Connecticut
Not too long ago, a $3.3 million home in Westport listed by Alexander Chingas and The Riverside Realty Group received four offers in a single day after six months on the market. In Greenwich, a former Rockefeller property came back on the market for $24 million after an extensive renovation and sold in weeks. Anecdotes such as these tell the story of luxury real estate in Connecticut, where autumn’s chill hasn’t slowed the thaw in the market.
“I haven’t felt this optimistic in three years,” says Candace Adams, president of Prudential Connecticut Realty. “We’re seeing the market in general rebound. We watched those first-time buyers starting to pick up. Now that’s translated into second-tier pricing.” Statewide, she says, our deposits are on the rise, up 40 percent in June over March of 2009.
The momentum is just beginning to ripple upward as substantial reductions on properties that have lingered on the market for years along with well-priced new listings are luring upscale buyers back. “Everything has to reveal value, no matter what price category it’s in,” explains Bill Larkin, manager of William Pitt Sotheby’s International Realty’s New Canaan office, underscoring the new rule of luxury here and in every market throughout the country.
[...] Connecticut [...]
[...] Connecticut [...]