Business briefs, 31 July 2022

RYE BROOK, NY — After two years of impressive increases in luxury home sales, the market appears to be stabilizing with luxury home sales in New York and Connecticut, according to the Houlihan Lawrence Q2 Luxury Market Report.

Homes sold for $2 million or more in Westchester rose 12.2 percent in the second quarter, while the Putnam-Dutchess market posted strong gains of $51.6 percent at $1 million and above.

The highest priced luxury home sold in Westchester in the second quarter was $24.150,000 in Bedford.

The top home sales for Putnam were $5,720,000 at Haldane, and $5,600,000 for Clinton at Dutchess.

In Connecticut, the Greenwich market, $3 million and higher, showed a 34.5 percent drop in sales. Greenwich saw the highest selling price for a luxury home at $17.616,666. Darien and New Canaan dropped 48.3 percent and 44.1 percent, respectively, at $2 million and above.

The highest home price sold in Darien was $6,150,000. The highest selling price in New Canaan was $7,100,000. The Rowayton market, worth $2 million or more, saw a 36.4 percent drop in luxury sales.

The median selling price in Westchester fell 0.9 percent, while the median selling price in Putnam-Dutchess fell 9.1 percent. The median selling price in Greenwich increased slightly by 3%, while Darien and New Canaan showed modest decreases of 0.6 percent and 1.1 percent, respectively. The median selling price in Rowayton fell 3.7 percent.

The pace of increases in New York is slowing, and decreases in Connecticut are likely due to a lack of inventory, not a lack of demand, according to the report. The urgent need for more space and facilities in less dense areas that fueled our booming market over the past two years has eased. Buyers remain motivated to buy homes that are priced and offered to meet the market.

Lack of inventory continues to affect the market north of NYC. As supply decreases, so do pending sales, which are sales that are scheduled to close in 60 to 90 days and eventually close. Most buyers are sellers first and the market favors sellers. However, a series of events convinced many luxury homeowners to stay in place.

“Rising mortgage rates influence the decision to stay or move. The luxury buyer has the resources to attract higher payments, but many prospective buyers who have recently refinanced or bought with a 3% mortgage are reluctant to trade their current home and take on a significantly higher mortgage for a new purchase. “Many are unwilling to compete in such a supply-constrained market if their desire for a new home is stronger than the practical results,” said Anthony P. Cutugno, Senior Vice President, Houlihan Lawrence Specialty Brokerage Director.

Cutugno said the inertia of the buyer increases when they think about the obstacles they have to overcome when they buy a new home. “Most new buyers want to put their personal stamp on a new home, but financial delays, supply chain issues, and labor shortages are keeping homeowners away from the market,” he added, adding, “Low supply is turning into competition and sellers are still winning. A sense of discipline has returned to the market as it battles volatility and record high inflation.”

Covello joins Union Savings Bank

DANBURY – Union Savings Bank recently announced that Christopher Covello has joined the bank as Vice President of Wealth Management Certified Planner and Trust Officer.

In his new role, Covello is responsible for developing long-term financial plans, including recommending personalized financial products and services for clients. It is also responsible for the management of trust, non-profit and various other accounts in connection with the financial planning process. He works at the New Milford office at 100 Park Lane Road.

Covello brings over 10 years of banking experience to Union Savings Bank. He was most recently a senior case consultant at Mass Mutual, where he led a team of consultants and developed financial plans for high-net-worth individuals and businesses. Prior to that, he created and led personalized investment strategies and financial plans as a vice president, financial solutions advisor for Merrill Lynch and Bank of America, according to a statement.

“We are excited to have Chris join Union Savings Bank,” said Rick Judd, vice president of Wealth Management, Branch Banking and Treasury Services. “Strong financial planning skills, extensive experience in managing and managing personal investment accounts, as well as trusts for charities and nonprofits make him a strong addition to the USB asset management team.”

Covello holds a BA in Business and Economics and an MBA from Monmouth University, West Long Branch, NJ.

Certified Financial Planner, Behavioral Financial Advisor, Certified Plan Trust-based Advisor, and holds licenses to trade securities, including the Financial Industry Regulatory Authority Series 7 and 66. Covello resides in Middletown.

Hospice partnered with Nuvance Health

Regional Hospice has partnered with Nuvance Health to provide quality personalized hospice care for patients with life-limiting illness at New Milford Hospital. Patients will stay in recently renovated private suites where they will be supported by Regional Hospice’s highly skilled interdisciplinary RNs, social workers, chaplains and specialist therapists, as well as receive 24/7 care provided by hospital nurses specially trained by hospital nurses.

The new Regional Hospice suites at New Milford Hospital, which will help accommodate the nonprofit hospice care provider’s extensive growth in Litchfield County, will provide full continuing care for patients who are at home or discharged from the hospital and need inpatient hospice care. Housing. Suites will also have private areas where families and loved ones can spend quality time with patients.

In addition, Nuvance Health has named Regional Hospice as the provider of choice for hospice care services in Connecticut, further strengthening their partnership and helping to provide the highest quality, compassionate care for patients.

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