![]() ![]() “Young professionals both nationally and in Connecticut want to go into an urban core,” he said. Those numbers don't surprise Michael Freimuth, executive director of the Capital Region Development Authority (CRDA), a quasi-public agency created to invest in projects that convert downtown properties into housing units. “And that's where a lot of the economic and social growth and change comes from in any developing city.”ĭowntown's rising population of young professionals, and others, has been a strong driver of demand for Spectra Boutique Apartments, which has consistently had occupancy rates of 95 percent or higher since leasing started in 2015, according to Laurie Waddell, the building's property manager. “We wanted to create a destination that would enhance our apartment building and create foot traffic and buzz because there are a lot of young people in the city,” Doscas said. “We've created an all-purpose café where working people can stop for coffee and breakfast in the morning and we also serve wine and beer so it's a place for people to go after work as well,” Ravetz said.Ĭhris Doscas, an associate with Girona Ventures, said his company's newest offering is meant to be an amenity for the building's tenants, but also to Hartford's downtown community. This past September, two years after the completion of Ravetz's Spectra Boutique Apartments project - which was developed in tandem with Joseph Klaynberg's New York-based Wonder Works Construction - Spectra Wired Café debuted, a modernly designed venue with cement floors, wooden shelving and partitions and ample casual seating. “We initially thought we'd lease it to a retailer,” Ravetz said, “but as we spent more time in Hartford, and saw the positive things unfolding, we decided we wanted to create an active community space that would enhance the city in a way that a traditional retailer could not accomplish.” Remember, houses that are for sale but aren't under-offer yet may well be over-valued.When Jeff Ravetz, president of New York-based Girona Ventures, first acquired the former Sonesta Hotel on Constitution Plaza in 2011 - with the goal of converting the building into 190 upscale apartments - he did not have a plan for the building's 5,000 square feet of street-level space. If your offer is too high, the lender may cap the amount they will lend to you. If you find yourself going into sealed bids when buying a house, make sure you are comfortable with the offer you make (you don't want to end up with negative equity).įinally, it is important to remember that the lender will always check the valuation before finalising a mortgage offer. House prices can rise dramatically when buyers enter into competitive bidding and the final sale price may well exceed a property valuation. Unusual properties tend to suffer from more volatile prices as buyer demand can easily create a bidding war. ![]() House prices are partly determined by the condition of the property but in addition to this, they are also heavily influenced by the owner and how quickly they want to move - if they require a quick sale, they are more likely to accept a lower offer. Find out more about the valuation and how it compares to other properties nearby. If we valued this property using the average cost per square foot here - it would be worth £573k.įor it to sell for this amount, we would expect it to be in a similar state decoratively and also have a similar sized plot of land to the other properties here. 18 Valuation based on the cost per square foot ![]()
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