Hartford Business Journal

www.HartfordBusiness.com • March 12, 2018 • Hartford Business Journal 9 FOCUS sell. In Avon, for instance, while the av- erage price of all homes on the market was around $766,000, the average sales price was just over $474,000, according to Hartford County MLS data. Kathleen Shippee, a realtor with Coldwell Banker in Simsbury, who predominantly serves Farmington Valley clients, has seen that impact firsthand. "Buyers in the 5,000-plus square- foot range still exist, but some are realizing they may not need that extra space, nor do they want the increased costs to heat the property, furnish it or pay higher taxes," she said. While property taxes are often a consideration in a home purchase, the recently overhauled federal tax code — which includes a provision that caps property tax deductions for homeowners — is making Uncle Sam's cut an even bigger factor for buyers. "I'm not sure the new tax law will be a deterrent to people buying a new home," said Dale Stevens, an Enfield-based realtor with RE/MAX and president of the Greater Hartford Association of Realtors. "But it's possible that towns with higher property taxes may not be as favorable as those with lower [ones]." But the biggest driver of home sales is move-in condition, unless the buyer sees the value in a particular home, says Shippee. "Most buyers are not looking to do many updates, so [for sellers] investing in home improve- ments should help create a better re- turn," she said. "Homebuyers are still very cautious [about purchasing] and are not as willing to jump at homes unless it's the right situation." Ostop agrees. "Many buyers have already done renovations to put their house on the market and they don't want to pur- chase a larger home and do all that work again," she explained. Today's tech-savvy buyer's, says Ostop, are also educated and know what comparable homes in a neighborhood have sold for. In 2017, while the total number of homes sold in Greater Hartford increased by 2.8 percent from the previous year, the median sales price was basically flat at $221,000, accord- ing to the Greater Hartford Associa- tion of Realtors. That, along with the low interest rate environment, has also driven more first-time buyers to explore the market. Meantime, while interest rates are expected to rise, Ostop said that can be a motivating factor for buyers to make a decision to lock in lower rates. She said she expects this spring's selling season will be busy. "With what we're seeing at open houses, I am con- fident we're going to have a really great spring market," Ostop said. people work. The rise of telecommut- ing and growth of co-working both present challenges and opportunities for apartment communities. And, while some have already begun responding to this shift by revamping outdated and under-uti- lized community spaces to become high-tech working environments, demand will only rise in the coming years. Among survey respondents, 63 percent noted space to telework or work remotely is important while 40 percent noted plans to telecommute more in the future. The changing face of retail Despite the continued growth of online shopping, consumers still crave access to brick-and-mortar retail. With 2018 slated to be a year of record retail closures — following 101 million square feet of retail closings in 2017 alone — apartment communities have an opportunity to fill the gap. How? By embracing the experi- ential and pop-up trends that are changing the face of retail. However, satisfying consumers' retail needs still stems beyond the physical — it's about the online, too. Apartment communities are faced with meeting increased needs for package storage, as consumers embrace not just online shopping, but subscription services for a broad array of items. As architects and developers brace to meet national demand for 4.6 mil- lion new apartments by 2030, a keen understanding of how multifamily must respond to new technologies, a reimagined customer experience, changes in transportation and em- ployment, and a heightened focus on wellness will shape the next genera- tion of apartment living. Rick Haughey is vice president of industry technology initiatives for the National Multifamily Housing Council with headquarters in Washington D.C. Quality Construction + Butler Manufacturing = Repeat Customers www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Stevens Manufacturing, Milford, CT | 1990 | 22,000 sq. ft. 1998 | Addition — 5,000 sq. ft. 2009 | Addition — 8,300 sq. ft. 2016 | Addition — 29,000 sq. ft. Contact us at 860-482-7613 or visit us on the web. WWW.HARTFORDBUSINESS.COM/OUREVENTS go to C-Suite Awards to nominate, deadline April 9, 2018. PRESENTING SPONSORS: EVENT SPONSORS: EDUCATION LEADERSHIP SPONSOR: What does it take to be a top C-Suite Executive? We are looking for pioneers, ground breakers, leaders, and visionaries in our community, nominate today!

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