.91% $180,000 Mission Statement: The Connecticut CCIM Chapter shall become most effective professional vehicle to impart commercial/investment Statement: The Connecticut CCIM Chapter shall become thethe most effective professional vehicle to$190,000 impart commercial/investment realreal-5.26% estate education, service profitable ideas to commercial estate practitioners, in the State of Connecticut estate education, service andand profitable ideas to commercial realreal estate practitioners, in the State of Connecticut The Certified Commercial Investment Member (CCIM) designation is awarded CCIM Institute signifies an expert in commercialThe Certified Commercial Investment Member (CCIM) designation is awarded by by thethe CCIM Institute andand signifies an expert in commercial21.28% 751 realreal 859 14.38% $210,000 $220,000 4.76% $203,500 $220,000 investment estate demonstrated through education, experience knowledge of the marketplace. investment estate as as demonstrated through education, experience andand knowledge of the marketplace.

NEW LONDON COUNTY 1 Family Condo All Sales

CIM ecticut pter oming ents

1 41 3 2 2 37

171

8.11%

20 -37.50% 145 129 -11.03% $146,000 $126,500 -13.36% $145,000 $155,000 6.90% CCIM CCIM 254 7.17% 1,157 1,337 15.56% $185,000 $188,000 1.62% $189,650 $193,000 1.77% 2010Officers/Board Officers/Board Members 2010 Members Connecticut Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real Connecticut President ....................................................................................................................................................................

John Cafasso, CCIM President ....................................................................................................................................................................

John Cafasso, CCIM Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real estatePresident education, service and profitable ideas to commercial real estate practitioners, in the State of Connecticut President Elect ..........................................................................................................................................................Bryan Atherton, CCIM Elect ..........................................................................................................................................................Bryan Atherton, CCIM estate education, service and profitable ideas to commercial real estate practitioners, in the State of Connecticut Chapter Chapter The Certified Commercial Investment Member (CCIM) designation is awarded by the CCIM Institute and signifies an expert in commercialVice President ...............................................................................................................................................................Frank Micali, CCIM Vice President ...............................................................................................................................................................Frank Micali, CCIM The Certified Commercial Investment Member (CCIM) designation is awarded by the CCIM Institute and signifies an expert in commercialinvestment real...................................................................................................................................................................M. estate as demonstrated through education, experience and knowledge of the marketplace.

Treasurer ...................................................................................................................................................................M. Jeffers Ryer, CCIM Treasurer Jeffers Ryer, CCIM investment real estate as demonstrated through education, experience and knowledge of the marketplace.

Upcoming Upcoming Secretary .................................................................................................................................................................................Kyle Roberts Secretary .................................................................................................................................................................................Kyle Roberts CCIM 2010 Officers/Board Members BoardMembers Members Board Events 2010 Officers/Board Members Events Connecticut President ....................................................................................................................................................................

John Cafasso, CCIM Scott Zakos, Alan Bolduc, CCIM/SIOR, Amoruso, Mark O’Hagan, Steve Patten, Lynch, CCIM, Gniazdowski Scott Zakos, Alan Bolduc, CCIM/SIOR, JayJay Amoruso, Mark O’Hagan, Steve Patten, JackJack Lynch, CCIM, StanStan Gniazdowski President ....................................................................................................................................................................

John Cafasso, CCIM President Elect ..........................................................................................................................................................Bryan Atherton, CCIM President Elect ..........................................................................................................................................................Bryan Atherton, CCIM Chapter Vice President ...............................................................................................................................................................Frank Micali, CCIM Vice President ...............................................................................................................................................................Frank Micali, CCIM Torrey D. Brooks, Treasurer...................................................................................................................................................................M. Jeffers Ryer, CCIM M. Jeffers Ryer,CCIM CCIM, SIOR Ron Lyman, CCIM Treasurer...................................................................................................................................................................M. Jeffers Ryer, CCIM, CPM, GRI Upcoming assOCIates Secretary .................................................................................................................................................................................Kyle Roberts Mission Statement: The Connecticut CCIM Chapter shall becomeryer the most effective professional vehicle to impart commercial/investment real Secretary .................................................................................................................................................................................Kyle Roberts BrOOks, tOrrey COMMerCIal estate education, service&and profitable sCOtt, InC. ideas to commercial real estate realpractitioners, estate InC. in the State of Connecticut1160 Boston Post Road Board Members Events Board Members 542 Westport Avenue Plain Rd.by the CCIM Institute and signifies ForUpcoming UpcomingEvents Events The Certified Commercial Investment Member (CCIM) designation103isMillawarded For Westbrook, CT an expert in commercial-

CCIM Connecticut Chapter

Torrey D. Brooks, M. Jeffers Ryer, CCIM, SIOR Ron Lyman, CCIM CCIM, CPM, GRI ryer assOCIates lyMan real estate lyMan real estate BrOOks, tOrrey COMMerCIal BrOkeraGe & DevelOpMent BrOkeraGe & DevelOpMent & sCOtt, InC. real estate InC. 1160 Boston Post Road 542 Westport Avenue 103 Mill Plain Rd.Patten, Jack Lynch, CCIM, Stan Gniazdowski Westbrook, CT ScottMark Zakos, Alan Bolduc, CCIM/SIOR, Jay Amoruso, Mark O’Hagan, Steve Norwalk, CT 06851 Scott Zakos, Alan Bolduc, CCIM/SIOR, Jay Amoruso, O’Hagan, Steve Patten, Jack Lynch, CCIM, Stan Gniazdowski Norwalk, CT 06851 Danbury, CT 06811 Danbury, 06811 887-5000 fax (860) 886-0600 887-5000 • fax•(860) 886-0600 investment real estate as demonstrated andCTknowledge of the marketplace.(860)(860) (203) 847-2616 through education, experience (203) 847-2616 (203) 797-0200 (203) 797-0200 ronl@lymanre.com ronl@lymanre.com (203) 840-4848 fax fax (203) 840-4848 [by appointment only] located at: EasternEastern Office Office [by appointment only] located at: (203) 797-0205 fax fax (203) 797-0205 716 Beaumont Highway Lebanon, CT 06249 Torrey D. Brooks, 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net tdbrooks@ccim.net M. Jeffers Ryer, CCIM, SIOR Torrey D. Brooks, M.Jeffers Jeffers Ryer, CCIM,SIOR SIOR Ron Lyman, CCIM mjryer@ryer.com mjryer@ryer.com M. Ryer, CCIM, Ron Lyman, CCIM CCIM,ASSOCIATES CPM, GRI ryer assOCIates CCIM, CPM, GRI RYER lyMan real estate ryer assOCIates lyMan real estate BrOOks, tOrrey COMMerCIal BrOOks, tOrrey COMMERCIAL BrOkeraGe DevelOpMent DeForest W. & Smith, CCIM DeForest W. Smith, CCIM COMMerCIal Peter D’Addeo, CCIM Peter D. D’Addeo, CCIM BrOkeraGe & DevelOpMent &D.sCOtt, InC. real estate InC. & sCOtt, InC. REAL ESTATE INC. 1160 Post Road CarlCarl G. Russell, CCIM G.Boston Russell, CCIM real estate InC. COMMerCIal servICes COMMerCIal servICes 1160 Boston Post Road 542103 Westport Avenue 103 Mill Plain Rd. 542 Westport Avenue Mill Plain Rd. Westbrook, CT Marjorie C. Smith, CCIM Marjorie C. Smith, CCIM 103 realty Mill Plain Rd. Westbrook, CT realty Norwalk, CT 06851 Danbury, CT 06811 Norwalk, CT 06851 Danbury, CTAvenue 06811 (860) 887-5000 • fax&(860) GeOrGe J. sMIth sOn GeOrGe J. sMIth & 886-0600 sOn Danbury, CT 06811 632 Cromwell (860) 887-5000 • fax (860) 886-0600 632 Cromwell Avenue (203) 847-2616 (203) 797-0200 (203) 847-2616 (203) 797-0200 ronl@lymanre.com realtOrs® (203) 797-0200 realtOrs® Rocky Hill, CT CT 06067 ronl@lymanre.com Rocky Hill, 06067 fax (203) 840-4848 Eastern Office [by appointment only] located at: fax[by(203) 797-0205 fax (203) 840-4848 fax860-721-0005 (203)797-0205 797-0205 Eastern Office appointment only] located at: Broad Street at Green’s End fax (203) Broad Street at Green’s End 860-721-0005 x11 x11 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net mjryer@ryer.com mjryer@ryer.com Milford, CT 06460 mjryer@ryer.com Milford, CT 06460 fax 860-563-3315 fax 860-563-3315 203-797-0200 203-797-0200 Bryan K. Atherton, CCIM (203)(203) 783-9999 783-9999Brett A. Sherman, CCIM pdaddeo@msn.com pdaddeo@msn.com DeForest W. Smith, CCIM Senior Vice President D. D’Addeo, CCIM DeForest W. Smith, CCIM Peter D’Addeo, CCIM ATHERTON Peter D. D’Addeo, CCIM Check CheckOur OurWebsite Website COMMERCIAL SERVICES Carl G. Russell, COMMerCIal servICes & ASSOCIATES Carl G. Russell, CCIM ANGEL COMMERCIAL, LLC COMMerCIal servICes DeForest W. Smith, CCIMCCIM www.ccimct.com Marjorie C. Smith, CCIM www.ccimct.com REALTY Marjorie C. Smith, CCIM realty COMMERCIAL 1375 Kings Highway, realty Carl G. Russell, CCIM GeOrGe J. sMIth & sOn 632 Cromwell Avenue GeOrGe J. sMIth & sOn PROPERTIES Avenue Fairfield, CT 06824 632 Cromwell Avenue GEORGE J. SMITH & SON REALTORS® jfelmer@ryer.com jfelmer@ryer.com realtOrs® Rocky Hill, CT 06067 realtOrs® 702 Bridgeport Avenue, CT 06067 bsherman@angelcommercial.com Rocky Hill, CT 06067 Broad Street at Green’s End www.CommercialRecord.com www.CommercialRecord.com Street at Green’s End 860-721-0005 BroadCT Street at Green’s End Suite 301 Shelton, CTBroad 06484 860-721-0005 x11 x11 Phone: 203-853-0101 860-721-0005 x11 Milford, 06460 280280 Summer St., St., Boston, MA,MA, 02210 (800) 356-8805 FaxFax (617)(617) 428-5119 Summer Boston, 02210 (800) 356-8805 428-5119 fax 860-563-3315 Milford, CT 06460 203-924-9400 x10 officeMilford, CT 06460 Cell: 203-253-0637 860-563-3315 fax 860-563-3315 (203) 783-9999 203-797-0200 (203) 783-9999 www.angelcommercial.com pdaddeo@msn.com (203) 783-9999 203-924-9401 fax pdaddeo@msn.com pdaddeo@msn.com

CCIM PleaseCheck Check Please Connecticut OurWebsite Website Our Chapter For Upcoming Events ming Events www.ccimct.com www.ccimct.com Upcoming Events

Check Website

Please Check Our Website

For Upcoming www.ccimct.com Events 97-0200 Please Check Check Our Website ur Website Our Website www.ccimct.com imct.com ryer.com jfelmer@ryer.com www.ccimct.com

mct.com

203-797-0200 Check Our Website www.ccimct.com jfelmer@ryer.com

The TheCommercial CommercialRecord Record

Officers/Board The2012 Commercial RecordMembers The Commercial Record

President .................................................................................................................................................................................................

Steve Patten www.CommercialRecord.com www.CommercialRecord.com President-Elect .......................................................................................................................................................................................Fred 280 Summer St., Boston, MA, 02210 (800) 356-8805 Fax 428-5119 280(617) Summer St., Boston, MA, 02210 (800) 356-8805 Fax (617) 428-5119 Petrella Secretary ............................................................................................................................................................................................... Peter Stergos Treasurer................................................................................................................................................................................................ Kyle Roberts Past President .................................................................................................................................................................................... Bryan Atherton Education .............................................................................................................................................................................................. John Cafasso Candidate Guidance .......................................................................................................................................................................... Bryan Atherton

Board Members: Frank Micali, John Lynch, Mark O’Hagan, Stan Gniazdowski, Jeff Ryer, Jay Amoruso, Ed Jordan www.CommercialRecord.com

280 Summer St., Boston, MA, 02210 (800) 356-8805 Fax (617) 428-5119

The Commercial Record

August 2012 | The Commercial Record | 51

TRENDLINES

TOLLAND COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

13

10

0

0

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

ANDOVER 1 Family

2

4

Condo

0

0

2

4

100.00%

15

11

1 Family

3

3

0.00%

16

14

Condo

0

0

0

0

6

5

-16.67%

22

19

100.00%

21

33

0

1

All Sales

100.00% N/A

-23.08%

N/A

$314,500

N/A

N/A

-26.67%

N/A

$314,500

-12.50%

$95,000

N/A

N/A $208,000 N/A

$307,000

47.60%

N/A

N/A

N/A

N/A $178,000

$279,000

56.74%

BOLTON

All Sales

N/A

N/A

$331,000 248.42% N/A

$252,450 N/A

$217,163 -13.98%

N/A

N/A

-13.64%

$278,600

$288,000

3.37%

$237,400

$200,000 -15.75%

N/A

N/A

57.14%

$540,000

$273,170

-49.41%

$239,000

$225,000

N/A

N/A

N/A

N/A

N/A 5.39%

COLUMBIA 1 Family

3

6

Condo

0

0

3

6

100.00%

26

40

53.85%

$540,000

$273,170

-49.41%

$213,500

$225,000

-11.75%

$248,750

$205,500 -17.39%

N/A $201,250

$126,000 -37.39%

All Sales

N/A

N/A

N/A

-5.86%

COVENTRY 1 Family

5

10

100.00%

28

56

100.00%

$315,000

$278,000

Condo

1

3

200.00%

4

5

25.00%

N/A

$126,500

9

19

111.11%

48

84

75.00%

$210,000

$253,250

20.60%

$210,000

$187,450 -10.74%

$242,000

15.93%

$235,000

$219,000

N/A -100.00%

$267,900

$225,000 -16.01%

All Sales

ELLINGTON 1 Family

8

18

125.00%

35

43

22.86%

$208,750

Condo

4

1

-75.00%

9

9

0.00%

$290,000

1 6

23

43.75%

57

66

15.79%

$245,700

$235,000

-4.35%

$249,000

$230,000

-7.63%

1 Family

5

14

180.00%

25

41

64.00%

$340,750

$230,450

-32.37%

$240,000

$231,000

-3.75%

Condo

1

0 -100.00%

4

5

25.00%

N/A

N/A

37

57

54.05%

$239,500

$215,900

-9.85%

$240,000

$190,000 -20.83%

3.56%

$216,000

$219,500

All Sales

-6.81%

HEBRON

All Sales

8

16

100.00%

N/A $258,500

$130,000 -49.71%

MANSFIELD 1 Family

9

13

44.44%

36

44

22.22%

$225,000

$233,000

Condo

2

8

300.00%

13

14

7.69%

N/A

$111,500

2 0

26

30.00%

68

80

17.65%

$213,500

$201,500

-5.62%

$205,000

$160,500 -21.71%

1 Family

7

7

0.00%

30

35

16.67%

$279,450

$265,000

-5.17%

$306,500

$254,900 -16.84%

Condo

0

0

0

0

N/A

N/A

9

9

0.00%

36

48

33.33%

$279,450

$235,000

-15.91%

$284,725

$247,450 -13.09%

-17.45%

$198,000

$174,950 -11.64%

All Sales

N/A $142,000

1.62%

$125,500 -11.62%

SOMERS

All Sales

N/A

N/A

N/A

N/A

N/A

N/A

STAFFORD 1 Family

9

9

0.00%

31

40

29.03%

$212,000

$175,000

Condo

2

1

-50.00%

3

9

200.00%

N/A

N/A

$108,500

-4.82%

1 2

11

-8.33%

50

58

16.00%

$162,500

$175,000

7.69%

$157,500

$152,500

-3.17%

1 Family

1 2

20

66.67%

42

64

52.38%

$324,750

$282,500

-13.01%

$229,950

$247,500

7.63%

Condo

1

0 -100.00%

2

6

200.00%

N/A

N/A

N/A

$96,750

N/A

$224,900

$233,500

3.82%

$224,500

49.67%

All Sales

N/A $114,000

TOLLAND

All Sales

N/A

1 5

21

40.00%

53

83

56.60%

$245,000

$273,000

11.43%

1 Family

1

1

0.00%

3

5

66.67%

N/A

N/A

N/A $150,000

Condo

0

0

0

0

N/A

N/A

N/A

N/A

N/A

N/A

2

1

-50.00%

6

6

0.00%

N/A

N/A

N/A $142,450

$219,750

54.26%

1 Family

1 4

14

0.00%

65

75

15.38%

$155,000

$143,500

-7.42%

$180,000

$160,000 -11.11%

Condo

8

9

12.50%

30

35

16.67%

$125,000

$165,000

32.00%

$147,000

$155,000

5.44%

3 0

29

-3.33%

127

136

7.09%

$148,250

$144,000

-2.87%

$163,000

$157,000

-3.68%

100.00%

8

17

112.50%

N/A

$202,750

0

0

N/A

N/A

150.00%

14

24

71.43%

N/A

$273,500

UNION

All Sales

N/A

N/A

VERNON

All Sales

WILLINGTON 1 Family

2

4

Condo

0

0

2

5

All Sales

N/A

N/A

N/A $239,500 N/A

N/A

N/A $234,000

$195,000 -18.58% N/A

N/A

$202,500 -13.46%

TOLLAND COUNTY 1 Family

8 0

123

53.75%

353

477

35.13%

$229,750

$235,000

2.29%

$223,000

$213,600

Condo

1 9

22

15.79%

65

84

29.23%

$210,000

$133,000

-36.67%

$163,000

$126,000 -22.70%

1 34

175

30.60%

559

712

27.37%

$216,833

$215,000

-0.85%

$206,000

$190,000

All Sales

52 | The Commercial Record August 2012

-4.22% -7.77%

TRENDLINES

WINDHAM COUNTY SALES REPORT

Real estate and credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES JUNE 2011

JUNE 2012

%CHG 11-12

2011 YTD

2012 YTD

1 -75.00% 0 -100.00% 2 -66.67%

19 2 26

9 0 12

MEDIAN PRICE %CHG 11-12

JUNE 2011

JUNE %CHG 2011 2012 11-12 YTD

2012 %CHG YTD 11-12

ASHFORD 1 Family Condo All Sales

4 1 6

-52.63% -100.00% -53.85%

$147,700 N/A $128,950

N/A -100.00% $145,000 N/A N/A N/A N/A -100.00% $130,150

$186,000 N/A $175,500

28.28% N/A 34.84%

BROOKLYN 1 Family Condo All Sales

7 0 9

8 0 17

14.29% N/A 88.89%

34 0 52

22 1 45

-35.29% N/A -13.46%

$192,500 N/A $192,500

$170,000 N/A $301,000

-11.69% $162,250 N/A N/A 56.36% $157,250

$137,000 -15.56% N/A N/A $165,000 4.93%

2 0 2

6 0 7

200.00% N/A 250.00%

16 0 22

17 0 26

6.25% N/A 18.18%

N/A N/A N/A

$186,500 N/A $204,000

N/A $196,500 N/A N/A N/A $183,500

$160,000 -18.58% N/A N/A $147,500 -19.62%

1 0 1

0 -100.00% 0 N/A 0 -100.00%

8 2 10

2 1 5

-75.00% -50.00% -50.00%

N/A N/A N/A

N/A N/A N/A

N/A $176,450 N/A N/A N/A $159,200

N/A -100.00% N/A N/A $150,000 -5.78%

CANTERBURY 1 Family Condo All Sales

CHAPLIN 1 Family Condo All Sales

EASTFORD 1 Family

0

0

N/A

1

4

300.00%

N/A

N/A

N/A

N/A

$143,707

N/A

Condo All Sales

0 0

0 2

N/A N/A

0 2

0 7

N/A 250.00%

N/A N/A

N/A N/A

N/A N/A

N/A N/A

N/A $141,000

N/A N/A

1 0 2

0.00% N/A 100.00%

5 0 8

3 0 9

-40.00% N/A 12.50%

N/A N/A N/A

N/A N/A N/A

N/A $156,500 N/A N/A N/A $148,250

$194,000 N/A $194,000

23.96% N/A 30.86%

12 1 22

-7.69% N/A 22.22%

70 5 105

55 4 103

-21.43% -20.00% -1.90%

$152,000 N/A $138,500

$173,500 N/A $97,500

14.14% $139,606 N/A $85,000 -29.60% $132,000

$147,000 $142,500 $134,900

5.30% 67.65% 2.20%

1 3 0 1 8

16 0 22

23.08% N/A 22.22%

60 4 96

55 2 84

-8.33% -50.00% -12.50%

$150,000 N/A $147,500

$125,000 N/A $89,750

-16.67% $144,950 N/A $66,513 -39.15% $134,500

$135,000 -6.86% N/A -100.00% $106,250 -21.00%

2 0 4

2 0 3

0.00% N/A -25.00%

8 0 23

14 0 23

N/A N/A $208,250

N/A N/A $213,000

N/A $174,950 N/A N/A 2.28% $125,000

8 4 1 4

10 1 13

25.00% -75.00% -7.14%

17 12 45

33 6 58

$136,000 $191,000 $142,000

$139,700 2.72% N/A -100.00% $124,600 -12.25%

1 0 1

-50.00% N/A -50.00%

9 0 11

8 0 8

-11.11% N/A -27.27%

N/A N/A N/A

N/A N/A N/A

N/A $185,000 N/A N/A N/A $185,000

$172,500 N/A $172,500

-6.76% N/A -6.76%

2 0 3

0.00% N/A 0.00%

11 0 19

10 0 23

-9.09% N/A 21.05%

N/A N/A $205,000

N/A N/A $249,000

N/A $176,000 N/A N/A 21.46% $90,000

$161,000 N/A $112,000

-8.52% N/A 24.44%

7 0 1 0

8 0 12

14.29% N/A 20.00%

29 2 53

40 1 55

37.93% -50.00% 3.77%

$160,000 N/A $135,104

$185,250 N/A $174,750

15.78% $170,000 N/A N/A 29.34% $170,000

$145,000 -14.71% N/A N/A $137,500 -19.12%

1 3 2 2 5

12 1 22

-7.69% -50.00% -12.00%

50 3 99

48 2 90

-4.00% -33.33% -9.09%

$148,500 N/A $147,000

$150,650 N/A $127,500

1.45% $139,000 N/A $147,000 -13.27% $126,000

$124,900 -10.14% N/A -100.00% $112,000 -11.11%

5 1 8

-16.67% 0.00% -11.11%

24 6 39

35 7 48

45.83% 16.67% 23.08%

$212,750 N/A $208,000

$275,000 N/A $219,500

29.26% $198,500 N/A $105,000 5.53% $170,000

3.70% -50.00% 11.48%

361 36 610

355 24 596

-1.66% -33.33% -2.30%

$155,500 $157,000 $152,500

$165,000 $118,250 $143,350

HAMPTON 1 Family Condo All Sales

1 0 1

KILLINGLY 1 Family Condo All Sales

1 3 0 1 8

PLAINFIELD 1 Family Condo All Sales

POMFRET 1 Family Condo All Sales

75.00% N/A 0.00%

$213,950 N/A $186,000

22.29% N/A 48.80%

PUTNAM 1 Family Condo All Sales

94.12% -50.00% 28.89%

$120,000 $172,500 $120,000

$124,000 3.33% $109,602 -36.46% $122,000 1.67%

SCOTLAND 1 Family Condo All Sales

2 0 2

STERLING 1 Family Condo All Sales

2 0 3

THOMPSON 1 Family Condo All Sales

WINDHAM 1 Family Condo All Sales

WOODSTOCK 1 Family Condo All Sales

6 1 9

$250,000 $98,500 $189,500

25.94% -6.19% 11.47%

$147,000 $118,250 $135,000

-2.65% -0.63% -4.76%

WINDHAM COUNTY 1 Family Condo All Sales

8 1 8 1 22

84 4 136

6.11% -24.68% -6.00%

$151,000 $119,000 $141,750

August 2012 | The Commercial Record | 53

0 Years 3 1 g n i t a Celebr AUGUST 1, 1997 – 15 YEARS AGO

AUGUST 8, 1952 – 60 YEARS AGO

In 1997 people had no idea where the Internet was going and how much it would grow. One thing they did know was that similar products and corporate names were often being confused because of the Internet: “Who could ever have foreseen it, this incredible confusion of product and corporate names that can only get worse as the Internet grows.”

As a result of the confusion, it was recommended that companies drop the tradition of being named after their living founders.

Fifteen years later, how companies name and brand themselves has changed astronomically, due to the power of the Internet, and new company names are created every day – but, with the power of the net, you can figure out in moments whether your fledging company will have the same name as another already in existence, and avoid the traps of the early Internet age.

The 1950s were a rare time in history when employers struggled to find workers and unemployment was at an all-time low. Jobs flourished as veterans returned home from war: “The employer who is not in defense work, and not operating on governmental contracts, is finding it extremely difficult to get help at wages that he can afford to pay. He finds himself in competition, not only with the defense plants but also with the many governmental bureaus who offer wages which the individual employer cannot meet for comparable work.”

Banking, manufacturing, the sciences and the arts saw a huge rise employees, but as the years passed there was a shift in the economy – unemployment rose and employers no longer had difficulties finding workers. Today, of course, the opposite is true; just one of the reasons many long for a return to the 1950s.

AUGUST 6, 1982 – 30 YEARS AGO

AUGUST 11, 1922 – 90 YEARS AGO

Rising college costs in the 1980s resulted in dilemmas finding ways to pay tuition. As a result, more than 60 percent of college students received some form of financial aid: “By 1990, the average cost of an ‘inexpensive’ private school is expected to reach $10,000 per year. Saving for this expense, says the Connecticut Society of CPAs, should start years in advance. But if you own financial resources simply aren’t enough, investigate all sources of financial aid.”

Today over 65 percent of all undergraduates receive some financial aid – and the average cost of a four-year private school is around $35,000 per year. Students today struggle with the costs of college not just while they are enrolled, but for years after. For those who took out loans to pay for school, the average debt in 2011 was $23,000, with 10 percent owing more than $54,000 and 3 percent more than $100,000, according to the Federal Reserve Bank of New York.

The value of gold typically causes the amount of gold in reserves to be overlooked. In 1922 the United States was a powerhouse in gold supply: “The United States still holds the greatest supply of gold in its history, the largest store ever available in any country of the world.”

Today the United States continues to dominate in gold supply with over 8,000 tons of gold, approximately 4,500 tons more than second place Germany. The gold supply in 2012 is dominated by 4 percent of the world that controls about 13 percent of the gold supply. As gold prices continue to soar, it’s a good position for the country to be in.

In honor of The Commercial Record’s 130th year, the staff is taking a look back at our coverage from decades past. Take a stroll down memory lane with us as we reflect the news of yesterday and take a look at how far we’ve come. A lot has changed since the first CR hit the press in 1882 – but our mission and values have remained the same. Is your company celebrating an important anniversary this year? CR wants to know! Send an email with details to mlaczkoski@thewarrengroup.com

54 | The Commercial Record August 2012