A recently released market report by a real estate firm specializing in luxury properties suggests New Haven and Middlesex counties are seeing a resurgence in interest from high-end buyers.
The second-quarter market report released earlier this summer by William Pitt and Julia B. Fee Sotheby’s International Realty saw a 30 percent increase in sales of homes priced in excess of $1.5 million during the second quarter of this year. The firm’s Madison and Guilford brokerage manager Kathy Mitchell said in the report that “the renewed interest in the luxury segment (is due to) combination of high consumer confidence and prices adjusting to the point where the value proposition is too compelling to overlook.”
Officials with William Pitt and Julia B. Fee Sotheby’s International Realty said in the report they expect sales of luxury properties to continue in the third quarter.
Luxury sales in the Middlesex County communities saw a greater number of $1 million-plus offerings closed in the second quarter compared to the same period a year earlier, according to the report.
The firm’s Essex and Old Lyme brokerage manager Maureen Swarts said most of the high-end listings sold were largely properties along the Connecticut River with docks and moorings.
“Their buyers are boaters seeking the river lifestyle,” Swartz said in the report. “If a luxury property is not on the river or has no water view, it is harder to sell.”
Jay Cusack, whose firm Executive Real Estate has an office in Old Saybrook, had a role in one of the biggest luxury property sales in recent memory in New Haven County. Cusack was the selling agent for the sale of a historic, 18-room mansion on Rogers Island off the coast of Branford, which sold for $21.5 million earlier this month.
Cusack said in the last 12 months, his firm has sold about a dozen homes with price tags that top the $1 million mark. And he said that he expects another three or four sales in that price range will come through before the end of the year.
Cusack said luxury home buyers “don’t dally” when they find a property they want.
“They are quick to make the deal because they are less price sensitive than buyers in the lower price ranges,” he said.
Cusack said he was showing homes worth $1 million or more to a half-dozen buyers just last weekend alone.