Tag Archives: Calcagni Real Estates

Calcangi Commerical Inks Nine-Year Master Lease with Sacred Heart University

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November 7, 2014 | Cheshire, CT – Far from the industry norm, and certainly not yet trendy, the way Calcagni Commercial Real Estate is brokering deals and creating value for properties is nothing short of forward thinking and smart, as evidenced by its latest deal, a nine-year master lease with Fairfield’s Sacred Heart University. Calcagni represented both sides of the transaction, resulting in the University’s lease of Pioneer Gardens, a 44-unit, 176-bed apartment building located at 51 Eckart Street in Bridgeport, just 0.4 miles from campus.

“It began as a pipe dream,” says Steven Calcagni, president of Calcagni Commercial Real Estate. “But, we knew a deal like this would be such an incredibly valuable opportunity for both the property owners and the University. We started with some baby steps, leasing a quarter of the building to Sacred Heart for one year, and ultimately got to complete a
marathon.”

Having managed Pioneer Gardens since 2009, Calcagni Commercial vice president Ralph Lewis had a comprehensive familiarity with the property as well as the needs of the University. Recognizing the compatibility of Pioneer Gardens with Sacred Heart’s long-term goals, Lewis pursued and secured the lease through 2023.

“Pioneer Gardens provides Sacred Heart with an opportunity to house 176 of our upper class students in close proximity to the campus and in a living situation that is conducive to what today’s college-aged students are looking for,” says Larry Wielk, Sacred Heart University dean of students. “This new long-term relationship allows us to move forward knowing that we will be able to satisfy the needs and demands of our growing student population. We are looking forward to continuing what has already been an excellent partnership.”

The deal is a win-win for Sacred Heart and property owner ACORN I of Hamden, Connecticut, in that the University maintains control of the building from an operational standpoint, filling a student housing void, and the owner has a guaranteed income regardless of any vacancies that may from time to time occur.

Representing both sides of a deal like this one is a shift for commercial real estate. But, for Calcagni, it results in something the company continually strives to achieve: value that didn’t exist previously. Working for both the lessor and lessee renders Calcagni a completely neutral party, able to understand and marry the best interests of both parties. That’s something not often seen in the industry.

Connecticut Home Sales Up, Though Prices Slightly Down

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Single-family home sales in Connecticut rose slightly in September even as median sale prices fell slightly, according to The Warren Group, the Boston-based publisher of The Commercial Record.

There were 2,340 single-family homes sold in Connecticut during September, nine more home than were sold during the same period in 2013. Median sale prices of single-family homes in September fell by $2,000, or a little less than 1 percent, compared to a year earlier when it was at $250,000.

“September marked the sixth time this year sales have increased in Connecticut,” Cassidy Murphy, editorial director of The Warren Group, said in a statement. “Median prices continued to fall slightly but that could change once the new lending regulations fall into place, and buyers are able to afford more.”

Calcagni Associates, a Cheshire-based real estate firm, saw much more robust sales in September. The real estate agency, which also has offices in Hamden, Wallingford and Southington, saw a 21 percent increase in sales in September, compared to the same period a year earlier, said Steve Calcagni, president of the firm.

“New construction is starting to get very active,” said Calcagni, adding that a 22 percent increase in sales at Calcagni’s Cheshire office was due to sales in the new Heritage Hill development in nearby Wolcott. “We’re also seeing a loosening of underwriting standards. Interest rates remain low, but people are starting to fear that there are going to be price increases, so they feel they need to get into the market now.”

Third-quarter single-family home sales in Connecticut were down by 1.5 percent compared to the same period in 2013. A total of 8,232 single-family homes sold during the three month-period that ended Sept. 30, down 126 from the third quarter of 2013.

The third-quarter median price for single-family homes fell by 3.6 percent to $265,000 compared to the same period a year ago. The median price for homes sold in the first nine months of this year was $256,000, off 3.4 percent from $265,000 during the same period in 2013.

Condominium sales in Connecticut were hot during September, with a 12 percent increase in the number sold, although the median sale price fell by 4.6 percent to $167,000. There were 653 condominiums sold in September, compared to 584 during the same period in 2013.

Article Courtesy of the New Haven Register.

January Pending Home Sales Up

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Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of REALTORS®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.

The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.

Lawrence Yun, NAR chief economist, said inventory is the key to this year’s housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years," he says.

"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun says.

The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.

Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.

For more information, contact your Calcagni Agent, or visit www.houselogic.com , http://retradio.com and www.realtor.org.