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COMMUNITY BANK HEROES NOMINATIONS WILL CLOSE ON JUNE 22. WINNERS WILL BE NOTIFIED BY THE END OF JUNE. SCAN THIS CODE WITH YOUR MOBILE DEVICE AND NOMINATE A COMMUNITY BANK HERO TODAY! Community bankers are often recognized for generating a large amount of loans, or opening a high volume of new accounts. But what about those who think beyond the bottom line, and work to benefit the community in which the bank serves? The Commercial Record is setting out to find heroes in the industry – the individuals who are admired for their ability, courage and strength. Help us identify worthy recipients who work tirelessly to not only deliver superior customer service, but also serve the community. We will honor the winners with a special The Commercial Record feature in July and again at an awards reception later in the month. It’s easy to nominate an individual worthy of this honor. Fill out the online nomination form here http://edsn.us/kF/CRHeroes. Self-nominations are acceptable. We’re looking forward to your nominations and giving due recognition to Community Banking Heroes in the region! Thank you for your help! Questions about the nomination and selection process? Contact Emily Torres at 617-896-5359 or etorres@thewarrengroup.com
A COMMUNITY BANK HERO MUST: • Work in a Connecticut community bank. • Be a respected industry professional that has made a significant impact on those around them. • Make outstanding contributions to their institution(s), had major positive influence on peers and subordinates, and even affected the industry as a whole. • Consistently give back to the industry and the community, giving freely of their time, energy and resources for volunteerism, community service and charity.
inside 19
In Focus: Community Banking The banking world is changing rapidly, and community institutions are leading the charge. From marketing strategies to vendor management and core technology selection, The Commercial Record has the information and advice you need to keep your bank at the forefront. Turn to our special community banking coverage and let our team of experts help you maximize profits, retain customers and ratchet up your competitiveness.
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6 Taken Aback For years, we’ve heard the residential home sales market is a buyer’s paradise. So imagine some buyers’ surprise at being shut out or turned off by the bidding wars and price escalations that are again becoming increasingly common in Connecticut.
8 Budding Controversy Gov. Dannell Malloy has promised to sign legislation legalizing medical marijuana use in Connecticut. It sets up a potential showdown between local landlords leasing to marijuana-related tenants with the backing of state law, and federal officials tasked with enforcing a strict no-weed policy that remains the law of the land.
12 Game Changer Massachusetts’ Berkshire Bank recently entered the Connecticut market and is looking to make an immediate splash. Hiring UConn basketball legend Geno Auriemma should help.
12 19 A Letter From Joseph Grecco On the even of the Connecticut Community Bankers Association annual conference, President Joseph Grecco takes a moment to reflect on how far the group and its members have come, and the work still to be done.
28 Banking On JOBS How the federal JOBS Act can benefit banks savvy enough to make full use of its provisions.
28 10 news roundup 11 c-changes 18 gossip report 14 state statistics 16 top commercial transactions 32 trendlines
June 2012 | The Commercial Record | 3
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from the editor
Kill Or Be Killed
M
uch has been made about the entry of Webster Bank and People’s United Bank into the Greater Boston banking market, long the jewel in the crown of New England’s banking scene. That a pair of homegrown Connecticut banks – admittedly, a pair of very large homegrown Connecticut banks – have thus far successfully penetrated the crowded and well-heeled Eastern Massachusetts market is notable. It’s also a distraction. Because while all eyes were focused eastward on the cash-rich enclaves of the coastal side of the Bay State, two banks from the oft-overlooked, inland part of our northern neighbor cast their eyes south and gobbled up a pair of well-established local players. In the past few months, the parent companies of West Springfield-based United Bank and Pittsfieldbased Berkshire Bank gave us a one-two punch after announcing their planned acquisitions of Enfield-based New England Bank (NEB) and the Hartford-based Connecticut Bank & Trust Co. (CBT), respectively. Berkshire has expanded its territory exponentially in the past three years, with no fewer than four major acquisitions. It first consolidated its position in Pittsfield by acquiring cross-town rival Legacy Bancorp. It then made inroads into upstate New York through the purchase of Rome Bancorp and Beacon Federal Bancorp. Buying CBT expanded its empire south to Central Connecticut, a nice bookend to its existing branches in Central Vermont. While not exactly quiet on the acquisition front – it acquired Worcester-based Commonwealth National Bank three years ago – United has nevertheless been overshadowed by Berkshire’s aggression. When Berkshire was consolidating itself in Pittsfield through its Legacy acquisition, or expanding west away from United’s territory with its Rome and Beacon acquisitions, United may have been content to remain passive. But after Berkshire made a splash in Central Connecticut – just a short hop down Interstate 91 in United’s back yard – no doubt United felt more than compelled to make a counter move, lest it lose its best opportunity for territorial expansion. It could be argued that both Massachusetts-based
incursions were originally spurred by still another outof-state bank’s moves within Connecticut. When Buffalo, N.Y.-based First Niagara scooped up NewAlliance Bank, it did more than acquire a significant footprint in Connecticut. It also acquired a more than one-dozen-strong branch network in Western Massachusetts, right on the doorstep of Berkshire and United. If nothing else, the recent moves underscore the fact that in Massachusetts, community banks are doing nothing if not actively competing – for better or worse – both with each other and their larger rivals. So what, then, are Connecticut’s banks going to do to counter the moves? What can they do? There is an increasingly disturbing lack of midsized banks in Connecticut able to make such splashy moves of their own. After $18 billion Webster and $28 billion People’s United, the list of large Connecticut banks includes only seven other institutions with more than $1 billion in assets, and none with more than $4 billion – compared to 11 with less than $200 million, according to the state Division of Banks. Massachusetts boasts 28 institutions with more than $1 billion in assets. Connecticut has a long and justifiably proud tradition of strong, community-focused financial institutions. And on the eve of the Connecticut Community Bankers Association’s annual meeting, we congratulate that group for so effectively advocating on behalf of both its member institutions and their loyal customers. But unless the CCBA’s members make some efforts to tap into the economies of scale offered by M&A deals of their own, we fear that Connecticut’s homegrown community banks may become an endangered species as too many sit content to be prey, and not enough grow into predators.
Cory S. Hopkins Editorial Director June 2012 | The Commercial Record | 5
Fast-Moving Spring Market A Shock To Some Slow Buyers After Years Of Stagnation, Bidding Wars And Crowded Open Houses Are Back Again – For Better Or Worse
BY COLLEEN M. SULLIVAN | COMMERCIAL RECORD STAFF
A
fter months of being told the housing market was in the dumps, that sellers were begging for crumbs, that interest rates were historically low and the prices nearly so – in short, that there never was a better time to buy – Connecticut buyers have done a surprising thing: They listened. “In conversation with Realtors all around the state, the phones are ringing, there’s optimism,” said Robert Kimball, president of the Connecticut Association of Realtors and an agent with William Raveis in Mystic. “The market’s heating up. Brokers aren’t singing the blues – there’s a little more glee, I guess you could say.” Statewide, multiple offers are becoming more common, a welcome phenomenon not seen in years, according to Mary Ann Hebert, broker/owner of Bannon & Hebert Properties in Middlebury. “I think buyers are anticipating that we may see a rise in the interest rates next year,” Hebert told The Commercial Record. “So I think they’re looking at it like this is really the perfect storm – the prices are low, the interest rates are low, and financing is available for people.” Sales for the first quarter of 2012 were up 5.2 percent over last year according to data from The Warren Group, publisher of The Commercial Record. Perhaps more importantly, the gains were widespread – while tony Fairfield County saw its first quarter sales stay flat compared to 2011, Hartford Country saw gains of 11.1 percent, Litchfield County was up
17.7 percent, Middlesex County 9.2 percent and Tolland County 19.2 percent. And that’s in a market which did not see a terribly early spring despite the warm weather, said Barbara Pearce, president and CEO of H. Pearce Real Estate in North Haven. “It’s been extremely busy – much busier than in the last couple years in the spring,” Pearce said. Though inventory is ample in some areas of Pearce’s market, she said, in other towns it’s competitive, with multiple offers frequent. And that’s causing some friction. After years of hearing about the terrible market, many buyers are surprised to find themselves in hot competition with other offers.
‘Excited To Purchase’ “A lot of [potential buyers] still think that they should be offering way less,” Pearce said. “They’re not fully engaged with the fact that they might have to pay much more than they were paying before.” And sellers, it seems, have finally adjusted to where the market is, says Hebert.
6 | The Commercial Record | June 2012
“People can’t help but see, ‘when my neighbor put their house on the market, it took them two years to sell it and it wasn’t until it got to this certain price point that it sold,’” she said. “I think people recognize that, ‘okay, let me try and listen to the advice and put this on [the market] for close to what I can expect to get.’” What’s more, many homebuyers have plenty of ammunition to bring to the party. Cash sales, which began rising as investors entered the low end of the market, are making up a considerable percentage of purchases at all levels as buyers who’ve
been sitting on the sidelines for years enter the market. Year-to-date, cash sales – defined as those sales not involving a mortgage – made up roughly 25 percent of purchases for single family homes and 45.2 percent of condo purchases in the state, according to The Warren Group. “We have a lot of people who have not been really actively looking for the last few years – maybe going to an open house here or there to see what’s going on – and some of them are jumping into the market now. And they have cash,” Hebert said. “They’re still expecting a little bit of a discount because they are a cash buyer, but we are seeing that.” Still, Connecticut still has a long way to go before it returns to the robust market of the mid-2000s. “Southeastern Connecticut, my area, it’s still pretty slow and there’s uncertainty with buyers with Pfizer announcing job cuts,” explained Kimball. But it sure is nice for brokers to be working with “people who are excited to purchase once again, rather than just dealing with distressed sales and investors,” said Hebert. n Email: csullivan@thewarrengroup.com
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Ganja-preneurs
Stoned By The Law Of The Land Gov. Dannel Malloy Is A Proponent Of Legalized Medical Marijuana. But Woe To The Landlord Attempting To Sign A Weed-Dispensing Tenant. BY JIM CRONIN | COMMERCIAL RECORD STAFF WRITER
AP Photo/Richard Vogel
The Catch
T
he possible legalization of marijuana for medical use in the state might be good news for seriously ill users, but owners of properties where the wacky weed would be sold could face a high-noon showdown with federal prosecutors. The state legislature recently voted to approve the use of marijuana as medicine by seriously ill patients, to help alleviate suffering from illnesses including cancer, glaucoma, HIV and multiple sclerosis. Gov. Dannel Malloy has said he would approve the legislation. The medical marijuana law would provide for between three and 10 growing operations but would not limit the number of dispensaries in the state. The drug would then be distributed through licensed pharmacists. But where those drug-selling operations would be located is still undeter8 | The Commercial Record | June 2012
mined. There will likely be very strict zoning regulations requiring the locations to be in specific areas, but that has not yet been determined, said Bloomfield-based attorney Aaron Romano. On one hand, marijuana is being treated as a pharmaceutical product. But on the other hand, it may be viewed as an intoxicant, so the state will likely need to make a ruling on whether a medical marijuana dispensary should zoned into areas where there are liquor stores or other pharmacies, said Romano, a lifetime member of the National Organization for the Reform of Marijuana Laws (NORML).
The square footage of the dispensaries and growing locations will likely also be dictated by the state, according to Romano, an active member of NORML’s legal committee. Owners of the operations will need to ensure there is ample space for secure storage. There will also be a strong emphasis on security at the sites. That would make a former bank building, with its built-in secure vault and other security measures, an ideal location for the ganja operations, Romano told The Commercial Record. “You have to protect a highly valued product from thieves,” Romano offered. “The regulations from the state will need to be very specific … in terms of what they can and can’t do in terms of limiting or restricting areas. The whole purpose of it is to provide access to this medicine to suffering patients.” But the federal government does not agree. In some states where marijuana is legally accepted and dispensaries are common, the feds have nevertheless been cracking down on distributors – marijuana use and its distribution is still illegal under federal law, after all. In Whitefish, Mont., a landlord that rented property to a medical marijuana business was recently sentenced to one year in prison for maintaining a property involved in drug distribution. The investigation was conducted by Homeland Security Investigations and the Northwest Montana Drug Task Force. So if a landlord were to sign a tenant to a commercial lease and the feds decided to seize the businesses assets and the store closes, that landlord wouldn’t get paid. The lease language would need to include clauses with respect to operating strictly within the laws of the state, Romano added. “It would not be in compliance with
federal law and both parties have to understand that in the contract,” he said. “Everyone is taking a risk. That said, I firmly believe it’s around the corner that the feds will change the laws to be in line with the state laws. And Connecticut’s is the most Puritan model you can get in how government-controlled it will be.”
‘Pillars Of The Community’ The model seems to be working for Colorado. The city of Denver alone collected more than $3.4 million last year from sales tax and application and license fees for dispensaries. The state as a whole collected $5 million in sales tax from medical marijuana businesses last year, more than twice what it collected the year before.
“They’re going to have to do everything by the books. There’s not going to be a need to advertise for walk-ins. These are going to look a lot less like storefronts and a lot more like medical office buildings.” – Erik Williams; Executive Director, National Organization for the Reform of Marijuana Laws – Connecticut Chapter
state level and restrictions aren’t as strict as those proposed for Connecticut],” said Erik Williams, executive director for the state’s NORML chapter. Williams said he has received many phone calls from landlords and property owners, as well as real estate investment trusts, interested in dedicating properties to growing marijuana or housing dispensaries. He said they are especially interested in redeveloping abandoned industrial factories, and those areas are viewed as “treasure troves” for potential growing
or selling operations. But those operating the businesses are going to need to have impeccable credentials, he added. “They’re going to have to people that are pillars of the community,” Williams opined. “They’re going to have to do everything by the books. There’s not going to be a need to advertise for walk-ins. These are going to look a lot less like storefronts and a lot more like medical office buildings.” n Email: jcronin@thewarrengroup.com
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Michael Cutler, a Northampton, Mass.based lawyer that lobbies for marijuana law reforms, said there is ample commercial real estate vacated as a result of the recession that could be ideal locations for growing or dispensing marijuana. “The one thing that’s clear in Connecticut, with the way the regulations are being structured, landlords and tenants can have a great deal of assurance that if the federal government were to act, they’d be acting in 16 other states first [where medical marijuana is legal on the
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June 2012 | The Commercial Record | 9
NEWS ROUNDUP
THE MOST
HARTFORD TEEN GIRLS INTRODUCED TO COMMERCIAL REAL ESTATE INDUSTRY • Twelve high school girls from Capital Prep Magnet School and the Boys & Girls Clubs of Hartford recently participated in an interactive, one-day career development program entitled “Welcome to The Real (Estate) World.” • Mayor Pedro Segarra welcomed the teen girls on May 19 before they toured downtown Hartford and participated in a real estate “scavenger hunt” featuring local real estate landmarks. The students competed to solve a real estate planning challenge. Teams developed a site plan, and created a floor plan and design board for their project, which was judged by prominent members of the local real estate industry. • Presented by CREW CT-The Real Estate Exchange, the program included luncheon presentations from CREW (Commercial Real Estate Women) members about jobs and careers in commercial real estate, a professional field that has been traditionally considered an “old boys’ network.”
MOST VIEWED ARTICLES IN MAY • Former NewAlliance Head Patterson Buys Waterfront New Canaan Home • Yale New Haven Hospital Buys $9.3M North Haven Property • Westport Businessman Pleads Guilty To $7M Bank Fraud • Bulk Of State’s $28.1M In Foreclosure Settlement Funds To Go To Mortgage Assistance • Conn. First Quarter Home Sales Rise 5 Percent MOST EMAILED ARTICLES IN MAY • Three Conn. Women Plead Not Guilty To Pyramid Scheme • UConn Economists Predict Bleak Conn. Job Future • New England Bank To Be Acquired By United In $91M Deal • Westport Businessman Pleads Guilty To $7M Bank Fraud • Former NewAlliance Head Patterson Buys Waterfront New Canaan Home
HIGH-TICKET GOLD COAST ESTATES GO ON THE MARKET • The real estate market along Connecticut’s Gold Coast includes 11 homes selling for an asking price of more than $20 million. • The latest is a 15-bedroom mansion in Greenwich that has a price tag of $33 million. • The 16,000-square-foot home comes with 13.5 bathrooms, a stable, terraced swimming pool and a life-sized chess board. • It is being listed by Sotheby’s International. • The other $20 million-plus properties include five for sale in Greenwich, three in Redding and one each in Darien, Fairfield and Westport.
FDIC SCHEDULES THREE CONN. BANKS FOR Q3 CRA EXAMINATION • The Federal Deposit Insurance Corp. will conduct Community Reinvestment Act examinations at three Connecticut banks during the third quarter.
• The banks are The Community’s Bank in Bridgeport, the Bank of New Canaan and Norwich-based Dime Bank. • Connecticut banks are examined by the FDIC’s New York regional office,
10 | The Commercial Record | June 2012
which also handles examinations for the other New England states, Delaware, Maryland, New Jersey, New York and Pennsylvania. • Regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the FDIC’s deputy regional director.
AWARDS & ACCOLADES:
C-CHANGES IN CONNECTICUT’S EXECUTIVE SUITES
Triad Advisors, the Atlanta-based independent broker-dealer owned by Ladenburg Thalmann Financial Services Inc., has landed a team of advisers who manage about $310 million in client assets. Danbury, Connecticut-based Reby Advisors, an independent firm founded by veteran adviser Robert Reby, joined Triad Advisors on May 15 from Royal Alliance, the broker-dealer owned by American International Group. The team generated about $3 million in revenue last year and together advise more than 500 individuals, families, institutions and nonprofit organizations. n
Bank of America Merrill Lynch has named Eric Bauer business banking market executive for Connecticut and Western Massachusetts, based out of Hartford. In his new role, Bauer will lead a team of client managers to serve the financial needs of small and mid-size companies, including lending and treasury management, according to a statement. Bauer has been with Bank of America and its predecessor companies for 25 years. Bauer is a past and current board or executive committee member of various nonprofit community organizations, each of which promote affordable housing for low-income residents of Connecticut. n
Bradford H. Wainman has been named senior vice president of Simon Konover Development Corp. He will direct the strategic expansion of the company’s portfolio through a combination of new construction and property acquisition. Wainman first joined the West Hartford-based company last fall as capital markets director. He will continue to serve in this capacity, overseeing investment strategy, risk management and portfolio development. n
PEGGY FORAN AND SUSAN PHELPS
The Foran Phelps Team, consisting of Peggy Foran and Susan Phelps in Prudential Connecticut Realty’s Glastonbury office, has received several local and national awards. The team has been ranked the No. 1 selling and listing agents in the town of Rocky Hill. In addition, they are the No. 3 team in the state and are ranked in the top 2 percent of Prudential Realtors nationally. The team consistently receives top honors out of all 62,000 Prudential agents nationally, and has won several top producer awards and Prudential Key Awards recognizing their outstanding service. n
Want to see your face on our C-Changes page, and/ or in our daily e-mails and popular “People” section on www.commercialrecord.com? Simply send your announce-
Fred A. Messore, vice president of Orange’s Colonial Properties Inc., has been named the 2012 Businessperson of the Year by the West Haven Chamber of Commerce. Messore has been an active member of West Haven’s business community for many years. As a commercial realtor with Colonial Properties, he has sought to enhance West Haven’s business. n
ment, along with a high-resolution headshot, to editorial@ thewarrengroup.com
June 2012 | The Commercial Record | 11
CUTTING DOWN THE NETS
NOTHIN’ BUT NET How UConn’s Geno Auriemma Can Help Newcomer Berkshire Bank Raise Its Connecticut Profile – And Profitability. BY MATT BROWN | COMMERCIAL RECORD STAFF WRITER
12 | The Commercial Record | June 2012
A
s soon as it closed its acquisition of the Connecticut Bank & Trust Co. (CBT), Berkshire Hills Bancorp began pursuing Geno Auriemma. The bank named Auriemma to its board of directors late last month. It also announced Auriemma would be the bank’s new spokesman. Berkshire Bank’s tagline is “America’s Most Exciting Bank,” and the $4 billion, Springfiled-based institution wanted to make a splash in its newest market. And when it comes to splashy, there’s virtually no one in Connecticut who can compare with Luigi “Geno” Auriemma. The longtime University of Connecticut women’s head basketball coach is known as brash, instinctual and entrepreneurial. He has led the Huskies to seven national championships. In addition to making a salary of about $2 million – one of the very highest paid employees of the State of Connecticut – he also pushes his own lines of spaghetti sauce and wine. He publishes inspirational books. He is nearly ubiquitous. And the attitude local residents take toward him could at times be described as worship.
‘Go Big Or Go Home’ “[Auriemma] is involved in a tremendous amount of business, and he’s had relationships with some of the key people at CBT for years,” Sean Gray, Berkshire’s executive vice president of retail banking, told Banker & Tradesman. “Immediately after we closed the CBT deal, we wanted to start to pursue Geno. When we go into any market, we want to be the predominant player.” With this latest deal, Auriemma joins UConn men’s basketball coach Jim Calhoun in the bank marketing game. Calhoun – himself a three-time championship winning coach – is a longtime spokesman for $18 billion, Waterbury, Conn.-based Webster Bank. “We are pleased with our longstanding relationship with [Calhoun],” Sarah Barr, a Webster spokesman, said. Calhoun is not a member of Webster’s board of directors. Auriemma is currently coaching the United States women’s basketball team that will compete later this summer in the London Olympics, and could not be reached for comment. Berkshire is busy putting together an allout promotional blitz it plans to unveil in coming months. It will include both media spots and public appearances by Auriemma,
Gray said. As a member of Berkshire’s board, Auriemma will be compensated like any other board member, Grey said. Last year, Berkshire’s 11 directors were paid between $13,750 and $57,000 in cash. Most got between $33,000 and $42,000. Directors also got $20,000 in stock awards and a bit more than $1,200 in “other” compensation. “With our brand, it’s engaging the right people, the right attitude and competing,” Gray said. “Geno appreciates that, and we’ve had that mantra here, and he really believes in ‘go big or go home.’”
Brand Alignment The Pittsfield-based bank’s first quarter profit jumped to $5.8 million from $2.8 million in the previous quarter. And a lot of that jump was the result of Berkshire’s aggressive acquisition strategy. Before the CBT buy, Berkshire had acquired New York-based Rome Bancorp almost exactly a year earlier, in April 2011, and Vermont-based Legacy Bancorp just three months later. In early May, Berkshire closed the acquisition of Needham, Mass.-based Greenpark Mortgage Corp. The work for a bank, or any brand, in selecting a spokesman is in “defining what they represent” and making sure it matches well with the institution, said Paul Pita, CEO and executive creative director at the Pita Group, a Hartford-area marketing firm. Perhaps the best example of that alignment is the relationship between Nike and Michael Jordan. “Geno is a national icon in women’s basketball, leadership, mentoring. It’s a certain brand his name comes with,” Pita said. “If it’s leveraged correctly (by Berkshire) it should create excitement. If there’s an alignment between the integrity, values and authenticity of the bank and Geno’s integrity, values and authenticity, it should work for the bank.” Julie Hall, executive vice president and partner at Schneider Associates, a marketing firm in Boston, said the right athlete – or coach – can be a boon for a bank brand. Berkshire, she told Banker & Tradesman, “is trying to get a foothold in the Connecticut market where he is so admired.” There are risks, though. “Look at Tiger Woods,” Hall said. “It also
“Immediately after we closed the CBT deal, we wanted to start to pursue Geno. When we go into any market, we want to be the predominant player.” – Sean Gray; Executive Vice President, Retail Banking, Berkshire Bank
depends on who you’re trying to market to. When I was at Fleet, we had a program called the Fleet Youth All Starts. We had Rebecca Lobo, Mo Vaughn... It was great for the bank’s image, and it was great for the athletes because they were seen as doing good.” Still, “any good marketer is going to look at the worst-case scenario. You have to be prepared. You have to have a disaster plan and a breakup plan.” Hall noted that certain brands dumped Woods immediately after his personal infidelities became a scandal, while others stuck with him. Milford, Conn.-based sandwich chain Subway recently decided to stick with olympic swimmer Michael Phelps after he was seen smoking marijuana. n Email: mbrown@thewarrengroup.com
June 2012 | The Commercial Record | 13
STATE STATISTICS
Condo Sales by Price Range
Top 5 Credit Unions MarketShare: All Mortgages
5,000
American Eagle FCU | 2012 Rank: 1 | 2011 Rank: 1
18.15%
NUMBER OF SALES
4,000 $700K+
$300k-$399k
$500k-$699k
$150k-$299k
$400k-$499k
$10K-$149k
16.35%
3,000
Charter Oak FCU | 2012 Rank: 2 | 2011 Rank: 2
12.88%
2,000
11.32% 1,000
CT State Emp FCU | 2012 Rank: 3 | 2011 Rank: 3
0
1988
1993
1998
2003
2008
9.40%
2012
*Statistics include sales January-April - All Years Source: The Warren Group
9.85%
10-Year Condo Sales Sikorsky Financial CU Inc | 2012 Rank: 4 | 2011 Rank: 4
5,000
6.14% 4,000 NUMBER OF SALES
5.33% 3,000 Navy FCU | 2012 Rank: 5 | 2011 Rank: 8
2,000
4.49% 3.45%
1,000
0
2012
2011
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
*Statistics include sales January-April - All Years Source: The Warren Group
14 | The Commercial Record | June 2012
*2012 MarketShare percent (of Credit Union Lenders only) through April 2012 **2011 MarketShare percent (of Credit Union Lenders only) through April 2011 Source: The Warren Group
Top 5 Lenders MarketShare:
2-and 3-Family Sales
Purchase Mortgages
Wells Fargo Bank NA | 2012 Rank: 1 | 2011 Rank: 1
500 2-Family 5.57%
2012
5.57%
3-Family
6.48%
Norcom Mortgage | 2012 Rank: 2 | 2011 Rank: 13
3.90%
NUMBER OF SALES
400 6.48%
2011
300
0
200
NE Moves Mortgage Co| 2012 Rank: 3 | 2011 Rank: 3
6
8
4
6
8
1.69%
2011
0
4
3.90%
2012
100
1.69%
2
0
2
2008
2009
2010
2011
2012
*Statistics include sales January-April3.58% - All Years Source: The Warren Group
2012
3.58%
3.50%
2011
3.50%
10-Year Single-Family Sales 0
2
More than $1 Million
4
6
8
4
6
8
4
6
8
Peoples United Bank | 2012 Rank: 4 | 2011 Rank: 5
3.37%
2012
700
3.37% 600
Webster Bank | 2012 Rank: 5 | 2011 Rank: 7
3.22% 2.39%
NUMBER OF SALES
3.04%
2011
3.04%
500 0
2
400 300
2011
*MarketShare percent and rank statistics includes loans through April for both 2011 and 2012 Source: The Warren Group
2.39%
2011 200
100
2012
3.22%
2012
0
0
2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
*Statistics include sales January-April - All Years Source: The Warren Group
June 2012 | The Commercial Record | 15
TOP COMMERCIAL TRANSACTIONS Visit www.commercialrecord.com for a complete list of commercial transactions updated weekly
TOP 3 STATEWIDE 43 Burt Latham Rd, Willington.......$12,250,000 Use:............................................... Apartment Building Buyer:...............................................Uconn Cedar LLC Seller:............................................. Storrs Polo Run LP Mtg:........................................ CW Capital $9,463,000 Date:............................................................. 04/02/12 Total Assessed Value (2011):......................$3,171,490 Lot Size:...................................................... 1306800sf
60 Burt Latham Rd, Willington.......$12,250,000 Use:............................................... Apartment Building Buyer:...............................................Uconn Cedar LLC Seller:............................................. Storrs Polo Run LP Mtg:................CW Capital $9,463,000 Date: 04/02/12 Total Assessed Value (2011):......................$1,783,950 Lot Size:........................................................ 761429sf
6 Devine St, North Haven................ $9,350,000 Use:............................................. Commercial Building Buyer:.................................. Yale New Haqven Hospital Seller:.............................................. AT&T Capital Svcs Date:............................................................. 04/05/12 Total Assessed Value (2011):......................$7,354,830 Lot Size:........................................................ 325829sf
FAIRFIELD 16 Fitch St, Norwalk........................$2,583,333 Use:..................................................Industrial Building Buyer:.......................................... Alto Managment LLC Seller:................................................... Harco Fitch Inc Date:............................................................. 03/29/12 Total Assessed Value (2011):......................$1,393,630 Lot Size:.......................................................... 30884sf
263 Milbank Ave, Greenwich...........$2,125,000 Use:................................... Apartment Bldg - 4-8 Units Buyer:...................................... 263 Milbank Props LLC Seller:.................................... 263 Milbank Avenue LLC Date:............................................................. 04/24/12 Total Assessed Value (2011):......................$1,110,270 Lot Size:.......................................................... 16117sf Prior Sale:....................................................$1 (06/09)
61 4th St, Stamford........................ $1,407,250 Use:............................................. Commercial Building Buyer:............................................... 61 4th Street LLC Seller:..........................................4th Street Assoc LLC Date:............................................................. 04/17/12 Total Assessed Value (2011):......................$1,299,490 Lot Size:.......................................................... 16500sf
1079 W Main St, New Britain...........$1,750,000 Use:............................................. Commercial Building Buyer:.................................. GAS Dev New Britain LLC Seller:.......................................... Mita Real Estate LLC Mtg:.............................. Washington Tr Co $1,722,500 Date:............................................................. 04/04/12 Total Assessed Value (2011): .....................$1,062,110 Lot Size:.......................................................... 42253sf Prior Sale:.........................................$500,840 (04/10)
1600 King St, Enfield.......................$1,500,000 Use:............................................. Commercial Building Buyer:.................................Grace&Glory Apost Church Seller:................. Louis H Goldberg & Bruce I Goldberg Mtg:..................................... Enfield Realty $1,350,000 Date:............................................................. 03/22/12 Total Assessed Value (2011):......................$1,402,030 Lot Size:........................................................ 441263sf
457 Bantam Rd, Litchfield..................$564,000 Use:............................................. Commercial Building Buyer:..............................................Harris Plains Mgmt Seller:..............Nancy Colomble, Ex for Norma Deacon Date:............................................................. 04/02/12 Total Assessed Value (2011):.........................$636,150 Lot Size:.......................................................... 80150sf
623 Torrington Rd, Litchfield............. $495,000 Use:................................... Apartment Bldg - 9 + Units Buyer:....................................623 Torrington Road LLC Seller:............................................LDB Properties LLC Mtg:............................. Thomaston Svgs Bk $385,000 Date:............................................................. 04/02/12 Total Assessed Value (2011):.........................$344,390 Lot Size:.......................................................... 39204sf Prior Sale:....................................................$1 (06/08)
HARTFORD 100 Corporate Pl, Rocky Hill............$6,522,196 Use:............................................. Commercial Building Buyer: ......................................... Wells Fargo Bank NA Seller: .................................Corporate Center Rlty LLC Date:............................................................. 04/16/12 Total Assessed Value (2011):....................$10,293,640 Lot Size:........................................................ 554083sf Prior Sale:....................................$10,100,000 (06/05)
LITCHFIELD 105 River Rd, Washington...................$930,000 Use:............................................ Land-Vacant & Open Buyer:.....................Jeffrey Mcgill & Catharine Sweeney Seller:...................... Minna Hebert T & Minna Hebert Tr Mtg:................................ Newtown Svgs Bk $500,000 Date:............................................................. 04/04/12 Total Assessed Value (2011):.........................$322,670 Lot Size:...................................................... 2194117sf Prior Sale:....................................................$1 (08/08)
MIDDLESEX 810 Middlesex Tpke, Old Saybrook. $350,000 Use:............................................. Commercial Building Buyer:........................................... Legacy For Him LLC Seller:...................................................... Red Fox LLC Mtg:..................................Wells Fargo Bank $210,000 Date:............................................................. 04/02/12 Total Assessed Value (2011):.........................$186,400 Lot Size:.......................................................... 60984sf Prior Sale:.........................................$150,000 (06/99)
16 | The Commercial Record | June 2012
6 Devine St, North Haven.................$9,350,000 Use:............................................. Commercial Building Buyer:.................................. Yale New Haqven Hospital Seller:.............................................. AT&T Capital Svcs Date:............................................................. 04/05/12 Total Assessed Value (2011):......................$7,354,830 Lot Size:........................................................ 325829sf
Note To Readers: There were only two commercial transactions recorded in Middlesex County during this period. We look forward to continuing to bring you information on all transaction types as soon as they are recorded, both in the pages of The Commercial Record and at www.commercialrecord.com.
FEATURED PROPERTY 43 Burt Latham Rd, Willington......... $12,250,000 Use:...................................... Apartment Building Buyer:...................................... Uconn Cedar LLC Seller:.................................... Storrs Polo Run LP Mtg:................................ CW Capital $9,463,000 Date:..................................................... 04/02/12 Total Assessed Value (2011):............. $3,171,490 Lot Size:.............................................. 1306800sf
NEW HAVEN 645 Foxon Rd, East Haven...............$6,306,400 Use:............................................. Commercial Building Buyer:...................................... Avala Group Maine LLC Seller:............................................ RA East Haven LLC Mtg:......................... Peoples United Bank $4,000,000 Date:............................................................. 04/04/12 Total Assessed Value (2011):......................$2,614,260 Lot Size:.......................................................... 67082sf
241 Quinnipiac Ave, New Haven......$2,400,000 Use:................................... Apartment Bldg - 9 + Units Buyer:......................................Mirmidones Capital LLC Seller:................................241 Quinnipiac Avenue LLC Date:............................................................. 04/26/12 Total Assessed Value (2011):......................$1,344,000 Lot Size:.......................................................... 88427sf Prior Sale:....................................................$1 (12/11)
5 Court St, Branford...........................$540,000 Use:............................................. Commercial Building Buyer:....................................................Five Court LLC Seller:................................................. Judith E Saleeby Mtg:................................... Judith E Saleeby $380,000 Date:............................................................. 04/10/12 Total Assessed Value (2011):.........................$404,000 Lot Size:.......................................................... 10019sf
737 Broad Street Ext, Waterford.........$220,000 Use:............................................. Commercial Building Buyer:........................................... LEX Limited Ent LLC Seller:............................................................WJH LLC Date:............................................................. 04/10/12 Total Assessed Value (2011):.........................$239,870 Lot Size:.......................................................... 12632sf Prior Sale:.........................................$232,500 (06/01)
78 S Broad St, Stonington..................$175,000 Use:............................................. Commercial Building Buyer:..............................................Pinacle Group LLC Seller:.............Leonard T Espstein & Sandra J Espstein Date:............................................................. 03/29/12 Total Assessed Value (2011):.........................$236,100 Lot Size:.......................................................... 22651sf
43 (& 60) Burt Latham Rd, Willington $12,250,000* Use:............................................... Apartment Building Buyer:...............................................Uconn Cedar LLC Seller:............................................. Storrs Polo Run LP Mtg:........................................ CW Capital $9,463,000 Date:............................................................. 04/02/12 Total Assessed Value (2011):......................$3,171,490 Lot Size:...................................................... 1306800sf
35 Village St, Vernon..........................$120,000 Use:............................................... City/Town Property Buyer:.......................................Rockville General Hosp Seller:.................................................. Vernon Town Of Date:............................................................. 03/29/12 Total Assessed Value (2011):...........................$34,730 Lot Size:............................................................ 5663sf
24-32 S Main St, Putnam....................$160,000 Use:............................................. Commercial Building Buyer:.............................................Botta Land Co LLC Seller:.........................................................Citizens NB Date:............................................................. 03/30/12 Total Assessed Value (2011):.........................$258,800 Lot Size:.......................................................... 25700sf
182 Broad St, Killingly..........................$90,000 Use:................................... Apartment Bldg - 4-8 Units Buyer:.........................................Christopher J Carreiro Seller:........................................... Margaret E Perreault Mtg:............................ Residential Mtg Svcs $107,900 Date:............................................................. 04/10/12 Total Assessed Value (2011):.........................$173,110 Lot Size:.......................................................... 29185sf
NEW LONDON 65 Westwood Ave, New London..........$510,000 Use:................................................... Commercial Use Buyer:....................................... Goldstein Family Invest Seller:................................. Trading Cove Partners LLC Date:............................................................. 04/16/12 Total Assessed Value (2011):.........................$723,800 Lot Size:.......................................................... 84943sf
TOLLAND 60 (& 43) Burt Latham Rd, Willington $12,250,000* Use:............................................... Apartment Building Buyer:...............................................Uconn Cedar LLC Seller:............................................. Storrs Polo Run LP Mtg:........................................ CW Capital $9,463,000 Date:............................................................. 04/02/12 Total Assessed Value (2011):......................$1,783,950 Lot Size:........................................................ 761429sf
WINDHAM 52-54 School St, Putnam....................$177,500 Use:............................................... Apartment Building Buyer:.................................... 52-54 School Street LLC Seller:............................................K&S Properties LLC Date:............................................................. 04/16/12 Total Assessed Value (2011):...........................$59,300 Lot Size:............................................................ 2614sf Prior Sale:...........................................$80,000 (11/03)
June 2012 | The Commercial Record | 17
GOSSIP REPORT
Thank God for New Canaan – without it, we’d once again be looking at a Greenwich sweep for this month’s report. Though the data in for this spring hasn’t so far reached the dizzying heights of which the Fairfield market is capable, a solid string of $5 million-plus sales is helping to herald a return of confidence. It doesn’t hurt that several are new construction.
NEW CANAAN
ADDRESS: PRICE: SIZE: BUYER: SELLER: BROKERAGE: SOLD:
5
WESTPORT
112 Clearview Ln., New Canaan $4,200,000 8,067 s.f. on 3 acres Peyton R. Patterson Michael Lobdell and Ann L. Lobdell William Pitt Sotheby’s 04/23/2012
ADDRESS: PRICE: SIZE: BUYER: SELLER: AGENT:
5
SOLD:
GREENWICH
4
ADDRESS: PRICE:
1 2 3
GREENWICH
SIZE:
2
BUYER: SELLER: WELLS: “[The newly constructed property] had
AGENT:
everything you could want, all the bells and whistles. The builder’s been in Greenwich for 20 years, and he really knows this market.”
GREENWICH ADDRESS: PRICE: SIZE: BUYER: SELLER: AGENT: SOLD:
19 Witherell Dr, Greenwich $5,000,000 3,812 s.f. on 2.06 acres Lorraine Slavin Peter I. Resnick and Andrea K. Resnick Julianne C. Ward, Prudential Connecticut Realty 05/07/2012
18 | The Commercial Record | June 2012
ADDRESS: PRICE: SIZE: BUYER: SELLER: SOLD:
4
1 Stony Point Rd, Westport $4,650,000 7,700 s.f. on 1.72 acres Carlo 1. Fraioli and Maria P. Fraioli Stony Point West LLC Susan Tracy & Jean Studwell, The Higgins Group 04/27/2012
10 Normandy Ln., Greenwich $4,990,000 5,555 s.f. on 1 acre Patrick M. Kerney and Lisa D. Kerney Linda Hoffman 05/18/2012
SOLD:
3
1
542 Lake Ave, Greenwich $5,300,000 9,627 s.f. on 2.5 acres DTWEETY LLC 542 Lake Avenue LLC Barbara Wells, Prudential Connecticut Realty 04/30/2012
Letter From The President
In Good Times and Bad, Community Bankers Gather Together
Keys To Community Bank SUCCESS
CCBA Annual Meeting Promises Chance To Reflect, Reconnect BY JOSEPH J. GRECO SPECIAL TO THE COMMERCIAL RECORD
JOSEPH J. GRECO
CCBA Supporters: I’d like to thank the good people at the Warren Group and The Commercial Record for providing us with this forum, and also for their continued support of the Connecticut Community Bankers Association. CCBA is committed to encouraging the continuous improvement of safe and sound business principles and practices for its members to help them better serve the families and small businesses in their communities. We do this, in large part, by providing a forum in which bankers and our industry partners can develop and exchange ideas and experience. Bankers gain firsthand knowledge of the latest news, innovation and services impacting our industry, while
Despite a sluggish economy and decreasing numbers of community banks in our state over the recent past, our membership continues to grow. our industry partners also gain direct access to the decision-makers in our institutions. This is our 24th year, and we have a lot to be proud of. Despite a sluggish economy and decreasing numbers of community banks in our state over the recent past, our membership continues to grow. A total of 148 banks and associate partners now comprise the membership of CCBA.
Our monthly dinner meetings now draw upwards of 180 attendees. Our noted speakers provide information that is timely, informative and often entertaining. Topics range from the national and state economic scene to the pursuit of classic automobiles.
Sell-Out Annual Conference We do manage to have some fun along the way. Our annual conference, always a sell-out, ranks among the most informative and most entertaining events that our members attend during the course of the year. I would like to thank the many people who work so hard to make CCBA so special. We’re very fortunate to have a stable of dedicated volunteers to manage the affairs of the organization. The board of directors and many of their staff people do most of the heavy lifting. Lastly, I would like to thank the members of the CCBA for their continued support and participation in our organization. Many of you have been involved since the very beginning. I look forward to seeing many of you at the June conference. Sincerely, Joseph J. Greco Joseph J. Greco is president of the Connecticut Community Bankers Association and CEO of The Bank of Southern Connecticut in New Haven. Email: June 2012 | The Commercial Record | 19
Compliance Concerns
Keys To Community Bank SUCCESS
Vendor Management Doesn’t Have To Be A Pain Five Simple Steps Can Streamline Process, Reduce Risks BY DAN VASSALLO | SPECIAL TO THE COMMERCIAL RECORD
I
t probably comes as no surprise that vendor management is not going away. In fact, all signs seem to point to the opposite. But this is probably the way it should be. With increases in regulatory pressure in the area of information security and protection of personally-identifiable information (PII), community banks and credit unions should want to know that DAN VASSALLO their third-party vendors and service providers are capable of protecting the institution’s information to the same degree as the institution itself. After all, at the end of the day, it is the financial institution that is going to absorb the majority of the financial, operational, and reputational impact should anything go awry. Put bluntly, it is more of a pain in the neck to rectify an incident retroactively than it is to put together an effective vendor management program. Consider the following steps to establish a more simple, agile and productive process: Clarify policy. In general, policy should set forth what your institution strives to accomplish by establishing your vendor management program. And, while it should align with regulatory guidelines, it should also be clear in defining risk criteria, establishing risk-based due diligence procedures and identifying the types of information to be collected and, subsequently, reviewed. A one-size-fits-all policy rarely works, as a policy must also consider the resources available to properly accomplish the task.
Simplify risk assessment. Both the quantitative and qualitative risk assessment process can become far too granular and overly complicated, which ultimately deters from the value of the exercise itself – identifying which vendors expose the institution to the greatest risk and, therefore, require a more thorough review. Instead, financial institutions should consider simplifying the risk assessment process, using a three-point rating system and general risk categories such as financial, operational, reputational, confidentiality, technology and legal/regulatory risk. Set reasonable due diligence guidelines. Due diligence should be a risk-based process. In other words, institutions should not be collecting the same materials from low-risk vendors as they are from high-risk vendors. Furthermore, reviews for low-risk vendors should be less frequent than the annual reviews set for high-risk vendors. While it is a cumbersome task the first time around, as long as neither the relationship nor the vendor’s operation experience major changes, the informationgathering process should become easier year after year. If these collection guidelines are set through policy and adhered to in procedure, the vendor management program itself becomes altogether more manageable. Delegate. All too often, the responsibility of vendor management falls on one person within the organization. While certain processes like due diligence letters and collection of requested materials can be centralized, the vendor management process as a whole should be the work of many. Department managers and key process owners should participate in the risk assessment process and leverage their relationships with
20 | The Commercial Record | June 2012
account representatives and vendor contacts to expedite the collection of due diligence materials. The review of collected materials should occur across departments: financials should go to accounting or commercial lending, documentation around operational controls should go to security and/or IT staff, and so on. Document. The realm of vendor management is no different from the other areas being scrutinized by your auditors and examiners: If it isn’t documented, it doesn’t exist. If your policy, risk assessment and information collection processes have been executed successfully, they should be easy to produce and document. Populate your risk assessment document with the information you gathered and state how the data you received helps offset the risk you initially identified. Vendor reviews can also be documented in meeting minutes to demonstrate that management is actively involved in program oversight. Furthermore, there will be instances when vendors neglect or refuse to submit the requested materials. These instances should also be documented and taken into consideration when contracts with these particular vendors are set to renew. Vendor management should not be a chore. If it is, chances are you are overcomplicating the process. Instead, a well-maintained vendor management program should be a source of business insight that can be leveraged to target weaknesses, improve perceived vulnerabilities and ultimately drive greater value to your institution through vendor relationships. ■ Dan Vassallo is an information security professional at GraVoc Associates, a family owned and operated consulting firm in Peabody, Mass. Email: dan@gravoc.com
A commitment to New England The Federal Home Loan Bank of Boston is a trusted partner committed to the success of your financial institution and the communities you serve. As a reliable provider of liquidity and business solutions to financial institutions across New England, we’re here for the long term—committed to the region’s housing and community development needs. Make the most of your opportunities. Call 1-888-595-8733.
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Tech Front
What’s In Your e-Wallet? Smart Phones Integrate Customer Banking Experience BY D. BRYAN KRATZ SPECIAL TO THE COMMERCIAL RECORD
A
perfect storm of change is disrupting the way we pay for goods and services and manage our financial information, transforming commerce and raising consumer expectations. Today, consumers increasingly expect a payment experience that seamlessly crosses online and offline channels. They use multiple information sources to make buying decisions, and expect an integrated experience that’s timely and consistent wherever they are at any time – a concept First Data calls Universal Commerce. The primary factor driving these new expectations is unprecedented access to D. BRYAN KRATZ information and technology. For example, a man who wants to buy his wife a camera for her birthday might ask his social networking contacts for recommendations and read reviews on a digital photography website. He might go to a local camera shop to check out the models he’s considering. While he’s there, he might use his mobile phone to compare prices at other stores. Those same capabilities and expectations are transforming consumers’ expectations of their financial services as well. Where banks used to control the financial experience, with consumers accepting a set package of services, now consumers define the financial features and controls they want to manage budgets, access their money and minimize fraud. Access to information and the ability to manage funds has expanded beyond traditional “bankers’ hours” to be available
around the clock. To stay relevant, financial institutions must deliver simple, integrated experiences that are fast and consistent. Consumers now expect the best offers and service, delivered in the most convenient and personalized way
Mobile Wallets: The Point of Arrival The explosion of smart phone adoption in recent years is facilitating the rise of this integrated consumer experience while providing a new channel for financial institutions large and small to communicate with their customers. The mobile connection allows financial institutions to optimize how existing services are delivered, create unique combinations of existing services, and create brand new services. For many, the ultimate vision for fulfilling the promise of the integrated consumer experience revolves around the mobile wallet. The contents of the leather wallet are migrating to mobile phones, enabling personalized commerce anywhere, any time. Mobile wallets can contain mobile tickets and receipts, as well as coupons and offers. They can also contain personalized account information and enable payments through bar
22 | The Commercial Record | June 2012
codes or near-field communication (NFC). The heart of the mobile wallet is the mobile handset itself. Differences in handset hardware are adding complexity to the goal of creating a consistent user experience for mobile commerce. Some come equipped with mobile commerce enablers such as NFC capability and/or a secure element – a secure smart card chip inside the phone that is used for storing and accessing account information – while others do not. As a result, a combination of technologies, including NFC and contactless readers at the point of sale, 2D barcodes and cloud services, are commerce-enabling a wide landscape of phones. As these technologies progress, they are providing a bridge toward a consistent user experience.
What Should Financial Institutions Do Now? Mobile commerce is set to have a profound effect on consumers, their shopping
Keys To Community Bank SUCCESS Mobile wallets can contain mobile tickets and receipts, as well as coupons and offers. They can also contain personalized account information and enable payments through bar codes or near-field communication (NFC). and financial services experiences, and the companies they interact with. Financial institutions can get in early and help shape that future. Here is what we advise financial institutions to be thinking about now: Stay up-to-date on the innovations that are transforming payments and commerce. Understand the opportunities and risks.
Incorporate mobile into your strategy. A holistic strategy that includes mobile is critical, so you can present an integrated expe-
rience to your customers. Understand what your customers are doing in your mobile app vs. your website vs. your branch. Ask what other mobile apps your customers are using. Use the knowledge you have of your market to determine your vision for your customers in a mobile world. Develop a timeframe and roadmap to “go mobile.” Determine whether there are additional services you should offer. To facilitate universal commerce interactions between con-
sumers and merchants, new and enhanced financial services are critical. Consider contactless-enabled cards; virtual card issuance and provisioning (TSM services); payment enablement; offer and loyalty enablement; account access and lifecycle management; integrated online banking; alerts, controls and other self-service capabilities; and integrated communications. Highly personalized customer interaction today presents a new opportunity and competitive challenge. Tomorrow’s solutions must be secure and relevant at a minimum. But to be successful, they must also be immediate and convenient, and they must put control in the hands of the consumer. ■ D. Bryan Kratz is senior vice president of Atlantabased First Data’s Community Financial Institution group.
When the guys at LAX.com needed a line of credit, our top level decision makers created a flexible, customized solution. Now their business can grow, backed by the local bank that truly believes in small business. Stop in or email us at businessbanking@drbank.com and let’s start telling your story together.
June 2012 | The Commercial Record | 23
Tech Tips
New Rules Of Technology Help Banks Meet Customer Needs
Keys To Community Bank SUCCESS
As Mobile ‘Must-Haves’ Mount, Agility, Intelligence Are Vital BY JOE TRAFTON | SPECIAL TO THE COMMERCIAL RECORD
W
hat does it mean that more smartphones than PCs were shipped in North America last year? That Internet banking increased by more than 25 percent over the last five years, but branch and ATM transactions grew by less than 10 percent over the same period? That Charles Schwab now offers a Smart Phone app to trade stocks? In my view, these are signs that bank JOE TRAFTON customers are fundamentally changing the way they bank, and that financial institutions feel intense pressure to retool their technologies and business methods to stay relevant and succeed. If your bank is feeling the pressure, you might consider expanding your horizons beyond mobile banking to the concept of mobile itself. For today’s customers, mobile is everywhere, not just in banking. Our customers’ lives are immediate and dynamic, and they expect their bank to operate the same way. We catch glimpses of this new trend in mobile convenience in requests for services such as online account opening and funding, same-day bill pay and extended account history and image archive across multiple institutions. As iPad tablets and other mobile marvels continue to penetrate our customer base, additional “must have” capabilities will rise to the surface. Already, we see bank sales staff traveling to customer locations armed with tablets that can open new accounts,
start new processes such as remote capture and qualify customers for loans. That’s only the beginning. The never-ending question is – what’s next? And beyond that, how does a bank work with it? The following new rules should help:
Rule #1 – Expand Your Intelligence Banks need current, insightful intelligence. This is more than a semi-annual snapshot. It’s continuous monitoring of channel usage, credit risk, demographics, fraudulent transactions, service adoption, relationship breadth, product and channel profitability, and more. That’s a lot of data, and if presented in spreadsheet form, it’s just that – data. To give you a comprehensive view of your enterprise and help you discover opportunities to serve more profitable customers, the data needs to be filtered through your bank’s performance metrics and presented so that it reveals the most important information at a glance. In a word, you need dashboards. Are you thinking that only the largest institutions can afford dashboards? Think again, and think outsourced services. Today’s outsourced technologies and information warehouses provide a more complete and integrated picture of everything from channel activity to fraud, profitability and more. It’s affordable technology to help banks find the gold as the financial services industry continues to change.
Rule #2 – Go Real Time With so many channels in play, a single source of financial information means more to customers than knowing the account bal-
24 | The Commercial Record | June 2012
ance. Today, it’s the ability to open and fund a bank account right now, deposit checks and pay bills, as well as buy clothes and groceries, and to monitor spending habits through a personal financial management system in real time. This level of service requires transparent integration between scores of systems – a perfect request for today’s open, .Net, relational technologies. These systems present information culled from multiple systems on a single screen, appearing to bankers and customers alike as if all are one. To make that happen, today’s bankers need more than technology – they need best practices to streamline the many processes under way behind the scenes, to respond to customer inquiries and to manage risk in real time. Experienced resources can show the bank how to automatically route, track and archive transactions, saving time and increasing efficiency while delivering today’s services at the speed of now.
Rule #3 – Dare To Compete How can a bank fight enormous players such as Google, Apple, and PayPal with their “eWallet” innovations? Instead of fighting the competitors, consider stepping around them by offering channels that customers can more easily adopt, such as multi-channel mobile banking. Most customers today have no idea how an ‘eWallet’ could help them. While Google, Apple, and PayPal build their case, your bank can deliver real convenience by helping the bulk of your customers understand and use the new channels. Use your expanded intelligence (Rule
#1) to determine which new services make the most sense. If you are still contemplating your first steps with mobile banking, consider an outsourced multi-channel approach – apps, browser and SMS (text) banking – to support all of your customers, not just the mobile power-users. If your bank has already begun its journey into mobile, learn whether personal financial management, peer-to-peer payments or on-the-spot coupons mean more to your mobile customers than retail check deposit. Then find an outsourced solution to deliver the service quick enough to gain competitive advantage.
Rule #4 – Find Workflow Efficiency You could easily mistake today’s ultrafast mobile and paperless technologies as strategies for saving the earth. But the real magic of these systems is their ability to help the bank grow substantially without additions to staff. Internal systems like document management do far more than provide rapid, enterprise-wide access to documents as soon as the customer signs them. Document management also connects electronic documents to the bank’s workflows. Staff can subscribe to the documents they need so that new documents entering the system generate a message: “You’ve got documents!” Staff can then assign a status to each document, such as “received,” “reviewed” or “approved,” which automatically routes it to the next area in the bank’s process chain. Tracking at this level enables the bank to serve its customers with near instant responses. .
Go-To Resourceto toSolve Solvethe theBenefit BenefitPuzzle” Puzzle” “Your Go to Resource
Executive Compensation/Benefits • Attract/Retain Executives & Directors • Financing Strategies to Offset Costs and Increase to Earnings • Compliance/Monitoring
Rule #5 – Keep Moving! More than any of the preceding rules, this one says it all. When the world moves fast, you need to move even faster. Fortunately, the new rules of technology will help your bank deliver the exciting services that today’s on-demand society wants – and to thrive in the process. ■ Joe Trafton is senior vice president, chief strategic officer at COCC in Avon.
The Pangburn Group Completely Independent fee only record keeper and compliance partner. Represents over 750 financial institutions across the nation.
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June 2012 | The Commercial Record | 25
Moving In
Bank Site Selection Is A Science
Keys To Community Bank SUCCESS
Location Intelligence Helps Banks Visualize Best Branch Spots
W
hile big banks may not have easily weathered the financial crisis, many community banks were and continue to be robustly healthy, and are looking to grow. As an added bonus, this growth may have been hastened by the withdrawal of big banks from smaller markets, leaving customers in search of a better banking option. BILL SIMMONS These community banks are expanding to accommodate new customers and to grow their marketshare , including opening additional branch locations, ATM locations or in some cases providing new electronic channels. Considering that a community bank is there to serve and support a local community, choosing a location needs to coincide with the bank’s community objectives as well as its footprint. It would make the process a lot less painful if there was a bank-placing wand that could place a new bank branch in the optimal location. There may not be a wand, but there is a scientific approach that can ensure site selection for a community bank is not a shot in the dark. There are several key factors to consider when selection a new location for a branch. By utilizing location intelligence and predictive analytics software, community banks can make calculated business decisions on where to place a new location. Location intelligence can help a bank visualize consumer demographics, psychographics, traffic patterns and competitor
presence in surrounding neighborhoods, and all of the other factors that determine the success or failure of any given branch. It helps banks drill deep down into what-if scenarios before making any huge financial investments. Banks need to consider not only the customers around a potential location, but also the traffic around the location. Will customers be able to enter and exit easily? Is there ample parking or are there enough drive-through tellers to handle the traffic volume? Banks should also consider the competition near a potential location. Will the bank be saturated by its competition or will it have a competitive advantage? The physical location of a bank continues to play an important role in channel delivery. Even though online account opening and mobile banking services are on the rise, a physical bank location is still necessary and important for certain customer demographics, and a select group of transactions. A bank’s physical presence acts as the ultimate advertisement and also promotes community banks’ key advantage – the ability to create and retain personal customer relationships.
Liberty Bank’s Location Analysis Multiple factors played into the decision for Liberty Bank of Connecticut in opening new locations across the state. Liberty Bank, the oldest mutual bank in Connecticut serving more than 225,000 customers in Middlesex, Hartford, New Haven and New London counties, utilized Pitney Bowes Software’s WinSITE market simulation model to analyze customer data and site characteristics to prioritize expansion
26 | The Commercial Record | June 2012
Contributed Photo
BY BILL SIMMONS SPECIAL TO THE COMMERCIAL RECORD
Liberty Bank uses sophisticated site selection technology.
of branch locations based on the greatest opportunity for customer/household growth. WinSITE can look at successful branches within banks’ existing markets and determine whether or not the demographic and competitive environment of a potential new location will turn out another successful branch. Location intelligence and predictive analytics doesn’t stop at indentifying new locations for a bank, but can also help community banks determine where remote ATMs should be placed as they are a critical component of a comprehensive distribution network. Off-site ATMs can fill voids in branch network and produce sales lift by providing convenient service options to customers who demand such services. The physical location of a branch is mission critical to a community bank’s overall success. By utilizing tools and analytics to determine the best possible location, community banks can maximize their visibility and their ability to grow. ■ Bill Simmons is director of Pitney Bowes Software’s financial services practice.
Dollars And Sense
Keys To Community Bank SUCCESS
Time For Low-Cost, High-Impact Marketing Strategies
Ditch Old Standard For Gold Standard With Thought Leadership BY SALLY MOUNTS SPECIAL TO THE COMMERCIAL RECORD
A
re you marketing your bank’s programs and services by the old standard or the gold standard? The old standard is large spreads in local papers and glossy ads in regional magazines with your bank’s name (and perhaps a few benefits or programs) prominently displayed. These efforts are splashy and impactful. For about five minutes. SALY MOUNTS They’re also prohibitively expensive to run more than once. And since advertising research shows that people generally gain brand recognition and purchasing incentive after six repeated contacts, where does that leave your bank? Stymied, that’s where. Because executives can’t decide whether to channel slim resources into marketing efforts or into programs and services beneficial to the customer. So, instead of following the old standard, why not try the gold standard of thought leadership? It’s easy to do, inexpensive, and value-laden for the customer. In addition, there are so many platforms available today for branding a company through thought leadership that everyone in your bank can be involved in the effort, building morale and esprit among employees. Thought leadership involves showcasing your organization’s financial expertise into many and varied educational vehicles that target customers can access at little or no cost. It gives value to the people you’re trying to reach while building your organization’s
credibility. It’s a powerful selling tool if applied consistently, and builds name recognition and brand at a fraction of the cost of traditional ads.
Target Your Audience
on a Shoestring Budget,” and “How to Shave Cost from Your Monthly Bills.” In a younger community, offerings might include: “Eight Strategies for Starting College Funds For Your Infants That Don’t Cramp Your Lifestyle;” “Should You Rent or Buy a Home?,” “Saving Now to Fund Your Future Dreams,” and “Ten Reasons Why You Have to Stick to Your Established Budget.” The beauty of these pieces of intellectual property is that they can be re-purposed. For example, say you develop an article called “Thirty Services Your Bank Offers That You Didn’t Know Existed.” You can place the article on the bank’s website under a “Free Resources” tab. You can offer it as a handout to customers in the teller lines. You can turn it into a podcast for iTunes or a video for YouTube (with a link on your website to access it). You can make each service the topic of a blog post, developing 30 posts. You can publish a tip each day on Twitter. And don’t forget face-to-face marketing. You can use the “Thirty Services” article as the basis of a speech to the local Rotary chapter or to a group at the local library. Using this method consistently to produce value-added intellectual property, you can design and implement a powerful, ongoing marketing strategy at very low cost. And you can brand your organization as the community’s premier thought leader in all things financial. ■
For example, in a community with an older demographic, such topics might include: “Twenty Ways to Stretch Your Retirement Dollars,” “Are You Getting All the Tax Breaks You Deserve?,” “Starting a Savings Account
Sally Mounts is president of Auctus Consulting Group, a management consulting firm near Pittsburgh. Email: drsally1@live.com Blog: strategymapper@wordpress.com
Digital Branding Some of the most common platforms for displaying thought leadership include free articles, white papers, checklists and surveys on the bank’s website, podcasts on the website and iTunes, videos on the website and YouTube, Twitter tips and blogs on Wordpress. All of these presume a basic knowledge of digital technology, but most are astoundingly easy to begin and maintain. For instance, anyone can start a blog in about five minutes and learn the basics of maintaining it in half an hour. An employee doesn’t need to have a master’s degree in journalism to produce intellectual property for the bank’s thought leadership collection. They just need to have a desire to provide value for customers, a reasonable facility with the English language and a willingness to use spell-check. What kinds of offerings am I talking about? Any information that provides value to your customers. Some professional service firm owners I know have a hundred free articles on their websites, as well as blogs, podcasts and videos. The range of topics is limited only by your collective imagination.
June 2012 | The Commercial Record | 27
Get A JOBS
JOBS Act Provides Benefits Of Going Public, With Fewer Strings Attached How Community Banks Can Tap Investor Capital While Still Staying Community-Focused BY EDWARD E. BAMBAUER SPECIAL TO THE COMMERCIAL RECORD
T
he JOBS Act, passed by Congress and signed by President Obama in early April, offers banks an alternative means for raising capital. Using the “Emerging Growth Company” (EGC) approach, banks can obtain capital through investors with only two years of audited financial statements and more limited EDWARD BAMBAUER public financial reporting than currently required of banks registering stock. Under the EGC approach, banks can strategically obtain capital for investing in expanded lending programs – without lowering underwriting standards, which regulators would look down upon – while effectively competing with banks boasting excess capital to invest in similar loans. But these banks will still require lawyers, accountants and advisors to successfully navigate the “going public” effort via the ECG approach at the same time that other banks and companies are busy with similar efforts. Tactically, these banks will have to change how they are doing business to meet investor expectations regarding return on investment, insightful financial/ operational reporting and transparency around revenue and expense management. Furthermore, bank officers will need skills not previously required, and institutions will face a new and more competitive landscape for skilled and experienced professionals.
Ramping Up Operating as an SEC-reporting bank requires balancing a need for more resources against a limited amount of funds. Easing the path to growth can offer CEOs a road to increased profitability while increasing the pressure on bank officers and staff who have operated for years under tight expense control. This increase in demand can play into lesser controls, loose underwriting and more time-sensitive demands for reporting and disclosure. Moreover, most community bank officers do not have experience going public or operating under the applicable rules and limitations. Preparations for becoming an EGC should include three critical steps: An assessment of the capabilities of the finance and accounting function;
28 | The Commercial Record | June 2012
The establishment of an investor relations function (internal or external); and The formation of adequate internal controls across lending and operations, supported by a strong internal audit function that can support increased growth and complexity The preparation phase is followed by ongoing investor expectations of increased earnings and bringing on the right lending officers to increase the loan pipeline. Most of these efforts have become secondary at banks while capital has been unused and growth not critical. Under EGC, a two-year “ramp up” period is allowed that can lessen pressure on lending process improvements, controls and financial reporting, which can take more than two years to implement and maintain at an adequate level.
Keys To Community Bank SUCCESS Be Wary Of Overconfidence While an EGC does not have to meet Sarbanes-Oxley standards for testing and reporting on internal controls, compliance expectations change as the public entity matures over a two-year period. Increasing expenses exhibited in areas meant to grow revenue in the beginning must allow for increased expense growth for internal controls within the next year. An indeterminate amount of time will be necessary to perform required internal control reporting to get controls documented, tested and agreed upon as adequate, given that banks will likely envision their existing controls as adequate. Another tactical challenge will be engaging experienced professionals to assist in the “going public” process, including investment professionals, lawyers, accountants, auditors, financial reporting staff and tech-
nology professionals who can increase information management capabilities with limited investments in hardware and software. Preparing for the EGC effort under the JOBS Act requires planning, as well as a candid evaluation of capabilities and the expected increase in work-load on management and staff, who in many instances are already struggling to improve earnings. Officers must also consider that by going public, they put their future on the line given that they must now report and meet the requirements of previously non-existent shareholders who now set the direction for questions on investments, expenses and each issue that arises. The most important thing to remember is that confidence can become over-confidence as the difficult path to going public is made easier, but no less risky. While there is greater
opportunity with increased capital for growing the size of the balance sheet, there is also greater risk in every step taken to plan, implement and harvest the increased capital. Begin the process by finding experienced professionals, internally and externally, who can help consider the risks and rewards. Then plan future use of the capital and what it will take to meet investor expectations for an adequate-to-strong return on their investment, whether on the EGC path or as a standard SEC-reporting entity. ■ Ed Bambauer is a director specializing in financial services and financial institutions in the risk advisory practice at assurance, tax and consulting services firm McGladrey LLP, which operates more than 70 offices nationwide – including three in Connecticut. Email: edward. bambauer@mcgladrey.com
June 2012 | The Commercial Record | 29
Meeting The Need
Small Business Is Big Business For Community Banks
Keys To Community Bank SUCCESS
Collaboration, Partnership Are Keys To Successful Strategy BY LISA ENGLEY SPECIAL TO THE COMMERCIAL RECORD
IStick Photo
State Of Your Bank
T
here is a significant “sea change” in financial services, as many banks attempt to re-align their approach to the small-business market. This highly profitable, but clearly underserved market represents an incredible growth opportunity for all banks, but in particular community banks. According to Aite Group, a research and advisory firm fo- LISA ENGLEY cused on the impact of business, technology and regulatory issues on the financial services industry: At least 20 percent of small businesses, with revenues between $1 million and $10 million, will likely switch their primary institutions in the next two years.
More than 75 percent of mid- to largesized banks are average to very weak in determining when to migrate their smallbusiness customers to a business banking platform Sixty five percent of the customers surveyed currently using a U.S bank with revenue greater than $9 billion saw their banks as average in understanding smallbusiness needs and prescribing solutions to meet those needs. How can banks fully utilize this opportunity for organic growth and successfully realign current resources to meet the needs of small-business owners? Collaboration and partnership. Small-business owners want to work with a bank they can trust, who will invest the time to understand them and become a proactive partner in supporting both their personal and business needs.
30 | The Commercial Record | June 2012
Wondering if your bank fits this profile? Start by capturing a “current state” of your bank. Ask front line and management the following questions: • What does your bank offer to encourage small businesses to go to you? • What external barriers exist to your bank being more successful? • What internal barriers exist? • How prepared are your staff (business bankers, branch managers and branch staff), that come in contact with smallbusiness owners every day, to engage small-business owners, and win/expand relationships? • Once you know your current state, the key to differentiating your bank is to deliver a “best in class” small-business customer experience. Your bank’s ability to create a competitive advantage hinges on: Providing consistent value at the point of customer contact. Ensure your staff can engage small-business owners in a “business issues” discussion, collaboratively working with owners to provide the right solution, at the right time. Developing a targeted strategy for roles and responsibilities for customer-facing staff. There must be a clear demarcation for what they will be responsible for, based on business size and/or loan exposure, with stated accountabilities for achieving desired outcomes and results. Creating high-quality communications between customer-facing teams and underwriting. Make sure the right information is gathered, lending opportunities are expedited quickly and front line staff can
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effectively communicate why a loan structure meets the client needs, or why a loan is denied, and still retain the relationship. The most successful banks are able to align their teams to fully meet the needs of small-business owners. Though there is no perfect delivery infrastructure, the best structure and approach is one that drives a memorable customer experience as defined by the needs and preferences of your customers.
Congratulations to The Commercial Record celebrating 130 years!
Be Prepared Unprepared business bankers and branch staff will cause small businesses to seek other alternatives. Frontline staff, while highly proficient at understanding a consumer’s needs, will need new knowledge and skills to make the transition to a trusted small-business advisor and provide real value for small business owners. Your staff’s competence and confidence in conducting a business issues discussion and ability to ask the right questions on how a small business operates and competes in their marketplace, will help them identify needs based on a broader range of financial solutions, not just lending needs. Developing a successful small-business strategy is an evolving process. It is important to align all key stakeholders across retail, wealth management and lending functions to agree on the bank’s goals and define an action plan before you begin changes. Everyone involved must understand the reasons behind the changes and the intended outcome. This includes defining your vision and go-tomarket strategy, setting up training to ensure that key credit, sales and coaching skills are in place, providing ongoing learning reinforcement through management practices, and measuring and rewarding success. With a strong understanding of both the small-business market and your bank’s ability to service it, your bank will be perfectly poised to turn small business into big business. ■ Lisa Engley is vice president/senior relationship manager at Omega Performance in Arlington, Va.
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June 2012 | The Commercial Record | 31
TRENDLINES
FAIRFIELD COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
BETHEL 1 Family Condo All Sales
4 4 1 1
10 4 17
150.00% 0.00% 54.55%
22 13 43
24 17 60
9.09% 30.77% 39.53%
$248,750 $442,406 $255,000
$242,500 $303,729 $260,000
-2.51% -31.35% 1.96%
$287,500 $436,948 $340,000
$257,500 -10.43% $407,130 -6.82% $252,500 -25.74%
35 20 94
-38.60% 25.00% 2.17%
171 49 333
126 63 327
-26.32% 28.57% -1.80%
$113,000 $69,725 $101,250
$145,000 $52,730 $124,100
28.32% -24.37% 22.57%
$113,000 $65,000 $100,000
$131,375 16.26% $56,250 -13.46% $112,000 12.00%
1 0 2 1 3
17 3 20
70.00% 50.00% 53.85%
24 9 43
32 12 55
33.33% 33.33% 27.91%
$347,500 N/A $270,000
$390,000 $165,000 $355,000
12.23% $370,000 N/A $215,000 31.48% $270,000
$292,500 -20.95% $235,500 9.53% $295,000 9.26%
1 4 6 2 3
21 18 57
50.00% 200.00% 147.83%
76 49 157
99 64 205
30.26% 30.61% 30.57%
$204,500 $167,500 $195,000
$200,000 $202,000 $235,000
-2.20% 20.60% 20.51%
$235,000 $200,000 $235,000
1 5 0 1 7
24 1 26
60.00% N/A 52.94%
50 2 57
60 2 64
20.00% 0.00% 12.28%
$1,850,000 N/A $1,850,000
$925,000 N/A $925,000
-50.00% $1,325,000 N/A N/A -50.00% $1,395,000
$963,500 -27.28% N/A N/A $963,500 -30.93%
4 0 4
11 0 11
175.00% N/A 175.00%
12 0 14
23 0 25
91.67% N/A 78.57%
$557,500 N/A $557,500
$441,500 N/A $441,500
-20.81% $623,750 N/A N/A -20.81% $577,500
$430,000 -31.06% N/A N/A $430,000 -25.54%
38 3 49
-5.00% 0.00% 0.00%
139 24 181
117 15 156
-15.83% -37.50% -13.81%
$590,000 $277,000 $590,000
$390,500 $285,000 $405,000
-33.81% 2.89% -31.36%
$495,000 $417,500 $475,000
$422,000 -14.75% $340,000 -18.56% $407,500 -14.21%
4 4 5 5 7
32 7 50
-27.27% 40.00% -12.28%
114 18 161
92 21 145
-19.30% 16.67% -9.94%
$1,597,400 $1,062,500 $1,537,500
$1,762,500 $775,000 $1,650,000
10.34% $1,566,150 -27.06% $655,000 7.32% $1,315,000
$1,334,500 -14.79% $629,000 -3.97% $1,050,000 -20.15%
8 2 1 2
16 2 19
100.00% 0.00% 58.33%
28 7 40
35 14 53
25.00% 100.00% 32.50%
$335,000 N/A $321,500
$277,000 N/A $255,000
-17.31% $340,000 N/A $175,000 -20.68% $330,000
$299,000 -12.06% $197,500 12.86% $255,000 -22.73%
20 4 30
81.82% -33.33% 57.89%
51 16 78
51 9 67
0.00% -43.75% -14.10%
$815,000 $875,000 $850,000
$1,280,000 $690,000 $847,500
57.06% $1,325,000 -21.14% $640,000 -0.29% $1,091,000
31 0 40
28 2 35
-9.68% N/A -12.50%
$375,000 N/A $305,000
$310,000 N/A $310,000
-17.33% $308,000 N/A N/A 1.64% $270,000
$262,500 -14.77% N/A N/A $260,000 -3.70%
46 8 59
72 1 77
56.52% -87.50% 30.51%
$375,000 N/A $358,000
$315,000 N/A $315,000
-16.00% $377,500 N/A $382,082 -12.01% $375,000
$336,850 -10.77% N/A -100.00% $330,000 -12.00%
135 60 234
121 62 232
-10.37% 3.33% -0.85%
$535,000 $267,500 $352,500
$408,000 $200,000 $312,750
-23.74% -25.23% -11.28%
$416,400 $286,350 $351,250
$385,000 -7.54% $244,500 -14.61% $306,000 -12.88%
14 1 19
15 0 19
7.14% -100.00% 0.00%
$464,500 N/A $464,500
$475,000 N/A $387,000
2.26% $494,500 N/A N/A -16.68% $510,000
$452,500 -8.49% N/A N/A $375,000 -26.47%
BRIDGEPORT 1 Family Condo All Sales
5 7 1 6 9 2
BROOKFIELD 1 Family Condo All Sales
DANBURY 1 Family Condo All Sales
$205,000 $204,900 $225,000
14.63% -2.39% 4.44%
DARIEN 1 Family Condo All Sales
EASTON 1 Family Condo All Sales
FAIRFIELD 1 Family Condo All Sales
4 0 3 4 9
GREENWICH 1 Family Condo All Sales
MONROE 1 Family Condo All Sales
NEW CANAAN 1 Family Condo All Sales
1 1 6 1 9
$1,275,000 $650,000 $1,080,000
-3.77% 1.56% -1.01%
NEW FAIRFIELD 1 Family Condo All Sales
7 0 1 0
9 1 11
28.57% N/A 10.00%
NEWTOWN 1 Family Condo All Sales
1 9 1 2 3
29 52.63% 0 -100.00% 32 39.13%
NORWALK 1 Family Condo All Sales
4 1 1 8 7 1
41 15 70
6 0 6
6 0 9
0.00% -16.67% -1.41%
REDDING 1 Family Condo All Sales
0.00% N/A 50.00%
32 | The Commercial Record | June 2012
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
RIDGEFIELD 1 Family Condo All Sales
1 7 3 2 3
17 6 24
0.00% 100.00% 4.35%
48 5 56
72 9 87
50.00% 80.00% 55.36%
$575,000 $385,000 $540,000
$645,000 $171,750 $566,500
12.17% -55.39% 4.91%
$643,750 $275,000 $557,500
$608,750 -5.44% $195,000 -29.09% $579,000 3.86%
1 4 7 2 4
14 3 24
0.00% -57.14% 0.00%
62 25 102
53 17 91
-14.52% -32.00% -10.78%
$281,500 $243,000 $281,500
$298,750 $85,000 $277,000
6.13% -65.02% -1.60%
$290,000 $218,000 $277,950
$300,000 $290,000 $288,000
8 0 9
8 0 11
0.00% N/A 22.22%
$440,000 N/A $410,000
$272,500 N/A $272,500
-38.07% $352,500 N/A N/A -33.54% $325,000
$330,000 -6.38% N/A N/A $127,500 -60.77%
SHELTON 1 Family Condo All Sales
3.45% 33.03% 3.62%
SHERMAN 1 Family Condo All Sales
3 0 4
4 0 4
33.33% N/A 0.00%
STAMFORD 1 Family Condo All Sales
1 7 4 0 7 3
43 45 104
152.94% 12.50% 42.47%
116 134 311
145 142 357
25.00% 5.97% 14.79%
$615,000 $340,750 $395,000
$537,500 $315,000 $384,500
-12.60% -7.56% -2.66%
$555,000 $311,000 $405,000
$500,000 $283,250 $365,000
-9.91% -8.92% -9.88%
34 10 49
-5.56% 11.11% -2.00%
99 23 136
109 27 161
10.10% 17.39% 18.38%
$210,500 $145,000 $174,500
$207,750 $153,500 $185,000
-1.31% 5.86% 6.02%
$205,000 $167,000 $198,000
$212,000 $155,000 $195,000
3.41% -7.19% -1.52%
1 7 4 2 3
26 3 30
52.94% -25.00% 30.43%
58 9 73
86 6 102
48.28% -33.33% 39.73%
$360,000 $294,950 $314,500
$366,250 $425,000 $375,000
1.74% 44.09% 19.24%
$343,000 $309,900 $325,000
$362,500 $400,000 $361,750
5.69% 29.07% 11.31%
8 0 8
5 0 8
-37.50% N/A 0.00%
31 0 32
23 0 28
-25.81% N/A -12.50%
$845,000 N/A $845,000
$840,000 N/A $782,500
-0.59% $730,000 N/A N/A -7.40% $726,500
$637,500 -12.67% N/A N/A $631,250 -13.11%
STRATFORD 1 Family Condo All Sales
3 6 9 5 0
TRUMBULL 1 Family Condo All Sales
WESTON 1 Family Condo All Sales
WESTPORT 1 Family Condo All Sales
3 9 2 4 5
20 3 30
-48.72% 50.00% -33.33%
96 7 117
90 7 112
-6.25% 0.00% -4.27%
$1,200,000 N/A $1,150,032
$960,000 $600,000 $912,500
-20.00% $1,062,450 N/A $559,000 -20.65% $1,000,000
$878,750 -17.29% $662,000 18.43% $866,250 -13.38%
1 2 2 1 4
10 2 12
-16.67% 0.00% -14.29%
49 8 58
37 3 44
-24.49% -62.50% -24.14%
$777,500 N/A $700,750
$697,812 N/A $656,562
-10.25% $730,000 N/A $347,500 -6.31% $695,000
$740,000 $390,000 $722,500
8.80% 1,480 15.38% 467 16.24% 2,353
1,518 493 2,513
2.57% 5.57% 6.80%
$473,525 $255,000 $375,000
$407,750 $218,000 $350,000
-13.89% -14.51% -6.67%
$395,000 -8.25% $240,000 -7.69% $320,000 -11.11%
WILTON 1 Family Condo All Sales
1.37% 12.23% 3.96%
FAIRFIELD COUNTY 1 Family Condo All Sales
4 43 1 30 6 71
482 150 780
$430,500 $260,000 $360,000
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June 2012 | The Commercial Record | 33
TRENDLINES
HARTFORD COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
1 8 8 2 9
16 7 24
-11.11% -12.50% -17.24%
43 20 75
1 6 6 2 8
14 5 24
-12.50% -16.67% -14.29%
9 3 1 3
17 4 24
2 0 1 0 3 9
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
47 23 77
9.30% 15.00% 2.67%
$446,625 $221,000 $355,000
$284,500 $201,000 $252,500
-36.30% -9.05% -28.87%
$448,000 $221,000 $329,000
$330,000 -26.34% $201,000 -9.05% $292,500 -11.09%
36 21 75
44 19 82
22.22% -9.52% 9.33%
$322,750 $268,550 $301,566
$234,250 $229,000 $229,113
-27.42% -14.73% -24.03%
$265,500 $244,900 $266,000
$227,500 -14.31% $217,500 -11.19% $227,213 -14.58%
88.89% 33.33% 84.62%
29 14 49
43 14 68
48.28% 0.00% 38.78%
$167,000 $214,000 $167,000
$180,000 $269,000 $184,750
7.78% 25.70% 10.63%
$185,000 $287,000 $185,000
$155,000 -16.22% $246,500 -14.11% $155,750 -15.81%
32 8 55
60.00% -20.00% 41.03%
76 26 139
97 19 155
27.63% -26.92% 11.51%
$172,500 $126,750 $164,000
$166,250 $132,500 $156,500
-3.62% 4.54% -4.57%
$155,500 $126,750 $150,000
$170,000 $130,000 $165,000
1 6 0 1 7
4 1 12
-75.00% N/A -29.41%
29 0 31
22 1 38
-24.14% N/A 22.58%
$384,975 N/A $369,950
$387,000 N/A $164,000
0.53% $318,000 N/A N/A -55.67% $311,000
$314,500 -1.10% N/A N/A $238,062 -23.45%
7 3 1 0
7 4 12
0.00% 33.33% 20.00%
24 6 34
23 6 33
-4.17% 0.00% -2.94%
$429,900 $142,500 $384,500
$255,000 $224,500 $260,000
-40.68% 57.54% -32.38%
$265,000 -34.16% $235,500 30.47% $265,000 -3.11%
5 1 7
150.00% 0.00% 133.33%
7 3 11
12 6 21
71.43% 100.00% 90.91%
N/A N/A $169,000
$188,000 N/A $155,000
30 3 43
36.36% 0.00% 19.44%
83 12 140
116 8 166
39.76% -33.33% 18.57%
$145,000 $135,000 $144,000
$125,500 $35,000 $120,340
-13.45% -74.07% -16.43%
$141,500 $65,000 $135,000
$129,700 -8.34% $50,750 -21.92% $120,000 -11.11%
5 2 9
10 4 17
100.00% 100.00% 88.89%
18 12 41
18 12 38
0.00% 0.00% -7.32%
$150,000 N/A $304,250
$194,000 $226,650 $188,000
29.33% $191,000 N/A $217,125 -38.21% $162,000
$171,500 -10.21% $234,150 7.84% $184,000 13.58%
2 9 8 4 0
43 3 48
48.28% -62.50% 20.00%
92 16 118
98 14 128
6.52% -12.50% 8.47%
$170,000 $114,070 $159,000
$165,000 $210,000 $165,000
-2.94% 84.10% 3.77%
$162,250 $128,500 $160,000
$163,450 $154,000 $161,500
18 11 32
100.00% 83.33% 77.78%
38 24 71
54 40 104
42.11% 66.67% 46.48%
$399,900 $246,250 $365,950
$232,850 $192,000 $232,850
-41.77% -22.03% -36.37%
$300,000 $195,000 $267,000
$272,500 -9.17% $164,500 -15.64% $211,500 -20.79%
1 5 3 2 4
31 14 50
106.67% 366.67% 108.33%
70 33 118
78 31 128
11.43% -6.06% 8.47%
$385,000 $291,000 $334,500
$371,000 $222,655 $321,750
-3.64% -23.49% -3.81%
$338,000 $160,000 $290,500
$342,000 $185,000 $293,750
7 0 8
13 2 17
85.71% N/A 112.50%
23 2 28
33 4 44
43.48% 100.00% 57.14%
$310,000 N/A $285,000
$234,900 N/A $225,000
-24.23% $275,000 N/A N/A -21.05% $262,000
$245,000 -10.91% $204,000 N/A $233,700 -10.80%
12 12 60
-42.86% 100.00% 22.45%
61 24 206
57 27 233
-6.56% 12.50% 13.11%
$138,000 $105,825 $125,000
$105,450 $51,250 $83,000
-23.59% -51.57% -33.60%
$105,000 -24.95% $57,500 0.00% $100,000 -16.67%
2 0 2
6 0 7
N/A N/A N/A
$225,000 N/A $225,000
AVON 1 Family Condo All Sales
BERLIN 1 Family Condo All Sales
BLOOMFIELD 1 Family Condo All Sales
BRISTOL 1 Family Condo All Sales
9.32% 2.56% 10.00%
BURLINGTON 1 Family Condo All Sales
CANTON 1 Family Condo All Sales
$402,500 $180,500 $273,500
EAST GRANBY 1 Family Condo All Sales
2 1 3
N/A $224,000 N/A $103,000 -8.28% $203,000
$214,000 $132,231 $205,000
-4.46% 28.38% 0.99%
EAST HARTFORD 1 Family Condo All Sales
2 2 3 3 6
EAST WINDSOR 1 Family Condo All Sales
ENFIELD 1 Family Condo All Sales
0.74% 19.84% 0.94%
FARMINGTON 1 Family Condo All Sales
9 6 1 8
GLASTONBURY 1 Family Condo All Sales
1.18% 15.63% 1.12%
GRANBY 1 Family Condo All Sales
HARTFORD 1 Family Condo All Sales
2 1 6 4 9
$139,900 $57,500 $120,000
HARTLAND 1 Family Condo All Sales
0 0 0
3 0 3
N/A N/A N/A
34 | The Commercial Record | June 2012
200.00% N/A 250.00%
N/A N/A N/A
N/A N/A N/A
$217,500 N/A $210,000
N/A N/A N/A
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
MEDIAN PRICE
2011 YTD
2012 YTD
%CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
78 27 127
111 37 180
42.31% 37.04% 41.73%
$130,000 $157,000 $144,500
$158,500 $84,609 $153,500
5 1 7
25 0 29
400.00% -100.00% 314.29%
N/A N/A $226,500
$245,000 N/A $240,000
2012 %CHG YTD 11-12
MANCHESTER 1 Family Condo All Sales
2 1 9 3 4
30 13 51
42.86% 44.44% 50.00%
21.92% -46.11% 6.23%
$161,000 $110,000 $158,000
$153,500 $112,900 $146,175
-4.66% 2.64% -7.48%
10 0 11
400.00% N/A 266.67%
N/A $220,000 N/A N/A 5.96% $220,000
$280,000 N/A $265,000
27.27% N/A 20.45%
16 2 29
14.29% -33.33% 0.00%
74 9 134
63 10 137
-14.86% 11.11% 2.24%
$133,450 $136,500 $110,000
$105,000 -21.32% $131,680 N/A -100.00% $100,000 $110,000 0.00% $124,950
$115,000 -12.67% $77,500 -22.50% $115,000 -7.96%
12 6 21
0.00% 200.00% 31.25%
47 16 78
42 24 74
-10.64% 50.00% -5.13%
$182,500 N/A $180,000
$227,500 $102,500 $175,000
24.66% $180,000 N/A $161,950 -2.78% $174,500
$209,500 16.39% $137,500 -15.10% $194,850 11.66%
3 3 9
-50.00% -57.14% -35.71%
18 11 36
30 12 49
66.67% 9.09% 36.11%
$170,950 $113,000 $153,450
$217,000 $143,000 $217,000
26.94% 26.55% 41.41%
$187,950 $150,000 $171,500
$170,750 -9.15% $131,500 -12.33% $151,000 -11.95%
15 9 28
150.00% 80.00% 154.55%
26 17 52
30 33 72
15.38% 94.12% 38.46%
$267,500 $165,900 $241,000
$238,000 $148,000 $232,500
-11.03% -10.79% -3.53%
$267,000 $173,900 $237,000
$242,750 $170,000 $219,200
12 4 19
33.33% 100.00% 58.33%
43 10 59
48 23 76
11.63% 130.00% 28.81%
$405,000 N/A $332,000
$247,450 $118,200 $220,000
-38.90% $345,000 N/A $157,500 -33.73% $310,000
$291,500 -15.51% $155,000 -1.59% $240,250 -22.50%
11 5 19
0.00% 150.00% 5.56%
38 17 63
37 18 65
-2.63% 5.88% 3.17%
$225,391 N/A $222,696
$250,000 $108,000 $200,000
10.92% $249,950 N/A $178,000 -10.19% $227,000
$240,000 -3.98% $138,000 -22.47% $185,000 -18.50%
2 3 5 3 7
29 14 57
26.09% 180.00% 54.05%
69 22 124
79 28 148
14.49% 27.27% 19.35%
$233,000 $175,000 $233,000
$245,000 $162,000 $215,000
5 1 1 1
10 100.00% 0 -100.00% 11 0.00%
32 4 45
25 4 37
-21.88% 0.00% -17.78%
$296,000 N/A $296,000
$216,750 N/A $213,500
MARLBOROUGH 1 Family Condo All Sales
2 0 3
NEW BRITAIN 1 Family Condo All Sales
1 4 3 2 9
NEWINGTON 1 Family Condo All Sales
1 2 2 1 6
PLAINVILLE 1 Family Condo All Sales
6 7 1 4
ROCKY HILL 1 Family Condo All Sales
6 5 1 1
-9.08% -2.24% -7.51%
SIMSBURY 1 Family Condo All Sales
9 2 1 2
SOUTH WINDSOR 1 Family Condo All Sales
1 1 2 1 8
SOUTHINGTON 1 Family Condo All Sales
5.15% -7.43% -7.73%
$240,000 $196,950 $235,000
$242,000 0.83% $161,000 -18.25% $226,000 -3.83%
-26.77% $269,000 N/A $158,700 -27.87% $252,500
$222,500 -17.29% $115,000 -27.54% $222,500 -11.88%
SUFFIELD 1 Family Condo All Sales
WEST HARTFORD 1 Family Condo All Sales
2 9 1 3 4 6
61 15 78
110.34% 15.38% 69.57%
115 42 177
160 42 226
39.13% 0.00% 27.68%
$280,000 $218,000 $280,000
$275,000 $240,000 $253,750
-1.79% 10.09% -9.38%
$280,000 $238,000 $275,000
1 1 2 1 8
33 3 38
200.00% 50.00% 111.11%
51 9 66
86 9 106
68.63% 0.00% 60.61%
$217,000 N/A $202,500
$217,500 $165,000 $200,000
0.23% $200,000 N/A $144,500 -1.23% $192,000
1 7 3 2 5
15 4 22
-11.76% 33.33% -12.00%
64 11 86
56 16 80
-12.50% 45.45% -6.98%
$180,000 $70,000 $173,000
$143,000 -20.56% $211,250 201.79% $152,450 -11.88%
8 4 13
60.00% 100.00% 30.00%
19 7 36
28 8 40
47.37% 14.29% 11.11%
$142,900 N/A $118,450
41.69% 1,310 40.00% 416 37.40% 2,228
1,568 488 2,641
19.69% 17.31% 18.54%
$217,500 $159,000 $187,000
$281,750 0.63% $201,500 -15.34% $269,950 -1.84%
WETHERSFIELD 1 Family Condo All Sales
$196,500 $165,000 $193,000
-1.75% 14.19% 0.52%
$186,000 $175,000 $187,600
$173,750 $183,750 $175,000
-6.59% 5.00% -6.72%
$135,113 $142,500 $135,000
-5.45% $142,900 N/A $60,000 13.97% $145,400
$150,300 $117,500 $147,000
5.18% 95.83% 1.10%
$202,000 $155,000 $186,700
-7.13% -2.52% -0.16%
$192,250 $152,200 $176,000
-4.11% -6.91% -4.86%
WINDSOR 1 Family Condo All Sales
WINDSOR LOCKS 1 Family Condo All Sales
5 2 1 0
HARTFORD COUNTY 1 Family Condo All Sales
3 67 1 15 6 07
520 161 834
$200,500 $163,500 $185,000
June 2012 | The Commercial Record | 35
TRENDLINES
LITCHFIELD COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
6 0 9
-33.33% N/A -10.00%
N/A N/A N/A
N/A N/A N/A
N/A $228,000 N/A N/A N/A $217,000
$247,450 N/A $255,000
5 0 8
6 0 7
20.00% N/A -12.50%
N/A N/A N/A
$177,500 N/A $177,500
N/A $209,000 N/A N/A N/A $163,750
$123,750 -40.79% N/A N/A $147,500 -9.92%
0 -100.00% 0 N/A 1 0.00%
5 0 6
2 0 4
-60.00% N/A -33.33%
N/A N/A N/A
N/A N/A N/A
N/A $450,000 N/A N/A N/A $425,000
N/A -100.00% N/A N/A $356,500 -16.12%
2 0 2
N/A N/A 100.00%
1 0 2
3 0 4
200.00% N/A 100.00%
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
$160,000 N/A $162,500
N/A N/A N/A
0 0 1
N/A N/A N/A
1 0 2
2 0 3
100.00% N/A 50.00%
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A $133,905
N/A N/A N/A
1 0 1
1 0 1
0.00% N/A 0.00%
3 0 3
2 0 6
-33.33% N/A 100.00%
N/A N/A N/A
N/A N/A N/A
N/A $375,000 N/A N/A N/A $375,000
N/A -100.00% N/A N/A $190,000 -49.33%
1 Family
2
1
12
6
-50.00%
N/A
N/A
N/A $325,000
$195,000 -40.00%
Condo
0
1
0
1
N/A
N/A
N/A
6
3
-50.00%
21
13
-38.10%
$200,000
$105,000
-33.33%
9
13
44.44%
$172,500
0
2
APR 2011
APR 2012
%CHG 11-12
2011 YTD
2 0 2
0.00% N/A 0.00%
9 0 10
4 0 4
300.00% N/A 300.00%
1 0 1
0 0 1
2012 YTD
MEDIAN PRICE %CHG 11-12
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
BARKHAMSTED 1 Family Condo All Sales
2 0 2
8.53% N/A 17.51%
BETHLEHEM 1 Family Condo All Sales
1 0 1
BRIDGEWATER 1 Family Condo All Sales
CANAAN 1 Family Condo All Sales
COLEBROOK 1 Family Condo All Sales
0 0 0
CORNWALL 1 Family Condo All Sales
GOSHEN
All Sales
-50.00% N/A
N/A
-47.50%
N/A $290,000
N/A
N/A
$195,000 -32.76%
HARWINTON 1 Family
3
2
Condo
0
1
5
5
0.00%
17
21
1 Family
1
0 -100.00%
5
Condo
0
1
3
2
2
0.00%
25.00%
All Sales
N/A
N/A
N/A -100.00% $190,000
N/A
N/A
23.53%
$250,000
$160,000
5
0.00%
N/A
2
-33.33%
N/A
9
9
0.00%
18
13
-27.78%
0
1
N/A -36.00%
N/A
$160,000 -15.79% N/A
N/A
$190,000
$160,000 -15.79%
N/A
N/A $262,000
$364,500 39.12%
N/A
N/A $125,000 -100.00%
N/A
N/A
N/A $170,000
$261,000
$225,000
N/A
N/A
KENT
All Sales
N/A
$264,305
55.47%
LITCHFIELD 1 Family
4
5
Condo
0
0
6
7
16.67%
24
18
-25.00%
$322,500
$325,000
1 Family
1
2
100.00%
4
4
0.00%
N/A
Condo
0
0
0
0
N/A
1
3
200.00%
5
6
20.00%
$195,000
0.00%
12
9
0
2
All Sales
N/A
N/A
-13.79% N/A 0.78%
$308,000 N/A
$214,000 -30.52% N/A
N/A
$313,500
$219,500 -29.98%
N/A
N/A $304,000
$180,000 -40.79%
N/A
N/A
MORRIS
All Sales
N/A
N/A
N/A
N/A $265,000
N/A
N/A
$161,000 -39.25%
NEW HARTFORD 1 Family
3
3
Condo
0
0
4
7
75.00%
16
17
All Sales
N/A
-25.00%
$332,000
$265,000
N/A
N/A
6.25%
$313,500
$265,000
N/A
-20.18%
$239,575
$265,000
N/A
N/A
N/A
-15.47%
$215,325
$265,000
23.07%
-5.60%
N/A
10.61%
NEW MILFORD 1 Family
1 8
15
-16.67%
50
58
16.00%
$217,500
$245,000
12.64%
$241,000
$227,500
Condo All Sales
1 1 3 3
5 28
-54.55% -15.15%
22 86
19 102
-13.64% 18.60%
$100,000 $140,000
$85,000 $182,500
-15.00% 30.36%
$107,500 $182,500
$98,000 -8.84% $154,500 -15.34%
36 | The Commercial Record | June 2012
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
NORFOLK 1 Family Condo All Sales
2 0 2
3 0 4
50.00% N/A 100.00%
5 0 5
10 0 12
100.00% N/A 140.00%
N/A N/A N/A
$139,000 N/A $132,000
N/A $500,000 N/A N/A N/A $500,000
$132,000 -73.60% N/A N/A $112,500 -77.50%
2 0 5
0.00% N/A 66.67%
2 0 5
12 0 19
500.00% N/A 280.00%
N/A N/A $190,000
N/A N/A $145,000
N/A N/A N/A N/A -23.68% $190,000
$151,800 N/A N/A N/A $145,000 -23.68%
6 0 1 0
4 0 4
-33.33% N/A -60.00%
19 1 31
18 3 24
-5.26% 200.00% -22.58%
$185,000 N/A $132,885
$180,675 N/A $180,675
-2.34% $187,500 N/A N/A 35.96% $165,000
1 0 1
0 -100.00% 0 N/A 2 100.00%
4 0 6
1 0 4
-75.00% N/A -33.33%
N/A N/A N/A
N/A N/A N/A
N/A $607,500 N/A N/A N/A $607,500
NORTH CANAAN 1 Family Condo All Sales
2 0 3
PLYMOUTH 1 Family Condo All Sales
$171,500 $66,000 $165,500
-8.53% N/A 0.30%
ROXBURY 1 Family Condo All Sales
N/A -100.00% N/A N/A $486,000 -20.00%
SALISBURY 1 Family Condo All Sales
4 0 4
2 0 2
-50.00% N/A -50.00%
7 0 10
12 0 13
71.43% N/A 30.00%
$617,500 N/A $617,500
N/A -100.00% $560,000 N/A N/A N/A N/A -100.00% $402,500
$307,500 -45.09% N/A N/A $325,000 -19.25%
1 0 1
2 0 3
100.00% N/A 200.00%
5 0 7
10 0 13
100.00% N/A 85.71%
N/A N/A N/A
2 1 4
-50.00% 0.00% -50.00%
13 4 23
7 1 11
-46.15% -75.00% -52.17%
$165,000 N/A $165,000
N/A -100.00% $180,000 N/A N/A $99,950 $146,250 -11.36% $165,000
$170,000 -5.56% N/A -100.00% $170,000 3.03%
1 2 5 1 8
25 6 36
108.33% 20.00% 100.00%
62 15 88
90 19 127
45.16% 26.67% 44.32%
$160,000 $110,000 $133,500
$168,000 $100,500 $134,500
$153,450 $80,000 $141,450
$124,475 -18.88% $75,000 -6.25% $113,000 -20.11%
0 0 0
1 0 4
N/A N/A N/A
2 0 5
2 0 8
N/A N/A N/A
N/A N/A $230,000
N/A N/A N/A N/A N/A $125,000
N/A N/A N/A N/A $448,000 258.40%
1 0 4
-66.67% N/A 0.00%
16 0 18
9 0 15
N/A -100.00% $1,050,000 N/A N/A N/A $937,500 -1.32% $1,050,000
$570,000 -45.71% N/A N/A $540,000 -48.57%
12 9.09% 0 -100.00% 18 -5.26%
36 2 61
44 2 68
22.22% 0.00% 11.48%
$205,000 N/A $195,000
$140,000 N/A $140,000
-31.71% $192,450 N/A N/A -28.21% $171,500
$167,500 -12.96% N/A N/A $165,500 -3.50%
7 133.33% 0 -100.00% 11 120.00%
6 3 16
22 0 32
266.67% -100.00% 100.00%
$157,000 N/A $137,000
$145,000 N/A $87,000
-7.64% $165,000 N/A $116,000 -36.50% $110,500
$146,950 -10.94% N/A -100.00% $114,000 3.17%
-33.33% 0.00% 50.00%
10 2 22
8 9 30
-20.00% 350.00% 36.36%
$324,500 N/A $291,500
N/A -100.00% $320,750 N/A N/A N/A $110,000 -62.26% $240,000
$407,500 27.05% $79,000 N/A $250,000 4.17%
12.36% -23.81% 19.44%
321 52 506
374 61 595
16.51% 17.31% 17.59%
$219,000 $110,000 $202,500
$180,000 $85,500 $174,125
$171,500 -19.67% $85,000 -19.05% $161,000 -15.24%
SHARON 1 Family Condo All Sales
N/A N/A $279,000
N/A $210,000 N/A N/A N/A $170,000
$327,000 N/A $335,000
55.71% N/A 97.06%
THOMASTON 1 Family Condo All Sales
4 1 8
TORRINGTON 1 Family Condo All Sales
5.00% -8.64% 0.75%
WARREN 1 Family Condo All Sales
0.00% N/A 60.00%
WASHINGTON 1 Family Condo All Sales
3 0 4
-43.75% $1,000,000 N/A N/A -16.67% $950,000
WATERTOWN 1 Family Condo All Sales
1 1 2 1 9
WINCHESTER 1 Family Condo All Sales
3 1 5
WOODBURY 1 Family Condo All Sales
3 1 6
2 1 9
LITCHFIELD COUNTY 1 Family Condo All Sales
8 9 2 1 1 44
100 16 172
-17.81% -22.27% -14.01%
$213,500 $105,000 $189,950
June 2012 | The Commercial Record | 37
TRENDLINES
MIDDLESEX COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
200.00%
N/A
$282,500
N/A
N/A
100.00%
N/A
$282,500
2012 %CHG YTD 11-12
CHESTER 1 Family
1
5
Condo
0
0
1
5
1 Family
4
12
Condo
0
1
6
16
All Sales
400.00%
4
12
0
0
400.00%
7
14
200.00%
30
37
23.33%
$241,250
$258,750
2
8
300.00%
N/A
N/A
166.67%
41
58
41.46%
$185,000
$258,750
N/A
N/A
N/A $340,000 N/A
N/A
N/A $315,000
$238,750 -29.78% N/A
N/A
$238,750 -24.21%
CLINTON
All Sales
N/A
7.25%
$223,500
$256,800
N/A
$167,250
N/A
39.86%
$170,000
$239,000
40.59%
N/A
14.90%
CROMWELL 1 Family
6
6
0.00%
18
22
22.22%
$210,000
$213,500
1.67%
$311,500
$227,500 -26.97%
Condo
9
5
-44.44%
18
24
33.33%
$212,000
$127,500
-39.86%
$147,000
$130,250 -11.39%
1 8
11
-38.89%
53
51
-3.77%
$206,000
$169,000
-17.96%
$213,745
$169,000 -20.93%
8 1
7 1
-12.50% 0.00%
$216,000 N/A
N/A -100.00% $230,000 N/A N/A N/A
$328,000 42.61% N/A N/A
11
9
-18.18%
$217,590
N/A -100.00% $219,180
$250,000 14.06%
All Sales
DEEP RIVER 1 Family Condo
3 0
1 0
-66.67% N/A
All Sales
4
1
-75.00%
1 Family Condo
0 0
4 2
N/A N/A
4 0
18 2
350.00% N/A
N/A N/A
$225,000 N/A
N/A $340,000 N/A N/A
$205,000 -39.71% N/A N/A
All Sales
0
7
N/A
4
21
425.00%
N/A
$170,000
N/A $340,000
$185,000 -45.59%
11 0 13
120.00% N/A 85.71%
14 0 28
25 0 31
$145,000 N/A $170,000
$235,000 N/A $270,000
62.07% $182,000 N/A N/A 58.82% $184,500
1 0 0 1 2
10 1 11
0.00% N/A -8.33%
32 8 50
29 3 35
-9.38% -62.50% -30.00%
$241,500 N/A $241,500
$225,000 N/A $195,000
-6.83% $241,000 N/A $155,625 -19.25% $235,250
$237,500 -1.45% $135,000 -13.25% $225,000 -4.36%
1 Family
6
7
16.67%
17
17
0.00%
$285,500
$185,000
-35.20%
$345,000 -11.54%
Condo
1
0 -100.00%
1
2
100.00%
N/A
N/A
DURHAM
EAST HADDAM 1 Family Condo All Sales
5 0 7
78.57% N/A 10.71%
$300,000 N/A $295,000
64.84% N/A 59.89%
EAST HAMPTON 1 Family Condo All Sales
ESSEX $390,000
N/A
N/A
8
7
-12.50%
20
20
0.00%
$227,000
$185,000
-18.50%
$320,000
$298,750
-6.64%
1 Family
4
5
25.00%
13
15
15.38%
$281,250
$165,000
-41.33%
$262,500
$232,000 -11.62%
Condo
0
0
0
0
N/A
N/A
4
5
25.00%
24
19
-20.83%
-60.00%
14
13
-7.14%
0
0
All Sales
N/A
N/A
HADDAM
All Sales
N/A
N/A
$281,250
N/A
N/A
$165,000 -41.33% $245,000
N/A
N/A
$239,500 -2.24%
KILLINGWORTH 1 Family
5
2
Condo
0
0
5
3
-40.00%
15
16
All Sales
N/A
N/A
$343,500
N/A -100.00% $297,175
N/A
N/A
6.67%
$343,500
$305,000
N/A -11.21%
$350,199 17.84%
N/A
N/A
N/A
$294,350
$303,500
3.11%
MIDDLEFIELD 1 Family
3
1
-66.67%
8
6
-25.00%
$161,500
Condo
1
0 -100.00%
2
0
-100.00%
N/A
15
6
-60.00%
$239,750
All Sales
4
1
-75.00%
N/A -100.00% $211,950 N/A
N/A
N/A
N/A -100.00% $189,000
$234,500 10.64% N/A
N/A
$234,500 24.07%
MIDDLETOWN 1 Family
6
19
216.67%
39
55
41.03%
$123,200
$179,500
Condo
1
8
700.00%
16
23
43.75%
N/A
$115,750
1 3
31
138.46%
75
99
32.00%
$135,211
$153,000
13.16%
$173,500
$153,000 -11.82%
16
77.78%
40
44
10.00%
$440,000
$301,250
-31.53%
$389,000
$337,250 -13.30%
0 -100.00%
6
5
-16.67%
N/A
N/A
59
60
1.69%
$440,000
$275,000
All Sales
45.70%
$203,000
N/A $150,000
$179,500 -11.58% $115,500 -23.00%
OLD SAYBROOK 1 Family
9
Condo
1
All Sales
1 5
22
46.67%
38 | The Commercial Record | June 2012
N/A $379,000 -37.50%
$380,000
$395,000
4.22%
$328,750 -13.49%
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
PORTLAND 1 Family
5
4
-20.00%
12
14
16.67%
$180,000
$203,500
13.06%
$200,750
$177,450 -11.61%
Condo All Sales
1 6
3 10
200.00% 66.67%
2 18
5 26
150.00% 44.44%
N/A $181,000
$175,000 $167,500
N/A N/A -7.46% $199,000
$145,000 N/A $159,950 -19.62%
WESTBROOK 1 Family Condo
8 0
1 0
-87.50% N/A
18 1
4 0
-77.78% -100.00%
$246,250 N/A
N/A -100.00% $272,950 N/A N/A N/A
$520,000 90.51% N/A N/A
All Sales
9
1
-88.89%
23
7
-69.57%
$210,000
N/A -100.00% $210,000
$125,000 -40.48%
38.67% 42.86% 28.57%
271 57 443
318 73 472
17.34% 28.07% 6.55%
$234,000 $216,873 $219,590
MIDDLESEX COUNTY 1 Family Condo All Sales
7 5 1 4 1 12
104 20 144
Looking For More?
$238,750 $127,250 $198,500
2.03% -41.33% -9.60%
$250,000 $160,000 $223,000
$241,500 -3.40% $130,000 -18.75% $216,500 -2.91%
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TRENDLINES
NEW HAVEN COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES
MEDIAN PRICE
APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
1 Family
7
10
42.86%
23
30
30.43%
$180,000
$179,000
Condo
0
1
2
1
-50.00%
N/A
N/A
9
14
55.56%
36
51
41.67%
$165,000
$159,205
%CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
ANSONIA
All Sales
N/A
-0.56% N/A
$185,000 N/A
$156,950 -15.16% N/A
N/A
-3.51%
$165,000
$147,000 -10.91%
N/A -100.00%
$169,500
$252,500
N/A
$88,000
N/A
48.94%
$138,001
$149,750
8.51%
N/A -100.00%
$267,000
$339,500
27.15%
N/A
N/A
N/A
$267,000
$279,063
4.52%
BEACON FALLS 1 Family
4
0 -100.00%
7
6
-14.29%
$201,000
Condo
1
1
0.00%
2
4
100.00%
N/A
N/A
1 2
3
-75.00%
16
16
0.00%
$117,500
$175,000
1 Family
7
1
-85.71%
10
18
80.00%
$325,000
Condo
0
0
0
0
9
2
-77.78%
14
26
85.71%
$325,000
All Sales
N/A
48.97%
BETHANY
All Sales
N/A
N/A
N/A
N/A
N/A
N/A -100.00%
BRANFORD 1 Family
9
15
66.67%
29
36
24.14%
$260,000
$253,000
-2.69%
$260,000
$266,000
2.31%
Condo
6
12
100.00%
25
35
40.00%
$170,500
$116,000
-31.96%
$171,000
$157,000
-8.19%
1 9
32
68.42%
72
89
23.61%
$215,000
$234,600
9.12%
$230,500
$220,000
-4.56%
All Sales
CHESHIRE 1 Family
1 2
15
25.00%
55
39
-29.09%
$285,500
$270,000
-5.43%
$330,000
$283,000 -14.24%
Condo
5
6
20.00%
16
14
-12.50%
$263,000
$147,500
-43.92%
$173,500
$173,500
1 9
31
63.16%
78
71
-8.97%
$263,000
$270,000
2.66%
$295,950
$234,000 -20.93%
1 Family
4
3
-25.00%
12
10
-16.67%
$220,000
$200,000
-9.09%
$165,399
$135,000 -18.38%
Condo
2
3
50.00%
6
5
-16.67%
N/A
$81,000
9
7
-22.22%
31
22
-29.03%
$190,000
$91,000
All Sales
0.00%
DERBY
All Sales
N/A $166,000
$81,000 -51.20%
-52.11%
$170,000
$118,000 -30.59%
EAST HAVEN 1 Family
2 0
15
-25.00%
60
48
-20.00%
$188,950
$180,000
-4.74%
$191,500
$161,500 -15.67%
Condo
5
7
40.00%
15
15
0.00%
$80,000
$130,000
62.50%
$129,900
$130,000
2 6
23
-11.54%
79
66
-16.46%
$188,950
$180,000
-4.74%
$190,000
$158,750 -16.45%
$295,000
-1.67%
$336,000
$312,750
N/A -100.00%
$186,900
All Sales
0.08%
GUILFORD 1 Family
5
15
200.00%
34
50
47.06%
$300,000
Condo
3
2
-33.33%
11
4
-63.64%
$145,000
1 0
19
90.00%
61
64
1 Family
1 5
33
120.00%
76
99
Condo
4
4
0.00%
15
19
2 1
48
128.57%
108
1 Family
1 2
18
50.00%
Condo
0
1
1 5
21
1 Family
2 8
Condo
6 4 1
All Sales
4.92%
-6.92%
$84,500 -54.79%
$261,250
$295,000 12.92% $325,000
$312,750 -3.77%
30.26%
$229,100
$200,000
-12.70%
$210,000
$210,000
0.00%
26.67%
$146,250
$103,000
-29.57%
$136,500
$135,000
-1.10%
162
50.00%
$212,000
$187,500
-11.56%
$203,750
$183,000 -10.18%
44
44
0.00%
$501,975
$322,500
-35.75%
$447,500
$350,000 -21.79%
4
4
0.00%
N/A
N/A
N/A $410,000
$335,000 -18.29%
40.00%
55
58
5.45%
$536,950
$340,000
42
50.00%
97
122
25.77%
$145,500
7
16.67%
28
26
-7.14%
$137,475
57
39.02%
150
177
18.00%
75.00%
16
16
1
7
HAMDEN
All Sales
MADISON
All Sales
N/A
-36.68%
$440,000
$350,000 -20.45%
$150,000
3.09%
$134,500
$143,500
$79,000
-42.54%
$88,500
$134,500
$145,000
7.81%
$120,000
$125,000
0.00%
$265,000
$225,000
-15.09%
$269,000
$228,500 -15.06%
600.00%
N/A
N/A
MERIDEN
All Sales
6.69%
$66,500 -24.86% 4.17%
MIDDLEBURY 1 Family
4
7
Condo
0
1
6
10
66.67%
20
30
50.00%
$265,000
$201,000
-24.15%
$269,000
$233,500 -13.20%
1 Family
3 0
13
-56.67%
107
79
-26.17%
$305,000
$247,500
-18.85%
$281,000
$230,000 -18.15%
Condo
8
1
-87.50%
29
20
-31.03%
$200,750
4 3
15
-65.12%
158
117
-25.95%
$240,000
All Sales
N/A
N/A
N/A
$340,000
N/A
MILFORD
All Sales
40 | The Commercial Record | June 2012
N/A -100.00% $195,000 $258,000
7.50%
$246,476
$165,000 -15.38% $220,000 -10.74%
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
MEDIAN PRICE
2011 YTD
2012 YTD
%CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
NAUGATUCK 1 Family Condo All Sales
1 4 3 1 8
19 4 31
35.71% 33.33% 72.22%
69 11 99
73 16 109
5.80% 45.45% 10.10%
$184,950 $55,000 $165,000
$150,000 $48,000 $121,000
-18.90% -12.73% -26.67%
$180,000 $69,900 $158,800
$139,900 -22.28% $46,564 -33.38% $127,500 -19.71%
15 7 58
-42.31% -56.25% -13.43%
80 45 244
71 26 216
-11.25% -42.22% -11.48%
$134,500 $116,000 $108,000
$125,000 -7.06% $238,000 105.17% $114,500 6.02%
$123,000 $125,000 $119,000
$145,000 $122,000 $115,899
300.00% -66.67% 116.67%
14 6 21
29 2 34
107.14% -66.67% 61.90%
$246,000 $190,000 $211,000
$189,500 -22.97% $241,750 N/A -100.00% $175,000 $195,000 -7.58% $233,000
$221,250 -8.48% N/A -100.00% $213,125 -8.53%
1 2 1 1 5
10 -16.67% 0 -100.00% 14 -6.67%
47 4 58
41 3 54
-12.77% -25.00% -6.90%
$270,000 N/A $270,000
$271,500 N/A $271,500
0.56% $250,000 N/A $213,775 0.56% $243,750
$251,000 0.40% $147,000 -31.24% $249,250 2.26%
5 2 7
12 2 14
20 3 27
34 3 39
70.00% 0.00% 44.44%
$340,000 N/A $375,000
$320,500 N/A $355,500
-5.74% $337,500 N/A $556,233 -5.20% $380,000
$319,500 -5.33% $515,895 -7.25% $331,000 -12.89%
8 0 1 1
12 1 16
27 3 38
23 2 31
-14.81% -33.33% -18.42%
$359,950 N/A $364,900
$292,500 N/A $312,500
-18.74% $304,000 N/A $385,000 -14.36% $315,000
$285,000 -6.25% N/A -100.00% $325,000 3.17%
-38.82% -5.58% -47.79%
$230,000 $369,949 $299,900
$234,500 1.96% $323,969 -12.43% $250,000 -16.64%
-5.42% $189,000 N/A $102,000 1.59% $177,000
$174,050 -7.91% $60,000 -41.18% $175,000 -1.13%
NEW HAVEN 1 Family Condo All Sales
2 6 1 6 6 7
17.89% -2.40% -2.61%
NORTH BRANFORD 1 Family Condo All Sales
3 3 6
12 1 13
NORTH HAVEN 1 Family Condo All Sales
ORANGE 1 Family Condo All Sales
140.00% 0.00% 100.00%
OXFORD 1 Family Condo All Sales
50.00% N/A 45.45%
PROSPECT 1 Family Condo All Sales
4 4 1 1
8 3 11
100.00% -25.00% 0.00%
17 7 31
26 6 41
52.94% -14.29% 32.26%
$270,500 $375,472 $366,041
$165,500 $354,527 $191,125
15 0 17
150.00% N/A 142.86%
19 7 30
34 4 51
78.95% -42.86% 70.00%
$203,000 N/A $189,000
$192,000 N/A $192,000
5 11 21
-66.67% -21.43% -36.36%
37 38 85
25 44 79
-32.43% 15.79% -7.06%
$355,000 $90,000 $190,000
$175,199 $130,000 $145,000
-50.65% 44.44% -23.68%
$360,000 $103,500 $219,000
$270,000 -25.00% $126,250 21.98% $145,000 -33.79%
22 10 39
0.00% 25.00% 11.43%
66 34 119
70 25 121
6.06% -26.47% 1.68%
$239,500 $258,728 $239,000
$234,000 $190,500 $221,000
-2.30% -26.37% -7.53%
$220,375 $189,200 $210,000
$223,000 1.19% $170,000 -10.15% $214,900 2.33%
41 19 80
20.59% -9.52% -4.76%
145 67 333
198 62 366
36.55% -7.46% 9.91%
$89,000 $68,500 $71,750
$104,000 $54,000 $83,685
16.85% -21.17% 16.63%
$90,000 $58,000 $68,500
$93,750 $55,000 $77,700
4.17% -5.17% 13.43%
22 5 40
-33.33% -16.67% -6.98%
101 50 160
69 25 129
-31.68% -50.00% -19.38%
$170,000 $95,000 $165,000
$174,950 $80,000 $162,450
2.91% -15.79% -1.55%
$150,000 $47,757 $107,750
$159,900 $95,000 $137,500
6.60% 98.92% 27.61%
$243,750 N/A $243,750
$250,000 $160,000 $188,500
2.56% $210,000 N/A N/A -22.67% $200,000
N/A N/A N/A
$360,000 N/A $355,000
N/A $328,750 N/A N/A N/A $328,750
$206,250 $136,750 $181,000
$195,000 $120,000 $175,000
SEYMOUR 1 Family Condo All Sales
6 0 7
SOUTHBURY 1 Family Condo All Sales
1 5 1 4 3 3
WALLINGFORD 1 Family Condo All Sales
2 2 8 3 5
WATERBURY 1 Family Condo All Sales
3 4 2 1 8 4
WEST HAVEN 1 Family Condo All Sales
3 3 6 4 3
WOLCOTT 1 Family Condo All Sales
1 0 0 1 2
15 3 20
50.00% N/A 66.67%
25 2 31
35 5 45
40.00% 150.00% 45.16%
9 1 10
800.00% N/A 900.00%
12 0 14
24 8 42
100.00% N/A 200.00%
15.43% 1,249 -4.24% 431 13.07% 2,168
1,349 385 2,306
$175,000 -16.67% $179,000 N/A $175,000 -12.50%
WOODBRIDGE 1 Family Condo All Sales
1 0 1
$379,500 $250,000 $367,500
15.44% N/A 11.79%
NEW HAVEN COUNTY 1 Family Condo All Sales
3 50 1 18 5 89
404 113 666
8.01% -10.67% 6.37%
-5.45% -12.25% -3.31%
$205,000 $125,500 $175,000
$180,000 -12.20% $125,000 -0.40% $160,000 -8.57%
June 2012 | The Commercial Record | 41
TRENDLINES
NEW LONDON COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
MEDIAN PRICE
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
%CHG 11-12
APR 2011
1 0 2
-50.00% N/A -50.00%
5 0 8
3 0 9
-40.00% N/A 12.50%
N/A N/A $163,400
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
BOZRAH 1 Family Condo All Sales
2 0 4
N/A N/A $151,000 N/A N/A N/A N/A -100.00% $170,450
$110,000 -27.15% N/A N/A $90,000 -47.20%
COLCHESTER 1 Family Condo All Sales
8 2 1 1
12 1 15
50.00% -50.00% 36.36%
32 4 43
29 3 44
-9.38% -25.00% 2.33%
$233,250 N/A $225,000
$252,500 N/A $225,000
8.25% $229,750 N/A $130,150 0.00% $225,000
$225,000 $175,000 $220,000
-2.07% 34.46% -2.22%
13 8 23
-7.14% 300.00% 21.05%
41 9 57
45 22 74
9.76% $325,000 144.44% 29.82% $325,000
$300,000 $252,500 $270,000
-7.69% $280,000 N/A $195,000 -16.92% $280,000
N/A N/A N/A
N/A N/A N/A N/A N/A $140,000
$205,000 N/A $200,000
N/A N/A 42.86%
$147,500 N/A $122,500 N/A N/A N/A $115,000 251.15% $103,000
$142,550 N/A $99,999
16.37% N/A -2.91%
$201,000 $160,000 $190,850
$230,700 $166,750 $194,000
14.78% 4.22% 1.65%
EAST LYME 1 Family Condo All Sales
1 4 2 1 9
$275,000 -1.79% $212,750 9.10% $250,000 -10.71%
FRANKLIN 1 Family Condo All Sales
0 0 0
1 0 1
N/A N/A N/A
1 0 3
3 0 5
200.00% N/A 66.67%
N/A N/A N/A
2 0 4
4 0 6
100.00% N/A 50.00%
14 2 22
10 0 25
-28.57% -100.00% 13.64%
N/A N/A $32,750
8 4 2 5
18 1 32
125.00% -75.00% 28.00%
41 17 92
58 10 108
41.46% -41.18% 17.39%
$225,000 $126,750 $160,000
$241,250 7.22% N/A -100.00% $174,500 9.06%
6 0 6
6 0 7
18 0 21
18 0 21
$241,750 N/A $241,750
$254,000 N/A $248,000
5.07% $230,250 N/A N/A 2.59% $215,000
$217,000 N/A $214,000
-5.75% N/A -0.47%
1 3 2 1 8
16 1 20
23.08% -50.00% 11.11%
37 4 59
46 4 62
24.32% 0.00% 5.08%
$215,000 N/A $200,950
$247,400 N/A $247,400
15.07% $215,000 N/A $78,350 23.12% $189,900
$210,000 $91,500 $209,000
-2.33% 16.78% 10.06%
2 0 3
4 0 6
100.00% N/A 100.00%
7 0 11
10 0 14
42.86% N/A 27.27%
N/A N/A $250,000
$179,000 N/A $168,100
N/A $178,500 N/A N/A -32.76% $178,500
$179,000 0.28% N/A N/A $153,600 -13.95%
3 0 4
1 0 1
-66.67% N/A -75.00%
6 0 10
5 0 12
-16.67% N/A 20.00%
$289,800 N/A $209,900
N/A -100.00% $316,000 N/A N/A N/A N/A -100.00% $316,000
$215,000 -31.96% N/A N/A $233,250 -26.19%
12 1 14
140.00% N/A 180.00%
24 0 35
27 2 38
12.50% N/A 8.57%
$205,000 N/A $205,000
$143,000 N/A $143,000
-30.24% $191,000 N/A N/A -30.24% $190,000
$157,000 -17.80% N/A N/A $141,500 -25.53%
11 3 21
-26.67% -25.00% 5.00%
45 18 72
39 4 75
-13.33% -77.78% 4.17%
$135,000 $172,000 $135,000
$138,000 $83,400 $105,000
2.22% -51.51% -22.22%
$137,900 $148,000 $142,500
$150,000 8.77% $82,700 -44.12% $139,288 -2.25%
12 0 20
8 1 16
-33.33% N/A -20.00%
$306,500 N/A $252,000
N/A -100.00% $207,000 N/A N/A N/A N/A -100.00% $207,000
$271,000 30.92% N/A N/A $110,500 -46.62%
-61.54% -50.00% -36.11%
69 21 98
41 12 76
-40.58% -42.86% -22.45%
$123,595 $185,750 $140,000
$159,350 $72,000 $122,500
16 220.00% 0 -100.00% 17 54.55%
20 3 30
35 3 46
75.00% 0.00% 53.33%
$335,000 N/A $325,000
$323,500 N/A $326,000
GRISWOLD 1 Family Condo All Sales
GROTON 1 Family Condo All Sales
LEBANON 1 Family Condo All Sales
0.00% N/A 16.67%
0.00% N/A 0.00%
LEDYARD 1 Family Condo All Sales
LISBON 1 Family Condo All Sales
LYME 1 Family Condo All Sales
MONTVILLE 1 Family Condo All Sales
5 0 5
NEW LONDON 1 Family Condo All Sales
1 5 4 2 0
NORTH STONINGTON 1 Family Condo All Sales
4 0 9
0 -100.00% 0 N/A 1 -88.89%
NORWICH 1 Family Condo All Sales
2 6 6 3 6
10 3 23
28.93% -61.24% -12.50%
$125,625 $115,000 $130,000
$122,500 -2.49% $109,750 -4.57% $98,000 -24.62%
-3.43% $385,000 N/A $325,000 0.31% $337,500
$321,000 -16.62% $155,000 -52.31% $307,000 -9.04%
OLD LYME 1 Family Condo All Sales
5 1 1 1
42 | The Commercial Record | June 2012
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
PRESTON 1 Family Condo All Sales
1 0 2
3 0 3
200.00% N/A 50.00%
6 0 10
18 0 22
200.00% N/A 120.00%
N/A N/A N/A
$208,038 N/A $208,038
N/A $159,950 N/A N/A N/A $189,950
0 0 8
2 0 3
N/A N/A -62.50%
5 0 17
12 1 18
140.00% N/A 5.88%
N/A N/A $203,142
N/A N/A $350,000
N/A $206,000 N/A N/A 72.29% $203,142
1 0 2
0 -100.00% 0 N/A 0 -100.00%
7 0 9
2 0 5
-71.43% N/A -44.44%
N/A N/A N/A
N/A N/A N/A
N/A $168,742 N/A N/A N/A $124,000
28 3 37
46 5 68
64.29% 66.67% 83.78%
$228,000 N/A $210,000
$357,500 N/A $350,000
56.80% $310,000 N/A $268,000 66.67% $305,000
4 0 7
3 0 5
-25.00% N/A -28.57%
N/A N/A $85,000
$181,100 13.22% N/A N/A $141,200 -25.66%
SALEM 1 Family Condo All Sales
$312,500 N/A $282,500
51.70% N/A 39.07%
SPRAGUE 1 Family Condo All Sales
N/A -100.00% N/A N/A $55,000 -55.65%
STONINGTON 1 Family Condo All Sales
8 1 1 3
21 2 25
162.50% 100.00% 92.31%
$312,250 $350,000 $286,750
0.73% 30.60% -5.98%
VOLUNTOWN 1 Family Condo All Sales
2 0 3
0 -100.00% 0 N/A 0 -100.00%
N/A N/A $167,600 N/A N/A N/A N/A -100.00% $95,200
CCIM Connecticut ConnecticutChapter Chapter CCIM CCIM Connecticut CCIM Connecticut Chapter Chapter
$270,000 61.10% N/A N/A $120,500 26.58%
WATERFORD 1 Family Condo All Sales
1 6 5 2 4
15 4 24
-6.25% 46 52 13.04% $237,500 $159,000 -33.05% $205,750 $220,000 6.93% -20.00% 8 11 37.50% $145,000 $143,500 -1.03% $145,000 $140,000 -3.45% 0.00% Mission 63 80 26.98% $204,250 $157,000 -23.13% $177,000 Mission Statement: Connecticut CCIM Chapter shall become most effective professional vehicle to impart commercial/investment Statement: TheThe Connecticut CCIM Chapter shall become thethe most effective professional vehicle to$190,000 impart commercial/investment realreal-6.84% estate education, service profitable ideas to commercial estate practitioners, in the State of Connecticut estate education, service andand profitable ideas to commercial realreal estate practitioners, in the State of Connecticut The Certified Commercial Investment Member (CCIM) designation is awarded CCIM Institute signifies an expert in commercialThe Certified Commercial Investment Member (CCIM) designation is awarded by by thethe CCIM Institute andand signifies an expert in commercial17.73% 468 realreal 510 8.97% $203,500 $234,750 $201,000 $210,000 investment estate demonstrated through education, experience knowledge of 15.36% the marketplace. investment estate as as demonstrated through education, experience andand knowledge of the marketplace.
NEW LONDON COUNTY 1 Family Condo All Sales
CIM ecticut pter oming ents
1 41 2 7 2 27
166
4.48%
24 -11.11% 89 78 -12.36% $160,000 $161,250 0.78% $145,000 $155,000 6.90% CCIM CCIM 244 7.49% 724 823 13.67% $199,900 $202,500 1.30% $190,000 $184,200 -3.05% 2010Officers/Board Officers/Board Members 2010 Members Connecticut Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real Connecticut President .................................................................................................................................................................... John Cafasso, CCIM President .................................................................................................................................................................... John Cafasso, CCIM Mission Statement: The Connecticut CCIM Chapter shall become the most effective professional vehicle to impart commercial/investment real estatePresident education, service and profitable ideas to commercial real estate practitioners, in the State of Connecticut President Elect ..........................................................................................................................................................Bryan Atherton, CCIM Elect ..........................................................................................................................................................Bryan Atherton, CCIM estate education, service and profitable ideas to commercial real estate practitioners, in the State of Connecticut Chapter Chapter The Certified Commercial Investment Member (CCIM) designation is awarded by the CCIM Institute and signifies an expert in commercialVice President ...............................................................................................................................................................Frank Micali, CCIM Vice President ...............................................................................................................................................................Frank Micali, CCIM The Certified Commercial Investment Member (CCIM) designation is awarded by the CCIM Institute and signifies an expert in commercialinvestment real...................................................................................................................................................................M. estate as demonstrated through education, experience and knowledge of the marketplace. Treasurer ...................................................................................................................................................................M. Jeffers Ryer, CCIM Treasurer Jeffers Ryer, CCIM investment real estate as demonstrated through education, experience and knowledge of the marketplace. Upcoming Upcoming Secretary .................................................................................................................................................................................Kyle Roberts Secretary .................................................................................................................................................................................Kyle Roberts CCIM 2010 Officers/Board Members BoardMembers Members Board Events 2010 Officers/Board Members Events Connecticut President .................................................................................................................................................................... John Cafasso, CCIM Scott Zakos, Alan Bolduc, CCIM/SIOR, Amoruso, Mark O’Hagan, Steve Patten, Lynch, CCIM, Gniazdowski Scott Zakos, Alan Bolduc, CCIM/SIOR, JayJay Amoruso, Mark O’Hagan, Steve Patten, JackJack Lynch, CCIM, StanStan Gniazdowski President .................................................................................................................................................................... John Cafasso, CCIM President Elect ..........................................................................................................................................................Bryan Atherton, CCIM President Elect ..........................................................................................................................................................Bryan Atherton, CCIM Chapter Vice President ...............................................................................................................................................................Frank Micali, CCIM Vice President ...............................................................................................................................................................Frank Micali, CCIM Torrey D. Brooks, Treasurer...................................................................................................................................................................M. Jeffers Ryer, CCIM M. Jeffers Ryer,CCIM CCIM, SIOR Ron Lyman, CCIM Treasurer...................................................................................................................................................................M. Jeffers Ryer, CCIM, CPM, GRI Upcoming assOCIates Secretary .................................................................................................................................................................................Kyle Roberts Mission Statement: The Connecticut CCIM Chapter shall becomeryer the most effective professional vehicle to impart commercial/investment real Secretary .................................................................................................................................................................................Kyle Roberts BrOOks, tOrrey COMMerCIal estate education, service&and profitable sCOtt, InC. ideas to commercial real estate realpractitioners, estate InC. in the State of Connecticut1160 Boston Post Road Board Members Events Board Members 542 Westport Avenue Plain Rd.by the CCIM Institute and signifies ForUpcoming UpcomingEvents Events The Certified Commercial Investment Member (CCIM) designation103isMillawarded For Westbrook, CT an expert in commercial-
CCIM Connecticut Chapter
Torrey D. Brooks, M. Jeffers Ryer, CCIM, SIOR Ron Lyman, CCIM CCIM, CPM, GRI ryer assOCIates lyMan real estate lyMan real estate BrOOks, tOrrey COMMerCIal BrOkeraGe & DevelOpMent BrOkeraGe & DevelOpMent & sCOtt, InC. real estate InC. 1160 Boston Post Road 542 Westport Avenue 103 Mill Plain Rd.Patten, Jack Lynch, CCIM, Stan Gniazdowski Westbrook, CT ScottMark Zakos, Alan Bolduc, CCIM/SIOR, Jay Amoruso, Mark O’Hagan, Steve Norwalk, CT 06851 Scott Zakos, Alan Bolduc, CCIM/SIOR, Jay Amoruso, O’Hagan, Steve Patten, Jack Lynch, CCIM, Stan Gniazdowski Norwalk, CT 06851 Danbury, CT 06811 Danbury, 06811 887-5000 fax (860) 886-0600 887-5000 • fax•(860) 886-0600 investment real estate as demonstrated andCTknowledge of the marketplace.(860)(860) (203) 847-2616 through education, experience (203) 847-2616 (203) 797-0200 (203) 797-0200 ronl@lymanre.com ronl@lymanre.com (203) 840-4848 fax fax (203) 840-4848 [by appointment only] located at: EasternEastern Office Office [by appointment only] located at: (203) 797-0205 fax fax (203) 797-0205 716 Beaumont Highway Lebanon, CT 06249 Torrey D. Brooks, 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net tdbrooks@ccim.net M. Jeffers Ryer, CCIM, SIOR Torrey D. Brooks, M.Jeffers Jeffers Ryer, CCIM,SIOR SIOR Ron Lyman, CCIM mjryer@ryer.com mjryer@ryer.com M. Ryer, CCIM, Ron Lyman, CCIM CCIM,ASSOCIATES CPM, GRI ryer assOCIates CCIM, CPM, GRI RYER lyMan real estate ryer assOCIates lyMan real estate BrOOks, tOrrey COMMerCIal BrOOks, tOrrey COMMERCIAL BrOkeraGe DevelOpMent DeForest W. & Smith, CCIM DeForest W. Smith, CCIM COMMerCIal Peter D’Addeo, CCIM Peter D. D’Addeo, CCIM BrOkeraGe & DevelOpMent &D.sCOtt, InC. real estate InC. & sCOtt, InC. REAL ESTATE INC. 1160 Post Road CarlCarl G. Russell, CCIM G.Boston Russell, CCIM real estate InC. COMMerCIal servICes COMMerCIal servICes 1160 Boston Post Road 542103 Westport Avenue 103 Mill Plain Rd. 542 Westport Avenue Mill Plain Rd. Westbrook, CT Marjorie C. Smith, CCIM Marjorie C. Smith, CCIM 103 realty Mill Plain Rd. Westbrook, CT realty Norwalk, CT 06851 Danbury, CT 06811 Norwalk, CT 06851 Danbury, CTAvenue 06811 (860) 887-5000 • fax&(860) GeOrGe J. sMIth sOn GeOrGe J. sMIth & 886-0600 sOn Danbury, CT 06811 632 Cromwell (860) 887-5000 • fax (860) 886-0600 632 Cromwell Avenue (203) 847-2616 (203) 797-0200 (203) 847-2616 (203) 797-0200 ronl@lymanre.com realtOrs® (203) 797-0200 realtOrs® Rocky Hill, CT CT 06067 ronl@lymanre.com Rocky Hill, 06067 fax (203) 840-4848 Eastern Office [by appointment only] located at: fax[by(203) 797-0205 fax (203) 840-4848 fax860-721-0005 (203)797-0205 797-0205 Eastern Office appointment only] located at: Broad Street at Green’s End fax (203) Broad Street at Green’s End 860-721-0005 x11 x11 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net 716 Beaumont Highway Lebanon, CT 06249 tdbrooks@ccim.net mjryer@ryer.com mjryer@ryer.com Milford, CT 06460 mjryer@ryer.com Milford, CT 06460 fax 860-563-3315 fax 860-563-3315 203-797-0200 203-797-0200 Bryan K. Atherton, CCIM (203)(203) 783-9999 783-9999Brett A. Sherman, CCIM pdaddeo@msn.com pdaddeo@msn.com DeForest W. Smith, CCIM Senior Vice President D. D’Addeo, CCIM DeForest W. Smith, CCIM Peter D’Addeo, CCIM ATHERTON Peter D. D’Addeo, CCIM Check CheckOur OurWebsite Website COMMERCIAL SERVICES Carl G. Russell, COMMerCIal servICes & ASSOCIATES Carl G. Russell, CCIM ANGEL COMMERCIAL, LLC COMMerCIal servICes DeForest W. Smith, CCIMCCIM www.ccimct.com Marjorie C. Smith, CCIM www.ccimct.com REALTY Marjorie C. Smith, CCIM realty COMMERCIAL 1375 Kings Highway, realty Carl G. Russell, CCIM GeOrGe J. sMIth & sOn 632 Cromwell Avenue GeOrGe J. sMIth & sOn PROPERTIES Avenue Fairfield, CT 06824 632 Cromwell Avenue GEORGE J. SMITH & SON REALTORS® jfelmer@ryer.com jfelmer@ryer.com realtOrs® Rocky Hill, CT 06067 realtOrs® 702 Bridgeport Avenue, CT 06067 bsherman@angelcommercial.com Rocky Hill, CT 06067 Broad Street at Green’s End www.CommercialRecord.com www.CommercialRecord.com Street at Green’s End 860-721-0005 BroadCT Street at Green’s End Suite 301 Shelton, CTBroad 06484 860-721-0005 x11 x11 Phone: 203-853-0101 860-721-0005 x11 Milford, 06460 280280 Summer St., St., Boston, MA,MA, 02210 (800) 356-8805 FaxFax (617)(617) 428-5119 Summer Boston, 02210 (800) 356-8805 428-5119 fax 860-563-3315 Milford, CT 06460 203-924-9400 x10 officeMilford, CT 06460 Cell: 203-253-0637 860-563-3315 fax 860-563-3315 (203) 783-9999 203-797-0200 (203) 783-9999 www.angelcommercial.com pdaddeo@msn.com (203) 783-9999 203-924-9401 fax pdaddeo@msn.com pdaddeo@msn.com
CCIM PleaseCheck Check Please Connecticut OurWebsite Website Our Chapter For Upcoming Events ming Events www.ccimct.com www.ccimct.com Upcoming Events
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The TheCommercial CommercialRecord Record
Officers/Board The2012 Commercial RecordMembers The Commercial Record
President ................................................................................................................................................................................................. Steve Patten www.CommercialRecord.com www.CommercialRecord.com President-Elect .......................................................................................................................................................................................Fred 280 Summer St., Boston, MA, 02210 (800) 356-8805 Fax 428-5119 280(617) Summer St., Boston, MA, 02210 (800) 356-8805 Fax (617) 428-5119 Petrella Secretary ............................................................................................................................................................................................... Peter Stergos Treasurer................................................................................................................................................................................................ Kyle Roberts Past President .................................................................................................................................................................................... Bryan Atherton Education .............................................................................................................................................................................................. John Cafasso Candidate Guidance .......................................................................................................................................................................... Bryan Atherton
Board Members: Frank Micali, John Lynch, Mark O’Hagan, Stan Gniazdowski, Jeff Ryer, Jay Amoruso, Ed Jordan www.CommercialRecord.com
280 Summer St., Boston, MA, 02210 (800) 356-8805 Fax (617) 428-5119
The Commercial Record
June 2012 | The Commercial Record | 43
TRENDLINES
TOLLAND COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
MEDIAN PRICE %CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
ANDOVER 1 Family Condo All Sales
2 0 2
1 0 1
-50.00% N/A -50.00%
6 0 7
3 0 3
-50.00% N/A -57.14%
N/A N/A N/A
N/A N/A N/A
N/A $176,500 N/A N/A N/A $175,000
$335,000 N/A $335,000
89.80% N/A 91.43%
5 0 5
3 0 4
-40.00% N/A -20.00%
10 0 11
10 0 12
0.00% N/A 9.09%
$239,900 N/A $239,900
$133,000 N/A $137,750
-44.56% $237,400 N/A N/A -42.58% $234,900
$198,750 -16.28% N/A N/A $198,750 -15.39%
3 0 3
50.00% N/A 0.00%
9 0 14
24 0 26
166.67% N/A 85.71%
N/A N/A $275,000
$230,000 N/A $230,000
N/A $270,000 N/A N/A -16.36% $205,950
$225,500 -16.48% N/A N/A $225,500 9.49%
16 1 23
300.00% N/A 283.33%
16 1 28
36 1 49
125.00% 0.00% 75.00%
$257,000 N/A $199,500
$204,000 N/A $200,000
-20.62% $258,700 N/A N/A 0.25% $231,500
$187,450 -27.54% N/A N/A $175,500 -24.19%
2 1 7
7 3 10
250.00% 200.00% 42.86%
19 3 29
20 6 32
5.26% 100.00% 10.34%
N/A N/A $110,000
$175,000 $301,000 $188,450
N/A $249,000 N/A $136,900 71.32% $235,000
$184,200 -26.02% $202,500 47.92% $196,450 -16.40%
6 2 9
6 2 9
0.00% 0.00% 0.00%
15 3 21
20 5 30
33.33% 66.67% 42.86%
$245,000 N/A $250,000
$247,500 N/A $185,000
1.02% $250,000 N/A $257,000 -26.00% $250,000
$223,000 -10.80% $130,000 -49.42% $177,950 -28.82%
3 4 7
5 2 10
66.67% -50.00% 42.86%
23 8 38
17 5 33
-26.09% -37.50% -13.16%
$159,999 $139,500 $159,999
$206,000 28.75% N/A -100.00% $128,000 -20.00%
1 0 1
10 900.00% 0 N/A 12 1100.00%
11 0 14
21 0 30
90.91% N/A 114.29%
4 1 6
10 4 15
150.00% 300.00% 150.00%
16 1 28
22 6 33
6 0 6
14 1 16
133.33% N/A 166.67%
21 1 27
35 4 48
1 0 3
1 0 1
0.00% N/A -66.67%
2 0 4
3 6 1 2
12 6 19
BOLTON 1 Family Condo All Sales
COLUMBIA 1 Family Condo All Sales
2 0 3
COVENTRY 1 Family Condo All Sales
4 0 6
ELLINGTON 1 Family Condo All Sales
HEBRON 1 Family Condo All Sales
MANSFIELD 1 Family Condo All Sales
$195,000 $132,000 $193,500
$176,000 -9.74% $126,000 -4.55% $134,933 -30.27% $254,900 -25.03% N/A N/A $256,408 -18.60%
SOMERS 1 Family Condo All Sales
N/A N/A N/A
$292,500 N/A $307,500
N/A $340,000 N/A N/A N/A $315,000
37.50% 500.00% 17.86%
$188,500 N/A $135,000
$188,950 $109,350 $174,900
0.24% $181,500 N/A N/A 29.56% $122,750
$164,700 $110,000 $135,000
-9.26% N/A 9.98%
66.67% 300.00% 77.78%
$159,000 N/A $159,000
$226,300 N/A $226,300
42.33% $214,000 N/A N/A 42.33% $211,050
$226,600 $99,250 $226,800
5.89% N/A 7.46%
2 0 2
0.00% N/A -50.00%
N/A N/A $150,000
34 15 70
46 20 77
35.29% 33.33% 10.00%
$155,000 $139,500 $137,500
$155,731 $105,800 $131,500
3 0 7
9 0 13
200.00% N/A 85.71%
N/A N/A N/A
$210,000 N/A $177,500
185 32 298
265 47 388
43.24% 46.88% 30.20%
$218,000 $139,500 $166,000
$208,000 $110,200 $185,000
STAFFORD 1 Family Condo All Sales
TOLLAND 1 Family Condo All Sales
UNION 1 Family Condo All Sales
N/A N/A N/A N/A N/A N/A N/A -100.00% $142,450
N/A N/A N/A N/A N/A -100.00%
VERNON 1 Family Condo All Sales
300.00% 0.00% 58.33%
0.47% -24.16% -4.36%
$183,000 $154,000 $169,150
$161,750 -11.61% $162,000 5.19% $161,000 -4.82%
N/A $241,000 N/A N/A N/A $241,000
$195,000 -19.09% N/A N/A $195,000 -19.09%
WILLINGTON 1 Family Condo All Sales
0 0 2
3 0 4
N/A N/A 100.00%
TOLLAND COUNTY 1 Family Condo All Sales
3 9 1 4 6 9
91 19 127
133.33% 35.71% 84.06%
44 | The Commercial Record | June 2012
-4.59% -21.00% 11.45%
$219,900 $138,450 $197,500
$195,000 -11.32% $126,000 -8.99% $178,700 -9.52%
TRENDLINES
WINDHAM COUNTY SALES REPORT
Real estate and credit transactions updated every Thursday
www.commercialrecord.com • subscribers only
NUMBER OF SALES APR 2011
MEDIAN PRICE
APR 2012
%CHG 11-12
2011 YTD
2012 YTD
%CHG 11-12
APR 2011
APR %CHG 2011 2012 11-12 YTD
2012 %CHG YTD 11-12
2 0 3
-33.33% N/A 0.00%
11 1 14
9 0 10
4 0 10
0.00% N/A 66.67%
22 0 32
9 1 24
-59.09% N/A -25.00%
$167,500 N/A $147,500
$161,250 N/A $19,000
-3.73% $157,250 N/A N/A -87.12% $152,250
$126,000 -19.87% N/A N/A $121,750 -20.03%
1 0 1
4 0 4
300.00% N/A 300.00%
12 0 15
8 0 12
-33.33% N/A -20.00%
N/A N/A N/A
$152,500 N/A $152,500
N/A $196,500 N/A N/A N/A $193,000
$147,500 -24.94% N/A N/A $147,500 -23.58%
0 1 1
1 1 3
N/A 0.00% 200.00%
6 2 8
2 1 4
-66.67% -50.00% -50.00%
N/A N/A N/A
N/A N/A $63,500
N/A $160,750 N/A N/A N/A $109,200
N/A -100.00% N/A N/A $159,750 46.29%
1 0 1
0.00% N/A 0.00%
1 0 1
3 0 4
200.00% N/A 300.00%
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
$141,000 N/A $151,500
0 -100.00% 0 N/A 1 -50.00%
3 0 6
2 0 6
-33.33% N/A 0.00%
N/A N/A N/A
N/A N/A N/A
N/A $156,500 N/A N/A N/A $133,250
N/A -100.00% N/A N/A $135,950 2.03%
45 4 69
29 3 59
-35.56% -25.00% -14.49%
$177,450 N/A $99,900
$140,000 N/A $140,500
-21.10% $139,900 N/A $75,000 40.64% $135,000
$145,000 3.65% $154,500 106.00% $140,000 3.70%
38 2 58
29 1 46
-23.68% -50.00% -20.69%
$176,000 N/A $135,000
$107,500 N/A $107,500
-38.92% $138,700 N/A N/A -20.37% $110,250
$135,000 N/A $113,790
-2.67% N/A 3.21%
4 0 13
8 0 14
100.00% N/A 7.69%
N/A N/A $208,000
N/A N/A $138,600
N/A $130,000 N/A N/A -33.37% $92,000
$168,953 N/A $144,453
29.96% N/A 57.01%
8 3 24
17 3 38
112.50% 0.00% 58.33%
N/A N/A $97,000
$64,500 N/A $69,750
N/A $115,000 N/A $145,000 -28.09% $100,000
$100,000 -13.04% $136,000 -6.21% $95,000 -5.00%
ASHFORD 1 Family Condo All Sales
3 0 3
-18.18% -100.00% -28.57%
$130,300 N/A $130,300
N/A -100.00% $130,300 N/A N/A N/A $80,000 -38.60% $113,700
$200,000 N/A $193,000
53.49% N/A 69.74%
BROOKLYN 1 Family Condo All Sales
4 0 6
CANTERBURY 1 Family Condo All Sales
CHAPLIN 1 Family Condo All Sales
EASTFORD 1 Family Condo All Sales
1 0 1
N/A N/A N/A
N/A N/A N/A
HAMPTON 1 Family Condo All Sales
1 0 2
KILLINGLY 1 Family Condo All Sales
1 0 0 1 7
11 0 20
10.00% N/A 17.65%
PLAINFIELD 1 Family Condo All Sales
1 2 1 1 8
12 0.00% 0 -100.00% 14 -22.22%
POMFRET 1 Family Condo All Sales
1 0 3
2 0 4
100.00% N/A 33.33%
PUTNAM 1 Family Condo All Sales
2 1 8
7 250.00% 0 -100.00% 10 25.00%
SCOTLAND 1 Family Condo All Sales
1 0 1
4 0 4
300.00% N/A 300.00%
5 0 7
5 0 5
0.00% N/A -28.57%
N/A N/A N/A
$185,000 N/A $185,000
N/A $179,000 N/A N/A N/A $179,000
$180,000 N/A $180,000
0.56% N/A 0.56%
2 0 4
N/A N/A 300.00%
7 0 12
7 0 17
0.00% N/A 41.67%
N/A N/A N/A
N/A N/A $105,350
N/A $176,000 N/A N/A N/A $122,500
$140,900 -19.94% N/A N/A $100,000 -18.37%
STERLING 1 Family Condo All Sales
0 0 1
THOMPSON 1 Family Condo All Sales
3 1 7
12 300.00% 0 -100.00% 14 100.00%
16 1 28
27 1 35
68.75% 0.00% 25.00%
$175,000 N/A $175,000
$142,450 N/A $136,920
-18.60% $180,000 N/A N/A -21.76% $180,000
$137,500 -23.61% N/A N/A $114,000 -36.67%
3 0 1 0
11 0 17
266.67% N/A 70.00%
24 1 50
28 1 55
16.67% 0.00% 10.00%
$169,900 N/A $147,450
$90,000 N/A $84,000
-47.03% $133,450 N/A N/A -43.03% $125,500
$111,000 -16.82% N/A N/A $84,000 -33.07%
50.00% 100.00% 28.57%
14 4 23
19 5 27
35.71% 25.00% 17.39%
$182,500 N/A $170,000
$242,750 N/A $165,000
33.01% $170,000 N/A $105,000 -2.94% $152,000
71.74% -40.00% 37.21%
216 18 360
202 16 356
-6.48% -11.11% -1.11%
$167,950 $125,000 $135,000
$139,900 $112,000 $114,000
WINDHAM 1 Family Condo All Sales
WOODSTOCK 1 Family Condo All Sales
4 1 7
6 2 9
$270,000 $98,500 $189,000
58.82% -6.19% 24.34%
$141,003 $118,450 $124,950
-5.84% 39.35% -8.96%
WINDHAM COUNTY 1 Family Condo All Sales
4 6 5 8 6
79 3 118
-16.70% -10.40% -15.56%
$149,750 $85,000 $137,250
June 2012 | The Commercial Record | 45
Years 0 3 1 g n i t Celebra JUNE 7, 2002 – 10 YEARS AGO
JUNE 15, 1962 – 50 YEARS AGO
Small banks were the way to go, according to an opinion piece in The Commercial Record in 2002. Many customers do not like dealing with mega-banks and enjoy the personal experience that comes with a smaller community bank, but if these banks wish to survive, they need to compete with their bigger brothers. The community bankers know they can offer more high touch and customer service than a consumer can get from a larger bank. It’s what they do best. But service is only part of the banking equation. Smaller banks often make the mistake thinking they don’t have to offer customers similar products and services to the larger banks. Things like same-day home equity loan approvals, commercial loans, free checking and ATMs are an integral part of the banking mix. It’s a bad idea to count on your small-town charm to keep customers. You need to offer services. Technology is increasing at a rapid pace and small banks have access to the same technology that many bigger banks have. The article went on to note that small town banks need to get out of their old mindset and start thinking more modernly, leading to even better customer service.
Looking to sell your house? Better do it quick if you were living in June 1962. The days in which the owner of a used house, even a good one, could sell quickly and over the original cost were over. Close observers of the home real estate market are strongly of the opinion that the post-war boom in housing is slowing down. There is already a surplus of housing in many communities. The market is highly competitive. To sell a used house today the owner must be realistic in putting a price on it. No one knows better than the broker who is asked to list the house for sale. His advice should be sought and followed. The article echoed one of the other stories in The Commercial Record, in which we noticed that home sellers were consistently asking for higher prices than what would sell on the market, and became angry when their properties didn’t sell – something brokers are reporting in today’s market as well. The lesson is this: listen to your broker; he or she is paid to know what they are doing.
JUNE 4, 1982 – 30 YEARS AGO Due to inflation, many companies were forced to remain in the same location back in 1982. Many of the spaces that they occupied were run-down and frankly not fit to serve customers in. Here at The Commercial Record we had some tips on how to redesign your business: In remaining in a location where alterations of the space are necessary, efficiency is the primary goal. The new arrangement must be designed so that it is more efficient than the present design. A space plan must be carefully conceived for today and projected into the future. Stick with the plan! The word “future” must be given a definitive meaning. It is not advantageous to a business to place a vague time frame on “future.” Will it be two years? Five years? Ten years? It will make a difference in the planning according to how much time you expect from the design If the design is geared for five years and you push for ten, you are going to run into problems. We continue to emphasize planning for the future, noting that the furniture and fabrics should timeless and classic, so the design would last. A company’s appearance must reflect the individual business and what it desires to project, but it also must stand the test of time.
JUNE 27, 1952 – 60 YEARS AGO We issued a call for cooperation between the real estate, building and financing parties in 1952. The market conditions were confusing, even to those closest to the industry. Consumers were becoming more price conscious and new buildings were not flying off the shelves like they used to. The day has passed, or is passing, when home builders can sell new houses before they are built and at almost any price they choose to ask. Today the services (and cooperation) of the trained and experienced real estate broker are desirable, and brokers and builders will do well to get together in planning future developments, for the market in some areas can easily become surfeited with houses in certain price brackets if either the brokers or the builders fail to analyze the prospects carefully. We encouraged these three industries to work with the buyer, who may not always be knowledgeable – and thus rather skittish – about purchasing a new home. We believed this coming together would help fight against unnecessary public housing, unreasonable rent control, confiscatory taxes and super-government.
In honor of The Commercial Record’s 130th year, the staff is taking a look back at our coverage from decades past. Take a stroll down memory lane with us as we reflect the news of yesterday and take a look at how far we’ve come. A lot has changed since the first CR hit the press in 1882 – but our mission and values have remained the same. Is your company celebrating an important anniversary this year? B&T wants to know! Send an email with details to mlaczkoski@thewarrengroup.com
46 | The Commercial Record | June 2012
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