Latest Sales: Mandy Buys In Heights

Nobelprize.orgA 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 photoMichael 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.

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.”

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.

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.

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.

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.

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.

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.

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 ShillerNobel 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:

Home Sale Price Doubles In 13 Years

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posted by: 1644 on October 15, 2018  8:36am

The late 1980’s bust was, also, felt in New Haven with Schiavone’s collapse, which led to the collapse of Connecticut Savings Bank.  His downtown properties were put into the FDIC’s portfolio.  The FDIC had difficulty marketing them, until Stefano pushed Yale to buy them.  The result is that Yale now owns a significant portion of College & Chapel Street. Other gentrifying areas of New Haven, such as Fair Haven and Dwight/George,  were not supported by Yale and regressed economically.

posted by: robn on October 15, 2018  9:02am

Tom,

RE the East Rock home….If you plug a buck into this inflation calculator, between 1988 and 2018 that buck increases 211%....ion other words…no increase.

With regards to other neighborhoods in town, their property values have been depressed for decades because of de-industrialization and endemic poverty; they’ve got the same housing stock as East Rock and have nowhere to go but up.

https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1.00&year1=198809&year2=201809

posted by: cantsufferfools on October 15, 2018  1:50pm

Are we talking Mandy managment? The slumlord Mandy? These “management” companies are all owned by the same groups of people under different names and their properties are crap that is supported by section 8 and RAP for the most part. LCI has had more than enough complaints that something should have been done about these places a long time ago but hey, keep the money flowing right?

posted by: Kevin McCarthy on October 15, 2018  2:05pm

This is interesting. But given the range in time since the last sale of these properties, it would be useful to compare the current sales prices to the 2016 appraised values, to provide a common denominator.

posted by: Kevin McCarthy on October 15, 2018  2:17pm

Robn, you’re disregarding leverage and imputed rent. Most first-time homebuyers put down 20% or less of the purchase price. But appreciation is calculated based on the full purchase price. And a homebuyer avoids paying rent.

posted by: robn on October 15, 2018  3:03pm

KM,

The article is about housing cost increase; not the various uses of a dollar between then and now.

posted by: Kevin McCarthy on October 15, 2018  7:42pm

Robn, imputed rent affects the net cost of housing and leverage affects its value. As a result, you can’t simply compare changes in the sales price of housing to changes in the CPI. And while some neighborhoods such as Newhallville have housing stocks that are similar to East Rock’s, others such as Morris Cove do not.

posted by: robn on October 15, 2018  9:16pm

KM

Sorry but this article is not about the value of dollars invested in housing versus something else judged over time. It’s simply about housing cost then vs now and that is simply judged by the purchasing power of a dollar then versus now. Inflation is the metric of judgement in this context.

posted by: Esbey on October 15, 2018  10:47pm

Robn is right about inflation, it’s simply measuring prices in the same “real” units over time, which is the only correct way to talk about “price”.  The Shiller index at the end is inflation adjusted, which is good. The question of return on investment (as compared to say, stocks) over the same time period is a different question altogether.

posted by: Eva G on October 16, 2018  9:34am

There’s another element to How Prices Go that I’ve not noticed anyone mentioning, in all the comments on this and Tom’s other article about NHVN house prices—the differences in mortgage rates between now and the late 1980s/early 1990s. The mortgage rates have dropped *considerably* over the years, which affects how much people feel they can spend (whether or not they are accurate/sensible in their feelings is another matter, and probably varies from situation to situation).

posted by: challenge on October 18, 2018  2:39pm

Between slumlord Mandy and Yale properties New Haven might require a name change. Remembering when Grace New Haven Hospital changed its name to Yale New Haven and now Yale is everywhere and continuing to spread its wings along with Mandy Management and other names this land grabber is acquiring property under..