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    Real Estate
    Saturday, June 15, 2024

    Condo market remains competitive

    The two-bedroom condominium at The Standard in downtown Mystic has an updated kitchen and water views of the Mystic River. The asking price for the home is $899,900.

    Like the balance of the residential real estate market, the condominium segment is still challenging for buyers to navigate, with so few options available. Condominiums are still very much in demand, especially along coast, which has broad appeal to both full-time residents and second-home buyers.

    Market Realty LLC's Broker-Owner Judi Caracausa said the condo market in southeast Connecticut — particularly in shoreline communities like Mystic where her company is based — is "very hot, and especially for one-level living."

    "So many people want the ability to go into an elevator, press a button, and arrive at their home that's all on one floor. Those are the condos that are extremely in demand," she said.

    Caracausa is currently representing the sellers of two condos in downtown Mystic, each with its own compelling list of attributes.

    Unit 302 at 3 Water Street in Mystic is for sale. This is a two-bedroom condo in a building known as "The Standard." This particular downtown unit is in "mint, move-in condition," according to the listing broker. It features a number of updates, including new custom closets, quartz countertops in the kitchen and new shutters.

    "At The Standard, there are places to store bicycles, and the owner has a covered parking space in the private garage," Caracausa said. Plus, this property has a shared rooftop deck with some of the best views of Mystic around.

    In less than a week, this property went "under contract," but back-up offers may still be accepted. The asking price is $899,900.

    This week, the listing broker also debuted Unit 11 at 15 Water Street to the market. The seller is asking $949,000. This third-floor corner unit is in The Power House building in downtown Mystic — a secure building with an elevator. The two-bedroom home has views of the Mystic River, a private 14-foot balcony and 1,306 square feet of living space. The interiors are "light, bright and open," Caracausa said.

    "It has exquisite craftsmanship by an experienced local builder," she said, citing the kitchen as an example. It's designed with Adura-brand flooring, granite surfaces and custom-built cabinetry.

    She also pointed out the lighting fixtures the sellers installed, referring to them as "exquisite."

    Residents of this building share a common area are along the waterfront. The owner of this unit has a parking space in the parking garage, with additional spaces available in a private parking lot. And, of course, they enjoy walkable access to all that downtown Mystic has to offer: an array of restaurants and culinary shops, a local-favorite bookstore, boutique shopping, art galleries and a packed calendar of community events. For prospective buyers who enjoy sailing/boating, there are several marinas in the area, including one that's adjacent to this property.

    Northeast Property Group Realtor Kristin Pettazzoni represents the seller of Unit 502 at 461 Bank Street, a pet-friendly condominium in the Harbour Towers association, right in New London's central business district.

    "This condominium offers both city life and water views," the listing agent noted. "This unit provides an open floor plan, with a spacious kitchen — with a granite breakfast bar, shaker cabinets, stainless-steel appliances — tray ceilings and a gas fireplace, and a deck with views of the Thames River and Long Island Sound."

    This home has two bedrooms, both with custom-built closets. The full bath is outfitted with a triple vanity and a jetted tub.

    The HOA fees, which Pettazzoni reported are $296/month, covers the maintenance of common areas and storage areas, the gated parking garage, the building's elevators, landscaping and snow removal. Residents also enjoy an association-maintained pool, a rooftop deck, theater and fitness center, among other amenities.

    The condo's location is particularly compelling for buyers who'd like to enjoy a walkable community and downtown lifestyle. The library, City Hall, restaurants and pubs, Fiddleheads Food Cooperative, and the Garde Theater are all within walking distance. "[It's] a healthy walk to the train station, with access to New York, Boston, Providence and New Haven," Pettazzoni said. "The Cross Sound ferry sails daily, providing transportation to Long Island and its fine wineries. The Block Island Ferry runs all summer, making several trips per day to Block Island. The property is within biking distance to Electric Boat, Conn College or Lawrence & Memorial Yale New Haven Hospital."

    The primary bedroom at Unit 302, 3 Water Street, Mystic, is one of two bedrooms. The second bedroom could be used as a guest room or as a home office.
    Unit 302 at The Standard has 1,547 square feet of living space, with an open-plan great room, combining living and dining areas.

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