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Essex Real Estate Agent Discusses Down Market
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"This is the worst IÂve ever seen it," Maureen O'Grady, above in her Essex office, says of the area's real estate market. She wasn't surprised that the market contracted, "but I am surprised at the degree of the slowdown." (STEPHEN DUNN / THE HARTFORD COURANT / March 10, 2009)
Maureen Wiltsie O'Grady, a longtime real estate agent and owner of Rachel Thomas Associates in Essex, has watched the area real estate market for 16 years. Her office has 12 brokers, most of whom are Realtors, and the firm's exclusive listings include several properties selling for more than $1 million. Gross sales in 2008 were $45 million, down from $60 million in 2007, O'Grady said.
Q: Have you ever seen, or thought you would ever see, a real estate market like this one?
A: Yes and no. Real estate is cyclical and usually runs in 10-year cycles. This is the worst I've ever seen it, but I knew it was coming. In real estate you have to start figuring during the good years that you need to put money away because the next 10-year cycle may not be so great. I'm not surprised it's not good, but I am surprised at the degree of the slowdown.
Q: Is your upscale territory, which includes Essex, Chester and Old Lyme, faring any better than less-affluent areas?
A: The prices have not dropped as much in this region. It has slowed down, it's half of what it was, but several high-end properties have been sold recently by local agencies, for $2.5 million and up. Some of the buyers of these properties can pay cash.
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