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NEWS OCTOBER 26, 2020 ¦ 7

‘We Were Moving Money’: Real Estate
Lawyers Describe Surprising Boon of 2020

By Robert Storace

While COVID-19 devastated many
sectors, some Connecticut at-
torneys specializing in real estate
closings have seen an uptick like no other in
recent memory.
Katie Carey of Mancuso Carey in Rocky
Hill, for instance, says she now works six
days a week, and 10 to 12 hours a day to
keep up with the demand. Her small firm
has hired an attorney and five paralegals to
juggle the new business coming its way.
Jane Holler, who focuses on real estate
law, personal injury and wills for Holler &
Marecki in Milford, agreed. Modern apartment complex in Baltimore, Maryland.

“It’s a lot of fun to be a real estate lawyer Photo: Diego M. Radzinschi/ALM

now,” Holler said. “I’m just enjoying it.” because of the lack of experience and the sheer
But not all real estate lawyers are celebrating. volume to it.”
Some saw a decline after Connecticut Gov. Ned
Lamont put a stay on all evictions and foreclosures ‘Trying hard to answer all the calls’
from March through the beginning of October. But But for those who understand the practice, eco-
lawyers who focus on real estate sales say business is nomic conditions are favorable, with young buyers
booming, so much so that their peers are looking to looking to take advantage of low interest rates at 3%
transition to closings. to refinance.
“It’s an incredible time to be a real estate attorney,” “A lot of people from New York City are looking not
Carey said. “When the pandemic was in full force in just over the border, but throughout Connecticut,”
the spring and summer, real estate was very strong. Carey said. “Here they can have a 3,500-square-foot
Appraisers were working, mortgage companies were house as opposed to their 800-square-foot apart-
working, and attorneys working in real estate were ment. And they have a yard; most New Yorkers have
working. We were moving money.” never had a yard.”
With the courts closed for months at the onset of James Rubino, who runs a small law firm out of
the coronavirus pandemic, some lawyers looked for Stamford, said normally his law business is 20% real
alternative income streams. estate. It’s now more than half, he said. In a normal
“I’ve seen and heard of other attorneys who have month, Rubino sees two closings. Now, that number
never done real estate law try to get into it,” Carey is in the double digits per month, he said.
said. “They see how strong it is, and they know the “Refinancing rates are at historic lows, and people
courts were closed for a long time.” can easily get a mortgage for 3% flat for 30 years.
But there’s a caveat. If you want a variable fixed rate for five years, then
“It’s a steep learning curve for sure,” Carey it floats and can go well below 3%,” said Rubino,
said. “Some people who tried it this year but left
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