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March 20, 2020 REAL ESTATE ROUNDUP

Survey: CT’s ‘healthiest’ housing markets

PHOTO | File image

The personal-finance website SmartAsset has released its sixth annual study on the healthiest housing markets in Connecticut. The study determines market health by measuring the average number of years residents spend in homes, home values, the ease of selling a home and the costs associated with homeownership in each location.

SmartAsset measured stability with two equally weighted indicators: the number of years homeowners remain in their homes, and the percentage of homeowners with negative equity. To measure risk, the website used the percentage of homes that decreased in value. To determine housing market fluidity, it incorporated data on the average time a for-sale home in each area spent on the market — the longer homes take to sell, the less fluid the market.

Finally, SmartAsset calculated affordability by determining the monthly cost of owning a home as a percentage of household income in each city.

Affordability accounted for 40 percent of SmartAsset’s “Healthiest Markets” index, while each of the other three factors accounted for 20 percent.

Based on that methodology, Connecticut’s “healthiest” residential real-estate market is the Hartford County town of Windsor Locks (which also is home to the state’s healthiest airport). Residents there live in their homes for an average of 13 years, spend 21.1 percent of their income on home costs, and need 82.7 days on average to sell their homes. Windsor Locks’ total “Healthiest Markets Index” score was 52.74, highest among all Connecticut municipalities.

Close behind, however, is the town of Orange, which finished second in the rankings with a total index score of 51.17. Residents there spend 13.4 years on average in their homes, spend 21.9 percent of their income on housing costs, and just 7.7 percent of homes are “underwater” (negative equity).

Other top ten “Healthiest Markets” communities in south-central Connecticut include Shelton, New Haven, Middletown, Derby, Meriden and Trumbull.

To view the entire “Healthiest Housings Markets” survey, click HERE.

TRANSACTIONS

Bridgeport CVS site sold for $4.7M

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single-tenant, net-leased CVS property located at 1875 Boston Ave., Bridgeport for $4.7 million.

The 17,114-square-foot building is located along a primary east-west thoroughfare. CVS has a proven operating history at this location, where it has been since 1992. In 2013, CVS signed a new 25-year lease extension that features rental escalation in each of the four five-year renewal options. CVS also reports high store sales.

CVS store at 1875 Boston Ave., Bridgeport.

Other retailers in the area include Family Dollar, Dunkin’ Donuts, McDonald’s, Walgreens and Aaron’s. The property is also located near Bridgeport Hospital and Bullard-Havens Technical High School, which drive steady traffic to the corridor.

Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller and the buyer in the transaction. Both buyer and seller in the 1031 exchange are private real-estate investors based in the Northeast.

“CVS drug store properties with proven operating histories continue to garner significant investor interest,” said Blankstein in announcing the deal.

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