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JANUARY 2014

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REAL ESTATE & FINANCIAL NEWS FOR CONNECTICUT

CAUTIOUS OPTIMISM IN THE MORTGAGE MARKET ENTERING 2014

INSIDE Goodbye, Refis QM Deadline Looms A Record Year For Real Estate Banks Held Responsible JANUARY 2014 | THE COMMERCIAL RECORD | 1

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inside Special Section 2014 Mortgage Outlook

There’s a lot of uncertainty and unease in the mortgage market as we swing into 2014. In this special section, lenders share their concerns; the QM deadline approaches; and an expert weighs in with predictions for the coming year.

6 Ask Me Again

Refis are dead, but rates hover at historical lows. Connecticut’s lenders are cautiously optimistic about the year ahead.

8 QM Is Coming Among the many changes wrought by the Dodd-Frank Act, the definition of a qualified mortgage might be the most profound – and the compliance deadline is this month.

10 A Banner Year One industry expert says 2013 was a record year for American real estate, and there’s cause for optimism in 2014.

14 Out Of The Frying Pan

National debt reform will hold banks responsible for the actions of their third-party debt collectors.

12 news roundup 16 state statistics

19 The Millennials Are Coming

18 c-changes

Younger agents are beginning to appear in the industry, just as boomers are approaching retirement.

22 top commercial transactions

20 The Cost Of Leadership National disasters strike. Hostile takeovers happen. Will you be the leader your company deserves when a crisis strikes?

24 trendlines 38 gossip report

JANUARY 2014 | THE COMMERCIAL RECORD | 3

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The Commercial Record (ISSN 0010-3098) © 2014 The Warren Group Inc. All rights reserved. No part of this publication January 2014 may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Periodicals postage paid at Boston, MA, and additional locations. Published 12 times a year January to December 2014. The Commercial Record™ and The Warren Group™ are trademarks of The Warren Group Inc. POSTMASTER: Please send address changes to The Commercial Record, 280 Summer St., Boston, MA 02210. Basic annual subscription rate is $288, six month subscription $170. Subscription, advertising, editorial and production inquiries should be directed to: The Commercial Record, 280 Summer St., Boston, MA 02210, 800-356-8805.

4 | THE COMMERCIAL RECORD | JANUARY 2014

From The Editor

Things Are Slowly Looking Better

014 will most likely be known as the year of continuing recovery – or at least normalization – in the Connecticut and U.S. housing markets.

Connecticut single-family homes sales increased in September, while prices rose for the 12th consecutive month, according to a report by The Warren Group, publisher of The Commercial Record. A total of 2,326 single-family homes sold in Connecticut in September, a 21.4 percent increase from 1,916 sales in September 2012. Sales also increased in the third quarter, rising to 8,351 from 7,304 during the same period in 2012. The median price of single-family homes increased 8.7 percent to $250,000 in September, up from $230,000 a year earlier, according to the report. The trends happening in Connecticut aren’t isolated. According to Zillow, home values continued to increase across the U.S. home values in November were up 7.1 percent from the same period the year before. Add to that this startling statistic, also

from Zillow: U.S. homes were expected to gain almost $1.9 trillion in cumulative value in 2013, the second annual gain after the housing recession. In Hartford, home values increased by $2 billion, compared with the $1 billion cumulative loss in 2012. New Haven and New London didn’t gain as much, but didn’t lose as much as previous years. In other words, the housing market is gradually getting better. “The pace of home value appreciation has leveled off and is beginning to slow down after peaking this summer. Much of this year’s rapid growth in home values can be attributed to very strong demand, as low mortgage interest rates, relatively low home prices and a slowly improving economy helped draw buyers into the market,” Zillow Chief Economist Stan Humphries said in a statement.

While Connecticut has been posting nice gains over the course of 2013, there are some headwinds ahead – mainly in the form of interest rates and unemployment. A recent report from the Connecticut Center for Economic Analysis at the University of Connecticut points to a still-struggling economy. The report makes it clear that while unemployment numbers in the state are looking better, it’s an illusion. “The improving unemployment rate is in large measure an artifact of declining participation in the workforce,” the report notes. The recession, the report noted, drove many people out of the labor force. Another stumbling block is a potential Congressional impasse in February over the debt ceiling, which could also impact the economy and housing market. Congress passed a two-year budget deal in midDecember to slim down some spending cuts planned for next year, and the pact reduces the risk of a government shutdown, according to Reuters. But, according to Reuters, the legislation doesn’t do anything to avoid a potential U.S. debt default that could occur if Washington does not raise the borrowing cap soon. And, as of this publication’s deadline, that cap had not been raised. And then there’s the foreclosure issue. Foreclosures still are high in the state – most likely because they are forced to go through the courts, which can sometimes lengthen the process. A recent report from CoreLogic put Connecticut at No. 5 for foreclosures in the country. Only Florida, New Jersey, New York and Maine had higher percentages of homes in foreclosure. Yes, Connecticut will face certain challenges over the next year, but we’re hopeful the state’s housing market will continue its recovery.

David L. Harris Editorial Director

JANUARY 2014 | THE COMMERCIAL RECORD | 5

2014 Mortgage Outlook

MORTGAGE MARKET FRAUGHT WITH UNCERTAINTY HEADING INTO 2014 Refis Are Dead, But Purchases May Pick Up

CANNO CANNOT ANNOT NN T PREDICT REDIC ED EDI NOW NOW W

BY LAURA ALIX | COMMERCIAL RECORD STAFF WRITER

A Balancing Act

sk your Magic 8 ball about the mortgage outlook in 2014, and it might tell you “Cannot predict now” or “Reply hazy, try again,” but if you shake up that novelty toy and ask it a third time, it might actually say, “Outlook good.” The truth is, the mortgage market is fraught with uncertainty going into the New Year. The refinance market is, for all intents and purposes, dead, but interest rates are still hovering around historic lows. On the other hand, lenders have a slew of new regulations, like the qualified mortgage rule and ability-to-repay, to

mortgage originations during 2014. That would be a 32 percent drop from 2013 levels, but that projected decline is largely on the refinance side. The MBA predicted purchase originations would increase 9 percent to $723 billion in 2014, while the refinance side of the house would fall as much as 57 percent. “I think the refinance market is gone. It’s done,” said Brandon Lorey, senior vice president and head of consumer lending at Rockville Bank. Through the first half of 2013, Lorey said, around 70 to 75 percent of Rockville Bank’s mortgage activity consisted of refinance activity. Then in June, when interest rates spiked a full percentage point, activity shifted to purchase originations and the ratio has more or less reversed. “We’re really gearing up for the purchase market,” he said. “We’re hiring loan officers with good hooks into businesses like Realtors and attorneys. We’re really trying to ready ourselves for the purchase market, with the expectation that will continue into [2014].”

consider when making loans, and Connecticut has been especially slow to come back from the Great Recession. But there is yet hope for the Nutmeg State’s housing market. Nationwide, the Mortgage Bankers Association (MBA) announced late in October that it expects to see $1.2 trillion in

6 | THE COMMERCIAL RECORD | JANUARY 2014

Still, Lorey worries that a significant uptick in mortgage rates could hamper the still-recovering purchase market. And that’s not all. Bankers, brokers and lenders have also worried the impending QM rule could slow recovery in the housing market. At the very least, it’s breeding a good deal of uncertainty right now. “I think it could have some seriously negative impacts on the market, but it’s a little bit too early to tell,” said Heidi DeWyngaert, president and chief lending officer at Bankwell. “All the banks are reviewing it and trying to assimilate it

Special Section into their processes and procedures, but I think it will make financial institutions step back from making certain kinds of mortgages until they do.” But Lawrence Yun, chief economist at the National Association of Realtors, doesn’t think the QM rule, or other regulatory concerns, will do much to tamp

“

chase applications in 2014, though he anticipated that bankers cautious about navigating the QM rule might be ultraconservative in underwriting loans in the beginning of the year, loosening up as lenders find their sweet spot. Bankers and lenders also got a little relief recently when Mel Watt, the in-

The refinance market is gone. It’s done.” — Brandon Lorey, senior vice president, head of consumer lending, Rockville Bank

down the mortgage market even in the Constitution State, which has lagged neighboring Massachusetts in the recovery. “Even though QM is an uncertainty, I think overall purchase demand will be rising because of pent-up demand,” he said. Yun actually sees a lot of room for growth in Connecticut: He predicted as much as a 10 percent increase in pur-

coming director of the Federal Housing Finance Agency, announced he would delay a plan to increase fees charged by Fannie Mae and Freddie Mac, news that sparked a spike in homebuilder stock. The fee hike would have been a 10 basis point increase, which ultimately would have been passed along to prospective homebuyers and made mortgages more expensive.

Meanwhile, cash-flush banks are gearing up for the New Year, hopeful in spite of uncertainty as to how, exactly, the mortgage market will shake out. With inventory and new listings increasing and new construction in Hartford and Tolland counties on the upswing, Rockville Bank is putting more boots on the ground, Lorey said. DeWyngaert was not certain that Bankwell would employ any new or different strategies to reel in more mortgages. “I don’t see us changing how we go about doing our business. I just feel like we have to do more due diligence because of the new regulatory aspects of the business,” she said. “I wish I had a clearer picture of what’s going to be for 2014. It’s really difficult to predict, but we’re hopeful it’s going to be as good as 2013 and maybe a little bit better, She added, “But ask me again in six months.” n Email: lalix@thewarrengroup.com

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JANUARY 2014 | THE COMMERCIAL RECORD | 7

2014 Mortgage Outlook

MORTGAGE INDUSTRY TIPTOES TOWARD QM DEADLINE Lenders Looking Askance At Implementation Efforts

BY COLLEEN M. SULLIVAN | COMMERCIAL RECORD STAFF WRITER

ore than four years after the passage of the Dodd-Frank Act, and after months of wrangling and rule-making with two successive federal regulators, the mortgage industry is set to cross the threshold into the post-qualified mortgage era this month – and they’re taking it slow and careful. Among the many sweeping changes wrought in the industry by Dodd-Frank, the definition of a “qualified mortgage”

(QM) could be one of the most profound. In order to prevent a repeat of some of the worst excesses of the boom,

8 | THE COMMERCIAL RECORD | JANUARY 2014

the Dodd-Frank Act makes lenders liable if they issue a loan to a consumer without verifying that the homeowner can afford to pay it back. Making sure that a loan meets the Consumer Financial Protection Bureau’s (CFPB) definition of a “qualified mortgage” – in other words, a soundly underwritten loan that a homebuyer should be able to pay back – gives banks a safe harbor from that liability. What’s more, earlier this year other bank regulators indicated that they were leaning toward making the CFPB’s “qualified mortgage” definition the baseline for the “qualified residential mortgage” (QRM) standard as well – meaning that banks would not be subject to DoddFrank’s risk retention requirements if their loans were QM. The final rules on risk retention have yet to be issued, and regulators have received some recent pushback from critics, including former FDIC head Shelia Bair and former Rep. Barney Frank himself, on the proposed QM-QRM alignment. Even so, the prospect that staying inside the QM lines will both free up bank capital and free banks from legal liabilities has made understanding and implementing the rules the most important task facing many firms in 2014. But even with the QM deadline at hand, lenders remain uncertain about how underwriting will work under the new rules. Some third-party vendors who provide back office and underwriting software have been able to provide updates in order to comply with the new rules, but others are pushing close to the wire. With little time to train their loan officers and

Special Section

“

You have to put it way to the side and treat it like it’s been exposed to nuclear radiation. You know, do I really want to touch this thing? And all the risk that comes with it?”— Brian Koss, managing partner, the Mortgage Network

underwriters, many lenders said that they think many potential problems may only become apparent when employees begin to attempt to underwrite real live loans. “If you know one institution that is comfortable and up-to-speed today, that would surprise me,” Jeff Lipes, past president of the Connecticut Mortgage Bankers Association, said late last year. “Some of our vendors are still trying to retrofit their systems, and they’re not going to be done until after the first of the year. … I think everybody’s still somewhat confused.”

Independent Enough? The Nutmeg State, with its older and more varied housing stock, may present some unique challenges. Ruth Dillingham, special counsel for First American Title Insurance Co., said one small quirk in the rules that’s been worrying her is the requirement that underwriters independently verify condo fees. It’s unclear which, if any, of the parties involved in a transaction might be “independent” enough to serve as a source for such a figure. “I hear lenders say, ‘Oh, well the appraisers will get that,’ I hear appraisers say, ‘We’ll ask the real estate agent,’ I hear real estate agents say, ‘How can they call us on [behalf of] buyers when we get a commission from the seller’?” Dillingham said. To be on the safe side, a lender might want to turn to the trustees of the condo association to verify such a figure, she said. But in small, two- or three-unit building with no formal condo board meetings and little to no record keeping, even that might prove impossible. In early January, many underwriters may have found themselves with new instructions from lenders that say “‘Insert name of certifying officer here,’ and [they’ll]

say, ‘Uh, I don’t have a certifying officer,’” said Dillingham. Many expect the implementation of the new rules will be littered with such small stumbling blocks, and given the tightness of current underwriting standards, any one of them could be enough to derail a loan entirely for fear that it won’t be QM. In addition to the condo quirk example that Dillingham points to, borrowers who work as independent contractors – as the vast majority of real estate agents do – may have a tough time meeting the new income verification standards necessary for a loan to be QM. And in some cases, the property itself may prove problematic. For example, Fannie Mae and Freddie Mac won’t underwrite loans on condo buildings unless a certain percentage of the units are owner-occupied. For now, most lenders are taking the position that if a loan wouldn’t qualify for Fannie and Freddie, it’s de facto non-QM, Lipes said.

Another Big Question Mark Exactly how many potential buyers will find themselves outside of the QM definition for one reason or another is the biggest question mark facing the industry. Many community banks and credit unions, which retain the mortgages they issue on their own portfolios, would still be able to lend to buyers who don’t meet the QM standards. But others appear to be taking a wait-and-see approach. Lipes said that while his own institution has decided to do both QM and non-QM loans, he’s heard mixed responses from colleagues in other banks. “When I was down in Washington, I was talking to some of my peers about what they were doing. [An executive] from Liberty Bank said they were only going to do QM loans. I was talking to someone from People’s

United, he said they were going to do QM and non-QM, because they have products, like interest-only [loans], which they want to continue because they believe those go well in the Fairfield County market,” said Lipes. Independent mortgage lenders may find themselves in a more ticklish position, since they don’t retain loans themselves. While the majority of the loans he deals with will meet QM standards, his firm has begun to establish relationships with other lenders who do portfolio lending who may be able to take on non-QM loans, said Brian Koss, managing partner of the Mortgage Network, a Danvers, Mass.-based mortgage lender which operates across New England. “You have to put it way to the side and treat it like it’s been exposed to nuclear radiation. You know, do I really want to touch this thing? And all the risk that comes with it?” he said. Either way, lenders say that until they have some experience under their belts, they’re likely to be more cautious about issuing loans. Parameters that bankers were accustomed to treating as guidelines – for example, accepting 22 months of employment history instead of 24 when qualifying an applicant – are now likely to become black-and-white rules. “If someone comes in to get qualified and they’re on that bubble, what do you say to them?” said Koss. “I don’t think people know. There’s going to be a lot of [loan officers] coming in and saying, ‘Well, I got this exact type of loan approved last year, why can’t we do one now?” Lipes expressed a similar sentiment. “I think we’re trying to find the level playing field.” n Email: csullivan@thewarrengroup.com

JANUARY JANUARY 2014 2014 | THE COMMERCIAL RECORD | 9

2014 Mortgage Outlook

A RECORD YEAR FOR AMERICAN REAL ESTATE 2014 Promises More Reasons For Optimism

“

CoreLogic researchers found that among the states that experienced the most severe property devaluations during the bust and have recovered impressively, some continue to have persistent hangovers of negative equity.”

10 | THE COMMERCIAL RECORD | JANUARY 2014

Special Section

BY KENNETH R. HARNEY | WASHINGTON POST COLUMNIST

he biggest story in American real estate in 2013 hasn’t gotten the attention it deserves, so let’s shout this out: Homeowners’ net equity holdings soared by $2.2 trillion between the third quarter of 2012 and the third quarter of last year, according to new data collected by the Federal Reserve. This is a record rebound for a 12-month period. And it’s crucially important in personal financial terms for hundreds of thousands of owners who’ve been underwater on their mortgages for years. They now have options they didn’t have before: They can sell their homes and not have to bring money to the closing. They may be able to borrow against their equity to help pay for college tuitions, home improvements and other purposes. They may be able to refinance their mortgages without having to use a government-aided program. Home equity is the difference between the mortgage debt outstanding on a residence and the current market value of the home. If your house is worth $300,000 and you owe the bank $150,000 – whether from a single mortgage or multiple loans – you have $150,000 in equity. If your mortgage debt totals $350,000 on a $300,000 house, you have $50,000 in negative equity. Equity generally grows in several ways: You lower your debt by making payments to your lender, the value of your house increases because market conditions improve or you raise the home’s sales value by remodeling or upgrading it. Growing home equity not only signifies widespread recovery in household personal wealth, but it also provides an important boost for the ongoing economic recovery. Consumers who have a cushion of equity in their homes are more likely to spend money on goods and services than those who don’t. The latest Fed “flow

of funds” calculations show that owners have now seen their equity stakes grow by more than $3.2 trillion from the post-bust low point in the first quarter of 2011. During the financial crisis of 2008-11, millions of American owners fell into negative equity positions as the sale value of their homes plummeted. With the recovery that took hold in 2012, values began to turn upward again – dramatically so in some of the hardest-hit areas where prices had fallen fastest.

Up, Up And Away A new research study released this week by CoreLogic, a real estate and mortgage data firm, estimated that 791,000 homes moved from negative to positive equity status during the third quarter of this year alone, and more than 3 million have done so since the beginning of 2013. Though 6.4 million homes continue to be underwater on their mortgage debt – 13 percent of all homes with a mortgage – that is down from 7.2 million (nearly 15 percent) as recently as the end of the second quarter of this year. CoreLogic researchers found that among the states that experienced the most severe property devaluations during the bust and have recovered impressively, some continue to have persistent hangovers of negative equity. In Nevada, nearly a third of all homes are underwater, despite price gains. In Florida, nearly 29 percent are still in negative equity, and in Arizona it’s nearly 23 percent. In California, which suffered deep eq-

uity losses in non-coastal areas between 2007 and 2010, home values have roared back in the past two years. Now the state has just a 13 percent negative equity rate – significantly lower than Ohio (18 percent), Michigan and Illinois (both 17.7 percent,) Rhode Island (16.6 percent) and Maryland (15.6 percent). The states with the highest rates of homeowner equity: Texas and Alaska, where 96.1 percent of all owners with mortgages are in positive territory, Montana (95.8 percent), North Dakota (95.7 percent) and Wyoming (95.4 percent). Other findings from the CoreLogic study: • People with higher-priced homes are somewhat more likely to have positive equity than owners of lower-cost houses. While 92 percent of all mortgaged homes in the country valued at more than $200,000 have positive equity, 82 percent of homes valued at or below $200,000 do. • Though homeowner equity wealth has increased rapidly in the past year, 10 million homeowners still have only modest equity stakes – less than 20 percent – and that puts them at risk should property values tumble again. But another bust is nowhere in sight, thanks to tougher underwriting and regulatory oversight. So whether you’re one of the recent arrivals to positive equity status, or you’ve enjoyed it all along, the new year looks encouraging. n Ken Harney’s email address is kenharney@earthlink.net.

JANUARY 2014 | THE COMMERCIAL RECORD | 11

NEWS ROUNDUP HIGHLAND AVE. WATERBURY LLC, CAMERON HOLDINGS LLC BUY WATERBURY OFFICE BUILDING FOR $1.1M

ARC DOUBLES SIZE OF NORTH HAVEN LEASE

Highland Ave Waterbury LLC and Cameron Holdings LLC have purchased a professional office building in Waterbury for $1.09 million. Highland Ave Waterbury LLC and Cameron Holdings LLC bought the 7,600-square-foot property at 146 Highland Ave. from 146 Highland Assoc. LLC. Gerry Matthews was the sole broker involved in the transaction. The building, built in 2009, is 100 percent leased to Saint Mary’s Hospital, CoWorx and Albano and Greenwald Family Dentistry. It is located minutes from I-84 and Route 8.

The Association for Retarded Citizens in Greater New Haven Inc. (ARC) has doubled the size of its lease at 528 Washington Ave. in North Haven. ARC first leased 5,100 square feet at the property in 2009 and recently expanded to add an additional 5,025 square feet of space. Stephen Press of Press/Cuozzo Commercial Services represented the tenant, ARC, and Joel Nesson, also of Press/ Cuozzo Commercial Services, represented the ownership, Liuzzi Assoc. LLC.

GHAR: CLOSED SALES DOWN, PENDING SALES UP IN GREATER HARTFORD AREA Closed sales were down 7.31 percent, to 735 from 793, and pending sales rose 16.45 percent to 729 from 626 in the Greater Hartford area over November of last year, according to the Greater Hartford Association of Realtors (GHAR). “The drop in closed sales is the first we’ve seen in many months, which may be the result of the change in season,” GHAR President and CEO Jeff Arakelian said in a statement. “Prices remain low and inventory is rising, making this a perfect time for consumers looking to purchase a home.” The median sales price decreased 6.05 percent to $202,000 from $215,000 and the average number of days a house spent on the market decreased 10.84 percent to 74 days from 83 days compared with last year. New listings and inventory increased 12.24 percent to 1,018 from 907, and 4.79 percent to 5,684 from 5,424, respectively, during this same one-year time frame. Year-to-date, closed sales rose by 11.15 percent to 8,900 from 8,007, and pending sales rose 10.64 percent to 10,309 from 9,318 the same time period in 2012. New listings increased 6.68 percent to 16,710 from 15,664, and the median sale price increased slightly, 0.46 percent, to $220,000 from $219,000. The average days a home spent on the market decreased 13.25 percent to 72 days from 83 days. Closed sales of condominiums decreased 9.95 percent to 181 from 201 over November of last year. The median sale price dropped 1 percent to $149,000 from $150,500, and the average days a condo spent on the market decreased 27.35 percent to 86 days from 117 days. Condominium inventory decreased 6.17 percent to 1,398 from 1,490, over this time last year. Condominium sales rose 16.20 percent to 2,180 from 1,876 from the beginning of the year, and the median sale price decreased 0.47 percent to $149,000 from $149,700. The average days a condo spent on the market dropped 13.27 percent to 85 days from 98 days from the beginning of the year.

THE MOST VIEWED ARTICLES IN DECEMBER • Brokers Ready To Bail On MLSs • William Raveis Real Estate Buys New Shelton Headquarters For $2M • $395M Redevelopment Deal For New Haven Coliseum Site Signed • William Raveis Real Estate To Double Size Of Shelton HQ • Savage Named President Of Webster Bank

12 | THE COMMERCIAL RECORD | JANUARY 2014

• Harvard: Number Of Renter Households On The Rise, While Affordability Shrinking • Owners Of Destroyed Conn. Warehouse Face Fines • Merged Rockville-United Bank To Close Four Branches • Angel Commercial LLC Brokers Leases For 14K SF In Milford, Bridgeport, Fairfield, Stratford • Realtor.com Backs Off Controversial Agent Match Program

EVENTS CALENDAR COMMERCIAL REAL ESTATE IN SOUTHERN NEW ENGLAND & BEYOND

CONN. JOBLESS RATE DECLINES TO 7.6 PERCENT Connecticut’s unemployment rate fell to 7.6 percent, the third straight monthly decline, state labor officials said Dec. 19. The state’s private sector drove the gains with a total of 4,200 jobs added in November. “November’s strong job growth offset some declines in the third quarter returning us to the positive, though modest growth path we have seen throughout 2013,” said Andy Condon, director of the Labor Department’s research office. “A third straight month of unemployment rate declines is certainly good news, though these declines are still occurring on a shrinking labor force.” Gains were posted in sectors including utilities, education and construction and mining, but losses were experienced by others including manufacturing, business services, and hospitality. The previously announced national unemployment rate dipped to a fiveyear low of 7 percent in November. The state’s jobless rate, which stood at 7.9 percent in October, had held steady for most of the year before the recent declines. “While a decrease in the unemployment rate and the addition of more than 4,000 private sector jobs in a month is clearly a step in the right direction, we still have much work to do,” Gov. Dannel P. Malloy said. As the gradual recovery from the economic downturn continues, state officials say Connecticut has now recovered slightly more than half of the 121,200 jobs that were lost during the recession between March 2008 and February 2010.

Professional Women in Construction, Connecticut Chapter February 4, 6:30 p.m. (registration and networking at 5:30) The Sheraton Hartford South 100 Capital Blvd. Rocky Hill, CT Learn from industry experts what to expect in this segment of the industry next year. Registration: $60 (members); $85 (non-members) More information: www.pwcusa.org

POLL RESULTS: UP FOR DEBATE Is a social media presence necessary in today’s business environment? CR readers are divided on the relative merits of social media, and how much they enjoy the experience.

30 % Absolutely, although I wish it wasn’t. 30 % No, I’m not on social media and I’m fine. 25 % Yes, and I love it! 15 % I think it depends on the industry you’re in.

FEATURED COMMENT In response to an article posted on Dec. 4, “Major Banks Still Not Compliant With National Mortgage Settlement, But Working To Fix Problems,” reader Cynthia Lombardo makes the point that “the other thing banking regulators have to look at is these banks selling off or changing the loan servicer during an approved short sale which sends the homeowner right back to square one. It is unfathomable that they would be allowed to do this. With all the work it takes, papers and forms etc. to make this happen the banks should have to hold onto loans that are already an approved short sale.”

MERGED ROCKVILLE-UNITED BANK TO CLOSE FOUR BRANCHES Following their merger, Rockville Bank and West Springfield, Mass.-based United Bank plan to close four of the banks’ branches next year. The banks decided to reorganize after reviewing the close proximity of some United Bank and Rockville Bank locations. The planned consolidations, which are subject to regulatory and shareholder approval of the merger, are as follows: • The Rockville Bank branch at 12 Main St. in Ellington will be consolidated into the United Bank branch at 287 Somers Road in Ellington. The bank will file an application to apply to open a loan production office in the Rockville Bank branch

and maintain an ATM. • United Bank’s branch at 268 Hazard Ave. in Enfield will be consolidated into Rockville Bank’s branch at 231 Hazard Ave. Rockville is currently planning a renovation at its Hazard Avenue branch. • United Bank’s branch at 23 Main St. in Manchester will be consolidated into the Rockville Bank branch at 768 North Main St. • United Bank’s branch located at 112 Mountain Road in Suffield will be consolidated into the Rockville Bank branch at 275 Mountain Road. Rockville Bank and United Bank announced plans to merge in November. The new entity, which will operate under the name United Bank, will be headquartered in Glastonbury. JANUARY 2014 | THE COMMERCIAL RECORD | 13

Consumer Protection

NATIONAL DEBT COLLECTION REFORM WILL DUN BANKS FOR THIRD-PARTY ACTIONS Zero Litigation Model Proving More Popular, Cost Effective

BY BILL BARTMANN | SPECIAL TO THE COMMERCIAL RECORD

ankers face unprecedented challenges in today’s regulatory environment, and phrases such as “safety and soundness” and “vicarious liability,” ratchet up the tension. The newest challenge is banks’ relationships with the buyers of charged-off credit card debts, resulting from actions by debt buyers that allegedly harm consumers.

The community of third-party debt buyers who purchase the huge bulk of credit card charge-off loans from banks have created this toxic quagmire. They have acted irresponsibly and created enormous liability for banks who sold the debt. Put simply, the debt buyers “robosigned” tens of millions of collection lawsuits without proof of the facts; effectively

a fraud on the court and a violation of consumer protection laws. The Office of the Comptroller of the Currency (OCC) has been clear that banks are responsible for the acts of their third-party contractors and believes that the acts of debt buyers have damaged the reputation of the bank that sold the debt. Based on a review of caseloads in state

14 | THE COMMERCIAL RECORD | JANUARY 2014

courts, debt buyers robo-signed as many as 55 million lawsuits between 2008 and 2012. They will have filed another 10 million such lawsuits in 2013. Numbers of this magnitude explain why the potential liability is an extraordinary sum. Debt litigation is lucrative for debt buyers, who have paid pennies on the dollar to buy the debt. An example: assume the debt is $2,500 and the debt buyer paid $250. If BILL BARTMANN they spend an additional $650, their investment is still less than $1,000, but the resulting judgment after interest and costs could easily reach $5,000 to $7,500. Once a judgment is granted, many states allow wage garnishment until the entire balance – including interest – is paid.

Banks Held Responsible Regulators have for many years warned that there is extensive liability for the actions of the third parties with whom the bank does business. In 2008, the Federal Deposit Insurance Corporation (FDIC) cautioned plainly that banks were responsible to ensure third parties “operated in a manner consistent with federal and state laws, including those intended to protect consumers.” OCC Comptroller Thomas Curry was even more pointed in 2012, when he said the bank “does not wipe its hand of responsibility,” in reference to debt sales by banks, to debt buyers whom the bank knows has a history of harm to consumers through violation of consumer protection laws. In testimony before the Senate Bank-

ing Committee in mid-July of this year, the OCC described in detail its belief that the behavior of third party debt buyers has seriously damaged the reputation of banks. Further, the OCC said that a failure to have in place controls that ensure the debt buyer treats consumers fairly represents a “safety and soundness” concern.

These “zero litigation” debt buyers operate from a radically different business philosophy. They know that threats and intimidation are counter-productive and are inefficient as a means to collect charged off credit card debt from consumers. Persuasion and added value, such as free debt negotiation with the consum-

“

The bank does not wipe its hand of responsibility.”— Thomas Curry, comptroller of the currency

Banks have more to worry about than simply the OCC focus on the mounting number of robo-signed fraudulent lawsuits. The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and a consortium of state attorneys general will be seeking compensation for consumers harmed. While the FTC is not a primary bank regulator, all four groups – OCC, CFPB, FTC and attorneys general – are cooperating and working closely together. No stone will be left unturned. Unfortunately, this regulatory climate exposes banks to a heavy toll to be paid, coming largely from the pockets of the bank’s shareholders. Some banks anticipated this early, and restricted their sales to debt-buying companies that had signed the Bank Protection Pledge. The signors of this pledge contractually agree: • Not to utilize litigation or threaten litigation against any of the accounts sold. • Not to pursue collection activity beyond the statute of limitations. • Not to charge interest on the chargedoff obligation. • Not to attempt to contact any of the debtors more than twice in any 24-hour period. • Not to resell any of the purchased accounts.

ers’ other creditors, or free job placement services, are far more productive tools. This “zero litigation” model has proven to generate profits greater than the litigation business model. The model creates a win-win both for the bank and the debt buyer. Competition

among the debt buyers ensures a competitive market pricing for the bank and thus the efficient conversion of non-performing assets to cash while eliminating any legal, economic or regulatory risk. Debt buyers benefit financially from the value they add and the patience they devote to the consumer. Consumers are treated fairly. Regulators are happy. Understandably, the term “safety and soundness” sends a chill down the spine. But it does not have to be that way. Banks can realize the benefits of selling chargedoff credit card debt merely by avoiding debt buyers who use a litigation business model. n Bill Bartmann is CEO of CFS2, a debt-collection company in Tulsa, Oklahoma, and has helped to settle the debts of more than 4.5 million people without ever filing suit against a customer.

VP Commercial Real Estate Loan Officer Reporting to the VP Commercial Services Region Manager and Reg O Lender, this position primarily has development responsibilities for new commercial accounts in the I-95 corridor of lower Fairfield County. The area extends from Greenwich, CT to New Haven, CT. The ideal candidate will have 10 to 15 years of experience developing and managing commercial loans, commercial construction and permanent mortgage relationships with a focus towards commercial real estate development and construction projects. For more information about this opportunity please visit our Open Positions page located in our Career Center at www.unionsavings.com Qualified candidates are encouraged to complete the online application to be considered for this position. For alternate application methods please contact HR at 203-731-6109. E.O.E.

Today there are about 150 debt-buying companies who have signed the pledge. JANUARY 2014 | THE COMMERCIAL RECORD | 15

STATE STATISTICS Number of Single-Family Sales by Price Range

10-Year Single-Family Sales 42,000

32,000 2,7250

33,600

17,750

$700K+

13,000

1988

$500k-$699k

1993 1998 $400k-$499k

2003

2008

2013

$300k-$399k

5500

$0-$299k 4,,400

NUMBER OF SALES

22,500

25,200

16,800

3300

8,400 2,200 1,100

1988

1993

1998

2003

2008

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2013

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

Lis Pendens and Foreclosures by Month 3,000

Lis Pendens Foreclosure Deeds

2,400

1,800

1,200

600

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

2011

2012

16 | THE COMMERCIAL RECORD | JANUARY SEPTEMBER 2014 2013

2013

Top 5 Lenders by Market Share Refinance Mortgages

Multi-Family Median Price $300,000

Wells Fargo Bank NA

2-Family $240,000

7.40%

$180,000

PRICE

6.60%

Bank Of America FSB

3-Family

$120,000

6.25% $60,000

3.64% 0

Peoples United Bank

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 *Statistics include sales January - November All Years Source: The Warren Group

5.33%

20 Year Residential Median Prices 4.57%

$320,000

Single-Family

JP Morgan Chase Bank $256,000

Condo

4.48%

$192,000

PRICE

5.92% Quicken Loan Inc

$128,000

4.05% $64,000

2.84% 0

2013

2012

*MarketShare percent includes loans thru November 2013

93 94 95 96 97 98 99 00 01 02 03 04 04 06 07 08 09 10 11 12 13 *Statistics include median prices January - November All Years Source: The Warren Group

JANUARY 2014 | THE COMMERCIAL RECORD | 17

C-CHANGES IN CONNECTICUT’S EXECUTIVE SUITES Joseph Savage was promoted to president of Webster Bank and its holding company, effective Jan. 1. He has also been named to the bank’s board of directors. In his new role, Savage will oversee Webster’s commercial banking and private banking units as well as human resources. Savage most recently worked at Webster Bank as executive vice president and head of commercial banking. Prior to joining Webster in 2002, he was executive vice president and head of the communications and energy banking group for CoBank in Denver, Colo. Before that, he worked at The Bank of New York. He is a director of the MetroHartford Alliance, the Connecticut Technology Council and the Travelers Championship Committee. n

Bank of America has named David McIlroy senior business development officer for New England. McIlroy will work with Bank of America Business Capital to provide corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management and capital markets products. He will be based in Stamford. McIlroy comes to Bank of America from Wells Fargo, where he worked for more than 16 years. n

Lyle Fulton has joined Guilford Savings Bank as vice president and commercial loan officer. He will be responsible for the bank’s commercial lending originations throughout the state, with a focus on Hartford County. Fulton comes to Guilford Savings Bank from Berkshire Bank where he served as senior vice president and commercial lending officer. Prior to Berkshire Bank’s acquisition of The Connecticut Bank & Trust Co. (CBT) in 2012, he was executive vice president and chief lending officer for CBT. n

Ann Taylor has been elected to boards of directors of SBT Bancorp and its wholly owned subsidiary Simsbury Bank. Taylor has served as senior vice president and general counsel for the Connecticut Children’s Medical Center since 2000. Prior to that, she held several counsel positions within the banking industry. n

AWARDS & ACCOLADES Martin Geitz, president and CEO of Simsbury Bank and its holding company SBT Bancorp Inc., has been elected to the board of directors of the Federal Home Loan Bank of Boston. FHLB Boston is one of 12 Federal Home Loan Banks whose mission is to support the residential-mortgage and communitydevelopment lending activities of its member financial institutions. Geitz was elected by Connecticut’s 75 bank, credit union and insurance company members of FHLB Boston as their representative on the board. He will begin his four-year term in January. n

18 | THE COMMERCIAL RECORD | JANUARY 2014

Out With The Old

A GENERATIONAL SHIFT IS COMING Real Estate Attracting Younger Agents Just In Time

“ BY BY BARBARA PEARCE | SPECIAL TO THE COMMERCIAL RECORD

e’ve long known that the real estate industry is aging, with the average salesperson now in his or her late 50s. What we also know now is that the recent, long-lasting recession caused an entire cohort of people either to leave the business, or not get into it in the first place. That leaves us, like architecture and other fields with cyclical demand and incomes, without the next generation ready to step up and lead, or, in this case, even to sell. That’s important to some extent simply because we currently have experienced real estate agents having to adjust to new technology, new laws, new ways of selling, and BARBARA PEARCE buyers who are often the age of their children. While many are up to the task, or even more than up to it, there is a void left for buyers who wish to work with agents who look like themselves. For instance, there is a shortage of supply among agents who have school-age children. Also, our industry is less diverse – sometimes much less diverse – than the

population we serve. That is, in part, because the world is becoming more diverse as younger people intermarry, while older groups are often less likely to have done so. Even our social customs have evolved, with younger groups less inclined to plan ahead, making it more challenging to plan showings and appointments. What will the future bring? What we are starting to see now is a much younger demographic entering the sales force, for several reasons. First of all, there are very few barriers to entry. You need a license, and some training, and you’re good to go. For kids having trouble cracking an anemic job market, real estate is an increasingly popular choice. Secondly, it takes some time and some

So many boomers are now supporting their 20-something children, for recessional reasons and others, that they may as well support them as they enter real estate.”

money to get going, since you live from commission to commission, and they don’t happen right away. So many boomers are now supporting their 20-something children, for recessional reasons and others, that they may as well support them as they enter real estate, as pay their rent so that they can be an underpaid intern somewhere. And, unlike that intern, they may be able to become self-supporting without changing jobs, as their skills and contacts increase. As a parent, you can directly influence your child’s income, by sending your friends and coworkers to him or her as clients! Thirdly, real estate is a low-risk way to be in your own business. It doesn’t take much capital, unless you are the broker, but you are running your own small firm. That appeals to Millennials, especially since it doesn’t require being at a desk at all, certainly not on specific days and at specific hours. It uses skills that are second nature to digital natives. Even going to a party counts as networking, so there are opportunities to sell everywhere and at any time. Finally, the real estate industry is ripe for change, for growth, and for the advent of a new generation. In the midst of an entrepreneurial boom, real estate is front and center – everybody lives somewhere! n Barbara Pearce is president and CEO of North Haven-based H. Pearce Real Estate.

JANUARY 2014 | THE COMMERCIAL RECORD | 19

Leading In Crisis

WHEN A CRISIS HITS, WILL YOU BE READY?

Avoiding The Four Traps Of Decision-Making

20 | THE COMMERCIAL RECORD | JANUARY 2014

BY LUCIEN CANTON | SPECIAL TO THE COMMERCIAL RECORD

uring the second day’s fighting at Gettysburg on July 2, 1863, Col. Strong Vincent, a brigade commander in the Army of the Potomac, learned from a passing courier that the Union left flank was undefended and that the Confederates were advancing on Little Round Top. Seizing this position would allow the Confederates to fire on the entire Union line and force the retreat of Union forces, opening the road to Washington.

Recognizing the tactical significance of the position, Vincent, without waiting for orders, moved his brigade into a blocking position. What followed was one of the most dramatic and pivotal engagements of the war, one that decided the battle of Gettysburg and most probably the war itself. Though Vincent fell in the battle, his ability to recognize the crisis, to make critical decisions under pressure, and to deploy his resources inspired his brigade to hold the vital position on the Little Round Top. Leadership in crisis is ultimately about decision-making. Other critical steps, such as recognizing and isolating the crisis, prepare you to make decisions, while the deployment of resources are based on the decisions made by the leader. The pivotal point in any crisis is the making of the decision about how one will deal with the crisis. Unfortunately, without recognizing the four traps of decision-making, it is too easy to make the wrong decision.

Maintaining The Status Quo One of the major problems in leading in a crisis is the psychological tendency to do nothing. There is a tendency to normalize events – to see what we expect to see. It is easy to miss cues or indicators. If there are no consequences for doing, there is no need to make a decision. Unfortunately, this is the default mode for many decisionmakers.

Taking The Easy Way Out Assuming that there are consequences for inaction, the next consideration is whether there is a risk in taking action. If there is no perceived risk in taking a specific action, there is really no need to make a decision or to consider alternative courses of action.

Giving Up When available courses of action all carry risks, the tendency is to search for a better solution. The trap here is that it if there is a perception that no low risk solutions are available, the decision maker may become fatalistic or apathetic, exhibit behaviors such as ignoring or selective interpreting information, or attempt to pass the responsibility for decision-making to someone else.

“

tion or accepting low-risk actions are both linked to a failure to recognize that a crisis is occurring and to put it into the context of the potential impact on your organization. This, in turn, is usually the result of failing to take the time to gather and assess information related to the crisis. Understanding the nature of the crisis can also help avoid the bad decisions caused when considering high-risk alternatives. Knowing how much time you have to make a decision and the potential availability of alternative actions are precious commodities in a crisis. Time allows you to weigh risks versus alternatives or consult with advisors and subject matter experts. Knowing you have limited time can help you to focus on what you know and bring clarity of thought. In the case of Strong Vincent at Gettysburg, the knowledge that he had only a short time in which to act caused his decision to move without orders, an action that could have cost him

Failing to see the risks of inaction or accepting low-risk actions are both linked to a failure to recognize that a crisis is occurring and to put it into the context of the potential impact on your organization.”

Running Out The Clock Hesitation is not uncommon among decision-makers in a crisis. Information is incomplete or contradictory and there is usually little time to wait for better solutions. This is the fourth trap of decisionmaking: continuing to seek solutions rather than deciding on the best available alternative, even if it carries considerable risk. Under heavy time constraints, this can even led to panic and bad decisionmaking.

Avoiding The Traps So how does one avoid the four traps of decision-making in a crisis? The first step is recognizing that these four traps exist and understanding that they are heavily influenced by time and the availability of good information. Failing to see the risks of inac-

his career if he failed. However, the risks of inaction far exceeded the risks of the alternative he chose. It is easy to avoid decisions in a crisis. The four traps are always there, and they all lead to the same place: failure due to non-existent or poor decision-making. The hardest part of managing in crisis is having the willingness to accept responsibility for decisions made with limited information in too short a time and the courage to follow through on those decisions without second-guessing yourself. It’s what makes a leader truly effective in a crisis. n Lucien G. Canton, CEM, is a consultant specializing in preparing managers to lead better in crisis by understanding the human factors often overlooked in crisis planning.

JANUARY 2014 | THE COMMERCIAL RECORD | 21

TOP COMMERCIAL TRANSACTIONS Visit www.commercialrecord.com for a complete list of commercial transactions updated weekly. TOP 3 STATEWIDE 70 Forest St, Stamford......................... $80,000,000

1500 Boston Post Rd, Darien................ $8,350,000

54 Research Dr, Stamford..................... $5,481,687

Use:............................................... Apartment Building

Use:...............................................Office Bldg-Medical

Use:..................................................Industrial Building

Buyer:............................... WRT Highgrove Property LP

Buyer: ..........................................EWK 1500 BPR LLC

Buyer: ...................................... 54 Research Drive LLC

Seller: .......................................70 Forest St Mktg LLC

Seller:.............................................. CPPT Darien LLC

Seller:................................... White Birch Cap Partners

Mtg: .................................. Key Bank NA 150,000,000

Date:............................................................ 11/01/13

Mtg: ............................. First County Bank $4,408,000

Date: ............................................................ 11/06/13

Total Assessed Value (2013):..................... $2,993,620

Date:............................................................ 11/19/13

Total Assessed Value (2013): ...................$42,198,320

Lot Size:......................................................... 41818sf

Total Assessed Value (2013): .....................$2,942,730

Lot Size: ......................................................... 47150sf

Prior Sale: .....................................$7,200,000 (11/12)

Lot Size: ......................................................... 55033sf

FAIRFIELD 70 Forest St, Stamford...................$80,000,000 Use:............................................... Apartment Building Buyer: .............................. WRT Highgrove Property LP Seller: .......................................70 Forest St Mktg LLC Mtg:.................................. Key Bank NA 150,000,000 Date: ............................................................ 11/06/13 Total Assessed Value (2013): ...................$42,198,320 Lot Size: ......................................................... 47150sf

1500 Boston Post Rd, Darien.......... $8,350,000 Use:...............................................Office Bldg-Medical Buyer:.......................................... EWK 1500 BPR LLC Seller:.............................................. CPPT Darien LLC Date: ............................................................ 11/01/13 Total Assessed Value (2013): .....................$2,993,620 Lot Size: ......................................................... 41818sf Prior Sale: .....................................$7,200,000 (11/12)

54 Research Dr, Stamford............... $5,481,687 Use:..................................................Industrial Building Buyer: ...................................... 54 Research Drive LLC Seller:................................... White Birch Cap Partners Mtg: ............................. First County Bank $4,408,000 Date: ............................................................ 11/19/13 Total Assessed Value (2013): .....................$2,942,730 Lot Size: ......................................................... 55033sf

899 Marshall Phelps Rd, Windsor... $2,090,880 Use:............................... Mixed Use-Prim Indust & Agri Buyer: .................................. Broadstone SNI East LLC Seller:......................................... Shemin Nurseries Inc Date:............................................................ 10/29/13 Total Assessed Value (2013): ........................$574,770 Lot Size:..................................................... 2048627sf Prior Sale:........................................ $972,000 (01/01)

44 Tobey Rd, Bloomfield................. $1,390,000 Use:..................................................Industrial Building Buyer: ...............................................Alstom Power Inc Seller: ......................................... MRE Associates LLC Date:............................................................ 11/04/13 Total Assessed Value (2013):........................ $954,730 Lot Size: ....................................................... 428195sf Prior Sale:........................................ $109,758 (07/88)

182 E Shore Rd, Washington.......... $4,000,000 Use:.................................................................... Motel Buyer: ........................................ Lake Waramaug LLC Seller: ...................................................... Boulders Inn Mtg:................................ Boulevard Bank $2,400,000 Date: ............................................................ 11/21/13 Total Assessed Value (2013): ........................$162,510 Lot Size: ....................................................... 874685sf Prior Sale:........................................ $645,000 (02/02)

91 Hinkle Rd, Washington................ $730,000 Use:............................................ Land-Vacant & Open Buyer: .............................Kenneth Atlas & Kristen Atlas Seller: ............................................... South Kent Road Date:............................................................ 11/15/13 Total Assessed Value (2013): ........................$356,440 Lot Size: ..................................................... 1242331sf Prior Sale:........................................ $730,000 (05/13)

96 Essex Rd, Old Saybrook.............. $660,000 Use:............................................. Commercial Building Buyer:.................................. Childrens Tree Montessori Seller: ................................................Essex Road LLC Mtg: ..........................Guilford Savings Bank $280,000 Date: ............................................................ 11/25/13 Total Assessed Value (2013): ........................$595,000 Lot Size: ......................................................... 26572sf Prior Sale:.......................................... $20,455 (03/03)

36 E High St, East Hampton............ $575,000 Use:............................................. Commercial Building Buyer: .................................................... B&H Lala LLC Seller:...................................................... Topside LLC Mtg: .................................Wells Fargo Bank $355,313 Date: ............................................................ 10/28/13 Total Assessed Value (2013):........................ $378,260 Lot Size: ......................................................... 22216sf Prior Sale:........................................ $400,000 (03/04)

HARTFORD 89-97 Belcher Rd, Wethersfield...... $2,750,000 Use:............................................... Apartment Building Buyer: .......................................Emerson Village 1 LLC Seller:................................... 89-97 Belcher Road LLC Mtg: ..................................... Investors SB $2,062,500 Date: ............................................................ 11/11/13 Total Assessed Value (2013): ........................$953,700 Lot Size: ......................................................... 71003sf

LITCHFIELD 387 Lake Rd, Warren...................... $4,000,000 Use:............................................. Commercial Building Buyer: ......................................... Lake Waramaug LLC Seller:............................................... Boulders Inn LLC Mtg: ................................ Boulevard Bank $2,400,000 Date: ............................................................ 11/21/13 Total Assessed Value (2013):..................... $1,984,850 Lot Size:....................................................... 252648sf Prior Sale: .....................................$3,655,000 (02/02)

MIDDLESEX 62 Washington St, Middletown....... $1,050,000 Use:........................................................Retail-Service Buyer: ..................................... Washington St Partners Seller: ................................. 62 Washington Street LLC Date: ............................................................ 11/13/13 Total Assessed Value (2013):........................ $750,890 Lot Size: ......................................................... 17860sf Prior Sale: .....................................$1,050,000 (02/07)

22 | THE COMMERCIAL RECORD | JANUARY 2014

FEATURED PROPERTY 62 Washington St, Middletown........................................ $1,050,000 Use:................................................................................. Retail-Service Buyer: ............................................................. Washington St Partners Seller: .......................................................... 62 Washington Street LLC Date: ....................................................................................... 11/13/13 Total Assessed Value (2013):................................................. $750,890 Lot Size: ....................................................................................17860sf Prior Sale: .............................................................. $1,050,000 (02/07)

NEW HAVEN 839 E Main St, Meriden.................. $2,272,000 Use:............................................. Commercial Building Buyer: .................................................Meridencvs LLC Seller:............................................... Civco Realty LLC Date: ............................................................ 11/15/13 Total Assessed Value (2013):..................... $3,157,300 Lot Size: ......................................................... 83280sf

170 Cheshire Rd, Wallingford......... $2,125,000 Use:............................................. Commercial Building Buyer: ..................................... Farms Country Club Inc Seller: ................................................ Gaylord Hospital Mtg: ..................... TD Banknorth Mtg Grp $2,200,000 Date:............................................................ 11/14/13 Total Assessed Value (2013): .....................$1,804,500 Lot Size:..................................................... 6446880sf

126 Bailey Rd, North Haven............ $1,700,000 Use:..................................................Industrial Building Buyer: ...................................... 126 Bradley Road LLC Seller: ................................... Remington Arms Co LLC Mtg:................................RBS Citizens NA $1,760,000 Date: ............................................................ 11/12/13 Total Assessed Value (2013):......................$3,853,640 Lot Size: ..................................................... 1026709sf

13 Colton Rd, East Lyme................. $540,000 Use:..................................................Industrial Building Buyer:.......................................... 13 Colton Road LLC Seller: ......................................... Mautino Holdings Inc Mtg:..................................... Rockville Bank $432,000 Date: ............................................................ 11/18/13 Total Assessed Value (2013): ........................$463,750 Lot Size: ....................................................... 160226sf

182 Ensign Dr, Groton..................... $419,145 Use:............................................ Land-Vacant & Open Buyer:............. Daniel J Dreesman Jr & Jill T Dreesman Seller:...................................... JSG Development LLC Mtg: ............................................ Navy FCU $430,761 Date:............................................................ 11/01/13 Total Assessed Value (2013): ........................$117,460 Lot Size: ......................................................... 22651sf

1133 Hartford Tpke, Vernon............ $470,000 Use:.............................. Mixed Use-Prim Res & Comm Buyer: ......................................... Vernon Holdings LLC Seller:.........................................................Lynn Grossi Mtg: ............................ Midwest Mtg Capital $509,800 Date: ............................................................ 11/07/13 Total Assessed Value (2013): ........................$327,660 Lot Size:......................................................... 25265sf

Mansfield City Rd, Mansfield........... $372,000 Use:............................................................ Forest Use Buyer:..........................................Spring Hill Props LLC Seller: ................................................. Gladys Marshall Mtg: ..................................... Rockville Bank $990,000 Date: ............................................................ 11/25/13 Total Assessed Value (2013):............................ $1,190 Lot Size: ....................................................... 740520sf

146 Chaplin Rd, Eastford................. $300,000 Use:............................................. Commercial Building Buyer: .........................................CTAC Properties LLC Seller: ........................... Charles Ziegler & Trudy Ziegler Mtg: .....................................Charles Ziegler $300,000 Date: ............................................................ 10/01/13 Total Assessed Value (2013): ........................$136,470 Lot Size: ....................................................... 348480sf Prior Sale: ........................................$350,000 (03/02)

22 Jack Henry Dr, Windham............. $254,900 Use:.................................Res Potentially Dvlpble Land Buyer: ....................................................Ryan Tetreault Seller: ....................................Eastern Building Co LLC Mtg: ......................... William Raveis Mtg Co $242,155 Date: ............................................................ 11/19/13 Total Assessed Value (2013):.......................... $38,180 Lot Size: ....................................................... 187744sf

NEW LONDON 143 Gold Star Hwy, Groton............. $1,050,000 Use:..................................................... Restaurant/Bar Buyer:............................................. BE Properties LLC Seller:.................................... Davelynn Properties LLC Mtg: .........................................United Bank $650,000 Date: ............................................................ 11/04/13 Total Assessed Value (2013): ........................$436,590 Lot Size: ......................................................... 38507sf Prior Sale: ........................................$665,000 (04/11)

TOLLAND 15 Heritage Dr, Bolton..................... $618,887 Use:............................................ Land-Vacant & Open Buyer:............................. Dennis Tonioni & Julie Tonioni Seller: ................................................ MTS Buiders Inc Mtg: ..................................... Farmington Bk $488,000 Date: ............................................................ 10/01/13 Total Assessed Value (2013):.......................... $95,950 Lot Size: ......................................................... 45738sf Prior Sale: ........................................$144,500 (04/13)

WINDHAM 352 Cranberry Bog Rd, Killingly....... $315,000 Use:...................................................... Cranberry Bog Buyer:....... Alexandra Lancellotti & Robert R Lancellotti Seller: ..........................Grady R Holt Jr & Cheryl L Holt Mtg: ............................ Bank of America NA $252,000 Date: ............................................................ 11/15/13 Total Assessed Value (2013): ........................$222,710 Lot Size: ..................................................... 1176120sf Prior Sale: ........................................$360,000 (06/11)

JANUARY 2014 | THE COMMERCIAL RECORD | 23

TRENDLINES

FAIRFIELD COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-12 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2011

NOV %CHG 2012 2012 12-13 YTD

2013 %CHG YTD 12-13

BETHEL 1 Family Condo All Sales

8 1 1 0

10 3 21

25.00% 200.00% 110.00%

108 62 210

109 39 200

0.93% -37.10% -4.76%

$278,500 N/A $255,000

$288,250 $197,000 $285,000

3.50% $293,750 N/A $263,000 11.76% $272,500

$320,000 $260,000 $319,000

8.94% -1.14% 17.06%

33 10 65

-17.50% 25.00% 8.33%

393 183 950

409 99 751

4.07% -45.90% -20.95%

$149,000 $82,500 $146,700

$145,000 $73,750 $145,000

-2.68% -10.61% -1.16%

$130,000 $58,000 $113,750

$152,500 $70,000 $145,000

17.31% 20.69% 27.47%

7 5 1 3

16 13 36

128.57% 160.00% 176.92%

139 40 203

161 67 275

15.83% 67.50% 35.47%

$334,900 $140,000 $275,000

$275,625 $231,940 $252,500

-17.70% 65.67% -8.18%

$327,000 $182,500 $299,500

$351,000 $225,000 $305,989

7.34% 23.29% 2.17%

2 7 2 0 6 2

28 29 84

3.70% 45.00% 35.48%

297 210 647

340 269 805

14.48% 28.10% 24.42%

$233,000 $207,500 $234,000

$262,500 $150,000 $225,000

12.66% -27.71% -3.85%

$250,000 $182,500 $250,000

$272,000 8.80% $164,000 -10.14% $245,000 -2.00%

1 9 1 2 4

23 3 29

21.05% 200.00% 20.83%

282 10 323

291 20 335

3.19% 100.00% 3.72%

6 0 7

1 0 3

64 0 73

63 0 71

BRIDGEPORT 1 Family Condo All Sales

4 0 8 6 0

BROOKFIELD 1 Family Condo All Sales

DANBURY 1 Family Condo All Sales

DARIEN 1 Family Condo All Sales

$1,495,000 $1,412,500 N/A $680,000 $1,470,000 $1,395,000

-5.52% $1,200,000 N/A $612,500 -5.10% $1,165,000

$1,350,000 $659,000 $1,325,000

12.50% 7.59% 13.73%

EASTON 1 Family Condo All Sales

-83.33% N/A -57.14%

-1.56% N/A -2.74%

$597,767 N/A $577,534

N/A -100.00% $557,750 N/A N/A N/A $610,000 5.62% $545,000

$585,000 4.89% N/A N/A $570,000 4.59%

$522,000 $332,500 $490,000

$549,000 $376,250 $515,000

5.17% 13.16% 5.10%

19.62% $1,434,500 37.51% $620,000 20.88% $1,200,000

$1,530,000 $645,000 $1,125,000

6.66% 4.03% -6.25%

FAIRFIELD 1 Family Condo All Sales

5 3 5 6 3

53 4 62

0.00% -20.00% -1.59%

512 78 667

611 78 753

19.34% 0.00% 12.89%

$490,000 $355,000 $489,900

$600,000 $247,500 $600,000

2 3 1 2 4 7

24 11 40

4.35% -8.33% -14.89%

446 101 676

421 131 671

-5.61% 29.70% -0.74%

$1,325,000 $547,246 $910,000

$1,585,000 $752,500 $1,100,000

1 1 3 1 5

14 4 19

27.27% 33.33% 26.67%

139 47 201

177 41 235

27.34% -12.77% 16.92%

$383,000 $390,500 $390,500

$277,500 $210,500 $250,000

16 3 20

-5.88% -57.14% -35.48%

235 51 320

261 58 355

11.06% 13.73% 10.94%

$1,140,000 $650,000 $1,083,000

22.45% -30.28% 22.47%

GREENWICH 1 Family Condo All Sales

MONROE 1 Family Condo All Sales

-27.55% -46.09% -35.98%

$379,000 $195,000 $322,500

$332,000 -12.40% $205,000 5.13% $310,000 -3.88%

NEW CANAAN 1 Family Condo All Sales

1 7 7 3 1

$1,282,500 12.50% $1,280,000 $1,475,000 126.92% $650,000 $1,382,500 27.65% $1,137,500

$1,325,000 $745,553 $1,175,000

3.52% 14.70% 3.30%

NEW FAIRFIELD 1 Family Condo All Sales

1 2 0 1 3

16 0 17

33.33% N/A 30.77%

120 4 143

155 1 174

29.17% -75.00% 21.68%

$355,000 N/A $375,000

$325,000 -8.45% $301,250 N/A N/A $222,500 $325,000 -13.33% $295,000

$321,000 6.56% N/A - 100.00% $314,500 6.61%

16 1 24

33.33% 0.00% 50.00%

244 11 282

249 23 310

2.05% 109.09% 9.93%

$432,775 N/A $420,000

$314,500 -27.33% $387,625 N/A N/A $259,875 $275,500 -34.40% $374,000

$369,900 $363,000 $366,000

-4.57% 39.68% -2.14%

2 1 1 7 4 6

40 15 75

90.48% -11.76% 63.04%

421 183 757

502 253 904

19.24% 38.25% 19.42%

$390,000 $260,000 $337,250

$486,850 $241,000 $360,000

$447,500 $241,000 $356,000

9.15% -0.41% 4.71%

6 1 8

8 33.33% 0 -100.00% 11 37.50%

76 4 92

93 4 108

22.37% 0.00% 17.39%

$480,500 N/A $480,500

$539,500 12.28% $510,500 N/A N/A $262,500 $490,000 1.98% $499,250

$515,000 0.88% $580,250 121.05% $499,375 0.03%

251 32 318

324 38 391

29.08% 18.75% 22.96%

$608,750 $207,500 $500,000

$677,000 11.21% $554,800 167.37% $605,000 21.00%

$651,500 8.58% $451,250 117.47% $635,000 14.05%

NEWTOWN 1 Family Condo All Sales

1 2 1 1 6

NORWALK 1 Family Condo All Sales

24.83% -7.31% 6.75%

$410,000 $242,000 $340,000

REDDING 1 Family Condo All Sales

RIDGEFIELD 1 Family Condo All Sales

2 0 4 2 6

18 5 26

-10.00% 25.00% 0.00%

24 | THE COMMERCIAL RECORD | JANUARY 2014

$600,000 $207,500 $556,763

Real estate & credit transactions updated every Thursday

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NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

204 78 352

265 118 452

29.90% 51.28% 28.41%

$320,000 $237,250 $292,450

$333,750 $185,000 $325,000

46 0 57

43 0 57

-6.52% N/A 0.00%

$310,000 N/A $260,000

$514,983 66.12% $340,750 N/A N/A N/A $324,965 24.99% $300,000

$412,000 20.91% N/A N/A $350,000 16.67%

SHELTON 1 Family Condo All Sales

1 8 8 3 4

18 15 40

0.00% 87.50% 17.65%

4.30% -22.02% 11.13%

$305,000 $249,000 $285,500

$313,000 $241,000 $300,000

2.62% -3.21% 5.08%

SHERMAN 1 Family Condo All Sales

4 0 5

4 0 7

0.00% N/A 40.00%

STAMFORD 1 Family Condo All Sales

2 4 2 0 5 4

42 32 98

75.00% 60.00% 81.48%

428 332 939

540 443 1,145

26.17% 33.43% 21.94%

$541,250 $312,500 $474,000

$640,875 $261,000 $481,250

18.41% -16.48% 1.53%

$565,500 $280,000 $400,000

$573,950 $295,000 $440,000

1.49% 5.36% 10.00%

33 11 49

17.86% 22.22% 22.50%

376 102 550

414 125 598

10.11% 22.55% 8.73%

$235,500 $122,000 $206,500

$220,000 $150,000 $200,000

-6.58% 22.95% -3.15%

$208,450 $144,950 $195,000

$225,000 $171,750 $209,500

7.94% 18.49% 7.44%

2 7 2 3 3

31 2 37

14.81% 0.00% 12.12%

293 27 351

354 35 412

20.82% 29.63% 17.38%

$317,000 N/A $317,000

$365,000 15.14% $351,200 N/A N/A $350,000 $365,000 15.14% $345,000

$355,000 1.08% $295,000 -15.71% $349,950 1.43%

1 2 0 1 2

10 0 13

-16.67% N/A 8.33%

114 0 125

143 0 162

25.44% N/A 29.60%

$674,500 N/A $674,500

$842,413 24.89% $762,500 N/A N/A N/A $755,000 11.93% $760,000

$775,500 1.70% N/A N/A $762,750 0.36%

2 8 4 4 0

27 2 36

-3.57% -50.00% -10.00%

324 32 420

415 30 488

28.09% -6.25% 16.19%

1 8 2 2 2

18 10 29

0.00% 400.00% 31.82%

197 17 231

229 44 285

13.15% 5,709 33.08% 1,604 23.49% 8,887

6,569 1,916 9,937

STRATFORD 1 Family Condo All Sales

2 8 9 4 0

TRUMBULL 1 Family Condo All Sales

WESTON 1 Family Condo All Sales

WESTPORT 1 Family Condo All Sales

$1,145,750 $1,150,000 0.37% $443,750 -100.00% $949,750 $812,500 -14.45%

$992,500 $600,000 $948,500

$1,175,000 $627,500 $1,070,000

18.39% 4.58% 12.81%

$892,500 $377,750 $650,000

32.71% $740,000 N/A $390,000 1.56% $712,000

$817,000 $427,500 $758,000

10.41% 9.62% 6.46%

$450,000 $240,000 $370,000

2.27% -9.14% -3.90%

$490,000 $260,000 $403,600

6.75% 8.56% 7.63%

WILTON 1 Family Condo All Sales

16.24% $672,500 158.82% 23.38% $640,000

FAIRFIELD COUNTY 1 Family Condo All Sales

4 41 1 30 6 81

499 173 841

15.06% 19.45% 11.82%

$440,000 $264,137 $385,000

$459,000 $239,500 $375,000

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JANUARY 2014 | THE COMMERCIAL RECORD | 25

TRENDLINES

HARTFORD COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

1 9 9 3 4

19 4 25

0.00% -55.56% -26.47%

196 81 313

1 4 2 2 0

12 1 19

-14.29% -50.00% -5.00%

1 2 2 1 9

15 5 23

3 5 5 5 1

28 2 37

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

204 104 344

4.08% 28.40% 9.90%

$530,000 $225,000 $440,000

$430,000 $271,000 $350,000

$465,750 $201,000 $357,000

$457,500 $227,500 $352,500

-1.77% 13.18% -1.26%

162 44 252

159 38 248

-1.85% -13.64% -1.59%

$194,500 N/A $219,500

$261,700 34.55% $230,000 N/A N/A $232,088 $264,500 20.50% $231,000

$250,000 $239,538 $249,850

8.70% 3.21% 8.16%

25.00% 150.00% 21.05%

148 44 228

143 58 240

-3.38% 31.82% 5.26%

$139,750 N/A $150,000

$150,000 $150,000 $150,000

$176,000 13.00% $226,500 -12.97% $187,750 5.48%

-20.00% -60.00% -27.45%

367 82 562

376 70 548

2.45% -14.63% -2.49%

$185,000 $149,900 $170,000

$164,950 -10.84% N/A -100.00% $170,000 0.00%

-40.00% N/A -46.67%

76 3 109

82 5 108

7.89% 66.67% -0.92%

$341,250 N/A $370,000

$249,500 -26.89% $323,750 N/A N/A $140,000 $287,500 -22.30% $310,000

$312,000 -3.63% $118,000 -15.71% $320,500 3.39%

0.00% -33.33% 11.11%

94 27 141

103 32 159

9.57% 18.52% 12.77%

$206,000 $138,000 $197,000

$279,500 35.68% N/A -100.00% $247,500 25.63%

$318,000 $177,500 $279,000

35 10 53

53 13 79

51.43% 30.00% 49.06%

$315,500 N/A $281,000

$230,000 -27.10% $241,000 N/A N/A $118,200 $289,900 3.17% $223,000

$255,000 5.81% $257,000 117.43% $255,000 14.35%

AVON 1 Family Condo All Sales

-18.87% 20.44% -20.45%

BERLIN 1 Family Condo All Sales

BLOOMFIELD 1 Family Condo All Sales

7.33% $155,750 N/A $260,250 0.00% $178,000

BRISTOL 1 Family Condo All Sales

$175,000 $120,250 $162,500

$183,000 $115,875 $170,000

4.57% -3.64% 4.62%

BURLINGTON 1 Family Condo All Sales

1 0 0 1 5

6 0 8

6 3 9

6 2 10

CANTON 1 Family Condo All Sales

$278,000 $176,000 $251,607

14.39% 0.85% 10.89%

EAST GRANBY 1 Family Condo All Sales

4 0 5

3 0 5

-25.00% N/A 0.00%

EAST HARTFORD 1 Family Condo All Sales

3 4 9 5 2

24 4 36

-29.41% -55.56% -30.77%

351 47 517

327 40 476

-6.84% -14.89% -7.93%

$144,250 $117,500 $137,500

$145,450 $64,200 $130,000

0.83% -45.36% -5.45%

$130,000 $62,000 $125,000

$138,000 6.15% $55,000 -11.29% $130,000 4.00%

7 4 1 5

10 6 21

42.86% 50.00% 40.00%

71 45 144

76 50 163

7.04% 11.11% 13.19%

$128,500 $224,400 $128,500

$189,750 $167,000 $155,000

47.67% -25.58% 20.62%

$180,000 $195,000 $179,250

$206,000 14.44% $158,000 -18.97% $157,500 -12.13%

3 8 4 4 8

33 9 44

-13.16% 125.00% -8.33%

313 55 415

358 75 485

14.38% 36.36% 16.87%

$164,950 $116,500 $157,450

$153,000 $152,500 $156,000

-7.24% 30.90% -0.92%

$162,000 $157,000 $160,900

$158,850 $142,750 $157,900

-1.94% -9.08% -1.86%

19 11 33

11.76% -26.67% -19.51%

184 140 374

198 124 376

7.61% -11.43% 0.53%

$345,000 $163,500 $250,000

$325,000 $157,250 $233,943

-5.80% -3.82% -6.42%

$305,000 $190,457 $259,000

$317,500 $176,000 $265,500

4.10% -7.59% 2.51%

1 7 8 3 2

36 8 49

111.76% 0.00% 53.13%

311 111 490

333 112 498

7.07% 0.90% 1.63%

$342,500 $197,500 $327,750

$343,000 $166,000 $330,000

0.15% -15.95% 0.69%

$335,000 $200,000 $301,250

$340,000 $186,250 $294,500

1.49% -6.88% -2.24%

8 2 1 1

13 62.50% 0 -100.00% 14 27.27%

119 20 152

113 21 152

-5.04% 5.00% 0.00%

$220,500 N/A $196,000

$330,000 49.66% $267,000 N/A N/A $190,000 $304,950 55.59% $251,450

$278,200 $195,000 $260,500

4.19% 2.63% 3.60%

22 7 55

29.41% 75.00% 5.77%

181 89 625

221 95 640

22.10% 6.74% 2.40%

$120,000 $111,250 $110,000

$104,500 $45,000 $115,000

$125,000 $60,000 $125,000

13.64% 57.89% 23.76%

2 0 2

-33.33% N/A -33.33%

19 0 21

12 0 13

-36.84% N/A -38.10%

EAST WINDSOR 1 Family Condo All Sales

ENFIELD 1 Family Condo All Sales

FARMINGTON 1 Family Condo All Sales

1 7 1 5 4 1

GLASTONBURY 1 Family Condo All Sales

GRANBY 1 Family Condo All Sales

HARTFORD 1 Family Condo All Sales

1 7 4 5 2

-12.92% -59.55% 4.55%

$110,000 $38,000 $101,000

HARTLAND 1 Family Condo All Sales

3 0 3

26 | THE COMMERCIAL RECORD | JANUARY 2014

$255,000 N/A $255,000

N/A -100.00% $215,000 N/A N/A N/A N/A -100.00% $210,000

$201,500 -6.28% N/A N/A $188,000 -10.48%

Real estate & credit transactions updated every Thursday

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NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

399 104 591

440 63 603

10.28% -39.42% 2.03%

$183,000 $166,450 $177,500

$178,000 $182,450 $169,000

70 3 87

61 3 78

-12.86% 0.00% -10.34%

$287,500 N/A $244,750

$235,000 -18.26% $266,500 N/A N/A $210,000 $235,000 -3.98% $264,000

$245,000 -8.07% $174,000 -17.14% $218,250 -17.33%

MANCHESTER 1 Family Condo All Sales

4 2 6 5 5

36 6 55

-14.29% 0.00% 0.00%

-2.73% 9.61% -4.79%

$164,000 $128,500 $157,000

$170,000 $127,000 $165,000

3.66% -1.17% 5.10%

MARLBOROUGH 1 Family Condo All Sales

5 0 6

8 0 10

60.00% N/A 66.67%

31 7 52

19.23% 16.67% 15.56%

249 51 495

286 61 517

14.86% 19.61% 4.44%

$129,950 $98,650 $129,900

$128,800 $89,900 $125,000

-0.88% -8.87% -3.77%

$120,000 $83,000 $120,000

$127,950 $103,450 $125,000

6.63% 24.64% 4.17%

20 12 34

-9.09% 33.33% 0.00%

210 87 319

211 113 349

0.48% 29.89% 9.40%

$176,250 $153,653 $170,000

$187,250 $173,500 $177,500

6.24% 12.92% 4.41%

$208,000 $137,000 $194,500

$209,900 $143,500 $190,000

0.91% 4.74% -2.31%

11 6 22

83.33% 200.00% 144.44%

95 40 153

118 57 202

24.21% $149,267 42.50% 32.03% $175,000

$170,500 $204,558 $154,500

14.22% $175,000 N/A $135,000 -11.71% $175,000

$190,500 $125,000 $168,950

8.86% -7.41% -3.46%

6 7 17

-40.00% -22.22% -19.05%

94 103 223

93 110 227

-1.06% 6.80% 1.79%

$181,500 $227,000 $227,000

$260,000 $157,000 $225,000

43.25% -30.84% -0.88%

$248,750 $185,000 $225,000

$254,900 $167,000 $215,000

2.47% -9.73% -4.44%

16 9 28

-27.27% -10.00% -15.15%

227 70 314

253 48 332

11.45% -31.43% 5.73%

$267,450 $194,000 $230,000

$252,450 $206,500 $219,500

-5.61% 6.44% -4.57%

$315,000 $195,000 $278,000

$305,000 $199,500 $280,500

-3.17% 2.31% 0.90%

11 13 27

57.14% 160.00% 80.00%

159 78 263

176 88 309

10.69% 12.82% 17.49%

$278,000 $140,000 $260,000

$231,500 $171,500 $215,000

-16.73% 22.50% -17.31%

$264,900 $149,250 $235,000

$271,750 $164,750 $235,000

2.59% 10.39% 0.00%

2 7 1 0 5 1

27 4 61

0.00% -60.00% 19.61%

295 96 528

327 96 580

10.85% 0.00% 9.85%

$285,000 $216,500 $250,000

$259,900 $156,000 $210,000

-8.81% -27.94% -16.00%

$255,000 $173,500 $234,000

$265,000 $175,000 $235,000

3.92% 0.86% 0.43%

6 4 1 4

13 4 22

116.67% 0.00% 57.14%

107 33 171

99 30 167

-7.48% -9.09% -2.34%

$280,000 $195,500 $195,500

$247,500 $155,000 $227,750

-11.61% -20.72% 16.50%

$250,000 $187,000 $242,500

$283,000 13.20% $164,575 -11.99% $260,000 7.22%

53 14 79

26.19% 75.00% 29.51%

627 133 841

662 130 869

5.58% -2.26% 3.33%

$283,500 $214,000 $272,500

$335,000 $180,100 $276,000

18.17% -15.84% 1.28%

$300,000 $212,500 $282,000

$315,000 $199,300 $295,000

2 6 5 3 2

26 3 37

0.00% -40.00% 15.63%

283 47 357

281 43 349

-0.71% -8.51% -2.24%

$226,500 $105,000 $213,250

$223,250 $55,500 $197,500

-1.43% -47.14% -7.39%

$223,000 $158,500 $213,000

$230,000 3.14% $122,000 -23.03% $224,000 5.16%

1 8 4 2 3

19 8 30

5.56% 100.00% 30.43%

215 40 283

214 62 307

-0.47% 55.00% 8.48%

$174,250 $165,500 $166,500

$179,900 $194,500 $193,150

3.24% 17.52% 16.01%

$180,000 $189,125 $183,500

$190,000 $187,500 $193,000

5.56% -0.86% 5.18%

2 1 9

-75.00% -75.00% -47.06%

86 35 149

79 26 139

-8.14% -25.71% -6.71%

$126,000 $127,500 $132,500

N/A -100.00% N/A -100.00% $151,000 13.96%

$153,500 $126,000 $150,600

$159,900 $144,250 $169,000

4.17% 14.48% 12.22%

3.74% 5,743 2.68% 1,718 4.98% 9,170

6,058 1,767 9,557

5.48% 2.85% 4.22%

$198,950 $168,000 $189,900

$215,500 $157,000 $193,150

$213,000 $162,950 $193,000

$224,000 $159,000 $200,000

5.16% -2.42% 3.63%

NEW BRITAIN 1 Family Condo All Sales

2 6 6 4 5

NEWINGTON 1 Family Condo All Sales

2 2 9 3 4

PLAINVILLE 1 Family Condo All Sales

6 2 9

ROCKY HILL 1 Family Condo All Sales

1 0 9 2 1

SIMSBURY 1 Family Condo All Sales

2 2 1 0 3 3

SOUTH WINDSOR 1 Family Condo All Sales

7 5 1 5

SOUTHINGTON 1 Family Condo All Sales

SUFFIELD 1 Family Condo All Sales

WEST HARTFORD 1 Family Condo All Sales

4 2 8 6 1

5.00% -6.21% 4.61%

WETHERSFIELD 1 Family Condo All Sales

WINDSOR 1 Family Condo All Sales

WINDSOR LOCKS 1 Family Condo All Sales

8 4 1 7

HARTFORD COUNTY 1 Family Condo All Sales

5 08 1 49 8 23

527 153 864

8.32% -6.55% 1.71%

JANUARY 2014 | THE COMMERCIAL RECORD | 27

TRENDLINES

LITCHFIELD COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

BARKHAMSTED 1 Family Condo All Sales

4 0 4

0.00% N/A 0.00%

18 0 28

23 0 39

27.78% N/A 39.29%

$197,900 N/A $197,900

$236,000 19.25% $232,450 N/A N/A N/A $236,000 19.25% $232,450

$250,000 7.55% N/A N/A $192,500 -17.19%

2 0 2

0.00% N/A -50.00%

18 0 27

21 0 36

16.67% N/A 33.33%

N/A N/A N/A $259,000 N/A N/A N/A N/A $213,500 -100.00% $228,858

$260,000 0.39% N/A N/A $247,500 8.15%

2 0 4

1 0 1

-50.00% N/A -75.00%

17 2 32

13 0 20

2 0 2

2 0 7

0.00% N/A 250.00%

16 0 17

16 0 24

0.00% N/A 41.18%

N/A N/A N/A

N/A N/A $17,487

N/A $227,500 N/A N/A N/A $218,000

$225,000 -1.10% N/A N/A $175,000 -19.72%

1 0 3

-50.00% N/A 50.00%

10 0 16

13 0 23

30.00% N/A 43.75%

N/A N/A N/A

N/A N/A $249,000

N/A $195,000 N/A N/A N/A $158,950

$247,500 26.92% N/A N/A $167,000 5.06%

2 0 3

2 0 2

0.00% N/A -33.33%

18 0 28

16 0 22

-11.11% N/A -21.43%

N/A N/A $305,000

N/A N/A $389,836 N/A N/A N/A N/A -100.00% $327,500

$350,000 -10.22% N/A N/A $350,000 6.87%

3 0 3

5 1 8

66.67% N/A 166.67%

22 1 40

46 1 66

109.09% 0.00% 65.00%

$330,000 N/A $330,000

$201,000 -39.09% $298,500 N/A N/A N/A $184,250 -44.17% $247,500

$320,000 7.20% N/A N/A $277,500 12.12%

2 0 2

2 0 3

0.00% N/A 50.00%

47 2 67

45 0 58

-4.26% -100.00% -13.43%

N/A N/A N/A

N/A N/A $165,000

$232,000 7.91% N/A N/A $225,000 2.27%

1 1 4

3 200.00% 0 -100.00% 3 -25.00%

17 5 36

20 5 28

17.65% 0.00% -22.22%

N/A N/A $157,000

$270,000 N/A $255,000 N/A N/A $61,000 $270,000 71.97% $232,500

$333,000 30.59% $184,600 202.62% $300,000 29.03%

9 28.57% 0 -100.00% 11 10.00%

67 4 89

60 9 87

-10.45% 125.00% -2.25%

$255,000 N/A $257,500

$230,000 -9.80% $270,000 N/A N/A $204,000 $230,000 -10.68% $255,000

$277,500 $248,500 $262,900

BETHLEHEM 1 Family Condo All Sales

2 0 4

BRIDGEWATER 1 Family Condo All Sales

-23.53% -100.00% -37.50%

N/A N/A $212,500

N/A N/A $370,000 $300,000 -18.92% N/A N/A N/A N/A N/A N/A -100.00% $372,500 $319,000 -14.36%

CANAAN 1 Family Condo All Sales

COLEBROOK 1 Family Condo All Sales

2 0 2

CORNWALL 1 Family Condo All Sales

GOSHEN 1 Family Condo All Sales

HARWINTON 1 Family Condo All Sales

N/A $215,000 N/A N/A N/A $220,000

KENT 1 Family Condo All Sales

LITCHFIELD 1 Family Condo All Sales

7 1 1 0

2.78% 21.81% 3.10%

MORRIS 1 Family Condo All Sales

0 0 0

0 0 1

N/A N/A N/A

19 0 22

18 0 30

-5.26% N/A 36.36%

2 1 6

0.00% N/A -14.29%

51 3 76

56 4 78

9.80% 33.33% 2.63%

17 7 33

-5.56% 40.00% 0.00%

214 54 339

220 63 350

2.80% 16.67% 3.24%

20 1 28

11 2 16

-45.00% 100.00% -42.86%

N/A N/A N/A

N/A $215,000 N/A N/A N/A $191,250

$255,000 18.60% N/A N/A $237,450 24.16%

NEW HARTFORD 1 Family Condo All Sales

2 0 7

N/A N/A $92,255

N/A N/A $260,000 N/A N/A $1 $155,900 68.99% $238,450

$281,500 8.27% $88,250 8824900.00% $234,500 -1.66%

$255,000 $105,000 $215,000

$268,075 $107,500 $242,950

NEW MILFORD 1 Family Condo All Sales

1 8 5 3 3

$311,000 $114,250 $268,500

-18.01% -8.10% -19.93%

$250,000 $110,000 $215,000

7.23% -2.27% 13.00%

NORFOLK 1 Family Condo All Sales

0 0 1

0 N/A 0 N/A 0 -100.00%

28 | THE COMMERCIAL RECORD | JANUARY 2014

N/A N/A N/A

N/A $152,500 N/A N/A N/A $137,000

$260,000 70.49% N/A N/A $249,448 82.08%

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

NORTH CANAAN 1 Family

Condo

All Sales

100.00%

-60.00%

7.89%

$115,000

0.00%

-14.46%

$156,000

50.00%

N/A

-27.27% N/A

N/A

N/A $140,000

$161,000

N/A

$109,000

N/A

$140,400

$150,000

6.84%

$166,000

$170,000

2.41%

$84,950

$94,814

11.61% 6.45%

N/A -100.00%

N/A

15.00%

PLYMOUTH 1 Family

Condo

1 1

0.00%

115

0.00%

$156,000

$170,000

8.97%

$155,000

$165,000

1 Family

33.33%

13.04%

$1,195,000

$640,000

-46.44%

$937,000

$660,000 -29.56%

Condo

12.50%

All Sales

N/A

$170,000 N/A

8.97% N/A

ROXBURY

All Sales

N/A 33.33%

N/A

N/A $1,195,000

N/A $640,000

N/A -46.44%

N/A

$529,500

$563,000

6.33%

N/A $333,750

$463,750

38.95%

SALISBURY 1 Family

N/A

80.00%

N/A

Condo

N/A

0.00%

N/A

24.53%

1 Family

N/A

30.77%

N/A

Condo

N/A

0.00%

N/A

600.00%

30.56%

N/A

$255,000

N/A $284,500

$309,000

8.61%

400.00%

75.00%

N/A

$187,000

N/A $181,250

$187,000

3.17%

500.00%

N/A

400.00%

102.50%

N/A

All Sales

233.33%

$325,000

$350,500 N/A $305,250

N/A -6.08%

N/A $342,500

N/A $400,000

N/A 16.79%

SHARON

All Sales

$255,000 N/A

N/A $402,500 N/A

N/A

$336,375 -16.43% N/A

N/A

THOMASTON 1 Family

Condo

All Sales

N/A

N/A $191,000

N/A

$91,500

N/A

$161,000

-9.30%

$125,000

$145,000

16.00%

$83,000

$104,000

25.30%

$115,000

$135,000

17.39%

$330,000

17.86%

N/A $177,500

TORRINGTON 1 Family

2 5

-4.00%

287

272

-5.23%

Condo

50.00%

-20.97%

3 2

0.00%

412

365

-11.41%

1 Family

N/A

350.00%

Condo

N/A

35.14%

100.00%

11.11%

9.09%

$505,000

$515,011

1.98%

$448,000

$532,511

18.86%

$195,000

$187,500

-3.85%

$178,000

$192,000

7.87%

N/A $165,000

$165,000

0.00%

All Sales

$145,000 N/A $150,000

$140,000 $80,000 $128,250

-3.45% N/A -14.50%

WARREN

All Sales

N/A 46.15%

N/A

N/A $280,000

N/A

$850,000

N/A

N/A $325,000

N/A

$335,000

3.08%

$519,000

2.77%

WASHINGTON 1 Family

Condo

All Sales

-14.29% N/A

$505,000 N/A

$415,500 N/A

-17.72% N/A

$505,000 N/A

N/A

WATERTOWN 1 Family

1 3

-7.69%

149

140

-6.04%

Condo

100.00%

230.00%

1 5

26.67%

219

230

5.02%

$195,000

$223,500

14.62%

$173,000

$185,000

6.94%

-62.50%

2.94%

$127,000

$205,000

61.42%

$142,500

$161,075

13.04%

-50.00%

All Sales

N/A

WINCHESTER 1 Family

Condo

1 0

-30.00%

-2.13%

150.00%

25.64%

N/A

12.50%

N/A

110

115

4.55%

$357,916

$550,000

17.24% 1,350

All Sales

N/A

N/A $119,500

N/A $150,000

N/A 25.52%

$86,000

N/A -100.00%

$129,950

$152,625

17.45%

$595,000

N/A $336,500

$309,900

-7.90%

$141,000

N/A $140,750

$123,000 -12.61%

WOODBURY 1 Family

Condo

All Sales

N/A 225.00%

53.67%

$300,860

$252,000 -16.24%

LITCHFIELD COUNTY 1 Family

1 16

136

Condo

1 0

1 74

212

All Sales

1,427

5.70%

$207,000

$225,500

8.94%

$200,000

$232,000

186

227

22.04%

$129,625

$110,500

-14.75%

$99,500

$113,000

13.57%

21.84% 2,073

2,156

4.00%

$203,950

$205,000

0.51%

$180,000

$202,000

12.22%

90.00%

16.00%

JANUARY 2014 | THE COMMERCIAL RECORD | 29

TRENDLINES

MIDDLESEX COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

CHESTER 1 Family Condo All Sales

2 0 5

0 -100.00% 0 N/A 1 -80.00%

32 0 41

28 1 36

-12.50% N/A -12.20%

N/A N/A $480,000

9 -40.00% 0 -100.00% 13 -31.58%

120 21 175

7 7 17

0.00% -12.50% -5.56%

3 1 4 4 0 6

N/A N/A $264,750 N/A N/A N/A N/A -100.00% $245,000

$296,000 11.80% N/A N/A $296,000 20.82%

107 17 151

-10.83% -19.05% -13.71%

$250,000 N/A $235,000

$260,000 N/A $230,000

81 81 199

88 77 207

8.64% -4.94% 4.02%

$269,000 $122,500 $174,000

$220,000 $175,000 $220,000

2 -33.33% 0 -100.00% 2 -50.00%

29 6 43

31 7 46

6.90% 16.67% 6.98%

1 0 1

-75.00% N/A -83.33%

61 4 74

48 4 59

-21.31% 0.00% -20.27%

6 1 12

50.00% N/A 200.00%

73 0 95

102 3 141

39.73% N/A 48.42%

$268,750 N/A $268,750

$256,051 -4.73% $248,000 N/A N/A N/A $215,175 -19.93% $234,000

$248,500 $135,299 $225,000

0.20% N/A -3.85%

10 1 14

66.67% -66.67% 55.56%

114 19 149

105 24 158

-7.89% 26.32% 6.04%

$201,546 $109,500 $159,500

$231,500 14.86% N/A -100.00% $185,000 15.99%

$211,122 $111,500 $192,500

$239,000 $127,450 $206,250

13.20% 14.30% 7.14%

2 1 4

8 300.00% 0 -100.00% 9 125.00%

57 9 78

54 9 74

-5.26% 0.00% -5.13%

N/A N/A $384,500

$256,350 N/A $296,000 N/A N/A $220,000 $244,500 -36.41% $293,000

$362,450 $212,000 $293,250

22.45% -3.64% 0.09%

4 0 4

3 0 3

-25.00% N/A -25.00%

48 0 71

56 0 83

16.67% N/A 16.90%

$362,500 N/A $362,500

$121,000 -66.62% $266,500 N/A N/A N/A $121,000 -66.62% $259,900

$266,500 0.00% N/A N/A $260,000 0.04%

2 0 3

-60.00% N/A -50.00%

52 0 59

47 0 75

-9.62% N/A 27.12%

$293,000 N/A $267,750

N/A -100.00% $315,000 N/A N/A N/A $260,000 -2.89% $305,000

$337,000 6.98% N/A N/A $288,000 -5.57%

2 0 3

-50.00% N/A -50.00%

28 2 38

36 1 45

28.57% -50.00% 18.42%

$215,000 N/A $215,000

N/A -100.00% $217,500 N/A N/A N/A $260,000 20.93% $210,000

$220,000 1.15% N/A N/A $220,000 4.76%

-5.88% -36.36% -10.00%

211 83 354

231 93 380

9.48% 12.05% 7.34%

$204,000 $95,000 $160,000

$174,250 $120,000 $165,000

$215,000 $117,000 $185,000

12 100.00% 0 -100.00% 14 7.69%

157 13 206

120 18 165

-23.57% 38.46% -19.90%

$279,500 N/A $280,000

$282,500 N/A $287,500

8 2 10

76 12 113

81 20 117

6.58% 66.67% 3.54%

$214,900 N/A $214,900

$244,250 13.66% $215,950 N/A N/A $160,000 $223,750 4.12% $200,000

CLINTON 1 Family Condo All Sales

1 5 1 1 9

4.00% $270,000 N/A $136,000 -2.13% $247,500

$275,000 $150,000 $235,000

1.85% 10.29% -5.05%

$244,000 $134,000 $185,000

$261,250 $134,500 $195,000

7.07% 0.37% 5.41%

$225,000 N/A $206,250

N/A -100.00% $257,500 N/A N/A $118,500 N/A -100.00% $230,000

$250,000 $132,000 $236,000

-2.91% 11.39% 2.61%

$408,750 N/A $406,000

N/A -100.00% $275,000 N/A N/A $268,950 N/A -100.00% $271,000

$307,500 11.82% $204,566 -23.94% $304,132 12.23%

CROMWELL 1 Family Condo All Sales

7 8 1 8

-18.22% 42.86% 26.44%

DEEP RIVER 1 Family Condo All Sales

DURHAM 1 Family Condo All Sales

EAST HADDAM 1 Family Condo All Sales

4 0 4

EAST HAMPTON 1 Family Condo All Sales

6 3 9

ESSEX 1 Family Condo All Sales

HADDAM 1 Family Condo All Sales

KILLINGWORTH 1 Family Condo All Sales

5 0 6

MIDDLEFIELD 1 Family Condo All Sales

4 0 6

MIDDLETOWN 1 Family Condo All Sales

1 7 1 1 3 0

16 7 27

-14.58% 26.32% 3.13%

$204,000 $115,406 $165,000

5.39% 1.38% 12.12%

OLD SAYBROOK 1 Family Condo All Sales

6 2 1 3

1.07% $317,500 N/A $389,500 2.68% $302,250

$347,500 9.45% $347,500 -10.78% $345,000 14.14%

PORTLAND 1 Family Condo All Sales

7 0 9

14.29% N/A 11.11%

30 | THE COMMERCIAL RECORD | JANUARY 2014

$240,000 $205,000 $225,000

11.14% 28.13% 12.50%

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

WESTBROOK 1 Family Condo All Sales

0 1 1

0 N/A 0 -100.00% 0 -100.00%

13 2 25

4 2 28

0.00% 1,152 -35.71% 252 -6.52% 1,720

1,138 276 1,765

-69.23% N/A N/A 0.00% 12.00% N/A N/A

N/A $300,000 $634,500 111.50% N/A N/A N/A $160,000 $34,500 -78.44%

MIDDLESEX COUNTY 1 Family Condo All Sales

8 6 2 8 1 38

86 18 129

-1.22% 9.52% 2.62%

$243,750 $113,750 $215,500

$243,750 $134,900 $229,000

0.00% 18.59% 6.26%

$250,000 $127,250 $225,000

$265,000 $137,700 $232,500

6.00% 8.21% 3.33%

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.

THE CONNECTICUT THE CONNECTICUT CHAPTERCHAPTER

APPRAISAL INSTITUTE APPRAISAL INSTITUTE Your best guarantee for professional real estate appraisals is to call one fo the members listed below.

For Membership Packet: 312-335-4100 (Chicago)

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www.ai-ct.org Jackie Cswerko, Exec. Director 860-482-9992

Your best guarantee for professional real estate appraisals is to call one fo the members listed below.

For Membership Packet: 312-335-4100 (Chicago)

APPRAISAL INSTITUTE

HUNTER, MAI Exec. Director 860-482-9992 MICHAEL MAI John J.FAZIO, Galvin, MAI, PresidentR. BRUCEJackie Cswerko,

CT Chapter of the Members Appraisal CT ChapterInstitute of advertise here Educational at a the Appraisal InstituteSchedule huge discount. Educational COMMERCIAL • INDUSTRIAL Specializing in complex land valuation Easement Valuation www.kfvaluation.com www.baldwinpearson@aol.com www.sheehyassociates.com Call for details,Schedule Please Tax Appeals • Litigation Support . 617-896-5357 MICHAEL FAZIO, MAI R. BRUCE HUNTER, MAI JOHN W. NITZ, MAI Estates • Consulting check out HUNTER ASSOCIATES, LLC RISTOPHER KERIN, MAI, CCIM JOHN W. NITZ & ASSOCIATES, LLC. 772 Farmington Avenue Y CHAPMAN-BAKAL, MAI, SRA Pleaseour website bruceh@hunterllc.com Farmington, CT 06032 155 Greystone Drive APPRAISAL EDERICK C. WITTE, MAI, SRA (860) 677-9646 KERIN & FAZIO, LLC Southington, CT 06479-1856 check www.ai-ct.org out INSTITUTE (860) 676-9459 FAX 363 Reef Road (860) 276-0298 Commercial • Industrial our website Fairfield, CT 06824 Land Development FAX (860) 276-8464 (203) 259-9500 Easement Valuation www.ai-ct.org COMMERCIAL • INDUSTRIAL www.ctvaluation.com Tax Appeals • Litigation Support CHRISTOPHER KERIN, MAI, CCIM

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HUNTER ASSOCIATES, LLC

LOUIS PELLEGRINO, MAI Donald R. Sheehy772 Jr., MAI Farmington Avenue GEORGE SHAWAH, MAI KATHYELLIS CHAPMAN-BAKAL, MAI, SRA CB RICHARD Sheehy ASSoCiAteS LLC GEORGE SHAWAH, JR., MAI N.E. PARTNERS, LP Farmington, CT 06032 Appraisers and Consultants BALDWIN PEARSON & CO., INC KERIN onsulting & Valuation serViCes& FAZIO, LLC 259 Coram Avenue (860) 677-9646 185 Asylum Street 10 Middle Street Shelton, CT 06484 1129 Post Road Cityplace I, 27th floor P.O. Box 744 (203) 924-8655(860) 676-9459 FAX Hartford, CT 06103 Bridgeport, CT 06604 Fairfield, CT 06824 Fax (203) 924-7466 (860) 987-4769 Commercial • Industrial (203) 335-5117 drsheehy@sheehyassociates.com FAX (860) 987-4770 (203) 259-9500 is.pellegrino@cbre-ne.com Commercial • Industrial Land Development FAX (203) 335-5119

RESIDENTIAL

JANUARY 2014 | THE COMMERCIAL RECORD | 31

Estates • Consulting bruceh@hunterllc.com

TRENDLINES

NEW HAVEN COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

ANSONIA 1 Family Condo All Sales

7 0 8

9 1 14

28.57% N/A 75.00%

78 6 123

99 3 147

26.92% -50.00% 19.51%

$184,000 N/A $191,000

$192,000 N/A $199,450

4.35% $170,000 N/A $164,450 4.42% $159,000

$176,900 4.06% $137,500 -16.39% $173,000 8.81%

250.00% 300.00% 200.00%

29 7 63

39 22 80

34.48% 214.29% 26.98%

N/A N/A $176,500

$196,000 $169,950 $182,000

N/A $198,000 N/A $118,000 3.12% $155,000

$243,000 22.73% $264,900 124.49% $241,500 55.81%

20.00% N/A 7.94%

N/A N/A $187,000

$272,500 N/A $325,000 N/A N/A N/A $268,750 43.72% $275,625

$300,000 -7.69% N/A N/A $290,000 5.22%

BEACON FALLS 1 Family Condo All Sales

2 1 4

7 4 12

2 0 3

5 0 6

150.00% N/A 100.00%

45 0 63

54 0 68

11 11 32

0.00% 22.22% 23.08%

134 108 306

179 124 372

33.58% 14.81% 21.57%

$285,500 $140,000 $197,500

$235,000 $154,900 $177,125

-17.69% 10.64% -10.32%

$280,750 $160,000 $221,250

$285,500 $154,450 $233,850

1.69% -3.47% 5.69%

23 6 30

35.29% 50.00% 11.11%

208 50 291

245 74 362

17.79% 48.00% 24.40%

$353,000 $216,001 $353,000

$390,000 $218,500 $370,750

10.48% 1.16% 5.03%

$310,000 $173,500 $285,000

$300,000 $174,200 $279,500

-3.23% 0.40% -1.93%

5 -16.67% 0 -100.00% 7 -41.67%

46 24 97

39 32 99

-15.22% 33.33% 2.06%

$191,750 N/A $177,250

$155,000 -19.17% $179,700 N/A N/A $132,500 $155,000 -12.55% $142,000

$160,200 -10.85% $131,750 -0.57% $134,000 -5.63%

BETHANY 1 Family Condo All Sales

BRANFORD 1 Family Condo All Sales

1 1 9 2 6

CHESHIRE 1 Family Condo All Sales

1 7 4 2 7

DERBY 1 Family Condo All Sales

6 2 1 2

EAST HAVEN 1 Family Condo All Sales

1 3 4 1 8

22 8 33

69.23% 100.00% 83.33%

191 67 274

190 64 280

-0.52% -4.48% 2.19%

$177,500 $103,500 $175,000

$159,000 $118,750 $150,000

-10.42% 14.73% -14.29%

$167,500 $130,000 $160,566

$167,750 $119,500 $160,000

0.15% -8.08% -0.35%

1 8 4 2 7

27 1 29

50.00% -75.00% 7.41%

218 28 279

229 37 311

5.05% 32.14% 11.47%

$375,000 $192,375 $375,000

$358,800 -4.32% N/A -100.00% $358,800 -4.32%

$380,000 $138,500 $360,000

$384,000 $168,000 $350,000

1.05% 21.30% -2.78%

2 9 1 1 4 3

24 3 31

-17.24% -72.73% -27.91%

367 98 552

362 95 520

-1.36% -3.06% -5.80%

$210,000 $160,000 $195,000

$197,025 $82,000 $165,000

$206,000 $138,500 $180,000

$210,000 $148,000 $190,000

1.94% 6.86% 5.56%

1 5 0 1 7

12 1 13

-20.00% N/A -23.53%

197 19 243

213 23 263

8.12% 21.05% 8.23%

$370,000 N/A $370,000

$531,000 43.51% $400,000 N/A N/A $338,000 $532,000 43.78% $385,000

$445,000 $317,500 $430,000

11.25% -6.07% 11.69%

2 7 1 2 4 9

40 6 56

48.15% -50.00% 14.29%

403 84 571

335 80 500

-16.87% -4.76% -12.43%

$165,000 $92,500 $125,000

$147,000 $69,607 $144,750

$146,000 $99,500 $136,000

$165,000 $124,500 $150,000

13.01% 25.13% 10.29%

6 20.00% 0 -100.00% 6 0.00%

63 13 85

83 14 117

31.75% 7.69% 37.65%

$295,000 N/A $318,000

$228,250 -22.63% $264,710 N/A N/A $340,000 $228,250 -28.22% $265,000

$280,000 $373,000 $285,000

5.78% 9.71% 7.55%

GUILFORD 1 Family Condo All Sales

HAMDEN 1 Family Condo All Sales

-6.18% -48.75% -15.38%

MADISON 1 Family Condo All Sales

MERIDEN 1 Family Condo All Sales

-10.91% -24.75% 15.80%

MIDDLEBURY 1 Family Condo All Sales

5 1 6

MILFORD 1 Family Condo All Sales

2 9 8 4 1

44 18 74

51.72% 125.00% 80.49%

373 117 577

402 149 631

7.77% 27.35% 9.36%

$275,000 $242,450 $260,000

$258,950 $233,000 $248,000

-5.84% -3.90% -4.62%

$270,000 $190,000 $245,000

$287,000 $185,000 $252,500

6.30% -2.63% 3.06%

17 2 23

21.43% 0.00% 15.00%

200 44 310

201 40 307

0.50% -9.09% -0.97%

$180,000 N/A $142,500

$165,000 N/A $150,000

-8.33% $155,000 N/A $55,000 5.26% $135,500

$169,900 $81,500 $146,000

9.61% 48.18% 7.75%

NAUGATUCK 1 Family Condo All Sales

1 4 2 2 0

32 | THE COMMERCIAL RECORD | JANUARY 2014

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

NEW HAVEN 1 Family Condo All Sales

1 7 1 0 5 3

32 8 68

88.24% -20.00% 28.30%

280 116 772

292 132 771

4.29% 13.79% -0.13%

$150,000 $118,500 $139,000

$149,500 $151,500 $140,000

-0.33% 27.85% 0.72%

$149,250 $143,244 $125,000

$162,000 $154,500 $149,900

8.54% 7.86% 19.92%

7 75.00% 0 -100.00% 10 0.00%

97 16 128

84 20 121

-13.40% 25.00% -5.47%

$244,000 $174,500 $175,905

$255,000 4.51% N/A -100.00% $256,250 45.68%

$242,000 $172,000 $231,000

$274,500 $162,500 $255,900

13.43% -5.52% 10.78%

1 2 2 2 2

16 1 20

179 17 236

200 19 256

11.73% 11.76% 8.47%

$267,500 N/A $290,250

$251,500 -5.98% $254,000 N/A N/A $170,000 $258,950 -10.78% $258,000

$258,950 $225,000 $256,500

1.95% 32.35% -0.58%

8 0 1 1

8 2 11

121 8 142

101 12 123

-16.53% 50.00% -13.38%

$361,000 N/A $374,500

$343,750 N/A $337,500

$345,000 $285,750 $348,000

7.81% -2.14% 6.10%

5 -58.33% 0 -100.00% 7 -65.00%

84 19 133

92 31 156

9.52% 63.16% 17.29%

$307,200 $424,000 $322,250

$314,500 2.38% N/A -100.00% $314,500 -2.40%

$299,950 $372,500 $320,000

$310,500 $365,000 $335,843

3.52% -2.01% 4.95%

9 -18.18% 0 -100.00% 10 -23.08%

77 25 117

81 12 106

5.19% -52.00% -9.40%

$255,000 N/A $255,000

$335,000 31.37% $235,000 N/A N/A $319,000 $286,250 12.25% $250,000

$262,000 $327,470 $263,500

11.49% 2.66% 5.40%

9 3 17

0.00% 0.00% 0.00%

119 16 185

116 35 191

-2.52% 118.75% 3.24%

$234,000 $61,000 $226,500

$170,000 -27.35% $201,000 229.51% $201,000 -11.26%

$205,000 $83,500 $205,000

$190,000 $94,000 $188,000

-7.32% 12.57% -8.29%

7 19 32

-36.36% 26.67% 10.34%

105 175 330

122 167 346

16.19% -4.57% 4.85%

$330,000 $115,000 $180,000

$305,000 $120,000 $143,000

-7.58% 4.35% -20.56%

$310,000 $120,000 $172,500

$350,385 $117,500 $188,000

13.03% -2.08% 8.99%

27 8 41

17.39% 60.00% 17.14%

256 96 431

265 114 480

3.52% 18.75% 11.37%

$208,900 $185,000 $207,000

$237,000 $184,500 $227,000

13.45% -0.27% 9.66%

$225,000 $180,000 $214,900

$235,000 $180,000 $217,023

4.44% 0.00% 0.99%

40 14 69

33.33% 16.67% 2.99%

518 194 986

429 144 778

-17.18% -25.77% -21.10%

$104,000 $68,450 $95,000

$105,000 $50,900 $85,000

0.96% -25.64% -10.53%

$96,500 $52,500 $80,000

$115,000 $65,000 $100,000

19.17% 23.81% 25.00%

26 3 40

44.44% 50.00% 53.85%

267 61 437

252 56 401

-5.62% -8.20% -8.24%

$162,500 N/A $162,500

$167,500 $94,500 $159,950

3.08% $162,500 N/A $113,850 -1.57% $155,000

$161,000 $129,000 $159,000

-0.92% 13.31% 2.58%

6 2 10

0.00% N/A 25.00%

96 6 120

95 14 133

-1.04% 133.33% 10.83%

$172,500 N/A $207,950

$164,950 -4.38% $190,500 N/A N/A $185,500 $169,500 -18.49% $191,500

$190,000 $173,750 $190,000

-0.26% -6.33% -0.78%

9 0 9

-18.18% N/A -18.18%

94 9 121

109 0 122

15.96% -100.00% 0.83%

$448,900 N/A $448,900

$639,000 42.35% $394,250 N/A N/A $250,000 $639,000 42.35% $380,000

$399,500 1.33% N/A -100.00% $390,000 2.63%

23.43% 4,845 4.31% 1,423 13.96% 7,972

4,908 1,513 8,041

1.30% 6.32% 0.87%

$221,000 $139,000 $195,000

$205,000 $147,000 $185,000

$225,000 $148,000 $196,000

NORTH BRANFORD 1 Family Condo All Sales

4 3 1 0

NORTH HAVEN 1 Family Condo All Sales

33.33% -50.00% -9.09%

ORANGE 1 Family Condo All Sales

0.00% N/A 0.00%

-4.78% $320,000 N/A $292,000 -9.88% $328,000

OXFORD 1 Family Condo All Sales

1 2 5 2 0

PROSPECT 1 Family Condo All Sales

1 1 1 1 3

SEYMOUR 1 Family Condo All Sales

9 3 1 7

SOUTHBURY 1 Family Condo All Sales

1 1 1 5 2 9

WALLINGFORD 1 Family Condo All Sales

2 3 5 3 5

WATERBURY 1 Family Condo All Sales

3 0 1 2 6 7

WEST HAVEN 1 Family Condo All Sales

1 8 2 2 6

WOLCOTT 1 Family Condo All Sales

6 0 8

WOODBRIDGE 1 Family Condo All Sales

1 1 0 1 1

NEW HAVEN COUNTY 1 Family Condo All Sales

3 67 1 16 6 23

453 121 710

-7.24% 5.76% -5.13%

$205,000 $137,500 $180,000

9.76% 7.64% 8.89%

JANUARY 2014 | THE COMMERCIAL RECORD | 33

TRENDLINES

NEW LONDON COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

10 0 22

17 0 25

70.00% N/A 13.64%

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

BOZRAH 1 Family Condo All Sales

1 0 1

2 0 3

100.00% N/A 200.00%

N/A N/A N/A

N/A N/A $250,000

N/A $145,750 N/A N/A N/A $176,750

$183,000 25.56% N/A N/A $180,000 1.84%

COLCHESTER 1 Family Condo All Sales

9 2 1 7

12 4 18

33.33% 100.00% 5.88%

102 10 161

112 18 167

9.80% 80.00% 3.73%

$240,299 N/A $240,299

$227,500 $155,000 $199,000

-5.33% $223,500 N/A $181,200 -17.19% $210,000

$237,500 6.26% $161,500 -10.87% $220,000 4.76%

22 3 32

46.67% -40.00% 33.33%

161 59 260

188 44 287

16.77% -25.42% 10.38%

$398,000 $250,000 $310,750

$266,750 $360,000 $276,750

-32.98% 44.00% -10.94%

$278,500 $228,500 $274,000

4 0 6

300.00% N/A 500.00%

8 0 16

18 0 30

125.00% N/A 87.50%

4 0 4

3 0 4

-25.00% N/A 0.00%

40 4 64

45 9 66

12.50% 125.00% 3.13%

$75,000 N/A $75,000

1 6 2 2 5

18 5 33

12.50% 150.00% 32.00%

212 32 338

212 39 310

0.00% 21.88% -8.28%

1 0 0 1 2

7 0 10

-30.00% N/A -16.67%

63 0 76

73 0 100

15.87% N/A 31.58%

1 2 0 1 3

12 2 16

0.00% N/A 23.08%

140 12 189

140 10 190

2 0 6

5 0 6

150.00% N/A 0.00%

23 0 38

32 0 47

39.13% N/A 23.68%

1 0 3

2 0 3

100.00% N/A 0.00%

18 0 28

26 1 42

44.44% N/A 50.00%

10 1 18

66.67% N/A 63.64%

107 10 146

130 6 173

85 22 183

EAST LYME 1 Family Condo All Sales

1 5 5 2 4

$285,000 $219,900 $255,500

-2.28% 3.91% 7.24%

FRANKLIN 1 Family Condo All Sales

1 0 1

N/A N/A N/A

$234,500 N/A $209,500

N/A $189,950 N/A N/A N/A $189,950

$227,000 19.51% N/A N/A $187,500 -1.29%

GRISWOLD 1 Family Condo All Sales

$141,500 88.67% $170,000 N/A N/A $52,260 $113,200 50.93% $146,000

$165,000 $90,000 $143,250

-2.94% 72.22% -1.88%

$330,000 N/A $300,000

$197,500 $154,000 $189,900

$231,500 $116,000 $207,850

-9.39% -8.66% -1.49%

$209,750 N/A $197,250

$185,000 -11.80% $174,000 N/A N/A N/A $220,000 11.53% $171,500

$220,000 26.44% N/A N/A $207,500 20.99%

$151,876 N/A $149,752

$219,950 44.82% $210,000 N/A N/A $90,400 $196,000 30.88% $205,000

$212,000 0.95% $69,500 -23.12% $194,500 -5.12%

N/A N/A $82,450

$164,000 N/A $179,900 N/A N/A N/A $161,950 96.42% $168,200

$172,000 -4.39% N/A N/A $164,000 -2.50%

N/A N/A $225,000

N/A N/A $230,000 N/A N/A N/A $625,000 177.78% $235,000

$441,250 91.85% N/A N/A $384,000 63.40%

21.50% -40.00% 18.49%

$237,500 N/A $220,000

$180,200 -24.13% $172,500 N/A N/A $76,250 $145,000 -34.09% $161,750

$186,300 8.00% $49,000 -35.74% $170,000 5.10%

87 27 186

2.35% 22.73% 1.64%

$134,500 N/A $100,000

$120,000 -10.78% $151,000 N/A N/A $98,000 $97,000 -3.00% $130,000

$160,000 $174,815 $144,825

41 1 62

49 0 65

19.51% -100.00% 4.84%

$254,500 N/A $250,000

$269,000 N/A $269,000

$235,000 -10.65% N/A N/A $201,000 -3.71%

58.33% 300.00% 8.33%

125 38 221

141 36 235

12.80% -5.26% 6.33%

$148,950 N/A $129,000

$159,900 $125,000 $155,000

7.35% $129,100 N/A $102,500 20.16% $116,199

$140,000 $132,500 $126,000

8.44% 29.27% 8.43%

-42.86% N/A -30.00%

113 4 140

90 3 126

-20.35% -25.00% -10.00%

$285,100 N/A $317,550

$241,500 -15.29% $325,000 N/A N/A $182,500 $230,000 -27.57% $300,000

$362,500 $340,000 $345,000

11.54% 86.30% 15.00%

GROTON 1 Family Condo All Sales

-40.15% $255,500 N/A $127,000 -36.70% $211,000

LEBANON 1 Family Condo All Sales

LEDYARD 1 Family Condo All Sales

0.00% -16.67% 0.53%

LISBON 1 Family Condo All Sales

LYME 1 Family Condo All Sales

MONTVILLE 1 Family Condo All Sales

6 0 1 1

NEW LONDON 1 Family Condo All Sales

6 1 1 5

9 2 20

50.00% 100.00% 33.33%

5.96% 78.38% 11.40%

NORTH STONINGTON 1 Family Condo All Sales

6 0 9

6 0 6

1 2 1 2 4

19 4 26

0.00% N/A -33.33%

5.70% $263,000 N/A N/A 7.60% $208,750

NORWICH 1 Family Condo All Sales

OLD LYME 1 Family Condo All Sales

7 0 1 0

4 0 7

34 | THE COMMERCIAL RECORD | JANUARY 2014

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NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 YTD

MEDIAN PRICE %CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

PRESTON 1 Family Condo All Sales

3 0 5

4 0 8

33.33% N/A 60.00%

40 1 53

34 0 58

-15.00% -100.00% 9.43%

$191,060 N/A $191,060

$255,000 33.47% $203,519 N/A N/A N/A $220,000 15.15% $191,060

$218,500 7.36% N/A N/A $200,050 4.71%

2 0 3

2 0 4

0.00% N/A 33.33%

45 3 62

42 9 67

-6.67% 200.00% 8.06%

N/A N/A $263,000

N/A N/A $278,000 N/A N/A $50,000 $126,000 -52.09% $264,000

$253,250 -8.90% $42,500 -15.00% $200,000 -24.24%

1 0 1

0 -100.00% 0 N/A 1 0.00%

8 0 15

10 0 22

162 17 233

136 13 223

SALEM 1 Family Condo All Sales

SPRAGUE 1 Family Condo All Sales

25.00% N/A 46.67%

N/A N/A N/A

N/A $134,200 N/A N/A N/A $133,500

$142,500 6.18% N/A N/A $121,500 -8.99%

STONINGTON 1 Family Condo All Sales

1 2 5 2 0

12 0.00% 0 -100.00% 18 -10.00%

-16.05% -23.53% -4.29%

$332,500 $457,750 $367,500

$290,000 -12.78% N/A -100.00% $230,000 -37.41%

$319,000 $322,500 $305,000

$290,000 -9.09% $282,000 -12.56% $264,500 -13.28%

VOLUNTOWN 1 Family Condo All Sales

1 0 3

2 0 3

100.00% N/A 0.00%

13 0 19

16 0 18

23.08% N/A -5.26%

N/A N/A $150,000

N/A N/A $215,000 N/A N/A N/A $92,000 -38.67% $150,000

12 1 16

-14.29% 0.00% -20.00%

166 30 247

173 28 237

4.22% -6.67% -4.05%

$237,250 N/A $223,428

$225,000 N/A $222,500

18.44% 1,682 29.41% 243 13.66% 2,573

1,771 243 2,674

5.29% 0.00% 3.93%

$239,500 $250,000 $215,000

$215,000 $114,500 $189,300

$208,500 -3.02% N/A N/A $200,000 33.33%

WATERFORD 1 Family Condo All Sales

1 4 1 2 0

-5.16% $219,000 N/A $149,000 -0.42% $196,000

CCIM Connecticut Chapter

$225,000 2.74% $133,500 -10.40% $219,999 12.24%

NEW LONDON COUNTY 1 Family Condo All Sales

1 41 1 7 2 27

167 22 258

-10.23% -54.20% -11.95%

$225,300 $150,000 $200,000

$222,500 $139,900 $200,000

-1.24% -6.73% 0.00%

Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real estate education, service and profitable ideas to commercial real estate practitioners, in the State of Connecticut

CCIM Connecticut Chapter Upcoming CCIM Events

CCIM Connecticut Chapter

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2010 Officers/Board Members

President .................................................................................................................................................................... John Cafasso, CCIM President Elect ..........................................................................................................................................................Bryan Atherton, CCIM Vice President ...............................................................................................................................................................Frank Micali, CCIM Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real Treasurer...................................................................................................................................................................M. Jeffers CCIM estate education, service and profitable ideas to commercial real estate practitioners, in the State of Ryer, Connecticut Secretary .................................................................................................................................................................................Kyle Roberts

203-797-0200 Check Our Website www.ccimct.com jfelmer@ryer.com

Board Members

Scott Zakos, Alan Bolduc, CCIM/SIOR, Jay Amoruso, Mark O’Hagan, Steve Patten, Jack Lynch, CCIM, Stan Gniazdowski Torrey D. Brooks, CCIM, CPM, GRI BrOOks, tOrrey & sCOtt, InC. 542 Westport Avenue Norwalk, CT 06851 (203) 847-2616 fax (203) 840-4848 tdbrooks@ccim.net

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Ron Lyman, CCIM Bryan K. Atherton, CCIM

lyMan real estate ATHERTON BrOkeraGe & DevelOpMent

ASSOCIATES 1160 Boston&Post Road COMMERCIAL Westbrook, CT PROPERTIES (860) 887-5000 • fax (860) 886-0600 702 Bridgeport Avenue, ronl@lymanre.com Eastern Office Suite [by appointment only] located CT at: 301 Shelton, 06484 716 Beaumont Highway Lebanon, CT 06249 203-924-9400 x10 office 203-924-9401 fax DeForest W. Smith, CCIM Peter D. D’Addeo, CCIM Carl G. Russell, CCIM COMMerCIal servICes Marjorie C. Smith, CCIM realty GeOrGe J. sMIth & sOn 632 Cromwell Avenue realtOrs® Rocky Hill, CT 06067 President .................................................................................................................................................................................................Fred Petrella Broad Street at Green’s End 860-721-0005 x11 .................................................................................................................................................................................. President-Elect M. Jeffers Ryer Milford, CT 06460 fax 860-563-3315 Secretary .......................................................................................................................................................................................... Joel Witkiewicz (203) 783-9999 pdaddeo@msn.com

2013 Officers/Board Members

Treasurer................................................................................................................................................................................................ Peter Stergos Past President ......................................................................................................................................................................................... Steve Patten Education .............................................................................................................................................................................................. John Cafasso Candidate Guidance .......................................................................................................................................................................... Bryan Atherton

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JANUARY 2014 | THE COMMERCIAL RECORD | 35

TRENDLINES

TOLLAND COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

ANDOVER 1 Family Condo All Sales

6 0 6

2 0 2

-66.67% N/A -66.67%

22 0 28

20 0 27

-9.09% N/A -3.57%

$224,500 N/A $224,500

N/A -100.00% $242,500 N/A N/A N/A N/A -100.00% $212,500

$260,000 7.22% N/A N/A $234,900 10.54%

3 0 5

3 0 4

0.00% N/A -20.00%

33 0 47

32 0 56

-3.03% N/A 19.15%

$217,000 N/A $185,000

$392,000 80.65% $228,000 N/A N/A N/A $361,000 95.14% $217,000

$232,000 1.75% N/A N/A $235,750 8.64%

3 0 5

-25.00% N/A -28.57%

60 2 77

65 0 74

8.33% -100.00% -3.90%

$266,500 N/A $265,000

$219,000 -17.82% $226,500 N/A N/A N/A $219,000 -17.36% $227,000

$210,000 -7.28% N/A N/A $210,000 -7.49%

12 20.00% 0 -100.00% 17 41.67%

111 9 155

121 7 172

9.01% -22.22% 10.97%

$226,925 N/A $214,950

$203,250 -10.43% $203,000 N/A N/A $120,888 $192,000 -10.68% $190,000

$197,500 $190,000 $190,000

-2.71% 57.17% 0.00%

7 2 1 1

4 -42.86% 0 -100.00% 7 -36.36%

90 20 138

106 18 154

17.78% -10.00% 11.59%

$250,000 N/A $227,000

$193,750 -22.50% $246,500 N/A N/A $127,000 $202,000 -11.01% $230,000

$240,250 $116,250 $229,950

-2.54% -8.46% -0.02%

7 0 8

5 0 6

-28.57% N/A -25.00%

100 8 132

89 9 114

-11.00% 12.50% -13.64%

$275,000 N/A $292,500

$225,000 -18.18% $258,500 N/A N/A $139,700 $252,450 -13.69% $231,750

$275,000 $270,000 $270,000

6.38% 93.27% 16.50%

100.00% -50.00% 21.43%

90 28 168

79 38 153

-12.22% 35.71% -8.93%

$240,000 $217,500 $195,000

$190,000 -20.83% N/A -100.00% $178,000 -8.72%

$230,000 $134,750 $189,900

8.52% 3.69% 4.92%

68 1 86

80 5 108

17.65% 400.00% 25.58%

$295,000 N/A $295,000

$225,000 -23.73% $266,250 N/A N/A N/A $211,000 -28.47% $261,500

$280,000 $344,000 $279,500

5.16% N/A 6.88%

81 13 117

103 21 150

27.16% 61.54% 28.21%

$177,950 N/A $164,700

$170,000 N/A $170,000

-4.47% $175,900 N/A $108,500 3.22% $165,000

$183,000 $117,000 $155,000

4.04% 7.83% -6.06%

-3.50% -44.44% 1.15%

$270,000 N/A $252,500

$226,000 -16.30% $255,000 N/A N/A $98,500 $226,000 -10.50% $250,000

$245,000 $159,000 $234,250

-3.92% 61.42% -6.30%

BOLTON 1 Family Condo All Sales

COLUMBIA 1 Family Condo All Sales

4 0 7

COVENTRY 1 Family Condo All Sales

1 0 1 1 2

ELLINGTON 1 Family Condo All Sales

HEBRON 1 Family Condo All Sales

MANSFIELD 1 Family Condo All Sales

6 4 1 4

12 2 17

1 3 0 1 3

7 0 9

$211,950 $129,950 $181,000

SOMERS 1 Family Condo All Sales

-46.15% N/A -30.77%

STAFFORD 1 Family Condo All Sales

1 0 1 1 3

11 2 13

10.00% 100.00% 0.00%

1 1 0 1 2

11 0 15

0.00% N/A 25.00%

143 9 174

138 5 176

1 0 1

1 0 2

0.00% N/A 100.00%

7 0 8

6 0 9

1 6 1 0 2 9

12 9 28

-25.00% -10.00% -3.45%

174 68 286

186 64 305

6.90% -5.88% 6.64%

45 1 61

21 3 31

-53.33% 200.00% -49.18%

-15.00% 1,024 -16.67% 159 -5.11% 1,477

1,046 170 1,529

2.15% 6.92% 3.52%

TOLLAND 1 Family Condo All Sales

UNION 1 Family Condo All Sales

-14.29% N/A 12.50%

N/A N/A N/A

N/A $224,500 N/A N/A N/A $219,750

$212,000 -5.57% N/A N/A $198,500 -9.67%

VERNON 1 Family Condo All Sales

$171,000 $125,700 $155,000

$171,500 $115,000 $134,500

$187,500 N/A $187,500 $215,500 $146,250 $209,500

0.29% -8.51% -13.23%

$171,500 $140,950 $161,200

$185,000 $139,000 $172,900

7.87% -1.38% 7.26%

N/A -100.00% $190,000 N/A N/A N/A $169,000 -9.87% $185,000

$205,000 $168,000 $180,000

7.89% N/A -2.70%

$211,000 $133,000 $191,500

$220,000 $136,000 $205,000

2.33% 7.94% 2.50%

WILLINGTON 1 Family Condo All Sales

6 0 6

2 2 5

-66.67% N/A -16.67%

TOLLAND COUNTY 1 Family Condo All Sales

1 00 1 8 1 37

85 15 130

36 | THE COMMERCIAL RECORD | JANUARY 2014

-2.09% -9.06% -8.59%

$215,000 $126,000 $200,000

TRENDLINES

WINDHAM COUNTY SALES REPORT

NUMBER OF SALES NOV 2012

NOV %CHG 2012 2013 12-13 YTD

MEDIAN PRICE

2013 YTD

%CHG 12-13

22 0 27

18 0 23

-18.18% N/A -14.81%

56 6 105

77 3 117

NOV 2012

NOV %CHG 2012 2013 12-13 YTD

2013 %CHG YTD 12-13

ASHFORD 1 Family Condo All Sales

1 0 2

2 0 3

100.00% N/A 50.00%

N/A N/A N/A

N/A N/A $102,000

N/A $190,500 $192,250 N/A N/A $186,000 $187,200

0.92% N/A 0.65%

BROOKLYN 1 Family Condo All Sales

4 1 6

12 200.00% 0 -100.00% 16 166.67%

37.50% -50.00% 11.43%

$229,750 N/A $229,750

$182,450 -20.59% $175,000 N/A N/A $218,750 $209,950 -8.62% $184,900

-17.14% N/A -14.29%

$295,000 $258,000 -12.54% $190,000 N/A N/A N/A N/A $295,000 $60,000 -79.66% $172,500

$189,900 $219,500 $200,000

8.51% 0.34% 8.17%

CANTERBURY 1 Family Condo All Sales

3 0 3

3 1 7

0.00% N/A 133.33%

35 0 49

29 1 42

0 0 1

3 0 3

N/A N/A 200.00%

4 1 8

9 0 12

1 0 2

N/A N/A N/A

8 0 13

11 0 16

1 0 1

-66.67% N/A -66.67%

13 0 23

0.00% -50.00% -10.53%

8 -42.86% 0 -100.00% 17 0.00%

$196,000 3.16% N/A N/A $188,500 9.28%

CHAPLIN 1 Family Condo All Sales

125.00% -100.00% 50.00%

N/A N/A N/A

$155,000 N/A $155,000

N/A $253,000 N/A N/A N/A $200,000

$174,000 -31.23% N/A N/A $164,000 -18.00%

37.50% N/A 23.08%

N/A N/A N/A

N/A $154,207 N/A N/A N/A $142,000

$205,000 32.94% N/A N/A $171,250 20.60%

13 0 18

0.00% N/A -21.74%

$192,000 N/A $192,000

N/A -100.00% $185,000 N/A N/A N/A N/A -100.00% $185,000

$186,000 0.54% N/A N/A $183,000 -1.08%

144 11 234

153 15 233

6.25% 36.36% -0.43%

$152,000 N/A $156,500

$174,750 14.97% $152,500 N/A N/A $139,900 $175,000 11.82% $139,750

$149,900 $149,900 $143,000

-1.70% 7.15% 2.33%

111 11 173

103 9 171

-7.21% -18.18% -1.16%

$147,450 N/A $155,000

$144,000 -2.34% $135,000 N/A N/A $80,000 $129,000 -16.77% $116,500

$148,000 $110,000 $139,000

9.63% 37.50% 19.31%

31 0 48

30 0 44

58 12 104

51 17 96

N/A N/A N/A

12 0 12

12 0 22

0.00% N/A 83.33%

N/A N/A N/A

0 -100.00% 0 N/A 1 -66.67%

22 0 42

35 1 47

59.09% N/A 11.90%

N/A N/A $145,000

EASTFORD 1 Family Condo All Sales

0 0 0

HAMPTON 1 Family Condo All Sales

3 0 3

KILLINGLY 1 Family Condo All Sales

1 4 2 1 9

14 1 17

PLAINFIELD 1 Family Condo All Sales

1 4 1 1 7

POMFRET 1 Family Condo All Sales

2 0 4

1 0 2

-50.00% N/A -50.00%

5 1 7

3 1 9

-40.00% 0.00% 28.57%

-3.23% N/A -8.33%

N/A N/A N/A $213,000 N/A N/A N/A N/A $140,750 -100.00% $209,000

$230,500 8.22% N/A N/A $172,400 -17.51%

$134,900 N/A $134,900

$155,000 $165,000 $155,000

PUTNAM 1 Family Condo All Sales

-12.07% 41.67% -7.69%

$146,500 8.60% $127,500 N/A N/A $151,000 $155,000 14.90% $122,000

21.57% 9.27% 27.05%

SCOTLAND 1 Family Condo All Sales

0 0 0

1 0 2

N/A N/A N/A

N/A $160,000 N/A N/A N/A $160,000

$137,000 -14.38% N/A N/A $137,000 -14.38%

N/A N/A $161,000 N/A N/A N/A N/A -100.00% $129,300

$168,000 4.35% N/A N/A $162,900 25.99%

STERLING 1 Family Condo All Sales

2 0 3

THOMPSON 1 Family Condo All Sales

1 1 0 1 5

4 0 8

-63.64% N/A -46.67%

82 2 111

58 3 105

-29.27% 50.00% -5.41%

$175,000 N/A $139,000

$165,000 N/A $126,500

-5.71% $151,000 N/A N/A -8.99% $145,000

$165,200 $114,000 $131,000

9.40% N/A -9.66%

9 0 1 9

9 0 18

0.00% N/A -5.26%

86 5 174

93 4 177

8.14% -20.00% 1.72%

$140,000 N/A $107,600

$144,000 2.86% $128,500 N/A N/A $128,500 $130,500 21.28% $106,800

$131,000 1.95% $114,950 -10.54% $115,000 7.68%

12 1 13

200.00% N/A 85.71%

62 11 92

95 13 131

53.23% 18.18% 42.39%

$259,500 N/A $250,000

$212,500 -18.11% $250,000 N/A N/A $98,500 $210,000 -16.00% $192,500

$219,900 -12.04% $112,000 13.71% $190,000 -1.30%

2.78% 746 -20.00% 59 12.26% 1,215

787 66 1,254

5.50% 11.86% 3.21%

$164,250 $175,000 $155,000

$156,000 $145,450 $150,000

$165,000 $126,450 $149,900

WINDHAM 1 Family Condo All Sales

WOODSTOCK 1 Family Condo All Sales

4 0 7

WINDHAM COUNTY 1 Family Condo All Sales

7 2 5 1 06

74 4 119

-5.02% -16.89% -3.23%

$155,000 $128,500 $140,000

6.45% -1.60% 7.07%

JANUARY 2014 | THE COMMERCIAL RECORD | 37

GOSSIP REPORT

GREENWICH

WESTPORT

ADDRESS: 717 Riversville Rd., Greenwich

ADDRESS: 38 Bermuda Rd., Westport

PRICE: $6,500,000

PRICE: $5,900,000

SIZE: 9,068 sq. ft. on 5 acres

SIZE: 7,167 sq. ft. on 0.48 acres

BUYER: David I. Gluckman & Gail Gluckman

BUYER: Hans L. Christensen & Farrah S. Bokhari

SELLER: Stonewich LLC

SELLER: Dimitrios P. Smyrnios

BROKER: Greenwich Fine Properties LLC

BROKER: William Raveis Real Estate

SOLD: 12/05/2013

SOLD: 11/18/2013

GREENWICH

NORWALK

ADDRESS: 197 Otter Rock Dr., Greenwich

ADDRESS: 14 Point Rd., Norwalk

PRICE: $5,400,000

PRICE: $5,200,000

SIZE: 3,136 sq. ft. on 1.01 acres

SIZE: 6,936 sq. ft.

BUYER: Nicholas F. Graziano & Shauna M. Graziano

BUYER: Daniel Hafner

SELLER: David F. Ogilvy & Anne Z. Ogilvy

SELLER: Pensioneer T Co.

BROKER: David Ogilvy & Associates

BROKERAGE: William Pitt Soethebyâ€™s

International Realty

SOLD: 12/05/2013

SOLD: 11/07/2013

GREENWICH

ADDRESS: 16 Dingletown Rd., Greenwich

1 3 5

PRICE: $4,950,000

SIZE: 10,000 sq. ft. on 1.63 acres BUYER: Stephen P. Zaminski & Ann H.

Zaminski SELLER: Michelle A. Peacock & Kenneth C. Peacock BROKERAGE: David Ogilvy & Associates SOLD: 12/04/2013

As the year winds to a close, some strong sales mark this normally fallow time, proving once again that the waterfront is always in season.

38 | THE COMMERCIAL RECORD | JANUARY 2014

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