Dean Amadon

The preservation value of 1161 Main, a 100-year-old building is questionable, said appraiser Dean Amadon of Hartford's Amadon and Associates at 100 Wells Street. Amadon has been appraising properties in the city for the past 26 years.

Getting rid of the building at 1161 Main will be a good thing, Amadon said.

"It is generally recognized that that building has passed its prime and it has become an eyesore," Amadon said. "I believe demolishing it will have a positive effect."

I couldn't reach anyone from the Hartford Preservation Alliance for its opinion on demolition, but if I hear anything from them, you'll be the first to know.

In March 2006, Amadon appraised the properties at 1143 Main Street and 1161 Main Street. By itself, 1143 Main Street is worth between $50,000 to $60,000. But Amadon concluded that if the lot at 1143 Main was combined the adjacent 1161 Main, the value of the empty lot jumped to $240,000.

And that is exactly what Providian plans on doing - grouping the lots together.

"The highest and best use for it is to assemble it with other properties," Amadon said. "The development plan seems to make preliminary sense, you have to put each of the two pieces together."

Combined, the two properties would be worth $1.5 million, Amadon said. But since tearing down the building at 1161 Main would cost $500,000, he reduced his estimate to about $1 million for the two properties.

"That's about $40 a square foot," Amadon said. "That is supported by land sales in the area."

Neither Deres nor Amadon had a potential timeline for construction, but Amadon said the housing market in Hartford appears as if it will maintain momentum.

"Hartford was one of the cities noted in Money Magazine as one of the hot cities to consider," Amadon said. "If you look at price points between Hartford, New York, Boston and Stamford, it is understandable."

Amadon is currently studying absorption rates for recent downtown developments, and noted that the balanced range of incomes and housing stock is good for the Central Business District.

"I like where Hartford is right now," Amadon said.

Dean Amadon, President, Amadon & Associates Dean has been engaged full time as a real estate appraiser and analyst since 1970. As President of AMADON & Associates, Inc. his assignments have included marketability and feasibility studies, a variety of narrative appraisal assignments, highest-and-best-use studies, tax-equalization studies, condemnation and tax-appeal assignments. With more than 30 years of commercial real estate experience in the Greater Hartford area Dean has participated in and/or been a member of numerous civic/service and local professional organizations and has been a lecturer at various realtor groups and lending institutions. Dean received a Bachelor of Science degree in communication from Emerson College and is certified in Massachusetts and Connecticut.

Dean Amadon, MAI - Amadon & Associates

Dean Amadon, President, Amadon & AssociatesDean has been engaged full time as a real estate appraiser and analyst since 1970.As President of AMADON & Associates, Inc. his assignments have included marketability and feasibility studies, a variety of narrative appraisal assignments, highest-and-best-use studies, tax-equalization studies, condemnation and tax-appeal assignments.With more than 30 years of commercial real estate experience in the Greater Hartford area Dean has participated in and/or been a member of numerous civic/service and local professional organizations and has been a lecturer at various realtor groups and lending institutions.Dean received a Bachelor of Science degree in communication from Emerson College and is certified in Massachusetts and Connecticut.

Dean C. Amadon, MAI President Amadon & Associates, Inc. 100 Wells St. Hartford, CT 06103-2920 (860) 706-0232 FAX: (860) 706-0237

The preservation value of 1161 Main, a 100-year-old building is questionable, said appraiser Dean Amadon of Hartford's Amadon and Associates at 100 Wells Street.Amadon has been appraising properties in the city for the past 26 years.

Getting rid of the building at 1161 Main will be a good thing, Amadon said.

"It is generally recognized that that building has passed its prime and it has become an eyesore," Amadon said."I believe demolishing it will have a positive effect."

I couldn't reach anyone from the Hartford Preservation Alliance for its opinion on demolition, but if I hear anything from them, you'll be the first to know.

In March 2006, Amadon appraised the properties at 1143 Main Street and 1161 Main Street.By itself, 1143 Main Street is worth between $50,000 to $60,000.But Amadon concluded that if the lot at 1143 Main was combined the adjacent 1161 Main, the value of the empty lot jumped to $240,000.

And that is exactly what Providian plans on doing , grouping the lots together.

"The highest and best use for it is to assemble it with other properties," Amadon said."The development plan seems to make preliminary sense, you have to put each of the two pieces together."

Combined, the two properties would be worth $1.5 million, Amadon said.But since tearing down the building at 1161 Main would cost $500,000, he reduced his estimate to about $1 million for the two properties.

"That's about $40 a square foot," Amadon said."That is supported by land sales in the area."

Neither Deres nor Amadon had a potential timeline for construction, but Amadon said the housing market in Hartford appears as if it will maintain momentum.

"Hartford was one of the cities noted in Money Magazine as one of the hot cities to consider," Amadon said."If you look at price points between Hartford, New York, Boston and Stamford, it is understandable."

Amadon is currently studying absorption rates for recent downtown developments, and noted that the balanced range of incomes and housing stock is good for the Central Business District.

"I like where Hartford is right now," Amadon said.

Dean C. Amadon, MAI President/Owner

AMADON & Associates, Inc. 1028 Boulevard, #301 West Hartford, CT 06119

Phone & Fax: 860-231-8156

"If there is a subdivision that everyone wants to be in, you as a buyer might take the house next to the electrical tower just to be in that subdivision," said Dean Amadon, an appraiser with Amadon & Associates in Hartford."The impact to property value is in relationship to what the marketplace will pay."