Hartford Business Journal

www.HartfordBusiness.com • March 11, 2019 • Hartford Business Journal 13 FOCUS Source: Broker websites. N/A = not available. Sales completed from Jan. 1, 2018 to Dec. 21, 2018 were considered for this list. —Compiled by Stephanie R. Meagher. THE LIST Largest single-family home sales in Greater Hartford Ranked by sales price, 2018 that changing anytime in the near future. As we approach the spring sell- ing season, I expect it to be an active market. It is still a great time to buy with interest rates at historically low levels. Q. What will have the biggest impact on the spring homebuying season? A. The spring market is usually a very busy time in real estate. Much of the housing trends could rely on what decisions are made regarding Gov. Ned Lamont's budget proposals. I am concerned for those looking to buy or sell homes in Connecticut. Creating a buyers' conveyance tax and increasing the sellers' conveyance tax could really handcuff the market for years to come. In addition, I've also heard that a statewide property tax has been pro- posed. Realtors all over the state will be fighting any legislation that could directly affect homeownership and the real estate industry as a whole. Q. Some economists are predicting a recession is likely to hit the U.S. economy by the end of 2019 or in 2020. What impact will that have on homebuyers in 2019? A. Real estate is local so my first con- cern is how we navigate legislation, as mentioned earlier. The key for Greater Hartford will be to bring in businesses and keeping people in the state. A recent study by United Van Lines, a moving company that tracks custom- ers' state-to-state migration patterns, found that 62 percent of Connecticut moves are outside the state. We need to work hard to make our state a desir- able place to live and work. Not only do I have a family and a business that depends on it, keeping folks in the state will directly relate to the success of the housing market in 2019 and beyond. Q. What types of homes are in the highest demand in Greater Hartford? A. Greater Hartford has tremen- dous diversity with options for those looking to increase or decrease their living area. Downtown Hartford has seen a great revival with the popu- larity of the Yard Goats and Dunkin' Donuts Park. Buildings are being purchased for apartment living, which caters to a younger genera- tion looking to be in the middle of the entertainment district. On the other side of the spectrum, our population continues to age. Baby Boomers who don't move south could be looking for 55-and-over communities. Both of these dynamics create move- ment of inventory, creating great oppor- tunities for first-time homebuyers. The bulk of sales activity in Greater Hartford last year was within the $215,000 to $230,000 price range. Q. Many apartment projects are still in the project pipeline around Greater Hartford as renting continues to be popular in this state and around the country, particularly as debt-laden Mil- lennials eschew homeownership. What's it going to take to convince more young adults to get off the sidelines and finally purchase that first home? A. Connecticut Realtors (CTR), a 17,000-member trade association, is currently proposing legislation for First Time Buyer Savings Accounts, using other states as a framework. CTR is also ad- dressing student debt by researching op- tions for employers to give loans or grants to employees toward their student debt. So far, it's received bipartisan support. I think that creating good job oppor- tunities and advantages for our young adults will keep them in Connecticut and that will ultimately get them into the housing market. Largest single-family home sales in Greater Hartford (Ranked by sales price, 2018) Rank Address Sales price Sale date Days on market Bedrooms Full baths Half baths 1 5 Brighton Way Farmington 06032 $2,300,000 November 16 259 6 6 1 2 120 Fallview Drive Glastonbury 06033 $1,615,000 September 14 87 5 3 2 3 85 Prattling Pond Road Farmington 06032 $1,505,000 November 9 87 5 5 2 4 6 Far Hills Drive Avon 06001 $1,450,000 January 16 226 5 6 3 5 215 Penwood Xing (Lot 17) Glastonbury 06033 $1,429,369 September 14 148 5 5 1 6 186 Pembroke Terrace (Lot 13) Glastonbury 06033 $1,420,317 October 19 183 4 4 1 7 9 Scarborough Drive Avon 06001 $1,325,000 February 21 267 5 7 2 8 77 Far Hills Drive Avon 06001 $1,275,000 April 5 227 5 7 1 9 7 Atwater Terrace Farmington 06032 $1,200,000 May 11 307 5 6 1 10 6 Thatcher Terrace Farmington 06032 $1,192,500 August 3 143 5 5 1 11 58 High Ridge Road West Hartford 06117 $1,150,000 August 15 44 4 5 1 12 41 Stockbridge Drive Avon 06001 $1,015,000 May 1 464 5 5 2 12 43 Waterside Lane West Hartford 06107 $1,015,000 March 9 205 4 3 2 Source: Broker websites. N/A = not available. Sales completed from Jan. 1, 2018 to Dec. 21, 2018 were considered for this list. —Compiled by Stephanie R. Meagher.

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