New Britain 3-Family Market Offers Opportunities for Investors

Currently, there are 69 3-family homes on the market in New Britain, priced from $59,900 for 2,844 sf at 329 Broad Street to $299,900 for 3,960 sf at 106 Hayes Street. The median-priced property is 17 Day Street, offering 3,360 sf for $220,000.

There are 17 3-family homes under contract (MLS statistics on August 14). The asking prices range from $60,000 for 2,697 sf at 107 Pleasant Street to $295,000 for $,580 sf at 121 Farmington Avenue. The median-price property currently under contract is 12 Ward, with 3,048 sf and an asking price of $150,000.

With almost an 8-month supply of 3-family homes for sale in town, this is another buyers' market! If you own a 3-family with good cashflow, you may want to hold on until the market improves.

For the first half of 2008, there were 30 closed sales, with prices ranging from $42,000 to $286,000 (median price paid $200,000 & median days-on-market 66). For the same period of this year, there were only 17 closed sales reported. Prices paid in 2009 ranged from $43,000 to $180,000 (median price paid was $85,000 and median days-on market just 38).

For help in finding the best 3-family for your individual situation, contact Brent today!

If you want an approximate value of your 3-family home delivered to your email without any cost or obligation, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your property. Brent will respond by email only (unless you request a phone call) with an estimate of the current value within 24 hours of your request!