The house at 640 Saint Johns Dr. in Orange sold for over $1.5 million, the highest price in the town in the past 10 years. Photo courtesy of Colonial Properties.
Colonial Properties has brokered the highest home sale in its hometown of Orange for the past decade.
Gary Bellard of Colonial was the sole broker in the sale of 640 Saint Johns Dr. The newly constructed 7,500 square-foot Nantucket-style colonial on 1.4 acres is located in the Farm River Estates subdivision. The home includes five bedrooms, four full bathrooms and two half bathrooms and sold for $1,510,000.
Bellard put the property under contract within one week of being on 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 million in Orange since 2016. This marks the fourth sale over $1 million since July, with more likely before the end of the year.
The coronavirus 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 Connecticut. Prices have climbed 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,” said Michael Richetelli, Colonial president and designated broker. “The pandemic is having a positive effect on the Connecticut real estate market and we expect to see prices continue to rise and more sales such as this one, above the $1 million threshold. It’s definitely a seller’s market.”