November 5, 2018

Greater Hartford’s rising luxury-housing demand

120 Fallview Drive in Glastonbury sold for $1.6 million, Greater Hartford’s most expensive home sale in September.
30 Arbor St., Hartford.

The more luxurious the home, the better the equity appreciation and resale value.

That's the summary of a recent Coldwell Banker Residential Brokerage year-over-year survey of Greater Hartford's luxury-home market in Sept. 2018.

According to Coldwell Banker's latest Hartford County Luxury Home Report, two, million-dollar-plus Hartford County homes sold in September after averaging just under two months each on the market.

Beyond the relatively quick contract-to-closing period, both sold for 22.6 percent more than their listing price, Coldwell Banker said. By comparison, Greater Hartford million-dollar-plus homes sold for only 92.1 percent of their full listing prices in Sept. 2017. The average per-square-foot listing price in September for million-dollar-plus homes increased to $251 from $199 a year earlier.

Meantime, the median price and average sales price for 12 Hartford County luxury properties sold in September (listed at $700,000 or higher) was $1.52 million vs. $1.19 million the same month in 2017, according to Coldwell Banker.

The most expensive sales were in Glastonbury: 120 Fallview Drive sold for $1.6 million; 215 Penwood Xing sold for $1.4 million.

"Hartford County is continuing to gain prominence in the luxury real estate market," said Brendan Grady, Coldwell Banker Residential Brokerage's regional vice president. "Luxury homes selling higher than listing price is a clear indication of luxury market needs in the community."

LVGH expands in Hartford

Literacy Volunteers of Greater Hartford has expanded its office footprint for its literacy and life-skills services in Hartford's West End.

The nonprofit, using interior contracting services provided by landlord Parkville Management, expanded to 10,000 square feet from about 6,000 square feet at 30 Arbor St., according to LVGH Assistant Director Stephen Morris.

The expansion added classroom space to accommodate LVGH's more than 900 pupils; an enlarged on-site daycare center for students who are parents; and a dedicated training room for volunteers.

Skyre renews in E. Hartford

Sustainable energy-source developer Skyre Inc. renewed its lease on 8,846 square feet of manufacturing-office space in East Hartford.

Landlord David Associates offered the space in its flex facility at 111 Roberts St., according to sole broker Sentry Commercial.

Skyre was formerly Sustainable Innovations Inc.

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