ORANGE, CT… Michael Richetelli, President and Designated Broker of Colonial Properties, Inc., is pleased to announce the following single-family home sale in Orange.
Gary Bellard of Colonial Properties was the sole broker in the sale of 640 Saint Johns Drive, Orange. The newly constructed 7,500 +/- SF Nantucket-Style Colonial on 1.4 acres is located in the highly sought after Farm River Estates subdivision. The home includes 5 bedrooms, 4 full bathrooms and 2 half bathrooms and sold for $1,510,000. Mr. Bellard put the property under contract within 1 week of exposing it to the market. This marks the highest reported home sale in Orange in over a decade. According to MLS statistics, there had been no sales over $1,000,000 in Orange since 2016. This sale marks the 4th sale over $1,000,000 since July, with more likely before year end.
The pandemic has brought an increased demand from out of state Buyers looking for more land and living space- adding to the already robust Buyer pool and tight inventory across CT; prices have climbed significantly, as a result.
“ This sale is indicative of the trend that began in May. With the influx of home buyers migrating from New York, competition for properties in Orange and surrounding towns has increased significantly. The pandemic is having a positive effect on the CT real estate market and we expect to see prices continue to rise and more sales such as this one, above the $1,000,000 threshold. It’s definitely a Seller’s market.” said Richetelli.
Colonial Properties, Inc., founded in 1978, is a full service Commercial and Residential Real Estate Brokerage, located in Orange, CT. The firm handles all types of real estate transactions including the sale and leasing of retail, industrial, office, investment properties, and residential properties, as well as brokering land and business sales.
