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Shiller: Prices up 30 percent since 1975.
A three-family East Rock house sold for over double what it cost 30 years ago, and a major local property management company picked up four new units in two adjoining Fair Haven Heights homes, in some of the latest recorded land transactions in town.
Eleven residential property transactions that took place in the Elm City between Sep. 24 and Oct. 10 were uploaded to the city’s online property record database between Oct. 5 and Oct. 11. (A previous article detailed some late-September transactions that had been already uploaded to the database.)
Thomas Breen photo
71 Cottage St.
Michael Kinney sold the three-family house at 71 Cottage St. in East Rock to Samuel Chamino on Oct. 10 for $600,000. That same two-and-a-half-story property, which was built in 1910, last sold for $265,000 in 1988.
129 Lexington Ave.
In Fair Haven Heights, Gur New Haven II, LLC, a holding company owned by Mandy Management’s Menachem Gurevitch, bought the single-family home at 131 Lexington Ave. and the three-family home right behind it at 129 Lexington Ave. from Michael Puccino for $415,000. The Mandy/Gurevitch operation is one of New Haven’s biggest landlords.
Puccino paid $145,000 for the 1920 two-story, three-bedroom Colonial at 131 Lexington in 2009. In 2008, Puccino paid $45,000 for 129 Lexington, where he built the currently standing single-story, six-bedroom house in 2011.
“We bought it from the builder himself with beautiful tenants in place,” Mandy property manager Yudi Gurevitch stated via email on Thursday, “and we plan on keeping it that way.”
345 Smith Ave.
In Quinnipiac Meadows, Taha Alhayder bought the single-family home at 345 Smith Ave. from Edward Gallagher for $140,000 on Oct. 10. Gallagher first bought the property back in 1961 for just $1.
318 Exchange St.
In Fair Haven, Wellington Hermida Vazaquez bought the two-family home at 318 Exchange St. from Joy Fuentes and Joege Quinones for $220,000 on Oct 5. That’s over double the $90,000 that Fuentes and Quinones originally paid for the two-and-a-half-story property in 2002.
98 Quinnipiac Ave.
In the Annex, Edward Martinez bought the two-family home at 98 Quinnipiac Ave. from Marc Winslow for $160,000 on Oct. 2. Back in 1999, Winslow originally paid $44,000 for the propery, which had been foreclosed upon earlier in the year by the Fedearl Home Loan Mortgage Association.
15 Cove St.
In Morris Cove, Alfred Tisko, III bought the single-family Colonial home at 15 Cove St. from Tonelli Sports, LLC, a holding company owned by James Michael Tonelli, for $290,000 on Oct. 1. The waterfront property last sold for $168,000 in 2017.
Just around the corner, Claudio Carreno Valia and jean Eyssautier bought the single-family ranch house at 161 Ocean View St. from Joanne Consiglio and Vicent Quartiano for $179,000 on Oct. 8. That three-bedroom property last sold for $160,000 in 2001.
156 Atwater St.
At 156 Atwater St. near Chatham Square, Micahel and Virginia Caroleo paid Bryant Thomas and Richard Votto $244,000 for a two-family, two-and-a-half-story house on Oct. 5. That property last sold for $155,000 in 2007.
299 Greene St.
In Wooster Square, Rowena Griem sold her two-story condominium at 299 Greene St. for $292,000 on Oct. 2. That condo last sold for $290,000 in 2007.
Another condominium sale took place this week out in West Rock, where Arifa Siddiqua bought the one-story condo at 146 Springside Ave., #B‑13 from Tweed Properties, LLC for $87,000 on Sep. 24. The holding company, owned by Raif Shafek Ishak and Carol Suzanne Ishak, bought the formerly foreclosed property for $10 in 2015.
160 Grafton St.
And at 160 Grafton St. in Fair Haven, Michael Burleigh bought a two-family, two-and-a-half-story house from Albert Hilger for $75,500 on Sept. 28. That’s about half of the $142,000 sale price that the six-bedroom property last went for in 1986.
Real Home Prices Up ~30% Since 1975
Robert Shiller
Change in real home prices from 1975 to 2018, according to the Case-Shiller Index.
Nobel Prize-winning Yale economist Robert Shiller told the Independent that, taking into account inflation, real home prices in the Greater New Haven area have gone up roughly 30 percent since 1975.
That’s according to the Case-Shiller home price index, which tracks repeat sales of the same properties to gauge average home price changes in a particular region.
“Since 1975 there have been two booms in New Haven home prices,” Shiller told the Independent by email, “one peaking in 1988, the other peaking in 2005. The second boom and bust is more famous nowadays since it was more widespread, nationwide, and led to the financial crisis. But the earlier boom was also important, for it led to the Savings & Loan crisis, mostly in Texas.”
According to the online real estate database Zillow, the median value for New Haven homes is $163,800. Shiller said that, using Case-Shiller index data, the median value for a New Haven home in January 1975 was likely around $25,700.
Previous property sale coverage: