Connecticut Real Estate, Market Condition Blog.

Connecticut Real Estate Buying and Selling in the New Haven and Hartford County Area.

Archive for August, 2007

The state of the Connecticut real Estate market…. August/September 2007.

Posted by Dave Jones Realty on August 23, 2007

I thought I would touch on what is the most asked question of someone in the “Real Estate Field”. …

“How is the market?”This is a very loaded question because it depends on so many things.  Are you a Real Estate Buyer, or a Real Estate Seller? Or are you a buyer that is selling  a less expensive home and moving to a larger home?  Are you a buyer that is down sozing and selling a larger home to purchase a smaller one?  There are currently 48 Homes “available” in Prospect, Ct.  for sale.  That means they do not have a Hubbard Clause on them, they do not have a deposit, etc.  The average “Asking” price for these homes is $378,000.  There are also 11 houses on Deposit at an average price of $345,000.  From June 1st 2007 until the end of August 2007, 23 Homes have sold at an average price of $325,000.  That same period of June 1st 2006 to the end of August 2006 16 homes sold at an average of $385,000.  That is a fall of over 18%! That tells us there are far more homes available and the over saturation of the market is causing prices to fall. In Waterbury from June 1st 2006 to August 2006 a total of 202 single family Homes sold, for an average of $185,000 that same period of 2007  there were 178 single family homes that sold for an average of $172,000. A fall of around 10%. So if you are in the market to sell and “upsize”, you can actually make out pretty well.  Lets say for example you have a $150,000 Property to sell.  If you are taking a 10% loss of market price that means the property would have sold for $165,000 a year ago.  if you are buying a larger home for $350,000, the seller of that house is having a loss in value of almost $35,000.  That means if you were to buy that same house a year ago you would have had to pay $385,000.  The fact that the market fell, and you are “upsizing” you are saving $35,000 off the new house, and lost only $15,000 off your old house for a “Positive gain” of $20,000.   If however the shoe was on the other foot and the home owner was downsizing, and selling their home for $350,000 they would be taking a loss.  They would purchase their new place for $150,000 and would be taking a lose of $20,000.

So while it is a good time to buy, it is a tough time to sell.  If you are upsizing it will ease the burden a bit, but interes rates are on the rise again so…….

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Prospect Developement

Posted by Dave Jones Realty on August 20, 2007

This was published in the Waterbury Republican …

New Businesses coming to Prospect. Republican American Article

Wednesday, July 11, 2007BY EMILY BEAVER

PROSPECT  Dominick Mirabelle wanted parents to have a local restaurant to take their children to after soccer or baseball practice.

So he decided to open a restaurant called Dom’s Brickhouse in Crosspointe North, a retail and office building being built on Route 69 near Hotchkiss Field.The building, which is expected to open in November, will offer office and retail space for about 18 businesses. Combined with the adjacent Crosspointe South building, which houses restaurants and a newly opened overstocked merchandise outlet, the Crosspointe plaza will be one of the largest retail complexes in town, said project developer Mark Guastaferri.

Guastaferri, head of American General Investors in Prospect, said Mitchell’s Jewelers, the UPS Store and the Prospect Pages, a local newspaper, will move into Crosspointe North.

“There’s a little bit of something for everyone,” he said.The project has been in the works for a few years. Guastaferri said he decided to build Crosspointe North, which will be a 27,000-square-foot building, after completing the Heritage office building on Summit Road.Crosspointe North will look similar to the Heritage building, Guastaferri said. The new building will have seven units on its first floor, seven units in the basement and four units on the second floor.Guastaferri said he hopes Dom’s Brickhouse and other Crosspointe North businesses will enhance the local business community by creating “buzz” to attract people to Prospect.”Every time I go out to lunch, someone asks me what businesses are going in (to Crosspointe North),” Guastaferri said.

Dom’s Brickhouse, which will be Mirabelle’s first restaurant, will be a 91-seat restaurant with American cuisine, such as barbecue ribs, rotisserie chicken and steak, and a bar. Local bands will play blues and jazz music in a restaurant corner, said Mirabelle, a Town Council member.Mirabelle, a retired postal worker who is Guastaferri’s brother-in-law, said he hopes the restaurant’s location will draw families from Hotchkiss Field.

“Now, soccer moms won’t have to run home to cook a meal,” he said.

After reading that, here are my Feelings…

I am writing in to voice my opinion about an article that ran in the July 10th Republican American.  The article spoke of the new Crosspointe North building and restaurant that Mark Guastaferri and Domenic Mirabelle are opening. The fact that Mr. Mirabelle stated there are no family restaurants in Prospect is startling.  Just at a very quick count there are currently at least EIGHT places that “Soccer Moms” can go to get something to eat in Prospect.  If Dominick Mirabelle was more involved and active in town he would probably know this.  There are family orientated pizza places like Baki’s, Hometown Pizza, and Prospect Pizza.  There are several coffee shops that offer sandwiches and sandwich shops that offer coffee.  Prospect offers international cuisine in Senor Ponchos and also the Golden Wok. You can get a complete hot meal and just warm it at home from Oliver’s market.  If after the Soccer or baseball game they just want Ice cream they can also get some fresh made ice cream at the Big Dipper.  There is even the oldest continually run business in Prospect, the Prospect Dairy Bar, a full service breakfast, lunch and dinner Restaurant that has been open since 1953.  In the republican American article Mr. Mirabelle is quoted as saying he is doing this because he “wanted parents to have a local restaurant to take their children to after soccer or baseball practice”.  This statement is absurd.   The town is currently FULL of great, family orientated places that people can grab a hot or cold meal. While we are discussing Mr. Mirabelle’s comments, I think we should also point out to him it is the year 2007.  Not all women are stay at home “Soccer Mom’s”.  I happen to know a fair share of “Soccer Dad’s” who don’t mind sharing the workload in the home. That includes helping with the cleaning, cooking and also picking up a meal at one of Prospect’s EXISTING establishments.   While Mr. Mirabelle would have you believe there are currently none, I think the educated people of Prospect already know where to go.  Mr. Mirabelle obviously needs to spend a little more time learning about our great town of Prospect, and its fine establishments. 

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