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July 24, 2020 REAL ESTATE ROUNDUP

New report casts doubt on residential urban exodus

PHOTO | Pixabay.com

With the coronavirus pandemic continuing to impact the country, some businesses and residents have sought to move out of larger cities in favor of less densely populated areas. 

A new report from Apartmentlist.com, however, shows that at least for apartment rentals, the data varies by region.

Olyvia Ruhlmann, a spokesperson for Apartmentlist.com, said  the listings website analyzed data on the location preferences of millions of Apartment List users.

“The findings do not paint a picture of a widespread urban exodus,” Ruhlmann said. “In fact, nationally, we find that the share of users looking to move to a higher-density city has increased since the start of the pandemic, while the share searching in a less densely populated location fell.”

The report shows that searches for apartments targeting higher density cities rose from 33.8% to 35.2%.

According to the report, its search data shows a “more nuanced account of COVID-19’s impact on housing choice.” 

Users have been slightly more likely to search in cities with higher population density than where they currently live, according to the report.

However, in some markets, there has been a shift away from downtown, such as in Boston and Chicago. 

Read the full report HERE.

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Medical firm closes on West Haven office space

98 Elm St.

Internal Medicine of Greater New Haven has closed on 3,398 square feet of office space at 98 Elm St. in West Haven. 

Carl G. Russell, senior commercial broker at H. Pearce Commercial Real Estate in Milford handled the transaction for Internal Medicine. 

The physician practice focuses on internal medicine, disease screening, care for acute and chronic conditions and general physical examinations.

Jed Backus of Backus Real Estate, LLC of Hamden, represented the seller at 98 Elm St. Financial details were not disclosed. 

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Milford-based realtor completes sale of $1.9M Family Dollar store 

Carl Russell, a Realtor with H. Pearce Commercial Real Estate’s Milford office, recently handled the sale of a Family Dollar store property in Columbus, Ga. 

Russell represented the buyer, LBJ Industries Inc., in the $1,866,000 transaction. 

According to Pearce, the buyer had been in search of a quality investment with passive cash flow and the benefits of long-term property appreciation. 

Family Dollar has been at the site since 2015, and the business’ lease runs for another 11 years. The location is improved with a 9,180-square-foot Family Dollar store.

Vincent Aicale with Cushman and Wakefield, in Sacramento, Ca. represented the seller, 3D Development Partners.

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Pearce Real Estate announces top Q2 producers

Barbara L. Pearce, chair and CEO of Pearce Real Estate in North Haven, announced the company’s top producers for the second quarter.

According to Pearce, the company’s agents have been successful in spite of the coronavirus pandemic. 

“I am so very proud that our agents have continued to adapt to the new normal and are still very productive—virtually much of the time. They were good with technology for many things before this, but have gotten even better,” Pearce said.

The top individual agent for the company was Carl Russell of the Milford Commercial office. The top team company-wide was Edgehill REALTORS® from the New Haven office, a team which includes Ray Baldelli, Wojtek Borowski, Judith Normandin, Liisa Lindholm, Fran DeToro, Cecilia Jaoude, Gail Kuziel, Lori Desormeau, and Michele Benson.

Individual agents cited as being top producers for the company in the second quarter include: 

Eileen Smith, Wallingford/North Haven office; Dave Melillo, North Haven Commercial office; MaryBeth Canavan, Branford office; Gerri Sutfin, New Haven office; Kim Fenlon, Wallingford/North Haven office; John Bergin, Milford Commercial office; Amanda Popplewell, Guilford office; Vin Masotta, Wallingford/North Haven office; and Mary Jane Burt, New Haven office.

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