Homes for Less Than $300,000
By Gretchen A. Peck
As the “spring real estate market” sprouts, there are a number of new residential properties coming up for sale. But as of March 7, there were only 73 properties on the market in New London County that came with an asking price of less than $300,000. Sixty of those are single-family homes, and 13 are condos.
One of the “trends” Realtors reported to Welcome Home is the fast pace at which homes are going under contract again, especially at this price point.
It took no time at all before a buyer successfully bid on 6 Center Street in Niantic. The property was listed for $284,900. The two-bedroom 720-square-foot home is in the Pine Grove Niantic Beach Association, a private beach association that lies between South Cove and the Niantic River.
Realtors Mary Poola and Tina Wazny, with William Raveis in Niantic, are the seller’s agents. They reported to Welcome Home that their seller had six offers in hand from which to choose. The winning bid was higher than the asking price.
“Overall, for New London County, we haven’t really seen an uptick in listings,” Realtor Jennifer Jones observed. She’s affiliated with Coldwell Banker Realty’s Old Saybrook brokerage. “On average in New London County, there are typically about 225 listings daily. Three years ago, we typically would have about 800 houses on the market, at any time, in New London County.
“My sellers are still getting multiple offers over-ask, and my buyers are still in bidding wars,” Jones told Welcome Home. “Many agents feel inventory hasn’t increased, partly because many sellers refinanced when the rates were low and now are reluctant to sell and buy something new with the rates.”
On Wednesday this week, Jones’ new listing at 220 Alexander Dr., Colchester went live. She already had showings planned for the first morning. This Cape-style colonial was built in 1957 and is sited on 1.27 acres. It has four bedrooms, one full bath and 1,224 square feet of living space. The seller is asking $255,000.
“At the under-$300,000 price point, I feel this listing has been getting a lot of interest due to size and location,” Jones said. “220 Alexander is located in Colchester, where many buyers are looking to move. It’s close to Route 2, and it’s a decent-sized update home with a garage.”
The three-bedroom antique farmhouse at 71 Newton St., Norwich, is being sold “as is,” for an asking price of $175,000. The 1,521-square-foot house, built in 1875, needs a buyer amenable to making some improvements. But listing agent Gary Peacock, with Berkshire Hathaway, describes the home as “very solid,” with a dry basement. It may also interest a buyer to know that the 0.60-acre lot is dotted with trees and berry bushes. In addition to the three-bedroom main house, there’s an antique two-story barn on the property, as well.
Coldwell Banker Realtor Todd Sargent doesn’t expect his new listing at 102 Mitchell Street in Groton to stay on the market for long. This property is “value priced,” according to Sargent. The seller is asking $199,900. Built in 1915, this three-bedroom colonial has two baths, 1,296 square feet of living space and hardwood flooring. The property is within walking distance to Washington Park and Fort Griswold Battlefield State Park. The location also puts the owner within close reach to some of the region’s largest employers.
The two-bedroom ranch at 78 Rimek Road in Lisbon is new to the market. The house was built in 1947 and is sited on a 0.46-acre lot. Listing agent Brian W. Connolly, with Spaulding Realty Group, LLC, is hosting an open house at the property from 11 a.m. to 2 p.m. on Saturday, March 18, 2023. Among this home’s compelling features are a charming, updated kitchen, crown moldings and lots of storage space, including a cedar closet. The interiors and one-car garage could use some “minor TLC,” the listing agent notes in the property description. The property affords close proximity to Lisbon Landing, access to commuting routes, a golf course and downtown Norwich. The property is listed for $200,000; interested buyers may inquire through their Realtors about the seller contingency and disclosures about the home.