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New Haven Home Sale Price Doubles in 13 years

New Haven Home Sale Price Doubles in 13 years

New Haven Independent, October 10, 2018

By Thomas Breen

A three-family East Rock house sold for more than twice what it cost in 2005, while a nonprofit dropped a decaying Newhallville single-family home that it couldn’t find enough money to rebuild.

A house in the Annex, meanwhile, flipped for double its original value in just five months.

Those are three of 25 residential property transactions that took place in the Elm City over the past two weeks.

According to city land records, the three-family house at 260 Humphrey St. was sold by Scott Hunt to Ninghui Liang and Wensheng Zhang on Sept. 28. Liang and Zhang, who also own a two-family property around the corner at 39 Clark St., paid Hunt $568,888 for the two-and-a-half-story building at the corner of Humphrey and State.

That’s $303,888 more than the $265,000 that Hunt paid to buy the property in 2005, marking a sales price increase of nearly 115 percent compared to 13 years ago.

Over in Newhallville, Neighborhood Housing Services (NHS) sold a single-family home at 118 Bassett St. to Mohamed Aboutalib for $63,000. It paid $37,500 to buy the derelict property in a foreclosure sale in 2014. 

Affordable housing back to top

Jim Paley is the founder and executive director of the local affordable housing nonprofit, which has spent the past four decades buying, gutting, and rehabilitating derelict properties and selling them to low-income, first-time homeowners. He said that his organization had to drop the one-and-three-quarter-story home across from Lincoln Bassett School because it couldn’t secure enough state and local funding to properly rehab the building.

“Unfortunately, we don’t have any other houses in the immediate vicinity,” he told the Independent. “It was a sort of a stand-alone. I would have very much like to have done that house. We were coming under criticism for having houses for landbanking.”

Paley said that NHS had applied for a recent round of state Department of Housing (DOH) Affordable Homeownereship subsidies to fund at rehab at 118 Bassett, but failed to secure the grant. NHS does not plan to sell off any other vacant homes that it currently owns in the neighborhood, even though it’s still waiting on promised funding from a 2015 state DOH grant to come through, Paley said

In Newhallville alone, he said, NHS has gut-rehabbed five hours on Lilac Street and is currently working on a sixth at 19 Lilac. It has completed work at 436 Huntington St. and 753 Winchester Ave., both of which are out on deposit but not yet sold, and they’re planning to rehab homes at 662 Winchester, 609 Winchester, 278 Newhall St., 161 Ivy St., 436 Huntington St., and 389 Huntington St., assuming that the 2015 DOH grant money comes in soon.

“We’re not having the same kind of luck in obtaining subsidies,” Paley said about recent struggles to get state and city money to fund some of NHS’s rehab projects