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6 Hartford Business Journal • June 3, 2019 • www.HartfordBusiness.com Reporter's Notebook Gregory Seay | gseay@HartfordBusiness.com Real Estate, Economic Development/Construction, Banking & Finance and Manufacturing REAL ESTATE Realtors' economist: CT's housing scene not all grim L awrence Yun, the chief econo- mist for the nation's leading Realtor-member group, came to the Hartford Golf Club in late May, bearing a reassuring assessment of the Greater Hartford, Connecticut and U.S. housing markets and economies. Yun, whose team of data and economic analysts routinely update the more than 1 million members of the National Association of Realtors (NAR) in Washington D.C., told about 100 members of the Greater Hartford Association of Realtors (GHAR) that Hartford's housing market held its own in 2018 while much of the nation's housing markets struggled. Yun also said prospects for a reces- sion later this year or next are dim, especially with a presidential election on the horizon, meaning interest rates should remain low enough to spur home sales and refinancings. Statewide, the median price of exist- ing houses sold in 2018 rose for the third consecutive year despite a 2 percent sales decline, according to The Warren Group, the Boston business publisher that regularly tracks such data. Still, Yun said, Connecticut's housing performance ranked among the top 10 U.S. housing-sales markets in 2018. However, he said the state's contin- ued loss of residents, or outmigration, remains a concern. Fewer residents reduces demand for housing, rippling forward into fewer homes that take longer to sell and at lower prices. "One has to wonder how long can Connecticut stay in the top 10,'' he said. Sizing up the U.S. economy, Yun noted the nation's total Gross Domes- tic Product — a tally of businesses output of goods and services — rose 2.9 percent in the fourth quarter of 2018 vs. a year earlier. "It is the strongest economic growth in 15 years,'' Yun said, adding, "this could be the longest economic expan- sion ever, come July.'' However, he pointed to several anomalies in the nation's economic data that have surprised analysts. One, Yun said, is that typically the first sign of a looming recession is the so-called "yield-curve inversion,'' in which investors bid up yields on bonds and other long-term investments beyond rates on short-term holdings, such as bank certificates of deposit. This time, however, the inversion is occurring in a low-interest rate environ- ment, Yun said. Also, U.S. consumers continue opening their wallets to goods and services, a key economic driver. Moreover, the current U.S. economy has generated new jobs at a rapid clip, placing the nation and certain regions in the rare dilemma of having more jobs available — 2.6 million total nationally as of mid-spring — than people to fill them. Many are blue-collar openings for truck drivers and welders. "There are more job openings … in America than at any time in the past,'' Yun said. While that's good news for much of the country, Connecticut is the only New England state that has not fully recovered all of the jobs it shed during the Great Recession (2008 to 2010). One plus for Connecticut and New England home-sales professionals and their clients, Yun said, is that the region continues to avoid the steep real estate price run-ups that ultimately preceded precipitous housing-price collapses, and eventual record foreclosures, which plagued the Southeast and West hous- ing markets during the Great Recession. Steady appreciation in real estate prices and values, he said, means more Hartford area and Connecticut residents can afford a home, or at least qualify for a mortgage to acquire one. Yun also forecast improvement ahead in the inventory of new and used houses for sale, which GHAR noted recently has been problematic for Real- tors and prospective buyers. DEAL WATCH A 52,973-square-foot Windsor Locks industrial-warehouse building has sold for $1.4 million. Ripcord LLC acquired the 35-year-old building at 80 King Spring Road that once housed the Windsor Shade Tobacco Co. from Windsor Shade, according to Hartford broker Colliers International. $765K Tolland sale A Christian congregation has acquired a 14,500-square-foot industrial building in Tolland for $765,000. River of Life Christian Fellowship Inc. bought 58 Gerber Drive from Dalbergia LLC, said Hartford broker Colliers International. Built in 2006 with 17-foot ceiling clearances, the building rests on 8.68 acres. $400K E. Hartford sale A pair of East Hartford industrial properties totaling 21,283 square feet have sold at $400,000. Matthew Westhaver purchased the properties at 14 George St. — with 15,843 square feet — and 29 Thomas St. — housing 5,440 square feet — from R&A Realty II LLC, said Hartford broker Colliers International. $349K Hartford sale A 20,000-square-foot Hartford office building has sold for $349,000. Buyer Sam Elty purchased the building at 98-100 Farmington Ave., across the street from Aetna headquarters, from Diversified Capital Hartford LLC, said Hartford broker Colliers International. The building houses the Law Offices of Mark E. Salomone & Morelli, among other tenants. $530K Newington sale Lifeway Church purchased an 11,000-square-foot retail building on the Berlin Turnpike in Newington for $530,000. Berlin Turnpike of Newington LLC sold the 1.82-acre property, formerly a daycare center, at 2172 Berlin Turnpike to Dalbergia LLC, said Hartford broker Colliers International. National Association of Realtors Chief Economist Lawrence Yun speaks recently at the Hartford Golf Club. HBJ PHOTO | GREGORY SEAY 80 King Spring Road, Windsor Locks. 58 Gerber Drive, Tolland. 98-100 Farmington Ave., Hartford. PHOTO S | LOOPNET.COM $1.4M Windsor Locks sale