Looking at the Local Luxury Market
"Location. Location. Location." It’s a long-standing rule-of-thumb in real estate that location matters most to home values. Even in the current atypical market, we’re seeing that rule hold true. Simply speaking, buyers will pay more for a home that’s in a desirable setting and community. Location also influences market benchmarks. For example, across the state in certain Fairfield County towns, the "luxury market" begins with properties priced at $3 million to $4 million and up. In southeast Connecticut, the luxury market is generally defined as properties priced higher than $1 million.
This week, Welcome Home takes a look at the local luxury market, including some remarkable homes in the region — options for buyers with the good fortune of budgets over $1 million.
The wondrous waterfront home at 52 Shore Road in Niantic is on the market for $1.35 million. Located in the private community of Oak Grove Beach, the three-bedroom colonial has a number of compelling attributes in addition to the waterfront perspective: hardwood floors, built-ins, a bay window in the kitchen, granite countertops and a great room with a fireplace. The listing agents, Nancy Avery and Harry Finer — the Finer Team of William Raveis Real Estate in Glastonbury — point out that 12 of the home’s windows look out to Niantic Bay and Long Island Sound beyond it. The house is appended with a deck, which steps down to the seawall and a few more steps to the water.
At 122 College Street in Old Saybrook, luxury market buyers will find a special blend of new and old. This 1890-era 3,200-square-foot "Captain’s home" still retains the character of the original architecture — an inviting covered front porch and a widow’s walk at its peak. Stephanie Gosselin and Cyrille Bosio, Realtors with CR Premier Properties in Woodstock, represent the seller, who is asking $1.7 million for the home.
The house, which might benefit from some interior updates, does have some newer improvements, as well: a whole-house generator, exterior siding, windows, and electrical and septic systems, according to the listing agents. In addition to the main house, the 0.80-acre lot accommodates a detached two-car garage and a pool with an expansive pool patio, complete with an outdoor fireplace/grill.
Plus, there’s the location in Old Saybrook, which places the next residents of this home — being sold "as is" — close to the Fort Saybrook Monument Park, Long Island Sound and Connecticut River, as well as the Katharine Hepburn Cultural Arts Center, "The Kate."
"The Tipping Rock House" at 111 Tipping Rock Road in Stonington is a three-bedroom modern home, situated on 3.25 acres, with thoughtful and meticulously maintained landscaping.
Positioned among gardens, with stone walls, pathways and a serene, heated pool, the 3,198-square-foot home has classic modern elements — glass, wood and stone incorporated into the interior design. There are high, vaulted ceilings, an expansive kitchen that balances sleek design and a warm personality, and an abundance of custom, oversized windows for capturing the views outside.
Lucia Johnstone and Henri Gourd — Realtors with Berkshire Hathaway HomeServices, New England Properties in Stonington — are the seller’s Realtors. The asking price for the property is $2.375 million, and the listing agent notes one caveat for earnest, qualified buyers: The seller will be able to vacate after October 1, 2022.