Aug 26, 2013
05:25 AM
Connecticut Today

$5.6 Million Lake Waramaug Sale, Bidding Wars: Litchfield County Market Rebound?

$5.6 Million Lake Waramaug Sale, Bidding Wars: Litchfield County Market Rebound?

A view of Lake Waramaug from the patio of the house on Arrow Point Road in Warren.Contributed photo.

WARREN—A Lake Waramaug property sold earlier this month for a local record of $5.6 million. Does it portend positive things for the area real estate market?

Local real-estate agents confirmed that the sale of the 6,200-square-foot home on Arrow Point Road represents the highest-priced sale this year in the county, the highest ever in the town and the highest ever for a home along the three-town centerpiece lake.

After only two weeks on the market the Litchfield Hills Sotheby’s International Realty listing broker, Karen Silk, said she received multiple offers on the property.

“It sold quickly, and I could’ve sold three of them,” Ms. Silk told the Litchfield County Times, saying that there were three interested parties.

When asked whether the relative quickness of the sale and interest in the house mean the real estate market is on the rebound, she said that it is hard to judge from one sale; rather, but an aggregate of transactions would be needed. In this particular case, given the magnificence of the waterfront home on two acres, it was bound to move.

“It was appropriately priced, and when you have a property that’s unique it stands alone. There will always be a market for that,” Ms. Silk said. “There always has been and there always will be.”

According to the agency, this was not the first major sale this summer for Litchfield Hills Sotheby’s International Realty, which also represented both the buyers and sellers of the Litchfield residence designed by legendary Bauhaus architect Marcel Breuer. That sold for $2.95 million after only a few weeks listed with the firm.

The Warren home was designed by local architectural firm Reese Owens Architects in Washington Depot.

Peter Klemm of Klemm Real Estate sold the home. He also said that one can’t judge the buoyancy of a market with the sale of one property but that, given the uptick in interested buyers, it seems the industry is on better footing.

“One sale does not indicate much, but there is a lot of evidence we’re on the rebound,” said Mr. Klemm. “I’ve been involved in nine bidding [battles] this year.”

See the full story at The Litchfield County Times online.

 

$5.6 Million Lake Waramaug Sale, Bidding Wars: Litchfield County Market Rebound?

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