Business View Magazine May 2023

57 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 5 LOVLEY DEVELOPMENT INC families are coming back to the state.” “Our luxury division is also doing well. A lot of young professionals are buying homes from 700,000 dollars to a million.” “We had a 34-unit development we introduced in Southington completed in May of last year and it was 100% sold out in only a matter of seven or eight months,” he states. Other projects in the works for Lovley Development include several attached condo projects coming within the next six to nine months that will be in Plainville and Berlin as well as a residential building that comprises 16 units and include 7,900 square feet of retail space on the lower level which is already 100% leased. The company is also in the permitting phase for a proposed 50-unit apartment building on the same property which is set for construction this spring. All these projects and others in the pipeline, Lovley points out, will keep his company very busy right through 2023 and beyond. With the Connecticut housing market still showing signs of being on a slight upswing, the experience and long-held relationships that Lovley Development has built through its loyal clients and financial partners are paying off with every new brick that is laid. “In the last two weeks, we have had three home buyers put their homes on the market to buy from us. They are fielding multiple offers with offers that are over asking,” he notes. “What we will continue to do is watch our bottom line and price things accordingly to be able to remain profitable. We have still made money even though it has been tough.” When asked what are the keys to Lovley Development’s consistent success, Lovley is quick to answer.