Commerical Record May

MAY 2014

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REAL ESTATE & FINANCIAL NEWS FOR CONNECTICUT

YOUR TAX DOLLARS AT WORK Credits Are Revitalizing Urban Centers, Developing Workforce Housing

INSIDE Getting The Most From Social Media Survey: Commercial Lenders Happy, But Field Is Empty Moving In On The Appraiser Business High Risk Processing Making A Comeback

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inside

Tax Credits At Work

10 Multifamily Housing

Rises From Recession The former Bank of America office building in downtown Hartford begins its conversion to apartments with the assistance of state and federal historic tax credits.

12 Public And Private Partnership

12

The Capital Region Redevelopment Authority may serve as a template for future development options in urban centers across the country.

6 Special Focus:

New Media Marketing Best practices for getting the most return on investment from your social media participation, from a national expert.

16 Lender Drought Commercial lenders are earning decent money and are happy with their jobs, according to a recent survey, but the pipeline is looking startlingly empty.

6 8

18 Realtors Encroaching On Appraisers

news roundup

14 state statistics

The Realty Alliance, a coalition of more than 70 of the country’s biggest brokers, is considering a move that would put Realtors in direct competition with local appraisers.

21 c-changes 22 top commercial transactions

20 Risky Business As market globalization complicates the landscape, banks are cautiously moving bank into high risk processing.

10

18

24 trendlines 38 gossip report

MAY 2014 | THE COMMERCIAL RECORD | 3

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4 | THE COMMERCIAL RECORD | MAY 2014

from the editor

WHAT IS OUR OBLIGATION TO THE FUTURE?

T

hat’s a question banks should be asking in light of a disturbing new trend in the field of commercial lending.

As detailed in our story in this issue, there is a dearth of young lending talent coming into the field. As information technology has become more sophisticated, and as credit analysis has become more specialized, banks have shed the professional training programs that led young professionals into the arena of commercial loans.

Part of this trend can be traced to the flush years of the 1990s, when there was a surfeit of commercial lenders. Part can be traced to consolidation, in which increasingly large institutions shed the development resources of regional banks. Part is, as our story reveals, the specialization in the field, as functions that used to be the purview of the commercial loan officer were split off into other roles.

What the trend cannot be traced to is any kind of widespread dissatisfaction in the ranks. A new survey from banking executive search firm Smith & Wilkinson shows that pay standards are healthy and rising, as is job satisfaction, among com-

mercial lenders. In Connecticut, the average income of a commercial loan officer is about $150,000 when you include an average annual bonus, something that 85 percent of Connecticut’s commercial lenders receive. Even in Fairfield County, that’s a living.

And it’s not like there isn’t enough business. Just last month, Webster Financial Corp. in Waterbury, parent of Webster Bank, announced glowing numbers for the first quarter, telling the Hartford Courant that “commercial loan growth continues to lead the way” as the bank posted its firstever $50 million quarter.

The question is whether Webster and

other banks are stocking the farm club, as it were. A Smith & Wilkinson principal used the occasion of our story to sound an alarm: Lending institutions are not doing enough to train the next generation. Instead, they are using short-term strategies to retain the seasoned professionals who are already on hand.

Nothing wrong with that. But an increasing number of older lenders are planning to retire in the next few years. Unless more aggressive recruitment efforts begin – and to be sure, some community banks are using hiring bonuses and other incentives to fill the ranks already – in a few years, the shortage could potentially affect lending activity.

That’s important because street-level commercial lending is the lifeblood of community development. Commercial loan officers are the keepers of the flame when it comes to intrinsic knowledge of the region and its players; the kind of institutional memory that prevents missteps made when history is repeated; and the informed skepticism that can form sound decisions despite the latest hype from the new builder on the block.

So what is our obligation to the future?

It is to ensure that the foundation of expertise and community knowledge we have today, one critical to exploiting the opportunities of a recovering economy, is self-sustaining. Lending institutions are often pressured to release funds to encourage growth. That’s one responsibility; the other is to implement the training and technology to create the lending strength needed in the next decade and beyond. n

Michael Warshaw Editorial Director

MAY 2014 | THE COMMERCIAL RECORD | 5

New Media Marketing Urban Center

GETTING REAL RESULTS FROM YOUR SOCIAL MEDIA MARKETING From Pinterest To YouTube, Optimize Your Presence On The Web

“

The best activity that you want to do on social media sites is engaging with others.”

6 | THE COMMERCIAL RECORD | MAY 2014

Special Focus

BY BERNICE ROSS | SPECIAL TO THE COMMERCIAL RECORD

W

hat kinds of posts do you make to your social media pages? Are you constantly talking about yourself, or are you sharing posts that plenty of your friends and followers will “like,” enjoy and share?

The last time that you logged on to a social media site, which posts did you read? What was it about these posts that captured your attention? On the other hand, what did you want to hide or delete?

If you want to get real results from your social media efforts, here are some tips on how to do it.

The 95-5 Rule When it comes to having your posts read on any social media site, the best approach is to follow the 95-5 Rule. 95 percent of what you share is about helping others or commenting on what they have said. Only five percent of your posts should be about you and your needs.

Ask And Answer Engaging Questions The best activity that you want to do on social media sites is engaging with others. While it’s nice to push the “Like” button, a much better approach is to comment on other people’s posts.

For example, to do this on Facebook, look through your Facebook feed each day and answer questions that your friends have posed. It’s a great way to engage and to have many more people see what you’re posting.

Another way to do a powerful social media post is to ask an engaging question of your own. For example, if there is a new zoning change coming to your area, ask people to post their opinions. You could also ask their opinions about who makes the best burger in town, or anything else that is fun and engaging.

Shoot Video Testimonials A great way to increase your web ranking using video is to gather video testimonials from your clients. Testimonials rank highly on Google, and so do videos. Put them together and you have a very powerful combination that can greatly help your web rankings. Follow up by posting these on YouTube, as well as the other social media sites, and you have a simple way for potential clients to find out about the quality services that you provide.

Create And Monitor Your YouTube Channel If you haven’t created a YouTube video channel for your listings and your marketing videos, it would be smart to make this a priority in 2014. Once you create your YouTube channel, the next question is how to track your results. This was difficult until YouTube released its new analytics program.

In the past, you could track the number of views your video received, but that was about it. What is much more valuable, however, is audience retention. The “Audience Retention Report” allows you to track how well your videos hold the attention of your viewers and to compare your results with everyone else’s results. You can filter your results by topic, geography or date.

For example, if you want to know what your competitors are doing, you could filter by “real estate” and then a specific market area. The tool will show you who your competition is as well as how well you are doing against them. The report also allows you to identify who is visiting your site from other countries.

Instagram: A Picture Really Is Worth A Thousand Words Part of the big shift for 2014 is moving from using words to describe your listings to using visuals, whether it’s pictures or videos. No longer are pictures enough; design and beauty now matter as well. Although Instagram has been around for a while, it has evolved as the photo-sharing site of choice for many Realtors. For example, if you want to tell a story about a property visually, Instagram is the perfect platform to achieve this goal.

Marketing On Pinterest Pinterest drives more referral traffic than Google Plus, YouTube and LinkedIn combined, and is the fourth largest referral website in the world. Since women typi- cally drive the home-buying process, and 68.2 percent of Pinterest users are female, Pinterest is an important marketing tool to reach these potential clients.

A great way to use the site is to prepare a Pinterest “board” to illustrate how you would market the sellers’ listing using this site. To achieve the best results, carefully tag each board you create so that your listings can be found more easily online. Your tags should include the city and ZIP code, street address if your sellers want to give out information, your contact information, property information, as well as your description of the property.

If you want to achieve better results from your web marketing efforts, try implementing some of these strategies. Have fun, connect, provide value – and watch your real estate business grow. n Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author. Email: Bernice@RealEstateCoach.com MAY 2014 | THE COMMERCIAL RECORD | 7

NEWS ROUNDUP GROUND BROKEN ON SENIOR LIVING FACILITY IN NORWALK

HOME SALES OF $10M RISE IN GREENWICH

Connecticut’s Gold Coast is living up to its name, with a record $120 million sale of a waterfront estate in Greenwich leading an increase in sales of homes for more than $10 million.

Five homes sold this year for more than $10 million in Greenwich. Another home just sold and four others listed above $10 million are under contract, compared with only one under contract by this time last year and none sold, said Mark Pruner, a sales executive with Berkshire Hathaway HomeServices.

Pruner attributed the rise in sales to the jump in the stock market and accumulated bonuses in recent years.

“There is more confidence in the economy, and people have more money to spend,” Pruner said.

A 12-bedroom waterfront estate on 50 acres sold for $120 million this month in what the listing and selling agent, David Ogilvy, has called the most ever paid for a residential property in the United States. That was quickly followed by a $14.3 million sale of a 52-acre estate in nearby New Canaan.

Brightview Senior Living LLC has acquired a four-acre property on New Canaan Avenue in Norwalk for the future home of a 90-unit senior living community.

Brightview Senior Living, a subsidiary of The Shelter Group of Baltimore, Md., will operate the community which is scheduled to open in mid-2015. The facility will provide assisted living and memory care for those with Alzheimer’s and dementia. A portion of the site will be deeded to the Norwalk Land Trust to create a buffer from the surrounding residential neighborhood.

Brightview’s first senior living community in Connecticut was Evergreen Woods, a 237-unit independent living community with 40 skilled nursing beds in North Branford. The Shelter Group owns 27 Brightview communities in eight states.

Jerry Effren of the Greyrock Cos. in Norfolk handled the acquisition and permitting for the project and is seeking additional sites in Fairfield County.

ORCHARD ACRES APARTMENTS LLC BUYS APARTMENT BUILDING FOR $5.9M Orchard Acres Apartments LLC has purchased an apartment building near the University of Connecticut in Mansfield for $5.85 million.

The 96-unit, student-oriented Orchard Acres Apartments consists of 88 units located at Orchard Acres I, located just below the Hilltop Dormitory complex, and eight additional rental units approximately one mile from campus Orchard Acres II. Constructed in 1962, the property offers all one bedroom units in 24, fourplex buildings.

The seller was 157-35 OAP Holding LLC. Rick Chozick and Tom Boyle of Chozick Realty brokered the sale.

THE MOST VIEWED ARTICLES IN APRIL • Bankwell To Raise $61M In IPO, Acquire Quinnipiac • Conn. To Build Four Affordable Multifamily Housing Developments With $30M Grants • Former Hartford National Bank Headquarters To Be Redeveloped Into Apartments • Dorset Crossing Land Sells For $3.4M

8 | THE COMMERCIAL RECORD | MAY 2014

• • • • • •

Connecticut Single-Family Home Sales Post Modest Increase In February Bank Teller Faces Sentencing For Theft State Awards $210K In Grants For Affordable Housing Developments State Announces Five-Year Transportation Improvements Plan Connecticut Picks Six Medical Marijuana Dispensaries APT Foundation Buys New Haven Office Building For $2.8M

EVENTS CALENDAR GUILFORD SAVINGS UNVEILS NEW MADISON BRANCH

NEW ENGLAND FAMILY BUSINESS CONFERENCE The Warren Group June 18 and 19 The International Golf Club, Bolton, Mass.

The second annual conference devoted to family businesses will be attended by a diverse audience, there to network with peers, gain valuable business insight and ask pressing questions at educational sessions, and celebrate the Outstanding Women in Family Business Awards.

More information: www.nefbc.com

GOLF TOURNAMENT Guilford Savings Bank has opened a new branch in downtown Madison, completing a four-year renovation of the historic building.

“We wanted to make sure that we preserved the history of the building while also making the space functional,” President and CEO Timothy Geelan said in a statement. “Making it work meant that every detail needed to be carefully planned.”

The original house, at 589 Boston Post Road, was built in 1812, 63 years before the bank’s founding in 1875. Guilford Savings partnered with Russell Campaign and Mary Jo Kessner of CK Architects and Tom Tolla of Construction Services Unlimited, both of Guilford, on the project.

The new branch combines classic scrollwork throughout the lobby, white marble style countertops, two original fireplaces and a historic glass window with modern bank branching technology, like iPad and Android tablets in the lobby, guest wi-fi and a revamp of the traditional teller line.

SURVEY: MILLENNIALS MOST LIKELY TO COMBINE FINANCES BEFORE MARRIAGE Millennials – that is, those in the 18- to-35-year age range – are more likely than any older age group to merge their finances prior to marriage, according to a recent survey from TD Bank.

But 43 percent of those surveyed among that age demographic also said they still maintained separate checking accounts, and of those, the highest percentage, 38 percent, said they did so to maintain some degree of independence.

“What we’re learning is that people want to have joint accounts but also keep personal separate accounts,” Mark Crandall, TD Bank’s regional president of Boston, said. “To the extent that one bank can find a compelling offer that would capture all of those accts under one roof, that would be significant for a growth company like TD Bank.”

The survey, conducted in conjunction with Angus Reid Public Opinion, surveyed about 1,000 people nationwide, split roughly equally between men and women.

Among other things, the survey also found that those Millennials surveyed were much more likely than older demographics to use their joint bank accounts for savings. Of the 18- to-35-year-olds surveyed, 84 percent replied that they used those joint accounts for savings, 80 percent said they used their joint accounts for monthly utility bills and 75 percent said they used their joint accounts for household purchases, like groceries and furniture.

Just 66 percent of people aged 35 to 54 and 68 percent of people over age 55 said they used their joint account for saving.

Connecticut Bankers Association August 25 Country Club of Farmington Who should attend: Member bank representatives, including directors, trustees, senior management and associate members are invited to participate.

More information: www.ctbank.com

POLL RESULTS: FAIR PLAY? Should the FHA be able to take an additional month of interest payments at the end of a loan term?

CR’s readers think the FHA is out of line.

83%

Absolutely not, it’s a ridiculous practice.

17%

Yes, I think so.

FEATURED COMMENT Reader Nicolas Clifford is not impressed with the state’s proposed transportation improvement plans.

“This spending proposal is almost a cruel joke. In a time of horrific environmental meltdown, all we can come up with is highway widening and road bridge replacement. While our VERY heavily-used trains run into each other, our buses misconnect, our rail expansion projects rot in place (Danbury - New Milford - MA) … Those of us who have children should hang our heads in shame.”

AMERICAN EXPRESS TRAVEL RELATED SERVICES CO. TO RELOCATE STAMFORD OFFICE American Express Travel Related Services Co. Inc. is moving to a new office in Stamford.

American Express has leased 10,842 square feet at 100 First Stamford Place. The company will relocate from 400 Atlantic St. to newly built offices this summer. First Stamford Place is a three-building, 784,160- square-foot office complex.

Sean Cahill and Jim Silberfein of CBRE represented American Express in the transaction. Jeffrey H. Newman, senior vice president of Empire State Realty Trust and its affiliates, along with senior leasing associate Kimberly Zaccagnino and leasing associate Tara Long represented the landlord.

MAY 2014 | THE COMMERCIAL RECORD | 9

Extra Credit

Photo courtesy of Becker & Becker

HISTORIC TAX CREDITS FUEL MULTIFAMILY BOOM Conversion Of Distinctive Hartford Office Tower Begins

777 Main St., Hartford 10 | THE COMMERCIAL RECORD | MAY 2014

The largest project is underway at 777 Main St., where Fairfield developer Bruce Becker began conversion in April of a 26-story former Bank of America building into 285 apartments.

Becker expects the first units to be ready for occupancy by year’s end, with the entire project taking 16 months to complete. The project qualified for $15 million in federal historic rehabilitation tax credits. State historic tax credits – which are capped at $5 million – also will offset the development costs.

The tax credits are based upon 20 percent of improvements. They help bridge the gap between development costs and anticipated rent income, enabling developers to obtain financing from a mix of public and private sources.

“I don’t think the (multifamily) market in Hartford has reached the point where you can do this with all-private financing,” said Jay Wamester, a principal at Colliers International.

In nearby Constitution Plaza, the former Sonesta Hotel is being converted into 193 apartments by New York developer Girona Ventures, which anticipates qualifying for $8 million in federal and state historic tax credits.

At 179 Allyn St., the 1883 Judd & Root office building is being renovated into 63 apartments by Dakota Partners of Woburn, Mass. The Allyn Street apartments are expected to be ready for occupancy in September, said Marc Daigle, a principal at Dakota Partners.

The project is eligible for $2.6 million in federal historic tax credits and $2.9 million from the state, Daigle said.

Public Investment Is Key The 777 Main St. project got underway after Becker closed on the property March 31 for $7.5 million. Designed

by architect Welton Becket in 1967 as the Hartford National Bank headquarters, the building is on the National Register of Historic Places. Los Angeles-based Welton Becket was known for its distinctive modernist structures, such as the Capitol Records building in Hollywood, which is shaped like a stack of 45-RPM records.

“

Historic tax credits help bridge the gap between development costs and anticipated rent income, enabling apartment developers to obtain financing packages from a mix of public and private sources.”

Becker pieced together a financing plan from a variety of state and federal sources. His Fairfield-based development company, Becker + Becker, invested $5 million in equity. The financing deal includes a $37 million loan insured by the U.S. Department of Housing and Urban Development and underwritten by Walker & Dunlop of Needham, Mass. Becker also received a $10.2-million loan and $7.5-million equity investment from the Capital Region Development Authority and a $3.9-million loan from the Connecticut Department of Housing.

Market-rate units will rent for $1,350 to $2,000 a month, and 20 percent of the units will be reserved for tenants with below-average incomes and rent for $750 to $800.

The top floor will be converted into a common area for tenants, and Becker is seeking retail tenants for 20,000 square feet of space on the ground floor. Another 40,000 square feet of office space in the basement could be used as a call center or back office, he said.

Becker acquired the property from developer Michael Grunberg, who had owned the building since 2006. Grunberg attempted to convert the upper floors into housing, but was blocked

by Bank of America while it still was a tenant, according to a Hartford Courant report. Bank of America occupied about two-thirds of the building before it departed in 2010.

As the apartments fill with tenants, the stigma of a darkened skyscraper will be removed from the state capitol’s nighttime skyline, Becker said. Signs of revitalization will be evident during the daytime as well. The pre-cast concrete exterior with embedded quartz will be cleaned for the first time in decades.

“That’s going to be a quite dramatic transformation of this building,” Becker said. “When it was first built, it really sparkled.”

Colliers International’s Wamester said the apartment project will benefit the downtown Hartford office market by removing 300,000 square feet of class B office space inventory.

“Hartford doesn’t need any more B office space. It’s a building that probably would have continued to languish if it continued to rent as an office,” Wamester said. n

BY STEVE ADAMS | COMMERCIAL RECORD STAFF WRITER

H

istoric tax credits are contributing to a multifamily boom in Hartford, as developers build hundreds of new apartments at architecturally significant properties.

Email: sadams@thewarrengroup.com

MAY 2014 | THE COMMERCIAL RECORD | 11

We’re All In This Together

BANKING ON WORKFORCE HOUSING FOR DOWNTOWN HARTFORD’S REVIVAL

12 | THE COMMERCIAL RECORD | MAY 2014

Balancing Public And Private Capital To Provide Housing, Revive Urban Centers

BY TODD A. GOMEZ | SPECIAL TO THE COMMERCIAL RECORD

D

owntown Hartford is becoming vibrant through a coordinated effort by state and local organizations to provide much-needed rental housing options. Over the next several years, about 1,000 new apartments for middle-income residents, including young professionals, state workers, students and empty-nesters, are expected to be built in the central business district.

Hartford is the latest example of a trend that is breathing life into struggling downtown areas and addressing pent-up demand in markets across the country. Cities like Baltimore, Charlotte, Newark and Philadelphia have seen their downtowns re-energized by new developments with apartments sized and priced to accommodate the needs of both young professionals entering the workforce, and empty-nesters who want the convenience of urban living. In Hartford, the revitalization has just begun, and may become a template that could be used across Connecticut.

In most parts of the country, there are few subsidies available to help facilitate housing development for middle income residents – those earning 80 to 165 percent of the area median income (AMI). In Hartford, this translates into individuals with incomes of about $48,500 to $97,000.

Projects targeted to middle-income residents don’t qualify for federal Low Income Housing Tax Credits (LIHTC), which can generate 15 to 20 percent equity for projects targeted to residents at 60 percent of the AMI or below. Nor, in most cases, will it qualify for tax-exempt financing. In mid-tier markets, one recurring challenge is making the projects work economically without subsidy, or the ability to drive premium rents that are achievable in larger, higher-cost mar-

kets such as Boston and New York.

Working Together Hartford and the state of Connecticut have addressed the subsidy issue in a unique way through the Capital Region Development Authority (CRDA), which the state created in 2012 to stimulate new investment in the Greater Hartford region. The CRDA received $60 million from the state to fund soft second financing for housing development. This subsidy is administered by representatives from the governor’s office, the state legislature and the cities of Hartford and East Hartford.

The key to these projects is carefully balancing the many layered streams of capital – public and private – necessary to keep rents affordable. In addition to construction or permanent loans and CRDA financing, projects such as 179 Allyn St. – a 63-unit development within walking distance of the State House, XL Center and Union Station, which Bank of America helped finance – have leveraged historic tax credits to raise additional project capital.

The credits reward investment in the preservation of historic buildings and work well in older cities where adaptive re-use of commercial and industrial buildings is economically viable. In this case, historic credits allowed Dakota Partners, a Waltham, Mass.-based devel-

oper, to set aside 20 percent of the units for residents earning no more than 100 percent AMI. In a market where vacancy is in the low single digits and new development has been very limited in the past decade, rental housing options at this level are an important resource for moderate-income individuals, including state workers, police officers, teachers and others who struggle to find affordable housing close to work.

Helping Struggling Urban Centers Four other projects are underway with CDRA support. Despite recent competition from new developments in the nearby suburbs of Rocky Hill, Windsor and West Hartford, lenders and investors in downtown Hartford are becoming more confident in the viability of the market.

It’s too early to say if the workforce housing approach is working, although the fact that projects are being financed is a sign that banks are interested. Indicators to watch include an increased trend in lease rates for commercial properties, which will tell us companies are moving in to take advantage of the new, nearby pool of workers. Retail development, including restaurants and grocery stores, also will start to arrive if the rental projects are successful.

The city of Hartford and the state of Connecticut have established an important model for downtown redevelopment that is working so far. While such development tactics have been tried elsewhere, this is new ground for Connecticut. If successful, Hartford’s strategy may be a key model to help the state’s other struggling urban centers. n Todd Gomez is the Northeast region executive for community development banking for Bank of America Merrill Lynch.

MAY 2014 | THE COMMERCIAL RECORD | 13

STATE STATISTICS Number of Single-Family Sales by Price Range

10-Year Single-Family Sales 8,000

6,000 5,000

6,400

3,000 2,000

$700K+

1989

$500k-$699k

1994 1999 $400k-$499k

2004

2009

2014

$300k-$399k

1,000

$0-$299k 800

NUMBER OF SALES

NUMBER OF SALES

4,000

4,800

3,200

600

1,600 400 200

0 0

1989

1994

1999

2004

2009

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2014

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

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

Lis Pendens and Foreclosures by Month 2,500

Lis Pendens Foreclosure Deeds

2,000

1,500

1,000

500

0

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

2012

14 | THE COMMERCIAL RECORD | MAY 2014

2013

2014

Top 5 Lenders by Market Share Refinance Mortgages

Multi-Family Median Price $300,000

Webster Bank

2-Family $240,000

6.03%

$180,000

PRICE

7.33%

Bank Of America FSB

3-Family

$120,000

5.30% $60,000

6.02% 0

Peoples United Bank

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 *Statistics include sales January - March All Years Source: The Warren Group

5.22%

20 Year Residential Median Prices 5.24%

$300,000

Single-Family

Wells Fargo Bank NA $240,000

7.44%

Condo

$180,000

PRICE

4.92% Quicken Loan Inc

$120,000

4.35% $60,000

4.15% 0

2014

2013

*MarketShare percent includes loans thru March 2014

94 95 96 97 98 99 00 01 02 03 04 04 06 07 08 09 10 11 12 13 14 *Statistics include median prices January - March All Years Source: The Warren Group

MAY 2014 | THE COMMERCIAL RECORD | 15

Commercial Lending Compensation

SURVEY: PAY, BONUSES INCREASING FOR COMMERCIAL LENDERS Not Enough New Recruits: The Coming Lender Drought

average base salary of $152,438 last year.

Almost 94 percent of team leaders responding to the survey also earned cash bonuses, which averaged $33,400.

In addition to raising base salaries, bonuses and long-term incentives, community banks are also employing front-end hiring bonuses for new commercial lenders, said Arthur Warren, a compensation adviser with the Walpole, Mass.-based bank consultancy Arthur Warren Assoc.

“It’s an outright carrot,” said Warren, who works with approximately 144 community banks across 13 states and specializes in helping banks design compensation packages. “The retention bonuses are interesting. We build in future payments to the lender and basically, they don’t own those payments unless they work a requisite number of years.”

To further entice those lenders to stick with it for the long haul, Warren said, some banks also offer defined retirement contributions over and above the bank’s extant pension plan, 401(k) or profit-sharing plan.

The Team Is The Thing

BY LAURA ALIX | COMMERCIAL RECORD STAFF WRITER

T

imes are good for commercial lenders in Connecticut, with base salaries and bonuses continuing to rise and the lenders themselves citing a good team environment as the number-one motivator, according to a new survey. But banks could be in for a talent shortage if they don’t do more to groom the next generation of lenders, industry observers say.

The survey, conducted by Scarborough, Maine-headquartered banking executive search firm Smith & Wilkinson, found base salaries for commercial lenders increased modestly last year. Commercial lenders in CARLL WILKINSON Connecticut earned

an average base salary of $125,976, and a little more than 85 percent of commercial lenders earned a cash bonus that averaged $23,722.

Team leaders, or people in charge of managing other lenders, fared even ANTHONY JOYCE better, earning an

16 | THE COMMERCIAL RECORD | MAY 2014

Increasingly, salary is a secondary consideration for lenders, who first want to have good work environments with teams they respect. Thirty-four percent of commercial lenders surveyed said that coworkers and team were the most important factor when it came to choosing a place to work, and 47 percent of team leaders said the same. Just 20 percent and 14 percent, respectively, put compensation first.

“At the end of the day, people want to be compensated fairly, but what they really want is to feel like they’re part of a team and feel that their efforts are appreciated,” said Carll Wilkinson, managing partner at Smith & Wilkinson.

Those are more or less the reasons Anthony Joyce cited for joining Chelsea Groton Bank as the manager of its commercial lending department last spring.

“How we do what we do is pretty similar in this particular marketplace, so once you get that out of the way and you’re comfortable with what you’re going to be doing, the next logical decision point becomes who am I going to be doing it with,” he said. “At the end of the day, you spend

probably more time with those people than you do with your family, so you want to make sure the people you’re associating with are people you like and respect.”

‘Not Enough Young Lenders’ Wilkinson’s survey also reveals a coming demographic problem in the commercial lending field. The percentage of respondents planning to retire in the next five years rose to 16 percent last year from 13 percent in 2012. While the survey did reveal a slightly greater number of respondents with fewer years of experience, it’s undeniable that on the whole, commercial lenders are growing older.

“There aren’t enough young lenders coming up through the ranks. We can see that it’s an issue now, we can see that it’s going to be a greater issue, but we don’t see a lot of organizations taking steps to correct it,” Wilkinson said.

Once upon a time, large regional banks hired scads of graduates fresh out of school and into training programs. Then, banks started hiring credit analysts, who ultimately made commercial lenders more efficient at their jobs. With three analysts

State

Percent Average Average Base Receiving Bonus Salary Cash Bonus Amount

Connecticut

$125,976

85.71%

$23,722

New York, New Jersey

$117,796

85.71%

$33,631

Massachusetts, Rhode Island

$118,549

88.59%

$23,217

Maine, Vermont, New Hampshire $103,036

79.41%

$18,759

Virginia, Maryland, Washington, D.C., Delaware

$114,543

79.17%

$16,631

Pennsylvania

$103,944

74.07%

$14,974

Ohio

$95,103

81.48%

$20,662

back at the office, one commercial lender could do the work of three or four.

During the 1990s, many of the large training programs dried up. There seemed to be enough commercial bankers, so nobody paid the matter much mind. But now many of those well-established commercial bankers are approaching retirement age.

“There are very select organizations that have management training programs, but I think what’s lacking is scale. What we’re lacking are the regional or super regional banks putting together very significant classes of recruit trainees,” Wilkinson said.

Warren said many community banks are offering incentives for their top lenders, who might like to retire, to stay aboard or ease part-time into retirement while they hire and train their successors.

Even regulators have turned up their focus on succession plans for key talent within community banks.

“This is another form of risk assessment,” Warren said. “If there’s only one lender or one credit analyst at the bank, and they leave, there’s a serious issue.” n Email: lalix@thewarrengroup.com

gsb-yourbank.com/business Equal Housing Lender

Member FDIC •

MAY 2014 | THE COMMERCIAL RECORD | 17

Competition Watch

BIG BROKERS TARGET APPRAISAL BUSINESS The National Association Of Realtors Considers AVMs

BY COLLEEN M. SULLIVAN | COMMERCIAL RECORD STAFF WRITER

A

ppraisers might find themselves with some new competition on the horizon, if a move by some large brokers to get into the appraisal game gets past the board of the National Association of Realtors (NAR) this month.

The Realty Alliance is a coalition of more than 70 of the country’s biggest brokers (including Shelton-based William Raveis) is working with a third-party data analytics firm to allow members to create automated valuation models (AVMs) for their local markets.

Much like Zillow’s “Zestimates” and other home value calculators, AVMs compile tax data, sales records and other info and run it through proprietary algorithms to quickly generate an estimated price for a subject property – usually for a much cheaper fee than a skilled appraiser would charge for a report. During the housing boom of the 2000s, many large lenders, including Fannie and Freddie, experimented with using AVMs in addition to, or sometimes in lieu of, an appraiser’s report, particularly for refinances. This move

by The Realty Alliance would allow brokers to fulfill those needs, 18 | THE COMMERCIAL RECORD | MAY 2014

potentially placing them in direct competition with appraisers.

The Realty Alliance still needs NAR’s blessing, however, as using the MLS data in this way would be a new application – one that may not be permitted under existing data usage guidelines, said Brian Larson, an attorney and principle at Minneapolis, Minn.-based Larson Skinner PLLC, which specializes in advising MLSs. Brokers already use MLS data to compile “broker price opinions” (BPOs), short reports sometimes requested by lenders to help them decide whether to give a preliminary approval for a loan. But “the difference is there’s a professional judgment attached to a BPO that is not attached to an AVM,” said Larson.

NAR MLS policy “has always permitted brokers to use MLS data to inform their professional judgments, nobody disputes that. The question is whether an AVM is sufficiently similar to that,” he explained.

With the vast majority of the nation’s 900-plus MLSs run by Realtor associations, if NAR gives the go-ahead at its mid-year meetings this month, The Realty Alliance would be able to implement its clearinghouse across most of the country. Four of the five Connect-

NAR MLS policy “has always permitted brokers to use MLS data to inform their professional judgments, nobody disputes that. The question is whether an AVM is sufficiently similar to that.” — Brian Larson, principle, Larson Skinner PLLC.

icut MLSs are owned wholly or in part by Realtor boards; CMLS requires Realtor membership to join.

The Threat To Appraisers It’s unclear how much the entry of large brokers into the AVM arena would hurt appraisers.

In recent years, the desire of large lenders to trim costs has occasionally placed them in conflict with appraisers. Many lenders were content to use BPOs for the valuation of distressed properties,

rather than commissioning a full appraisal report.

But as the wave of distressed sales faded, the tightened underwriting standards of the post-crash housing market have led banks to rely more on full, comprehensive appraisal reports, especially for purchase loans. That could help secure appraiser’s role in the market.

Setting The Data Free The shift in NAR policy could impact more than just appraisers, however. By granting The Realty Alliance’s wishes in this matter, NAR would essentially be saying that MLSs are obligated

to provide data feeds to their members for any activity that the member wishes, so long as that activity’s permitted under the MLS’s rules. That would be an important shift, argues Larson.

Most MLSs permit appraisers themselves to become members. If MLS is required to hand over data to brokers for this purpose, perhaps “an appraisal firm could get a data feed from the MLS, or a group of appraisers could, or a national appraisal firm could do that,” and make their own AVMs, Larson suggested.

Some brokers may have plenty of other ideas in mind for that they could use MLS data for – monitoring agent productivity for recruitment purposes, for example.

If MLSs are required to provide direct data feeds, it could become much more difficult for them to monitor to what uses the data is being put, Larson said. When brokers use MLS data for creating a virtual office website, for example, anyone who visits the website and see what data is being displayed, and competitors are quick to point out brokers who step over the line. “I don’t foresee The Realty Alliance’s partner saying, you can use our tool for free to [test] if we’re complying with the policy,” Larson said. n Email: csullivan@thewarrengroup.com MAY 2014 | THE COMMERCIAL RECORD | 19

The Good, The Bad And The Profitable

THE STATE OF HIGH RISK PROCESSING TODAY With Caution, Banks Again Accepting Overseas Accounts

BY LAURA KAISER | SPECIAL TO THE COMMERCIAL RECORD

T

he lure of high risk processing and its potential for windfall profits is nothing new. Since becoming a legitimate and bankable income source some 15 years ago, more and more consulting firms and processors claim they can place categories not widely accepted. So when your organization decides it’s time to diversify its portfolio with some less traditional accounts, it’s important to know how to separate smart risks from just plain risky business.

There are plenty of non-traditional accounts with excellent income potential, but the rules regarding which to consider accepting are constantly changing. To stay current, profitable and within the confines of the law, it helps to have strong connections to consultants or partner processing banks that know the laws and have experience managing risk appropriately. And as a bank executive, it’s always wise to network with experts who can provide sound advice on what types merchants to look for and which ones to avoid.

Gene Lieb, consultant with Business Financial Resources, a consultancy in the high risk processing field since 1992, said, “In the

beginning there were a few processors out there willing to take on furniture and flooring sales with maybe a few escort services thrown in. That’s how it all started. Today, future delivery status still factors into the equation, especially with Internet sales, but market globalization has made this business more complex.”

A Global Reach Lieb is referring primarily to the thousands of online merchants operating all over the world with the ability to sell to nearly anyone with a computer or smartphone. With good reason, this has made many banks more cautious about the types

20 | THE COMMERCIAL RECORD | MAY 2014

of accounts they will accept. It’s important to proceed with caution when navigating international processors – many don’t recognize U.S. laws – and when dealing with varied rates and conditions between regions. This is especially true when choosing to work with gaming, replica, nutraceutical, cigarette, tobacco clients, etc.

Unfortunately, it has become common practice to disguise these types of businesses for the purpose of securing accounts. Earnings from prohibited items such as sea salts, controlled pharmacy items, firearms and other objectionable goods has created a darker, greedier side of high risk processing.

The allure of a large payday can be tempting, and less reputable organizations will promise creative solutions to get around the laws governing these types of merchants.

Lieb stressed the importance of avoiding this type of risk, saying that “these items are illegal and potentially dangerous – that’s obvious. Working with this type of business can also damage your reputation. You risk having your accounts turned off and becoming black-listed by processors at the very least.

And it just gets worse from there.”

Financial institutions that do their own processing, as well as those that don’t, can benefit from consulting services that specialize in understanding how to rate all types of accounts, including those with future delivery. Whether it’s an outside consulting firm or someone within your organization, an expert can help assess cancellation and chargeback risks and suggest emerging safe-bet categories. It’s important to keep in mind that just because online services come with future deliveries, doesn’t automatically make them high liability business types.

All merchants should be judged on a case by case basis. Even traditional retail stores, though generally considered low risk, must be judged on their credit and performance because they too have been known to shut down with unfinished customer business.

Lieb said that with proper sales and delivery monitoring, travel, multi-level marketing, foreign exchange, dating services, adult products, gaming, psychic services and others make excellent accounts. n Laura Kaiser is a professional freelance writer and creative consultant working with companies in the NY/NJ/PA Tristate area.

C-CHANGES IN CONNECTICUT’S EXECUTIVE SUITES Webster Private Bank has hired Peter N. Russell as senior vice president and director of private bank lending. In this newly created position, Russell will be responsible for leading a team of private bank lending professionals in identifying and meeting the credit needs of its high-net-worth clientele. Russell joins Webster from Bankwell Financial Group in New Canaan where he served as chief credit officer. Prior to that, he held the positions of senior credit officer in the private banking divisions of HSBC Bank USA and The Bank of New York, and relationship manager at Wachovia, Chase Manhattan Private Bank, Fleet Private Bank and Citigroup. n

Santander Bank has appointed former Webster Bank COO Jerry Plush chief financial officer of Santander Holdings USA Inc., the bank’s U.S. holding company. Plush was most recently president and chief operating officer of Webster Bank, where he had also served as CFO and chief risk officer. Plush has been active in community organizations, serving on the board of trustees of the Connecticut Public Broadcasting Network and as chairman of Junior Achievement of Southwest New England. n

Waterbury-based Webster Bank has added Bernard Garrigues as its new executive vice president and chief human resources officer. Garrigues will be responsible for all aspects of human resources including talent management, staffing, learning and development and compensation and benefits. Most recently, Garrigues worked at TIMEX Group in Middlebury, where he was the chief human resources officer and had comprehensive global HR responsibility for several thousand employees in 22 countries. n

Anthony Giobbi has joined Newtown Savings Bank as senior vice president of commercial lending.

He is responsible for overseeing the sales management and business development activities of the bank’s commercial lending team. n

AWARDS & ACCOLADES

The Business Council of Fairfield County recognized Pierson and Smith, First Niagara’s insurance subsidiary, as a Gold Healthy Workplaces Best Practices Award winner. The annual awards recognize local businesses for their achievements in planning and implementing the most forward-thinking wellness initiatives in the region. n

MAY 2014 | THE COMMERCIAL RECORD | 21

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

TOP 3 STATEWIDE 136 Berlin Rd, Cromwell...................... $13,250,000

16 Hurlingham Dr, Greenwich.............. $11,840,000

652 Commerce Dr, Fairfield................. $11,000,000

Use:............................................. Commercial Building

Use:................................................................. College

Use:............................................. Commercial Building

Buyer: MBMB Cromwell LLC & Cromwell Commons RSK LLC

Buyer: .................................................Hurlingham LLC

Buyer: ................................................... Dante Brittis Jr

Seller: .........................................Lehigh Cromwell LLC

Seller:...................................................... Bard College

Seller: .......................................... 652 Commerce LLC

Mtg:...................... Fairfield County Bank $10,020,000

Date:............................................................ 02/21/14

Date: ............................................................ 03/20/14

Date: ............................................................ 02/26/14

Total Assessed Value (2013):..................... $6,731,410

Total Assessed Value (2013):..................... $3,946,950

Total Assessed Value (2013):..................... $6,000,500

Lot Size: ....................................................... 435600sf

Lot Size: ....................................................... 104980sf

Lot Size: ....................................................... 567151sf

Prior Sale: ...................................$12,225,000 (07/09)

Prior Sale: .....................................$9,200,000 (05/04)

FAIRFIELD 16 Hurlingham Dr, Greenwich........$11,840,000 Use:................................................................. College Buyer: .................................................Hurlingham LLC Seller: ......................................................Bard College Date: ............................................................ 02/21/14 Total Assessed Value (2013):..................... $6,731,410 Lot Size: ....................................................... 435600sf Prior Sale:................................... $12,225,000 (07/09)

652 Commerce Dr, Fairfield...........$11,000,000 Use:............................................. Commercial Building Buyer:................................................... Dante Brittis Jr Seller: .......................................... 652 Commerce LLC Date:............................................................ 03/20/14 Total Assessed Value (2013): .....................$3,946,950 Lot Size: ....................................................... 104980sf

44 Elm St, New Canaan.................. $4,342,500 Use:............................................. Commercial Building Buyer: ......................................44 Elm Associates LLC Seller:................................................ Hugh Halsell 3rd Date:............................................................ 03/25/14 Total Assessed Value (2013):..................... $1,296,890 Lot Size: ........................................................... 3049sf Prior Sale:........................................ $825,000 (05/94)

461 Washington St, Hartford.......... $4,200,000 Use:................................... Apartment Bldg - 9 + Units Buyer:................................. 461 Washington Street LP Seller: ......................................M D Fox Associates LP Mtg: .........................CT Housing Fin Auth $9,000,000 Date: ............................................................ 02/25/14 Total Assessed Value (2013): .....................$1,458,160 Lot Size: ......................................................... 96703sf

855 Winding Brook Dr, Glastonbury... $3,200,000 Use:............................................. Commercial Building Buyer:........................................... Nutmeg Group LLC Seller: ...............................Mendering Stream 855 LLC Mtg:.......... Webster Bank $2,840,000 Date: 03/06/14 Total Assessed Value (2013): .....................$2,361,300 Lot Size: ....................................................... 221285sf Prior Sale:..................................... $1,350,000 (10/96)

310-312 Litchfield Rd, Norfolk......... $925,000 Use:............................................ Farm and Forest Use Buyer: ................................................. Jennie K Brown Seller: ..................................................... Arden Mason Date:............................................................ 01/30/14 Total Assessed Value (2013):..................... $1,405,600 Lot Size: ..................................................... 1907928sf Prior Sale: ........................................$736,761 (01/92)

28 French St, Torrington.................. $250,000 Use:............................................... Apartment Building Buyer: ................................... Rahi Realty Management Seller: ........................................MPT Investments LLC Mtg:......................................... TD Bank NA $918,750 Date: ............................................................ 03/04/14 Total Assessed Value (2013):........................ $157,650 Lot Size: ......................................................... 10019sf Prior Sale: ........................................$282,000 (12/06)

224 E Main St, Clinton..................... $500,000 Use:............................................. Commercial Building Buyer:........................................................... Alice LLC Seller: ................................. J Edward Slavin Foundatn Date:............................................................ 03/04/14 Total Assessed Value (2013):........................ $335,400 Lot Size: ....................................................... 135472sf

167 Route 81, Killingworth.............. $362,000 Use:...................................... Commercial Vacant Land Buyer: ..................................163&167 Route 81 Realty Seller:................................. Hammonasset Realty LLC Mtg:...................... Hammonasset Realty LL $362,000 Date: ............................................................ 03/14/14 Total Assessed Value (2013): ..........................$70,000 Lot Size: ......................................................... 43560sf

HARTFORD 2080 Silas Deane Hwy, Rocky Hill... $6,333,333 Use:............................................. Commercial Building Buyer:........................................ 2080 Professional Ctr Seller: ................................................2080 Realty LLC Mtg: ........................ Peoples United Bank $2,850,000 Date:............................................................ 03/19/14 Total Assessed Value (2013): .....................$4,313,050 Lot Size:....................................................... 115434sf Prior Sale: .....................................$4,100,000 (11/02)

LITCHFIELD 36 Church St, Woodbury................. $1,400,000 Use:............................................... Apartment Building Buyer:............................................................ GCO Ent Seller: ................................................. Northwood LLC Date:............................................................ 04/01/14 Total Assessed Value (2013):........................ $708,480 Lot Size:....................................................... 100188sf Prior Sale:........................................ $631,481 (12/99)

MIDDLESEX 136 Berlin Rd, Cromwell................$13,250,000 Use:............................................. Commercial Building Buyer: .MBMB Cromwell LLC & Cromwell Commons RSK LLC Seller:......................................... Lehigh Cromwell LLC Mtg: ...................... Fairfield County Bank $10,020,000 Date:............................................................ 02/26/14 Total Assessed Value (2013):..................... $6,000,500 Lot Size:....................................................... 567151sf Prior Sale:..................................... $9,200,000 (05/04)

22 | THE COMMERCIAL RECORD | MAY 2014

FEATURED PROPERTY 855 Winding Brook Dr, Glastonbury.............................................. $3,200,000 Use:........................................................................................ Commercial Building Buyer:...................................................................................... Nutmeg Group LLC Seller: .......................................................................... Mendering Stream 855 LLC Mtg:..................................................... Webster Bank $2,840,000 Date: 03/06/14 Total Assessed Value (2013): ................................................................ $2,361,300 Lot Size: .................................................................................................. 221285sf Prior Sale:................................................................................ $1,350,000 (10/96)

NEW HAVEN 625 Main St, East Haven................. $2,150,000 Use:............................................. Commercial Building Buyer:....................................... Prime East Haven LLC Seller:............................................. Main Partners LLC Mtg: ........................ Peoples United Bank $2,075,625 Date:............................................................ 02/27/14 Total Assessed Value (2013):..................... $1,165,000 Lot Size:......................................................... 93218sf

108 Railroad Hill St, Waterbury....... $2,000,000 Use:.............................................Industrial Warehouse Buyer: ..................................... Railroad Hill St Rlty LLC Seller:.................................... JCK Colonial Props LLC Date: ............................................................ 03/07/14 Total Assessed Value (2013): .....................$1,440,740 Lot Size: ....................................................... 158123sf

135 Orange St, New Haven............. $1,950,000 Use:............................................. Commercial Building Buyer:..................................... Palladium Holdings LLC Seller: ....................................... Orange Palladium LLC Mtg:........................ NorthEast Comm BK $1,450,000 Date: ............................................................ 03/26/14 Total Assessed Value (2013): ........................$744,800 Lot Size: ........................................................... 5226sf Prior Sale:........................................ $975,000 (06/09)

1279 Gold Star Hwy, Groton............ $960,000 Use:....................................... Retail-Department Store Buyer:......................................... MSI Investments LLC Seller:............................................................. KES Inc Mtg:........................... Peoples United Bank $720,000 Date:............................................................ 03/03/14 Total Assessed Value (2013): ........................$470,120 Lot Size: ......................................................... 61158sf

28 E Main St, Stonington................. $525,000 Use:............................................. Commercial Building Buyer:.................................. Mangrove Properties LLC Seller:.......................................... My Wifes Whim LLC Date: ............................................................ 03/04/14 Total Assessed Value (2013): ........................$446,500 Lot Size: ........................................................... 8276sf Prior Sale: ........................................$700,000 (08/05)

43 High Ridge Farm Ln, Bolton........ $599,900 Use:............................................ Land-Vacant & Open Buyer: ............................Mark Gaudet & Heidi Everhart Seller:................................................ MTS Builders Inc Date: ............................................................ 02/18/14 Total Assessed Value (2013): ..........................$96,260 Lot Size: ......................................................... 47480sf Prior Sale: ........................................$142,500 (04/13)

70 Union St, Vernon......................... $525,000 Use:...................................... Commercial Vacant Land Buyer: ........................................... Dalmac Rtealty LLC Seller:........................................... Allen&Scranton LLC Date:............................................................. 03/03/14 Total Assessed Value (2013):.......................... $35,630 Lot Size:........................................................... 9148sf Prior Sale: ..........................................$20,010 (04/09)

1-7 Barber Hill Rd, Plainfield........... $275,000 Use:................................... Apartment Bldg - 4-8 Units Buyer:...................................... Bellavance&Gates LLC Seller: ............................................. Christine C Silveira Mtg:....................................... Putnam Bank $220,000 Date:............................................................ 03/20/14 Total Assessed Value (2013): ........................$275,080 Lot Size:......................................................... 87120sf Prior Sale: ........................................$253,930 (07/13)

16 Watson St, Windham................... $210,000 Use:........................................................Retail-Service Buyer: ......................................................Fa Dong Pan Seller: ........................... Ronald Drum & Barbara Drum Mtg: .................................... Ronald R Drum $130,000 Date: ............................................................ 03/05/14 Total Assessed Value (2013): ..........................$69,830 Lot Size: ......................................................... 10890sf Prior Sale:........................................ $100,000 (01/95)

NEW LONDON 373 Norwich Westerly Rd, North Stonington............................ $2,450,000 Use:............................................. Commercial Building Buyer:......................................... Hilltop Inn Suites LLC Seller: ........................................Esplanade Hilltop LLC Mtg:.................................. Republic Bank $2,200,000 Date:............................................................ 03/19/14 Total Assessed Value (2013):..................... $2,667,700 Lot Size: ...................................................... 219392sf

TOLLAND 140 River Rd, Willington.................. $708,333 Use:..................................................Industrial Building Buyer:....................................... I&K Bhohal Realty LLC Seller: .......................................... 140 River Road LLC Mtg:............................... First Niagara Bank $340,000 Date: ............................................................ 04/01/14 Total Assessed Value (2013):........................ $559,180 Lot Size:......................................................... 62726sf Prior Sale:........................................ $345,987 (03/05)

WINDHAM 624 Norwich Rd, Plainfield.............. $300,000 Use:............................................. Commercial Building Buyer: ............................................Winnick Realty LLC Seller:.......................................... G&D Properties LLC Mtg:............................... First Niagara Bank $225,000 Date: ............................................................ 03/21/14 Total Assessed Value (2013): ........................$206,280 Lot Size:......................................................... 31363sf Prior Sale: ........................................$260,000 (12/05)

MAY 2014 | THE COMMERCIAL RECORD | 23

TRENDLINES

FAIRFIELD COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

BETHEL 1 Family Condo All Sales

7 2 1 4

6 8 15

-14.29% 300.00% 7.14%

15 5 30

27 11 47

80.00% 120.00% 56.67%

$337,000 N/A $351,750

$282,500 $359,299 $290,000

-16.17% $300,000 N/A $462,972 -17.56% $307,500

$270,000 -10.00% $311,000 -32.83% $273,000 -11.22%

44 12 102

51.72% 100.00% 100.00%

89 19 164

87 37 218

-2.25% 94.74% 32.93%

$115,000 $67,500 $110,000

$140,500 $66,227 $120,000

22.17% -1.89% 9.09%

$140,000 $62,000 $126,750

$145,000 $63,500 $125,000

3.57% 2.42% -1.38%

1 2 4 2 0

6 2 10

-50.00% -50.00% -50.00%

23 12 43

16 8 44

-30.43% -33.33% 2.33%

$471,500 $158,000 $375,878

$271,600 -42.40% N/A -100.00% $363,000 -3.43%

$375,000 $154,000 $294,900

$345,000 $298,896 $338,100

-8.00% 94.09% 14.65%

2 0 1 9 5 1

26 18 62

30.00% -5.26% 21.57%

57 56 141

66 54 163

15.79% -3.57% 15.60%

$223,750 $130,000 $207,500

$251,000 $234,000 $247,504

$240,000 $148,000 $205,000

$236,950 $190,000 $245,007

-1.27% 28.38% 19.52%

1 2 2 1 4

5 1 6

-58.33% -50.00% -57.14%

37 2 43

39 7 52

5.41% 250.00% 20.93%

$1,282,480 N/A $1,211,730

$1,049,000 N/A $1,191,120

-18.21% $1,020,000 N/A N/A -1.70% $1,020,000

$1,100,000 $1,333,240 $1,188,500

7.84% N/A 16.52%

2 0 2

3 0 3

8 0 9

8 0 9

N/A N/A N/A

$590,000 N/A $590,000

N/A $468,475 N/A N/A N/A $467,500

$560,000 N/A $530,000

19.54% N/A 13.37%

$479,750 $340,000 $460,500

$505,000 $300,000 $450,000

$517,500 $339,500 $516,250

2.48% 13.17% 14.72%

$1,290,000 17.17% $1,500,000 $938,500 102.92% $525,000 $1,121,000 9.90% $1,025,000

$2,102,500 $700,000 $1,276,875

40.17% 33.33% 24.57%

BRIDGEPORT 1 Family Condo All Sales

2 9 6 5 1

BROOKFIELD 1 Family Condo All Sales

DANBURY 1 Family Condo All Sales

12.18% 80.00% 19.28%

DARIEN 1 Family Condo All Sales

EASTON 1 Family Condo All Sales

50.00% N/A 50.00%

0.00% N/A 0.00%

FAIRFIELD 1 Family Condo All Sales

4 3 3 5 0

31 7 42

-27.91% 133.33% -16.00%

78 11 99

89 18 118

14.10% 63.64% 19.19%

$557,000 $220,000 $506,750

2 5 9 4 8

15 7 26

-40.00% -22.22% -45.83%

76 23 144

48 19 82

-36.84% -17.39% -43.06%

$1,101,000 $462,500 $1,020,000

6 3 1 1

9 2 11

50.00% -33.33% 0.00%

37 4 48

27 9 37

-27.03% 125.00% -22.92%

$320,000 $410,000 $360,000

17 2 21

70.00% -60.00% 10.53%

35 7 51

45 11 60

28.57% 57.14% 17.65%

$1,210,000 $945,000 $1,030,000

9 1 12

-25.00% N/A 0.00%

23 0 24

28 1 33

21.74% N/A 37.50%

22 1 25

37.50% N/A 38.89%

38 1 44

64 3 76

2 8 1 6 5 9

29 18 59

3.57% 12.50% 0.00%

78 34 149

5 0 6

4 0 6

-20.00% N/A 0.00% -37.93% -40.00% -22.86%

-13.87% 54.55% -9.13%

GREENWICH 1 Family Condo All Sales

MONROE 1 Family Condo All Sales

$352,000 10.00% N/A -100.00% $346,000 -3.89%

$280,000 $399,055 $277,500

$325,000 16.07% $162,900 -59.18% $262,000 -5.59%

$1,675,000 38.43% $1,082,500 N/A -100.00% $750,000 $1,595,000 54.85% $950,000

$1,535,000 41.80% $418,000 -44.27% $1,331,250 40.13%

NEW CANAAN 1 Family Condo All Sales

1 0 5 1 9

NEW FAIRFIELD 1 Family Condo All Sales

1 2 0 1 2

$307,750 N/A $307,750

$261,000 N/A $256,750

-15.19% $280,000 N/A N/A -16.57% $278,500

$316,000 N/A $300,000

12.86% N/A 7.72%

68.42% 200.00% 72.73%

$405,000 N/A $400,000

$383,800 N/A $342,000

-5.23% $336,000 N/A N/A -14.50% $318,375

$340,500 $398,728 $338,250

1.34% N/A 6.24%

85 46 166

8.97% 35.29% 11.41%

$382,500 $223,750 $357,000

$360,000 $217,000 $310,000

-5.88% -3.02% -13.17%

$370,000 0.68% $211,500 -13.66% $306,000 -10.53%

14 0 17

10 0 13

-28.57% N/A -23.53%

$550,000 N/A $430,000

$527,500 N/A $410,000

61 8 75

48 8 64

-21.31% 0.00% -14.67%

$532,500 $452,500 $524,800

$609,500 $152,000 $482,400

NEWTOWN 1 Family Condo All Sales

1 6 0 1 8

NORWALK 1 Family Condo All Sales

$367,500 $244,950 $342,000

REDDING 1 Family Condo All Sales

-4.09% $402,813 N/A N/A -4.65% $320,000

$435,000 N/A $370,000

7.99% N/A 15.63%

RIDGEFIELD 1 Family Condo All Sales

2 9 5 3 5

18 3 27

24 | THE COMMERCIAL RECORD | MAY 2014

14.46% -66.41% -8.08%

$532,500 $466,250 $524,800

$661,250 24.18% $229,250 -50.83% $582,000 10.90%

Real estate & credit transactions updated every Thursday

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NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

-36.59% -14.29% -27.85%

$310,000 $291,750 $310,000

$273,500 $251,250 $251,250

$292,000 $245,000 $292,000

$280,000 -4.11% $219,000 -10.61% $267,000 -8.56%

80.00% N/A 11.11%

N/A N/A $192,000

$604,900 N/A $280,000 N/A N/A N/A $485,000 152.60% $192,000

$485,000 73.21% N/A N/A $452,500 135.68%

SHELTON 1 Family Condo All Sales

1 5 6 2 7

10 6 20

-33.33% 0.00% -25.93%

41 21 79

26 18 57

-11.77% -13.88% -18.95%

4 0 5

100.00% N/A 66.67%

5 0 9

9 0 10

32 36 89

-13.51% 38.46% 25.35%

82 76 182

81 112 239

-1.22% 47.37% 31.32%

$575,000 $227,500 $412,500

$544,500 $260,000 $415,000

-5.30% 14.29% 0.61%

$522,750 $255,000 $366,750

$560,000 $257,500 $375,000

7.13% 0.98% 2.25%

23 17 47

-34.29% 6.25% -11.32%

84 32 128

72 31 124

-14.29% -3.13% -3.13%

$235,000 $145,500 $210,000

$222,400 $150,000 $195,000

-5.36% 3.09% -7.14%

$212,750 $147,000 $192,825

$209,500 $162,000 $200,000

-1.53% 10.20% 3.72%

2 5 2 2 8

19 2 23

-24.00% 0.00% -17.86%

54 3 60

50 6 61

-7.41% 100.00% 1.67%

$360,000 N/A $357,000

$408,500 N/A $408,500

13.47% $325,000 N/A $260,000 14.43% $315,250

$339,898 $366,000 $335,000

4.58% 40.77% 6.26%

5 0 5

1 0 4

-80.00% N/A -20.00%

17 0 19

16 0 21

$612,000 N/A $612,000

N/A -100.00% $700,000 N/A N/A N/A $452,500 -26.06% $675,000

2 9 0 3 1

27 1 33

-6.90% N/A 6.45%

84 2 98

61 5 84

-27.38% 150.00% -14.29%

$946,250 N/A $946,250

$1,150,000 N/A $995,000

21.53% $1,112,500 N/A N/A 5.15% $1,066,250

$1,119,000 $850,000 $997,500

0.58% N/A -6.45%

1 4 2 1 6

10 1 11

38 4 43

35 7 45

-7.89% 75.00% 4.65%

$905,000 N/A $807,500

$720,500 N/A $717,000

-20.39% $671,250 N/A $327,500 -11.21% $665,000

$717,000 $320,000 $705,000

6.82% -2.29% 6.02%

-11.48% 1,074 15.08% 320 2.33% 1,699

1,037 411 1,823

-3.45% 28.44% 7.30%

$425,000 $224,500 $375,000

$419,000 $237,500 $322,500

-1.41% 5.79% -14.00%

$420,000 $240,000 $337,500

1.20% 10.85% -1.03%

SHERMAN 1 Family Condo All Sales

2 0 3

STAMFORD 1 Family Condo All Sales

3 7 2 6 7 1

STRATFORD 1 Family Condo All Sales

3 5 1 6 5 3

TRUMBULL 1 Family Condo All Sales

WESTON 1 Family Condo All Sales

-5.88% N/A 10.53%

$827,500 18.21% N/A N/A $725,000 7.41%

WESTPORT 1 Family Condo All Sales

WILTON 1 Family Condo All Sales

-28.57% -50.00% -31.25%

FAIRFIELD COUNTY 1 Family Condo All Sales

4 18 1 26 6 44

370 145 659

$415,000 $216,500 $341,000

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MAY 2014 | THE COMMERCIAL RECORD | 25

TRENDLINES

HARTFORD COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

AVON 1 Family Condo All Sales

1 5 9 2 6

18 3 22

20.00% -66.67% -15.38%

34 21 64

34 10 50

0.00% -52.38% -21.88%

$589,000 $165,000 $372,950

$388,450 $255,000 $354,450

-34.05% 54.55% -4.96%

$434,500 $195,000 $367,950

$398,500 $186,750 $338,875

-8.29% -4.23% -7.90%

1 3 1 1 7

3 6 13

-76.92% 500.00% -23.53%

36 4 53

26 11 46

-27.78% 175.00% -13.21%

$230,000 N/A $230,000

$290,000 $259,500 $240,000

26.09% $240,500 N/A $257,000 4.35% $249,700

$229,950 $240,000 $233,590

-4.39% -6.61% -6.45%

1 0 3 1 5

10 3 15

0.00% 0.00% 0.00%

26 8 39

28 7 40

7.69% -12.50% 2.56%

$169,250 $285,000 $183,500

$177,950 $175,000 $175,000

5.14% -38.60% -4.63%

$157,500 $362,000 $186,600

$167,500 6.35% $165,000 -54.42% $172,500 -7.56%

3 6 6 4 5

21 8 34

-41.67% 33.33% -24.44%

76 13 114

52 13 93

-31.58% 0.00% -18.42%

$175,950 $130,500 $167,700

$160,000 $107,500 $153,250

-9.07% -17.62% -8.62%

$179,000 $121,000 $167,850

$176,000 $110,000 $165,000

-1.68% -9.09% -1.70%

3 0 4

4 0 9

33.33% N/A 125.00%

10 0 13

7 0 16

-30.00% N/A 23.08%

$229,000 N/A $238,250

$361,500 N/A $378,000

57.86% $240,100 N/A N/A 58.66% $241,000

$337,000 N/A $341,000

40.36% N/A 41.49%

6 3 1 1

8 33.33% 0 -100.00% 9 -18.18%

19 8 32

17 5 25

-10.53% -37.50% -21.88%

$505,000 $190,000 $307,000

$322,500 -36.14% $307,000 N/A -100.00% $188,500 $305,000 -0.65% $238,750

$305,000 -0.65% $99,900 -47.00% $291,000 21.88%

7 0 9

12 3 17

11 0 15

-8.33% -100.00% -11.76%

$234,500 N/A $245,000

$237,500 N/A $237,500

$230,000 -1.69% N/A -100.00% $230,000 0.88%

BERLIN 1 Family Condo All Sales

BLOOMFIELD 1 Family Condo All Sales

BRISTOL 1 Family Condo All Sales

BURLINGTON 1 Family Condo All Sales

CANTON 1 Family Condo All Sales

EAST GRANBY 1 Family Condo All Sales

4 0 5

75.00% N/A 80.00%

1.28% $233,950 N/A $100,000 -3.06% $228,000

EAST HARTFORD 1 Family Condo All Sales

2 1 5 3 5

35 5 53

66.67% 0.00% 51.43%

62 11 103

72 8 112

16.13% -27.27% 8.74%

$144,000 $47,000 $118,000

$126,000 $57,000 $126,000

2 7 9

5 5 15

150.00% -28.57% 66.67%

9 15 26

16 9 34

77.78% -40.00% 30.77%

N/A $152,000 $148,000

2 8 6 3 5

30 4 42

7.14% -33.33% 20.00%

72 14 94

64 14 95

-11.11% 0.00% 1.06%

11 8 21

-15.38% 0.00% -8.70%

34 19 66

35 19 65

26 8 42

52.94% 0.00% 44.83%

49 22 83

3 -57.14% 0 -100.00% 6 -40.00%

-12.50% 21.28% 6.78%

$137,000 $52,000 $126,000

$129,950 $71,000 $129,950

-5.15% 36.54% 3.13%

$170,000 $154,900 $143,000

N/A $154,200 1.91% $148,000 -3.38% $150,000

$165,000 $154,900 $152,950

7.00% 4.66% 1.97%

$144,500 $123,100 $145,000

$145,000 $164,500 $155,000

0.35% 33.63% 6.90%

$156,500 $153,175 $156,000

$155,000 $148,000 $155,000

-0.96% -3.38% -0.64%

2.94% 0.00% -1.52%

$260,000 $157,000 $205,000

$458,000 $197,000 $385,000

76.15% 25.48% 87.80%

$274,950 $166,000 $257,500

$380,000 $173,000 $309,000

38.21% 4.22% 20.00%

55 23 94

12.24% 4.55% 13.25%

$318,000 $189,500 $294,000

$293,400 $227,500 $277,750

-7.74% 20.05% -5.53%

$290,900 $174,000 $249,000

$312,500 $173,500 $277,750

7.43% -0.29% 11.55%

19 6 25

15 0 22

-21.05% -100.00% -12.00%

$225,500 $195,000 $210,250

$202,000 -10.42% $240,000 N/A -100.00% $190,000 $182,500 -13.20% $225,500

$220,000 -8.33% N/A -100.00% $192,500 -14.63%

47 15 136

48 20 147

2.13% 33.33% 8.09%

$122,000 $65,000 $139,900

$91,000 $51,450 $125,000

$100,500 -18.95% $58,500 30.00% $121,000 -6.56%

1 0 2

3 0 3

N/A N/A N/A

N/A N/A N/A

EAST WINDSOR 1 Family Condo All Sales

ENFIELD 1 Family Condo All Sales

FARMINGTON 1 Family Condo All Sales

1 3 8 2 3

GLASTONBURY 1 Family Condo All Sales

1 7 8 2 9

GRANBY 1 Family Condo All Sales

7 3 1 0

HARTFORD 1 Family Condo All Sales

1 6 9 5 7

14 8 47

-12.50% -11.11% -17.54%

-25.41% -20.85% -10.65%

$124,000 $45,000 $129,500

HARTLAND 1 Family Condo All Sales

1 0 1

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

26 | THE COMMERCIAL RECORD | MAY 2014

200.00% N/A 50.00%

N/A N/A N/A

N/A N/A N/A

$180,000 N/A $180,000

N/A N/A N/A

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

MANCHESTER 1 Family Condo All Sales

2 3 5 3 4

33 6 48

43.48% 20.00% 41.18%

64 14 97

84 14 126

31.25% 0.00% 29.90%

$179,000 $122,900 $160,441

$159,000 $119,450 $154,750

-11.17% -2.81% -3.55%

$165,500 $118,950 $155,000

$159,750 -3.47% $100,000 -15.93% $152,500 -1.61%

2 1 3

-33.33% 0.00% -40.00%

7 1 12

3 2 6

-57.14% 100.00% -50.00%

$275,000 N/A $235,000

N/A -100.00% $275,000 N/A N/A N/A $207,500 -11.70% $215,500

$207,500 -24.55% N/A N/A $206,250 -4.29%

32 4 53

39.13% -42.86% 10.42%

60 13 110

72 7 126

20.00% -46.15% 14.55%

$127,900 $97,500 $122,500

$127,500 $79,300 $130,000

-0.31% -18.67% 6.12%

$126,000 $79,900 $120,000

$125,000 $86,000 $123,500

-0.79% 7.63% 2.92%

17 9 26

41.67% 12.50% 18.18%

44 21 73

44 27 75

0.00% 28.57% 2.74%

$189,000 $139,000 $148,250

$190,000 $150,000 $188,400

0.53% 7.91% 27.08%

$191,500 $128,865 $178,000

$200,500 $135,000 $181,000

4.70% 4.76% 1.69%

9 3 12

125.00% 200.00% 71.43%

13 5 22

25 7 33

92.31% 40.00% 50.00%

$142,750 N/A $137,500

$107,000 $110,000 $108,500

-25.04% $188,900 N/A $155,000 -21.09% $155,000

$170,500 -9.74% $121,000 -21.94% $170,000 9.68%

6 8 16

-40.00% 14.29% -11.11%

19 26 51

18 20 44

-5.26% -23.08% -13.73%

$230,000 $167,000 $229,500

$232,500 $146,000 $175,000

1.09% -12.57% -23.75%

$230,000 $171,000 $187,500

$225,000 $157,950 $211,750

13 3 19

18.18% 0.00% 26.67%

31 12 45

47 10 64

51.61% -16.67% 42.22%

$305,000 $207,500 $290,000

$339,000 $205,000 $337,500

11.15% -1.20% 16.38%

$334,000 $183,750 $270,000

$310,000 -7.19% $139,950 -23.84% $301,450 11.65%

12 4 19

100.00% -42.86% 11.76%

24 18 54

25 9 44

4.17% -50.00% -18.52%

$255,000 $130,000 $210,000

$301,350 $139,750 $290,000

18.18% 7.50% 38.10%

$255,000 $150,000 $234,000

$290,000 13.73% $127,500 -15.00% $266,847 14.04%

3 4 9 5 1

26 8 50

-23.53% -11.11% -1.96%

73 21 122

59 16 126

-19.18% -23.81% 3.28%

$234,500 $175,000 $203,000

$263,750 $128,500 $206,000

12.47% -26.57% 1.48%

$259,000 $154,300 $232,000

$225,000 -13.13% $150,950 -2.17% $207,000 -10.78%

8 1 1 2

5 -37.50% 0 -100.00% 13 8.33%

15 6 31

23 4 42

53.33% -33.33% 35.48%

$257,500 N/A $200,000

$334,900 N/A $336,000

30.06% $321,000 N/A $185,825 68.00% $321,000

$355,000 10.59% $136,000 -26.81% $350,000 9.03%

MARLBOROUGH 1 Family Condo All Sales

3 1 5

NEW BRITAIN 1 Family Condo All Sales

2 3 7 4 8

NEWINGTON 1 Family Condo All Sales

1 2 8 2 2

PLAINVILLE 1 Family Condo All Sales

4 1 7

ROCKY HILL 1 Family Condo All Sales

1 0 7 1 8

-2.17% -7.63% 12.93%

SIMSBURY 1 Family Condo All Sales

1 1 3 1 5

SOUTH WINDSOR 1 Family Condo All Sales

6 7 1 7

SOUTHINGTON 1 Family Condo All Sales

SUFFIELD 1 Family Condo All Sales

WEST HARTFORD 1 Family Condo All Sales

3 9 9 5 1

35 5 45

-10.26% -44.44% -11.76%

106 18 148

91 20 124

-14.15% 11.11% -16.22%

$315,000 $185,000 $290,000

$260,000 $187,500 $238,000

-17.46% 1.35% -17.93%

$297,000 $182,500 $271,250

$263,000 -11.45% $188,750 3.42% $258,750 -4.61%

1 8 4 2 3

25 3 28

38.89% -25.00% 21.74%

51 7 60

47 7 57

-7.84% 0.00% -5.00%

$218,000 $157,400 $210,000

$195,500 $104,900 $188,950

-10.32% -33.35% -10.02%

$194,900 $149,900 $191,000

$235,250 20.70% $110,000 -26.62% $200,000 4.71%

1 4 2 1 8

14 3 17

0.00% 50.00% -5.56%

39 5 50

48 4 55

23.08% -20.00% 10.00%

$142,000 N/A $170,000

$158,000 $230,000 $170,000

5 2 8

-28.57% -33.33% -38.46%

18 7 30

17 4 23

-5.56% -42.86% -23.33%

$135,000 $138,500 $146,000

$140,000 3.70% $153,000 N/A -100.00% $134,000 $132,500 -9.25% $166,750

$162,000 5.88% $101,500 -24.25% $145,500 -12.74%

6.19% 1,070 -13.33% 333 5.79% 1,772

1,086 290 1,802

1.50% -12.91% 1.69%

$200,000 $156,500 $180,000

$190,000 $150,000 $178,000

$200,000 $150,000 $183,000

WETHERSFIELD 1 Family Condo All Sales

WINDSOR 1 Family Condo All Sales

11.27% $185,000 N/A $162,900 0.00% $185,000

$189,500 $236,500 $193,800

2.43% 45.18% 4.76%

WINDSOR LOCKS 1 Family Condo All Sales

7 3 1 3

HARTFORD COUNTY 1 Family Condo All Sales

4 04 1 35 6 56

429 117 694

-5.00% -4.15% -1.11%

$200,000 $155,000 $185,000

0.00% -3.23% -1.08%

MAY 2014 | THE COMMERCIAL RECORD | 27

TRENDLINES

LITCHFIELD COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

BARKHAMSTED 1 Family Condo All Sales

1 0 1

1 0 2

0.00% N/A 100.00%

3 0 9

1 0 6

-66.67% N/A -33.33%

N/A N/A N/A

N/A N/A N/A

N/A $315,000 N/A N/A N/A $245,000

N/A -100.00% N/A N/A $85,000 -65.31%

2 0 2

100.00% N/A 0.00%

2 0 3

4 0 5

100.00% N/A 66.67%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A N/A N/A $150,000

$1 N/A $255,000

N/A N/A 70.00%

0 0 0

3 0 3

N/A N/A N/A

0 0 1

4 0 4

N/A N/A 300.00%

N/A N/A N/A

$275,000 N/A $275,000

N/A N/A N/A

$555,500 N/A $555,500

N/A N/A N/A

0 0 1

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

1 0 4

0 0 0

-100.00% N/A -100.00%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A N/A N/A $155,300

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

0 0 0

N/A N/A N/A

2 0 2

1 0 1

-50.00% N/A -50.00%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

0 0 1

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

2 0 3

2 0 3

0.00% N/A 0.00%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A N/A N/A $162,500

N/A N/A $300,000

N/A N/A 84.62%

5 0 6

3 0 5

-40.00% N/A -16.67%

8 0 13

6 0 12

-25.00% N/A -7.69%

$275,000 N/A $267,500

$420,000 N/A $295,000

52.73% $302,500 N/A N/A 10.28% $275,000

$357,500 N/A $272,500

18.18% N/A -0.91%

4 0 5

4 0 4

0.00% N/A -20.00%

8 0 12

12 0 13

50.00% N/A 8.33%

$258,000 N/A $250,000

$164,000 N/A $164,000

-36.43% $258,000 N/A N/A -34.40% $258,000

1 0 1

2 0 4

100.00% N/A 300.00%

3 1 4

4 2 11

33.33% 100.00% 175.00%

N/A N/A N/A

N/A N/A $642,500

N/A $320,000 N/A N/A N/A $310,000

$477,000 N/A $375,000

49.06% N/A 20.97%

11 2 15

10 0 14

-9.09% -100.00% -6.67%

$325,000 N/A $325,000

$210,000 N/A $282,500

-35.38% $275,000 N/A N/A -13.08% $275,000

$370,000 N/A $361,899

34.55% N/A 31.60%

N/A N/A N/A

N/A N/A N/A

N/A $349,000 N/A N/A N/A $349,000

$720,000 106.30% N/A N/A $720,000 106.30%

N/A $151,900 N/A N/A N/A $118,000

$250,000 64.58% N/A N/A $245,000 107.63%

BETHLEHEM 1 Family Condo All Sales

1 0 2

BRIDGEWATER 1 Family Condo All Sales

N/A N/A N/A

CANAAN 1 Family Condo All Sales

COLEBROOK 1 Family Condo All Sales

0 0 0

CORNWALL 1 Family Condo All Sales

GOSHEN 1 Family Condo All Sales

HARWINTON 1 Family Condo All Sales

$229,125 -11.19% N/A N/A $217,500 -15.70%

KENT 1 Family Condo All Sales

LITCHFIELD 1 Family Condo All Sales

7 1 9

3 -57.14% 0 -100.00% 4 -55.56%

1 0 1

2 0 2

100.00% N/A 100.00%

4 0 6

3 0 3

2 0 3

N/A N/A 50.00%

5 1 11

8 0 11

60.00% -100.00% 0.00%

N/A N/A N/A

N/A N/A $250,000

72.73% 66.67% 55.56%

48 12 72

40 8 64

-16.67% -33.33% -11.11%

$270,000 $95,000 $282,500

$275,000 $181,500 $272,500

0 1 3

2 0 3

N/A -100.00% 0.00%

N/A N/A N/A

N/A N/A N/A

MORRIS 1 Family Condo All Sales

-25.00% N/A -50.00%

NEW HARTFORD 1 Family Condo All Sales

0 0 2

NEW MILFORD 1 Family Condo All Sales

1 1 3 1 8

19 5 28

1.85% 91.05% -3.54%

$249,500 $113,250 $240,000

$262,500 $160,000 $232,940

5.21% 41.28% -2.94%

NORFOLK 1 Family Condo All Sales

0 1 2

1 N/A 0 -100.00% 1 -50.00%

28 | THE COMMERCIAL RECORD | MAY 2014

N/A N/A N/A N/A N/A $138,000

N/A N/A N/A N/A $300,000 117.39%

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

NORTH CANAAN 1 Family

1

1

Condo

0

0

4

2

All Sales

0.00%

4

1

-75.00%

N/A

N/A

N/A $257,750

2

0

-100.00%

N/A

N/A

N/A

-50.00%

15

4

-73.33%

$155,000

N/A

N/A

N/A -100.00% $112,500

N/A -100.00% N/A

N/A

$92,500 -17.78%

PLYMOUTH 1 Family

3

7

133.33%

11

21

90.91%

$146,500

$177,500

Condo

1

0 -100.00%

4

1

-75.00%

N/A

N/A

21

31

47.62%

$146,500

$173,750

200.00%

N/A

N/A

N/A

N/A

All Sales

14.29%

21.16%

$169,900

N/A $126,409 18.60%

$177,000

4.18%

N/A -100.00%

7

8

$160,000

$170,000

6.25%

1 Family

0

2

N/A

2

6

Condo

0

0

N/A

0

0

N/A

N/A

$435,500

N/A

N/A

N/A

N/A

0

2

N/A

3

6

100.00%

N/A

N/A

N/A $ 1,200,000

$435,500 -63.71%

N/A

6

11

83.33%

N/A

$1,075,500

N/A $379,250

$375,000

-1.12%

0

1

N/A

N/A

N/A

N/A

ROXBURY

All Sales

N/A

SALISBURY 1 Family

1

3

Condo

0

1

3

5

66.67%

9

21

133.33%

$370,000

$350,000

1 Family

2

5

150.00%

5

6

20.00%

N/A

$565,000

Condo

0

0

0

0

N/A

N/A

3

6

100.00%

7

10

42.86%

$440,000

$621,500

All Sales

200.00% N/A

N/A

N/A -5.41%

N/A $370,000

$320,000 -13.51%

SHARON

All Sales

N/A

N/A

N/A $440,000 N/A

$543,750

23.58%

N/A

N/A

N/A

41.25%

$360,000

$543,750

51.04%

-22.88%

$227,450

$185,000 -18.66%

THOMASTON 1 Family

5

7

40.00%

10

14

40.00%

$239,900

$185,000

Condo

2

2

0.00%

2

3

50.00%

N/A

N/A

9

10

11.11%

15

19

26.67%

$155,000

$170,000 $134,500

All Sales

N/A

N/A

$80,000

N/A

9.68%

$189,500

$185,000

-2.37%

3.07%

$134,500

$117,000 -13.01%

TORRINGTON 1 Family

1 4

14

0.00%

54

54

0.00%

$130,500

Condo

4

2

-50.00%

10

8

-20.00%

$89,950

2 1

21

0.00%

73

76

4.11%

$115,500

$130,000

1 Family

0

1

N/A

2

1

-50.00%

N/A

N/A

N/A

N/A

N/A

N/A

Condo

0

0

N/A

0

0

N/A

N/A

N/A

N/A

N/A

N/A

0

1

N/A

2

2

0.00%

N/A

N/A

N/A

N/A

N/A

N/A

N/A $362,500

$639,000

76.28%

N/A

N/A

All Sales

N/A -100.00% 12.55%

$95,000 $129,000

$111,000 16.84% $113,500 -12.02%

WARREN

All Sales

N/A

WASHINGTON 1 Family

2

5

150.00%

6

9

50.00%

N/A

$639,000

Condo

1

1

0.00%

1

2

100.00%

N/A

N/A

6

7

16.67%

11

15

36.36%

$713,500

$315,000

-55.85%

$500,000

$250,000 -50.00%

-29.03%

$209,500

$183,000 -12.65%

All Sales

N/A

N/A

WATERTOWN 1 Family

9

7

-22.22%

30

29

-3.33%

$310,000

$220,000

Condo

2

2

0.00%

12

4

-66.67%

N/A

N/A

1 4

14

0.00%

50

44

-12.00%

$217,250

$209,250

-3.68%

$152,500

$179,500

17.70%

-40.00%

11

9

-18.18%

$95,000

$149,000

56.84%

$130,000

$140,000

7.69%

0

4

N/A

N/A

N/A

$86,500

N/A

$168,000

All Sales

N/A

$57,000

$160,000 180.70%

WINCHESTER 1 Family

5

3

Condo

0

0

6

5

-16.67%

13

19

46.15%

$93,500

-66.67%

17

5

-70.59%

$220,000

3

5

66.67%

N/A

N/A

75.00%

28

22

-21.43%

$272,500

$67,100

-75.38%

$257,250

$171,000 -33.53%

All Sales

N/A

N/A

N/A 79.68%

$125,000

$103,000 -17.60%

WOODBURY 1 Family

3

1

Condo

0

1

4

7

All Sales

N/A

N/A -100.00% $300,000 N/A $175,000

$305,000

1.67%

$96,000 -45.14%

LITCHFIELD COUNTY 1 Family

7 6

98

28.95%

255

263

3.14%

$255,000

$243,450

-4.53%

$225,000

$215,000

-4.44%

Condo

1 5

14

-6.67%

51

38

-25.49%

$140,000

$135,250

-3.39%

$115,000

$118,500

3.04%

1 26

146

15.87%

405

419

3.46%

$212,450

$217,500

2.38%

$189,900

$190,000

0.05%

All Sales

MAY 2014 | THE COMMERCIAL RECORD | 29

TRENDLINES

MIDDLESEX COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

CHESTER 1 Family Condo All Sales

0 0 0

3 0 3

N/A N/A N/A

6 0 7

10 0 10

4 0 5

4 2 10

0.00% N/A 100.00%

11 1 14

12 3 24

7 9 19

-12.50% 80.00% 11.76%

18 18 47

66.67% N/A 42.86%

N/A N/A N/A

$150,500 N/A $150,500

N/A $347,500 N/A N/A N/A $345,000

$219,000 -36.98% N/A N/A $219,000 -36.52%

9.09% 200.00% 71.43%

$238,250 N/A $261,500

$146,375 N/A $145,500

-38.56% $215,000 N/A N/A -44.36% $215,000

$253,000 $139,000 $221,750

20 18 51

11.11% 0.00% 8.51%

$332,500 $108,000 $195,000

$250,000 $138,900 $177,000

-24.81% 28.61% -9.23%

$232,000 $143,950 $174,000

$256,250 10.45% $126,450 -12.16% $245,000 40.80%

-33.33% -100.00% -45.45%

N/A N/A N/A

N/A N/A N/A

N/A $227,500 N/A $132,000 N/A $210,000

$186,700 -17.93% N/A -100.00% $186,700 -11.10%

$327,500 N/A $331,000

0.77% $325,000 N/A N/A -5.43% $325,500

$242,500 -25.38% N/A N/A $250,000 -23.20%

CLINTON 1 Family Condo All Sales

17.67% N/A 3.14%

CROMWELL 1 Family Condo All Sales

8 5 1 7

DEEP RIVER 1 Family Condo All Sales

0 2 2

2 N/A 0 -100.00% 2 0.00%

6 3 11

4 0 6

4 0 5

5 0 6

25.00% N/A 20.00%

13 0 14

20 0 21

53.85% N/A 50.00%

$325,000 N/A $350,000

2 0 2

-33.33% N/A -60.00%

22 0 28

7 0 11

-68.18% N/A -60.71%

$305,000 N/A $151,125

6 0 7

14 1 15

133.33% N/A 114.29%

11 1 21

23 3 34

109.09% 200.00% 61.90%

$281,500 N/A $280,000

$244,500 N/A $239,000

2 0 3

6 0 6

200.00% N/A 100.00%

8 1 12

14 3 18

75.00% 200.00% 50.00%

N/A N/A $225,000

$536,500 N/A $419,000 N/A N/A N/A $536,500 138.44% $419,000

$361,750 -13.66% $235,000 N/A $293,250 -30.01%

4 0 5

9 0 14

125.00% N/A 180.00%

9 0 15

13 0 21

44.44% N/A 40.00%

$232,500 N/A $210,000

$247,500 N/A $229,950

6.45% $210,000 N/A N/A 9.50% $210,000

$270,000 N/A $270,000

28.57% N/A 28.57%

5 0 9

66.67% N/A 200.00%

7 0 10

11 0 23

57.14% N/A 130.00%

$395,000 N/A $395,000

$485,000 N/A $362,000

22.78% $395,000 N/A N/A -8.35% $327,500

$485,000 N/A $336,500

22.78% N/A 2.75%

2 1 3

-50.00% N/A -40.00%

7 0 9

4 2 10

-42.86% N/A 11.11%

$303,650 N/A $308,299

N/A -100.00% $299,000 N/A N/A N/A $265,000 -14.04% $299,000

$266,000 -11.04% N/A N/A $216,000 -27.76%

46 25 90

59 15 89

28.26% -40.00% -1.11%

$220,000 $109,750 $165,201

$195,000 -11.36% N/A -100.00% $195,000 18.04%

$199,500 $106,000 $164,500

$211,100 $134,500 $210,000

5.81% 26.89% 27.66%

13 0 14

17 2 28

30.77% N/A 100.00%

$335,000 N/A $279,625

$345,000 N/A $345,000

2.99% $335,000 N/A N/A 23.38% $327,000

$318,250 N/A $301,000

-5.00% N/A -7.95%

12 3 22

8 4 16

-33.33% 33.33% -27.27%

N/A N/A $250,000

$170,000 N/A $170,000

N/A $211,500 N/A $203,500 -32.00% $198,250

$232,500 $189,250 $212,000

9.93% -7.00% 6.94%

DURHAM 1 Family Condo All Sales

EAST HADDAM 1 Family Condo All Sales

3 0 5

N/A -100.00% $218,334 N/A N/A N/A N/A -100.00% $222,500

$309,500 N/A $309,500

41.76% N/A 39.10%

$239,000 $118,000 $207,500

5.29% N/A 21.06%

EAST HAMPTON 1 Family Condo All Sales

-13.14% $227,000 N/A N/A -14.64% $171,400

ESSEX 1 Family Condo All Sales

HADDAM 1 Family Condo All Sales

KILLINGWORTH 1 Family Condo All Sales

3 0 3

MIDDLEFIELD 1 Family Condo All Sales

4 0 5

MIDDLETOWN 1 Family Condo All Sales

1 5 1 0 3 2

19 2 25

26.67% -80.00% -21.88%

OLD SAYBROOK 1 Family Condo All Sales

5 0 6

5 0 7

0.00% N/A 16.67%

PORTLAND 1 Family Condo All Sales

2 1 5

3 2 7

50.00% 100.00% 40.00%

30 | THE COMMERCIAL RECORD | MAY 2014

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

WESTBROOK 1 Family Condo All Sales

0 0 1

1 0 3

N/A N/A 200.00%

1 2 5

3 0 5

200.00% -100.00% 0.00%

N/A N/A N/A

N/A N/A $13,500

190 54 319

225 50 367

18.42% -7.41% 15.05%

$274,009 $109,750 $224,250

$250,000 $152,000 $223,500

N/A N/A N/A

N/A N/A $3,000

$390,000 N/A N/A N/A $375,000 12400.00%

MIDDLESEX COUNTY 1 Family Condo All Sales

6 0 1 8 1 01

87 17 131

45.00% -5.56% 29.70%

-8.76% 38.50% -0.33%

$244,250 $108,750 $209,000

$250,000 $142,500 $236,000

2.35% 31.03% 12.92%

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.

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MAY 2014 | THE COMMERCIAL RECORD | 31

Estates • Consulting bruceh@hunterllc.com

TRENDLINES

NEW HAVEN COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

ANSONIA 1 Family Condo All Sales

5 0 7

5 0 7

0.00% N/A 0.00%

12 1 19

14 0 20

16.67% -100.00% 5.26%

$222,000 N/A $222,000

$161,900 N/A $161,900

-27.07% $201,250 N/A N/A -27.07% $160,000

$186,000 N/A $186,000

-7.58% N/A 16.25%

50.00% -25.00% 36.84%

$142,000 N/A $153,500

N/A -100.00% $154,950 N/A N/A $272,450 $292,000 90.23% $222,500

$305,000 96.84% $124,000 -54.49% $226,750 1.91%

-72.73% N/A -61.54%

$365,500 N/A $347,750

N/A -100.00% $365,000 N/A N/A N/A N/A -100.00% $340,000

$502,500 37.67% N/A N/A $502,500 47.79%

BEACON FALLS 1 Family Condo All Sales

3 1 8

2 -33.33% 0 -100.00% 3 -62.50%

8 4 19

12 3 26

3 0 4

1 0 2

-66.67% N/A -50.00%

11 0 13

3 0 5

6 11 22

-50.00% 37.50% -4.35%

31 24 63

22 30 63

-29.03% 25.00% 0.00%

$310,500 $118,187 $237,500

$303,250 $164,000 $169,450

-2.33% 38.76% -28.65%

$280,000 $155,250 $233,000

$322,250 15.09% $152,250 -1.93% $194,000 -16.74%

1 4 6 2 3

16 4 23

14.29% -33.33% 0.00%

38 18 65

33 12 55

-13.16% -33.33% -15.38%

$328,900 $99,000 $271,000

$305,500 -7.11% $269,000 171.72% $286,000 5.54%

$290,000 $151,000 $253,900

$286,000 $190,000 $281,500

0 1 1

5 2 10

N/A 100.00% 900.00%

6 4 13

12 7 26

100.00% 75.00% 100.00%

N/A N/A N/A

$224,900 N/A $199,900

18 3 24

50.00% -50.00% 33.33%

31 12 45

42 20 71

35.48% 66.67% 57.78%

$141,000 $137,500 $138,500

$173,500 $88,000 $171,000

5 1 1 2

14 3 21

180.00% 200.00% 75.00%

25 9 48

28 7 47

12.00% -22.22% -2.08%

$368,000 N/A $266,250

$365,000 $150,000 $297,500

2 7 8 4 2

28 3 39

3.70% -62.50% -7.14%

61 19 101

77 16 111

26.23% -15.79% 9.90%

$223,000 $142,750 $165,000

$171,250 $90,500 $174,000

-23.21% -36.60% 5.45%

$205,000 $138,000 $169,900

$175,000 -14.63% $95,250 -30.98% $174,000 2.41%

1 4 2 2 0

13 1 16

-7.14% -50.00% -20.00%

35 5 46

28 2 33

-20.00% -60.00% -28.26%

$513,500 N/A $407,500

$405,000 N/A $382,000

-21.13% $380,000 N/A $235,000 -6.26% $346,250

$437,500 15.13% N/A -100.00% $440,000 27.08%

2 4 4 3 2

23 12 40

-4.17% 200.00% 25.00%

77 19 119

57 20 91

-25.97% 5.26% -23.53%

$158,200 $54,750 $152,950

$96,000 $52,000 $86,750

-39.32% -5.02% -43.28%

$142,000 $83,325 $130,000

15 2 22

12 4 20

-20.00% 100.00% -9.09%

$291,750 N/A $246,500

N/A -100.00% $257,500 N/A N/A N/A $248,500 0.81% $304,800

$312,500 21.36% $421,500 N/A $312,500 2.53% $270,950 $170,000 $256,250

BETHANY 1 Family Condo All Sales

BRANFORD 1 Family Condo All Sales

1 2 8 2 3

CHESHIRE 1 Family Condo All Sales

-1.38% 25.83% 10.87%

DERBY 1 Family Condo All Sales

N/A $192,000 N/A $135,750 N/A $140,000

$194,950 1.54% $115,299 -15.07% $142,100 1.50%

EAST HAVEN 1 Family Condo All Sales

1 2 6 1 8

23.05% -36.00% 23.47%

$163,000 $137,500 $163,000

$148,250 -9.05% $104,250 -24.18% $129,000 -20.86%

-0.82% $375,000 N/A $188,125 11.74% $288,000

$325,000 -13.33% $165,000 -12.29% $315,000 9.38%

GUILFORD 1 Family Condo All Sales

HAMDEN 1 Family Condo All Sales

MADISON 1 Family Condo All Sales

MERIDEN 1 Family Condo All Sales

$150,000 $79,500 $133,000

-5.33% 4.81% -2.26%

MIDDLEBURY 1 Family Condo All Sales

4 0 5

2 1 4

-50.00% N/A -20.00%

3 0 1 1 4 7

33 8 49

10.00% -27.27% 4.26%

66 30 107

76 17 112

15.15% -43.33% 4.67%

$247,500 $186,000 $235,000

$225,000 $137,450 $220,000

14 2 22

-6.67% -60.00% 0.00%

44 12 69

40 15 63

-9.09% 25.00% -8.70%

$163,000 $78,500 $137,875

$136,500 -16.26% $169,000 N/A -100.00% $84,250 $108,500 -21.31% $139,750

MILFORD 1 Family Condo All Sales

-9.09% -26.10% -6.38%

$247,000 $172,500 $233,000

9.70% -1.45% 9.98%

NAUGATUCK 1 Family Condo All Sales

1 5 5 2 2

32 | THE COMMERCIAL RECORD | MAY 2014

$142,500 -15.68% $92,000 9.20% $140,107 0.26%

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

60 25 167

42 25 145

-30.00% 0.00% -13.17%

$127,000 $157,000 $136,500

$248,500 $143,900 $178,750

2014 %CHG YTD 13-14

NEW HAVEN 1 Family Condo All Sales

2 8 9 6 6

10 7 56

-64.29% -22.22% -15.15%

95.67% -8.34% 30.95%

$151,000 $152,000 $127,000

$168,800 11.79% $57,000 -62.50% $145,000 14.17% $232,314 -5.95% N/A -100.00% $225,000 -4.23%

NORTH BRANFORD 1 Family Condo All Sales

7 0 9

3 0 5

-57.14% N/A -44.44%

18 6 28

12 0 15

-33.33% -100.00% -46.43%

$244,000 N/A $244,000

$255,500 N/A $144,900

4.71% $247,000 N/A $123,750 -40.61% $234,950

8 0 1 2

16 2 20

100.00% N/A 66.67%

30 1 40

34 5 45

13.33% 400.00% 12.50%

$267,500 N/A $267,500

$267,000 N/A $266,000

-0.19% $242,500 N/A N/A -0.56% $238,750

$262,000 $235,000 $262,000

8.04% N/A 9.74%

1 0 0 1 1

6 0 9

-40.00% N/A -18.18%

18 2 21

22 0 28

22.22% -100.00% 33.33%

$317,500 N/A $300,000

$326,500 N/A $338,000

2.83% $324,000 N/A N/A 12.67% $310,000

$305,000 N/A $346,500

-5.86% N/A 11.77%

6 3 1 0

8 1 15

33.33% -66.67% 50.00%

14 5 23

18 3 40

28.57% -40.00% 73.91%

$341,500 $345,000 $340,000

$219,375 -35.76% $320,000 N/A -100.00% $345,000 $236,250 -30.51% $335,000

$278,500 -12.97% $370,326 7.34% $302,500 -9.70%

0.00% N/A -20.00%

11 2 18

12 1 15

9.09% -50.00% -16.67%

$300,000 N/A $375,000

$379,000 N/A $383,433

$296,500 N/A $345,000

11 1 13

57.14% -66.67% 8.33%

19 9 35

27 2 37

42.11% -77.78% 5.71%

$150,000 $55,000 $145,000

$217,000 44.67% $156,000 N/A -100.00% $55,000 $215,000 48.28% $150,000

$194,000 24.36% N/A -100.00% $166,600 11.07%

3 18 22

-62.50% 260.00% 46.67%

20 20 50

15 34 55

-25.00% 70.00% 10.00%

$304,000 $120,000 $225,000

$360,000 $100,000 $107,000

18.42% -16.67% -52.44%

$324,000 $122,500 $186,000

$357,000 10.19% $108,250 -11.63% $144,900 -22.10%

19 8 33

5.56% -20.00% -19.51%

52 22 99

59 20 99

13.46% -9.09% 0.00%

$220,500 $232,500 $223,000

$231,000 $158,500 $200,000

4.76% -31.83% -10.31%

$223,000 $176,050 $205,111

$225,000 0.90% $141,000 -19.91% $200,000 -2.49%

40 16 80

17.65% 100.00% 40.35%

76 28 151

98 37 216

28.95% 32.14% 43.05%

$114,000 $67,450 $106,000

$82,677 $45,300 $65,500

-27.48% -32.84% -38.21%

$123,750 $69,000 $110,000

$86,000 -30.51% $38,000 -44.93% $75,000 -31.82%

23 5 30

76.92% 400.00% 42.86%

48 9 80

51 10 75

6.25% 11.11% -6.25%

$159,000 N/A $157,500

$169,900 $160,000 $164,500

6.86% $159,500 N/A $149,000 4.44% $157,000

$159,000 -0.31% $110,000 -26.17% $160,000 1.91%

5 3 11

-16.67% 200.00% 37.50%

18 2 25

24 4 34

33.33% 100.00% 36.00%

$162,500 N/A $187,500

$152,137 $235,000 $220,000

-6.38% $183,450 N/A N/A 17.33% $192,500

$183,000 -0.25% $195,000 N/A $170,000 -11.69%

11 0 15

12 0 14

9.09% N/A -6.67%

$370,000 N/A $370,000

$376,500 N/A $376,500

1.76% $380,000 N/A N/A 1.76% $370,000

4.08% 855 19.35% 290 9.14% 1,501

882 294 1,561

3.16% 1.38% 4.00%

$200,000 $145,000 $175,000

$199,950 $109,500 $169,100

NORTH HAVEN 1 Family Condo All Sales

ORANGE 1 Family Condo All Sales

OXFORD 1 Family Condo All Sales

PROSPECT 1 Family Condo All Sales

3 0 5

3 0 4

26.33% $295,000 N/A N/A 2.25% $266,750

0.51% N/A 29.33%

SEYMOUR 1 Family Condo All Sales

7 3 1 2

SOUTHBURY 1 Family Condo All Sales

8 5 1 5

WALLINGFORD 1 Family Condo All Sales

1 8 1 0 4 1

WATERBURY 1 Family Condo All Sales

3 4 8 5 7

WEST HAVEN 1 Family Condo All Sales

1 3 1 2 1

WOLCOTT 1 Family Condo All Sales

6 1 8

WOODBRIDGE 1 Family Condo All Sales

3 0 5

5 0 5

66.67% N/A 0.00%

$387,200 N/A $411,250

1.89% N/A 11.15%

NEW HAVEN COUNTY 1 Family Condo All Sales

3 19 9 3 5 36

332 111 585

-0.03% -24.48% -3.37%

$200,000 $144,000 $175,000

$200,000 0.00% $118,750 -17.53% $172,000 -1.71%

MAY 2014 | THE COMMERCIAL RECORD | 33

TRENDLINES

NEW LONDON COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

-50.00% N/A -50.00%

$180,000 N/A $177,000

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

BOZRAH 1 Family Condo All Sales

5 0 6

1 0 1

-80.00% N/A -83.33%

6 0 8

3 0 4

N/A -100.00% $177,000 N/A N/A N/A N/A -100.00% $177,000

$77,000 -56.50% N/A N/A $66,000 -62.71%

12 1 16

50.00% 0.00% 45.45%

20 3 38

20 1 29

0.00% -66.67% -23.68%

$195,000 N/A $159,500

$194,950 N/A $194,950

-0.03% $209,000 $194,950 -6.72% N/A $225,000 -100.00% 22.23% $193,500 $175,000 -9.56%

9 3 15

-18.18% 200.00% 0.00%

25 7 41

28 9 52

12.00% 28.57% 26.83%

$279,000 N/A $252,500

$265,000 $212,000 $250,000

-5.02% $264,500 N/A $166,680 -0.99% $252,500

$254,000 -3.97% $206,500 23.89% $213,500 -15.45%

0.00% N/A -16.67%

N/A N/A N/A

$139,000 N/A $137,000

N/A $169,000 N/A N/A N/A $142,000

$139,000 -17.75% N/A N/A $135,000 -4.93%

COLCHESTER 1 Family Condo All Sales

8 1 1 1

EAST LYME 1 Family Condo All Sales

1 1 1 1 5

FRANKLIN 1 Family Condo All Sales

0 0 0

3 0 4

N/A N/A N/A

3 0 6

3 0 5

3 0 4

3 0 6

0.00% N/A 50.00%

10 1 15

13 0 17

30.00% -100.00% 13.33%

$192,500 N/A $221,450

$80,150 N/A $72,575

-58.36% $150,000 N/A N/A -67.23% $136,900

$98,400 -34.40% N/A N/A $91,250 -33.35%

1 4 2 1 9

15 6 24

7.14% 200.00% 26.32%

37 7 51

49 13 77

32.43% 85.71% 50.98%

$226,500 N/A $185,000

$225,000 $107,250 $165,000

-0.66% $190,500 N/A $170,000 -10.81% $185,000

$223,000 17.06% $96,500 -43.24% $171,000 -7.57%

7 0 1 1

5 0 7

-28.57% N/A -36.36%

11 0 18

14 0 21

27.27% N/A 16.67%

$170,000 N/A $170,000

$182,000 N/A $182,000

7.06% $175,000 N/A N/A 7.06% $214,000

$191,000 9.14% N/A N/A $178,500 -16.59%

32 2 46

39 0 48

$187,000 N/A $181,500

$190,000 N/A $198,000

1.60% $186,000 N/A N/A 9.09% $182,000

$183,000 N/A $182,750

6 0 11

6 0 10

$185,000 N/A $193,750

$294,933 N/A $294,933

59.42% $190,000 N/A N/A 52.22% $195,000

$251,000 32.11% N/A N/A $140,276 -28.06%

GRISWOLD 1 Family Condo All Sales

GROTON 1 Family Condo All Sales

LEBANON 1 Family Condo All Sales

LEDYARD 1 Family Condo All Sales

1 1 1 1 4

19 72.73% 0 -100.00% 21 50.00%

21.88% -100.00% 4.35%

-1.61% N/A 0.41%

LISBON 1 Family Condo All Sales

3 0 4

4 0 6

33.33% N/A 50.00%

0.00% N/A -9.09%

3 1 6

3 0.00% 0 -100.00% 4 -33.33%

6 1 10

6 0 8

0.00% -100.00% -20.00%

$600,000 N/A $443,438

$615,000 N/A $520,000

2.50% $662,500 N/A N/A 17.27% $443,438

$520,000 -21.51% N/A N/A $362,500 -18.25%

5 1 8

-68.75% N/A -52.94%

28 2 32

20 3 34

-28.57% 50.00% 6.25%

$167,500 N/A $160,000

$145,000 N/A $119,750

-13.43% $176,500 N/A N/A -25.16% $172,500

$140,950 -20.14% $47,000 N/A $132,450 -23.22%

6 2 18

20.00% N/A 38.46%

11 4 37

12 4 34

9.09% 0.00% -8.11%

$180,000 N/A $180,000

$166,250 N/A $137,500

-7.64% $155,000 N/A $100,000 -23.61% $104,000

$126,750 -18.23% $331,500 231.50% $129,000 24.04%

N/A N/A N/A

$199,500 N/A $199,500

N/A $186,500 N/A N/A N/A $160,000

LYME 1 Family Condo All Sales

MONTVILLE 1 Family Condo All Sales

1 6 0 1 7

NEW LONDON 1 Family Condo All Sales

5 0 1 3

NORTH STONINGTON 1 Family Condo All Sales

1 0 2

4 0 6

300.00% N/A 200.00%

4 0 7

9 0 13

125.00% N/A 85.71%

7 4 1 4

13 2 17

85.71% -50.00% 21.43%

26 8 46

30 10 49

15.38% 25.00% 6.52%

$73,299 $156,108 $119,500

$135,000 84.18% N/A -100.00% $135,000 12.97%

11 0 14

175.00% N/A 250.00%

17 1 21

23 0 31

35.29% -100.00% 47.62%

$387,500 N/A $387,500

$335,000 N/A $317,500

$217,000 N/A $198,500

16.35% N/A 24.06%

NORWICH 1 Family Condo All Sales

$113,450 $147,700 $116,450

$110,000 -3.04% $127,200 -13.88% $109,000 -6.40%

-13.55% $420,000 N/A N/A -18.06% $420,000

$300,000 -28.57% N/A N/A $297,500 -29.17%

OLD LYME 1 Family Condo All Sales

4 0 4

34 | THE COMMERCIAL RECORD | MAY 2014

Real estate & credit transactions updated every Thursday

www.commercialrecord.com • subscribers only

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 YTD

MEDIAN PRICE %CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

PRESTON 1 Family Condo All Sales

4 0 4

1 0 1

-75.00% N/A -75.00%

9 0 13

2 0 5

-77.78% N/A -61.54%

$199,500 N/A $199,500

3 0 4

2 1 3

-33.33% N/A -25.00%

6 4 15

2 0 3

0 -100.00% 0 N/A 4 33.33%

N/A -100.00% $175,000 N/A N/A N/A N/A -100.00% $175,000

N/A -100.00% N/A N/A $95,000 -45.71%

6 1 10

0.00% -75.00% -33.33%

$299,900 N/A $224,950

2 0 3

2 0 7

0.00% N/A 133.33%

N/A N/A $123,000

N/A N/A $73,250

N/A N/A N/A N/A -40.45% $123,000

N/A N/A N/A N/A $85,000 -30.89%

$243,050 N/A $214,050

$197,500 N/A $233,250

-18.74% $279,000 N/A N/A 8.97% $257,000

$231,500 -17.03% $402,500 N/A $209,250 -18.58%

N/A N/A N/A

$216,500 N/A $216,500

SALEM 1 Family Condo All Sales

N/A -100.00% $254,950 $201,250 -21.06% N/A N/A $41,250 -100.00% $162,500 -27.76% $150,000 $158,750 5.83%

SPRAGUE 1 Family Condo All Sales

STONINGTON 1 Family Condo All Sales

1 4 0 2 0

6 2 20

-57.14% N/A 0.00%

28 2 39

14 4 36

-50.00% 100.00% -7.69%

7 0 7

250.00% N/A 250.00%

2 0 2

10 0 10

400.00% N/A 400.00%

11 1 15

83.33% 0.00% 50.00%

27 3 38

34 5 45

25.93% 66.67% 18.42%

$220,950 N/A $205,950

$191,000 N/A $190,000

316 45 497

343 50 545

8.54% 11.11% 9.66%

$207,000 $150,500 $190,000

$198,000 $145,000 $183,000

VOLUNTOWN 1 Family Condo All Sales

2 0 2

N/A N/A N/A

N/A N/A N/A

$252,950 N/A $252,950

N/A N/A N/A

-13.56% $190,000 N/A $165,000 -7.74% $187,000

$203,500 $199,900 $191,000

7.11% 21.15% 2.14%

WATERFORD 1 Family Condo All Sales

6 1 1 0

NEW LONDON COUNTY 1 Family Condo All Sales

1 29 1 1 1 83

140 19 217

8.53% 72.73% 18.58%

-4.35% -3.65% -3.68%

$194,500 $150,000 $180,000

$199,000 2.31% $135,000 -10.00% $175,000 -2.78%

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MAY 2014 | THE COMMERCIAL RECORD | 35

TRENDLINES

TOLLAND COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

-66.67% N/A -62.50%

$260,000 N/A $260,000

N/A -100.00% $286,500 N/A N/A N/A N/A -100.00% $232,000

12 1100.00% 0 N/A 15 114.29%

N/A N/A $367,000

$260,000 N/A $204,000

$159,500 N/A $160,000

N/A -100.00% $160,000 N/A N/A N/A $306,800 91.75% $172,500

$174,000 N/A $174,000

8.75% N/A 0.87%

$285,000 N/A $270,000

$172,187 N/A $128,074

-39.58% $159,500 N/A N/A -52.57% $159,000

$175,000 N/A $175,000

9.72% N/A 10.06%

16.11% $284,950 N/A $104,000 -10.44% $210,000

$289,000 $174,250 $245,000

1.42% 67.55% 16.67%

ANDOVER 1 Family Condo All Sales

5 0 5

2 0 2

-60.00% N/A -60.00%

6 0 8

2 0 3

N/A -100.00% N/A N/A $32,500 -85.99%

0 0 3

5 0 7

N/A N/A 133.33%

1 0 7

2 0 3

-50.00% N/A -40.00%

9 0 10

5 0 7

8 0 13

100.00% N/A 160.00%

22 1 29

28 0 41

3 1 7

3 4 10

0.00% 300.00% 42.86%

14 3 25

14 6 26

0.00% $211,000 100.00% 4.00% $211,000

$245,000 $172,500 $188,975

5 0 7

2 1 3

-60.00% N/A -57.14%

10 0 14

9 4 16

-10.00% N/A 14.29%

$314,900 N/A $349,900

N/A -100.00% $244,450 N/A N/A N/A $169,900 -51.44% $289,000

$195,000 -20.23% $276,700 N/A $205,950 -28.74%

BOLTON 1 Family Condo All Sales

N/A N/A N/A N/A -44.41% $350,000

$251,250 N/A N/A N/A $245,000 -30.00%

COLUMBIA 1 Family Condo All Sales

4 0 5

-44.44% N/A -30.00%

COVENTRY 1 Family Condo All Sales

4 0 5

27.27% -100.00% 41.38%

ELLINGTON 1 Family Condo All Sales

HEBRON 1 Family Condo All Sales

MANSFIELD 1 Family Condo All Sales

5 1 9

7 40.00% 0 -100.00% 10 11.11%

10 3 21

15 3 28

50.00% 0.00% 33.33%

$235,000 N/A $160,000

$213,675 N/A $178,250

-9.07% $197,500 N/A $115,000 11.41% $150,000

$235,000 18.99% $234,000 103.48% $173,250 15.50%

7 1 9

8 14.29% 0 -100.00% 10 11.11%

17 1 25

16 0 19

-5.88% -100.00% -24.00%

$303,500 N/A $303,500

$286,000 N/A $267,750

-5.77% $303,500 N/A N/A -11.78% $292,000

$261,200 -13.94% N/A N/A $240,000 -17.81%

4 1 8

10 1 17

150.00% 0.00% 112.50%

16 6 27

22 2 33

37.50% -66.67% 22.22%

$187,450 N/A $174,500

$149,100 N/A $113,000

-20.46% $194,950 N/A $98,000 -35.24% $155,000

$149,100 -23.52% N/A -100.00% $128,000 -17.42%

1 1 0 1 3

8 0 9

-27.27% N/A -30.77%

24 0 32

25 0 29

4.17% N/A -9.38%

$235,000 N/A $220,000

$224,855 N/A $224,810

-4.32% $235,000 N/A N/A 2.19% $208,750

1 0 1

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

2 0 2

1 0 1

-50.00% N/A -50.00%

N/A N/A N/A

N/A N/A N/A

27.59% 33.33% 34.78%

$164,500 $84,500 $157,500

$198,000 $141,900 $160,000

N/A N/A N/A

$213,500 N/A $192,000

$223,000 $84,500 $219,900

$206,000 $154,950 $168,750

SOMERS 1 Family Condo All Sales

STAFFORD 1 Family Condo All Sales

TOLLAND 1 Family Condo All Sales

$232,000 N/A $225,000

-1.28% N/A 7.78%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

$165,000 $73,500 $149,500

$185,000 $102,500 $170,000

12.12% 39.46% 13.71%

N/A $139,000 N/A N/A N/A $139,000

$203,000 N/A $197,500

46.04% N/A 42.09%

$210,000 $152,000 $186,000

2.94% 49.39% -0.53%

UNION 1 Family Condo All Sales

N/A N/A N/A

VERNON 1 Family Condo All Sales

1 4 4 2 1

11 3 19

-21.43% -25.00% -9.52%

29 12 46

37 16 62

4 1 5

100.00% N/A 150.00%

5 0 5

7 1 8

165 26 251

193 32 288

20.36% 67.93% 1.59%

WILLINGTON 1 Family Condo All Sales

2 0 2

40.00% N/A 60.00%

TOLLAND COUNTY 1 Family Condo All Sales

6 5 8 9 5

70 10 108

7.69% 25.00% 13.68%

36 | THE COMMERCIAL RECORD | MAY 2014

16.97% 23.08% 14.74%

-7.62% 83.37% -23.26%

$204,000 $101,750 $187,000

TRENDLINES

WINDHAM COUNTY SALES REPORT

NUMBER OF SALES MAR 2013

MAR %CHG 2013 2014 13-14 YTD

MEDIAN PRICE

2014 YTD

%CHG 13-14

25.00% N/A 40.00%

MAR 2013

MAR %CHG 2013 2014 13-14 YTD

2014 %CHG YTD 13-14

ASHFORD 1 Family Condo All Sales

2 0 2

4 0 4

100.00% N/A 100.00%

4 0 5

5 0 7

N/A N/A N/A

$189,000 N/A $189,000

N/A $250,500 N/A N/A N/A $240,000

$140,000 -44.11% N/A N/A $140,000 -41.67%

6 0 11

20.00% N/A 37.50%

11 2 21

22 0 33

$172,000 N/A $197,000

$168,000 N/A $171,000

-2.33% $212,000 N/A N/A -13.20% $212,000

$150,500 -29.01% N/A N/A $150,000 -29.25%

2 0 2

4 0 4

100.00% N/A 100.00%

8 0 10

8 0 11

0.00% N/A 10.00%

N/A N/A N/A

$127,250 N/A $127,250

N/A $212,000 N/A N/A N/A $181,500

$158,500 -25.24% N/A N/A $162,000 -10.74%

2 0 2

1 0 1

-50.00% N/A -50.00%

2 0 2

1 0 1

-50.00% N/A -50.00%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

1 0 2

N/A N/A N/A

1 0 3

3 0 4

200.00% N/A 33.33%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A $80,000

$100,000 N/A $122,450

N/A N/A 53.06%

1 0 2

N/A N/A 100.00%

1 0 2

4 0 5

300.00% N/A 150.00%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

$230,250 N/A $228,000

N/A N/A N/A

13 1 17

62.50% 0.00% 0.00%

26 2 44

31 4 47

19.23% 100.00% 6.82%

$140,750 N/A $145,500

$135,000 N/A $130,000

-4.09% $140,750 N/A N/A -10.65% $135,500

$135,000 $139,250 $132,900

-4.09% N/A -1.92%

1 1 0 1 3

6 3 11

-45.45% N/A -15.38%

21 1 36

29 4 46

38.10% 300.00% 27.78%

$148,000 N/A $140,000

$140,000 $82,500 $125,000

-5.41% $148,000 N/A N/A -10.71% $140,000

$149,900 $75,000 $146,250

1.28% N/A 4.46%

6 0 8

1 1 2

-83.33% N/A -75.00%

8 0 10

4 1 6

-50.00% N/A -40.00%

$216,500 N/A $179,450

N/A -100.00% $216,500 N/A N/A N/A N/A -100.00% $179,450

$247,000 N/A $206,000

14.09% N/A 14.80%

6 1 1 0

5 2 10

-16.67% 100.00% 0.00%

9 2 18

14 4 30

55.56% 100.00% 66.67%

$132,500 N/A $122,500

$142,500 N/A $138,750

$153,750 $164,250 $146,250

23.00% N/A 33.02%

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

N/A N/A $131,600 N/A N/A N/A N/A -100.00% $100,299

$136,000 N/A $138,000

3.34% N/A 37.59%

BROOKLYN 1 Family Condo All Sales

5 0 8

100.00% -100.00% 57.14%

CANTERBURY 1 Family Condo All Sales

CHAPLIN 1 Family Condo All Sales

EASTFORD 1 Family Condo All Sales

0 0 0

HAMPTON 1 Family Condo All Sales

0 0 1

KILLINGLY 1 Family Condo All Sales

8 1 1 7

PLAINFIELD 1 Family Condo All Sales

POMFRET 1 Family Condo All Sales

PUTNAM 1 Family Condo All Sales

7.55% $125,000 N/A N/A 13.27% $109,950

SCOTLAND 1 Family Condo All Sales

0 0 0

0 0 0

N/A N/A N/A

2 0 2

2 0 2

0.00% N/A 0.00%

N/A N/A N/A

N/A N/A N/A

1 1 2

-50.00% N/A -33.33%

8 0 11

5 1 8

-37.50% N/A -27.27%

N/A N/A $162,900

2 0 7

4 1 8

100.00% N/A 14.29%

7 0 19

14 1 25

100.00% N/A 31.58%

N/A N/A $100,000

$131,000 N/A $106,000

N/A $180,000 N/A N/A 6.00% $85,000

1 0 0 1 4

4 0 12

-60.00% N/A -14.29%

25 1 38

16 1 33

-36.00% 0.00% -13.16%

$118,250 N/A $110,000

$86,551 N/A $102,100

-26.81% $119,000 N/A N/A -7.18% $96,750

$127,500 N/A $103,000

7.14% N/A 6.46%

23 1 29

11 2 15

-52.17% 100.00% -48.28%

$219,900 N/A $200,000

$229,000 N/A $229,000

4.14% $200,000 N/A N/A 14.50% $195,000

$220,000 N/A $191,000

10.00% N/A -2.05%

156 9 250

169 18 273

8.33% 100.00% 9.20%

$161,000 $79,900 $142,750

$149,900 $88,000 $140,000

-6.89% 10.14% -1.93%

$150,000 $115,550 $140,000

-6.98% -0.39% 0.00%

STERLING 1 Family Condo All Sales

2 0 3

THOMPSON 1 Family Condo All Sales

$133,929 -25.60% N/A N/A $117,000 37.65%

WINDHAM 1 Family Condo All Sales

WOODSTOCK 1 Family Condo All Sales

7 1 9

6 -14.29% 0 -100.00% 6 -33.33%

WINDHAM COUNTY 1 Family Condo All Sales

6 3 3 9 6

57 9 92

-9.52% 200.00% -4.17%

$161,250 $116,000 $140,000

MAY 2014 | THE COMMERCIAL RECORD | 37

GOSSIP REPORT

GREENWICH

1

ADDRESS: 2 Wooddale Rd., Greenwich PRICE: $11,750,000 SIZE: 13,059 sq. ft.

BUYER: 2A Wooddale Rd & 2B Wooddale Rd SELLER: Jason Greenberg SOLD: 04/04/2014

DARIEN

2

GREENWICH

ADDRESS: 245 Long Neck Point Rd., Darien PRICE: $7,211,538

ADDRESS: 47 Round Hill Rd., Greenwich PRICE: $6,650,000

SIZE: 7,062 sq. ft. on 1.13 acres

SIZE: 11,831 sq. ft. on 2.87 acres

BUYER: David C. Sherwood & Rhoda Sherwood

BUYER: Mehmood Khan & Shahida Khan

SELLER: Miriam K. Moran

SELLER: N. Eric Jorgensen

SOLD: 04/01/2014

BROKERAGE: Sotheby’s International Realty

3

SOLD: 03/19/2014

GREENWICH

4

ADDRESS: 415 Round Hill Rd., Greenwich PRICE: $4,675,000 SIZE: 5,725 sq. ft. on 1.33 acres BUYER: Briana J. Hart & Gregory L. Hart SELLER: James A. Torrey & Rose P. Lynch AGENT: David Ogilvy & Assoc.

SOLD: 04/14/2014

GREENWICH

5

ADDRESS: 24 Hearthstone Dr., Greenwich PRICE: $3,895,000 SIZE: 6,000 sq. ft. on 0.31 acres

1 3 4 5

BUYER: Daniel A. Bellissimo & A. Darlene Collins

2

SELLER: 24 Hearthstone Drive LLC

SOLD: 03/28/2014

You’d think the sprawling neo-Georgian with the 10,000-bottle wine cellar would be our winner this week. But this is Greenwich, and you’d be wrong.

38 | THE COMMERCIAL RECORD | MAY 2014

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Presented by:

In Partnership with:

In Conjunction with:

Silver Sponsor:

Supporting Sponsors:

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