Real Estate Market Maintains Strength
The Chamber and the Eastern Connecticut Association of Realtors (ECAR) invited real estate and mortgage professionals to a virtual forum on May 13. ECAR CEO Susy Hurlbert shared updates from the region and nation, and Newt Brainard, VP of Development of Konover Residential Corporation provided a view of the rental market.
Serious Buyers and Sellers Driving Market
The Zoom call included over 30 area professionals who discussed the market, mortgages, and safety protocols as they continue to show homes and close deals in eastern Connecticut. While the median home price increased 15% for homes and 19% for condos, the number of new listings has decreased 40% year over year. “The real estate is really hot right now,” said Hurlbert. “The fact is the people that are serious about buying are out there, and the people that are serious about selling are the ones that have their homes on the market, so the transactions are coming together rather quickly.”
Rentals with Amenities Desirable
Newt Brainard said they have not seen a significant drop in rent payments in April or May. He also shared news of The Simon Konover Company’s newest luxury residential rental property coming online this year in East Lyme. Joining the 280-unit Sound at Gateway Commons is a lower density second phase with 120 town homes and manor homes featuring private entryways and attached garages. Last week, The Cove at Gateway Commons began renting 1, 2, and 3-bedroom units that range in size from 930 to 1750 square feet for August 2020 move in. The two communities offer a range of options for renters, from studio apartments to the new town homes.
Brokers were invited to show units and work with the company on rentals. Floor plans, amenities, and details about The Sound and The Cove at Gateway Commons are available at RentEastLyme.com.
Read more about The Cove at Gateway Commons here.
Read more about the Real Estate Roundtable in The Day’s article “Despite pandemic, eastern Connecticut housing and rental markets not seeing dip” by Erica Moser, Day staff writer.