Manchester, CT Real Estate News

By Joe Petrowsky, Your Mortgage Consultant for Life
(Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)
"HARP 2, Frustrates Manchester, Ct Property Owner”   I am seeing many frustrated homeowners, that are sharing experiences of being denied and not understanding why. The main reason, poor knowledge with this mortgage product.   I received the email below from this frustrated property owner that owns a 3 family, investment property in Manchester, Ct.   Here is the reason this loan was denied. The guideline on non-owner occupied properties work this way. A first mortgage can get approved up to 105% of the appraised value, which is not the problem with this transaction. The problem is the second mortgage. The guideline says the combination of the 1st and 2nd mortgage can’t go above 110% of the appraised value.   If the property is in fact worth $190,000 and the first mortgage balance is $18...
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By Joe Petrowsky, Your Mortgage Consultant for Life
(Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)
“Phil Hickey Joins Right Trac Financial and Activerain” I am very pleased to introduce Phil Hickey as a loan officer at Right Trac Financial. I interview many potential loan officers, but I’m not looking for numbers, but rather quality. The first time I meet Phil 7 years ago, I immediately liked him. He was genuine, straight forward and a great listener. I admire those qualities. I could go on and on, but you get the idea. Once Phil made his decision to join Right Trac  we spent a lot of time talking about social media. Wow, he hopped on this horse, ready to right. He has already posted a few blogs on Activerain, updated his profile on Linkedin and is developing a following of Facebook. Phil, welcome to Right Trac, we know you will have a successful career and look forward to your many ...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Manchester CT Market Report for April 2012     Real estate activity was clicking along in Manchester CT during April 2012, with 27 closed sales. While this was down somewhat from March 2012 (32 closed sales), it was up from the previous April (23 closed sales).    On a positive note, however, were median and average price which increased over the prior month as well as over the same period last year. This April, the median price was $160,000 and the average price was $192,070, compared to a median price of $147,400 and an average price of $175,000 in March 2012 and a median price of $155,000 and an average price of $164,313 in April 2011.   Also improving were the median and average days on market, with a median of 32 and an average of 71 days this April compared to a median of 52 and a...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Manchester CT Market Report for March 2012 Closed sales in Manchester CT were up in March 2012 over January 2012 and February 2012 as well as over the same month last year. There were 32 closed sales in March 2012 compared with 26 closed sales in March 2011; 32 closed sales is also a significant increase over February 2012 which showed just 18 (so almost double the number of the previous month) and over January 2012 which showed 20 closed sales.   While the increase in closed sales is a good sign of market recovery, the median and average prices of homes in Manchester CT were lower than in January and February as well as in the same period last year. This March, the median sales price was $147,500 and the average sales price was $172,709, which is down significantly from March 2010, whi...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
February 2012 Market Report ~ Manchester CT     During February 2012, there were 18 closed sales in Manchester CT with a median price of $151,750; the average price was $147,883.   The lowest priced home was a two-bedroom, one-bath, 696 sq. ft. ranch which sold for $58,500. The highest-priced home was a three-bedroom, 2.1 bath colonial with 2172 sq. ft. which sold for $255,000.  The median list price/sale price ratio was 96.1%.   When we compare February 2012 to February 2011, we see that while the closed sales increased this year (18 in 2012 vs. 10 in 2011), the median price and average price were down significantly. The median price in February 2011 was $189,000 and the average price was $223,190.    February's statistics were also down in both closed sales and median price from Janua...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Manchester CT Market Report for January 2012 The new year is here, and we are all anxious to see how the real estate market will be.  In 2011 in Manchester CT, we saw a decrease in both total closed sales and median price. The big question now is: Will 2012 be a better year for real estate?   In Manchester CT, we are starting off with positive results for both number of closed sales, median price, average price, and list price/sales price ratio.   Here is the short view:   Summary January 2012 January 2011 Closed Sales 20 17 Median Price $172,500 $170,000 Average Price $186,441 $186,288 Median LP/SP Ratio 96.8% 94.8% Average LP/SP Ratio 95.83% 91.09% Median DOM 104 53 Average DOM 144 81     So overall, the results show that for January 2012 there was: 15% increase in closed sales 1.5% i...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
2011 Year in Review ~ Manchester CT 2011 has closed and the real estate analysis has been done.  By most accounts 2011 was a worse year than 2010, but let's take a look at what actually happened in Manchester CT in 2011.   During 2011, there were 321 closed sales with a median price of $169,000.  Both number of closed sales and median price were down from the previous year, which posted 358 closed sales with a median price of $185,000.  So median price decreased by 8.65% and the number of closed sales decreased by 10.3%.   If we look at average sale price, which was $188,808 in 2011 vs. $201,788 in 2010, we see that the average price decreased by 6.43%.     Here is a look at 2010 and 2011 closed sales by month:       As you can see, there was quite a bit of variability among months. Rem...
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By Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen!
(Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington)
Town of Manchester: The Silk City. Why Silk City? Manchester has acquired the name Silk City because in this town, the Cheney family started what became the world's largest silk mill in 1838. As the town's tribute to the Cheney family, the mills, houses of the owners, and homes of the workers are now part of the Cheney Brothers Historic District, a National Historic Landmark. Manchester–A City of Village Charm. In 1935, a man named Malcolm Mollan won $25 for his entry to the slogan contest sponsored by the Chambers of Commerce that best suited the town of Manchester to boost tourism. The town has a total area of 27.7 square miles (71.7 km²), of which, 27.3 square miles (70.6 km²) of it is land  and 0.4 square miles (1.1 km²) of it (1.52%) is water, according to the United States Census ...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Manchester CT Market Report for December 2011     During December 2011, there were 22 closed sales with a median price of $155,450 in Manchester CT. Although the median price was up somewhat from the previous two months ($152,500 in November and $147,750 in October), the number of closed sales was the lowest since February 2011.   In comparing the numbers with last December, we can see that the number of closed sales was down (29 last December), but the median price was virtually unchanged ($155,450 in December 2011 vs. $156,000 in December 2010).   Here is the breakdown by price range: Price Range December 2011 December 2010 Under $100,000 3 4 $100,000-$149,999 7 8 $149,999-$199,999 9 9 $200,000-$249,999 1 5 $250,000-$299,999 - 2 $300,000-$349,999 1 - $350,000-$399,999 1 1 Over $400,00...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Wine Tasting at Adams Mill Restaurant, Manchester CT   Manchester Wine and Liquors' January wine tasting will be held on Monday, January 23, 2012 at 6:30 p.m. at Adams Mill Restaurant in Manchester CT.    Each month, a wine region is showcased and this month's wine region is Spain.  The wine tasting includes a presentation about the region, the wines, and the winemakers.     The wines to be tasted are: Gran Gesta Brut Reserva  ........................................... $11.99 Legado Munoz Tempranillo ..........................................$10.99 Vina Alarba Old Vine Grenache   .................................. $ 9.99 Cueto Seleccion   ........................................................$16.99 Orballo Albarino   ....................................................... $17.99 Meru...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Four New Year's Resolutions You Must Keep...from the Manchester Fire Department!   What are your New Year's resolutions? To lose weight? To get organized? To pay off credit cards? To appreciate others? To get a new job?   While we are all making lofty (or not so lofty) New Year's resolutions, the Manchester Fire Department is asking people to make just four resolutions that will ensure the safety of everyone.  These are simple, but if everyone did them, the results could really make a difference. 1.  Have a working smoke detector in all sleeping areas in the home. 2.  Have a working carbon monoxide detecter in the home. 3.  Have an emergency plan, designate a meeting place, and put together an emergency kit. 4.  Don't drive while distracted, especially by cell phones and texting.   Thes...
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By Frances C. Rokicki, Broker-Mentor,CRS
(Fran Rokicki Realty, LLC)
Not a New Year's Resolution, but, similar in nature.   I am realistic and know that I will not hold true to this for the entire new year.  I have set a shorter goal, with a purpose in mind.  Business has picked up, just with the turn of a calendar.  Elections ahead of us and with that, comes a renewed enthusiasm for our economy.  The signs are beginning to show a better market for retail sales and real estate.  Whoo Hoo! My brilliant new year's idea is to really keep after it.  Whether it be exercising, diet conscience, spiritual awareness, family, business or self improvement, I am determined to be on the ready.  A new year offers new opportunities and being ready to accept and engage in them is my brilliant idea.  All rolled into one, positive affirmation.  Keep after it!  They say, t...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
December's Season of Celebrations and Sharing ~ Visit Santa at Wickham Park   Visit Santa Clause at Wickham Park in Manchester CT.  From December 15 through December 23, you can visit Santa at the log cabin at the top of Wickham Park (you will also get an amazing view of the Hartford skyline).  Feel free to bring your camera for that special picture with Santa, without the glitz and confusion of Santa at the mall.  The cabin is a cozy place, reminiscent of Santa's real home (minus the toy workshop, of course), with holiday decorations and refreshments.   I used to take my children here when they were young, and we all enjoyed it.  Wickham Park has been hosting Santa for 30 years, and the tradition continues.  The event is free; however, in celebration of their 50th anniversary, Wickham ...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
December's Season of Celebrations and Sharing ~ Holiday Toy Drive     A few days ago, I dropped off a few toys at the Manchester Police Department for the Blue Angels' Toy Drive. The boxes didn't look very full, so I was glad to read that others were concerned about the lack of donations, too.   To draw attention to the toy drive, a festive holiday production will be put on by C.A.S.T. (Children's Associated Summer Theater), Northstar Dance Academy, and Summit Studios of Manchester.     The holiday show at East Catholic High School, 115 New State Road, Manchester CT on December 15, 2011 at 7:00.  The price of admission will be one new, unwrapped toy (minimum value of $10) for the Manchester Police Department's Blue Angels Toy Drive.   Enjoy a fun holiday show and donate to a good cause ...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Manchester CT Market Report for November 2011     Considering that most of central Connecticut was out of commission the first week of November and we had a major holiday as well, the number of closed sales in Manchester CT was remarkable.  There were 30 closed sales compared to 18 closed sales for November 2010.  Quite a difference!   The median price for November 2011 was $152,500 compared to $189,950 for the prior November, so the median price is significantly lower.  I always caution that the median price is the midpoint of all the sales, so if a lot of lower-priced homes sold, the median price is going to be lower.  There are bargains out there, and people are buying them.  The houses sold this month ranged from $63,500 for a two-bedroom, one-bath, 850 sq. ft ranch which was a shor...
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By Joe Petrowsky, Your Mortgage Consultant for Life
(Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)
“Real Estate Values Being Hurt in Manchester, CT and Around the Country”   One of the biggest white collar crimes today, is how HVCC (Home Valuation Code of Conduct), has affected real estate values, throughout the US. Here is an example of what I am talking about. Most everyone in the mortgage and real estate community understands only to well.   I did a mortgage for a client buying a home in Manchester, CT. Pretty simple transaction, the purchase price was $230,000 and miraculously the appraisal also came out to $230,000, funny how this happens. The transaction closed, like I said pretty simple.   Two weeks before the transaction closed, a new client came to me, to do a refinance. Here is the thing, two streets away from the transaction above, same development, same square footage. Th...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
December's Season of Celebrations and Sharing ~ Christmas Dinner at the Manchester Country Club   Once again, there will be a Christmas dinner at the Manchester Country Club for those in area shelters, thanks to Make A Christmas, a non-profit organization that seeks to help those in need during the holidays and throughout the year.   The project was started in 2001 by RJ Gomes, who was then a student at Manchester High School.  As part of a community project, he organized a Christmas dinner for those less fortunate, and he has been doing it ever since.   This year, dinner will be prepared by chef Jeff Thompson of October Kitchen at the Manchester Country Club.  Toys and gifts will also be distributed.   Make A Christmas relies on volunteers and contributions; if you have time and/or mon...
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By Frances C. Rokicki, Broker-Mentor,CRS
(Fran Rokicki Realty, LLC)
Cooking the bird, attending the Manchester Road Race, then, heading to the afternoon destination.  This year, my youngest Daughter, hosted our family holiday.  We had a warm and sunny, Thanksgiving Day this year.  It was great for the runners of the Turkey Race, in Manchester, Ct.  They had 15,000 participants!  Wow!  I have walked it, several times in the past years. My children and friends(who ran) would wait for me at the finish line on Main St, in front of St James Church. Still remember that hill by Highland Park Market.  Now, I am happy to join my friends and be a spectator.  The race route is lined with us fans!  Five miles of fans, bands, boom boxes, parties and more, all along the route. Some of the runners/walkers, dress in costumes, paint their bodies, carry flags, push strol...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
A Good Neighbor Indeed!   During the week of the freak October snowstorm and massive power outages in CT, many people were scrambling to find hotel rooms, myself included.  I tried calling the Hampton Inn and Suites in Manchester CT which was less than a half mile from my house, but phone service all over the area was sketchy.   On the second day after the power went out, I walked to the Hampton Inn and Suites in Manchester CT to see if there would possibly be a room.  I learned that their phone service was out, but they did have a waiting list for the hotel which was booked solid.  I was #56 on the list, so I didn't have much of a chance, especially since we all knew it was going to be a long haul and people wouldn't vacate after a day or two.   As I was leaving, though, I decided to a...
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By Peggy Chirico, REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
(Prudential CT Realty)
Wine Tasting at Adams Mill Restaurant on November 14, 2011   My favorite wine shop, Manchester Wine and Liquors, is hosting its monthly wine-tasting at Adams Mill Restaurant, on Adams Street in Manchester CT on Monday, November 14, 2011 at 6:30.   Members of the wine club can sign up and bring one guest, but anyone can be a wine club member and receive notices of wine events, monthly specials, and news.  Membership is FREE so call Manchester Wine and Liquors at 860-649-4750 to sign up now and get their newsletters.    Registration is required, and only people in their data base can sign up for the wine tastings. Each wine club member can bring one guest.   The monthly wine tastings are fun, informative, and delicious.  Each month, a different wine region is explored and a wine expert ta...
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