Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You did say high earners are the ones purchasing 500-900k homes, but in FFC, that’s the upper middle class earners. The 500-900k is moving quite well in the county, but the millions and up are sitting on the market with many reductions.
Higher earning jobs was my statement. I assume (maybe erroneously by your standards) most people would consider higher earning jobs 120K and up. Not every person that bought a house in Conn. in that past 10 years over extended themselves into the million and multi-million range.
Higher earning jobs was my statement. I assume (maybe erroneously by your standards) most people would consider higher earning jobs 120K and up. Not every person that bought a house in Conn. in that past 10 years over extended themselves into the million and multi-million range.
Unfortunately in the NYC area 120k is a fairly average income. Heck I’m over 200k and don’t think I’m high earning. Around here I think 300/400k is the threshold.
Distressed area or not, from down here in NC we have heard of GE pulling a large workforce out of the area. Maybe there are other smaller samples of companies pulling out of the area and depressing the higher paying job sector that would buy those 500k to 900K houses. It is reasonable to consider a major national lender would focus on business elsewhere. This might be accomplished by considering it a distressed area and requiring a larger down payment to protect WF's outstanding loans in the real estate market if the foreclosure rate takes an upward tick.
You are misinformed. GE took just 200 jobs from its Fairfield headquarters and transferred them to Boston. The other 600 jobs there went to nearby Norwalk where GE had several hundred other workers. This has barely created a ripple in the area. In fact it is hardly noticeable. Jay
You live in Westport, which is an outlier when it comes to tax rates. The vast majority of CT residents pay far more in taxes as a percentage of their home’s value. Again, statistically, CT’s taxes are not at all half of what’s paid in NJ.
I would not say Westport taxes are that much lower than other comparable Connecticut towns. Greenwich is lower but Darien is similar. Jay
You are misinformed. GE took just 200 jobs from its Fairfield headquarters and transferred them to Boston. The other 600 jobs there went to nearby Norwalk where GE had several hundred other workers. This has barely created a ripple in the area. In fact it is hardly noticeable. Jay
Thanks JayCT, I only heard from two people I knew in the Risk division that were displaced by the restructuring. Both were told the division was shutting down in Conn and they would be given severance.
I know one of them had a house in the 800K range and had a heck of a time selling it. On the market for 7 months or more before they received a respectable offer.
Also, thanks to Stylo for an update on my antiquated beliefs regarding salary.
Westport’s mil rate of 16.86 makes it one of the lowest in the state, therefore it is an outlier.
The mill rate may be lower, but the property values are very high, which leads overall to a high tax bill. I don't think the mill rate can be looked at in isolation.
The mill rate may be lower, but the property values are very high, which leads overall to a high tax bill. I don't think the mill rate can be looked at in isolation.
Well yes, but that doesn’t change that the percentage of taxes paid to home value is incredibly low, among the lowest in the state.
To the OP - many homes in Weston have been sitting on the market for a while, so there may not be anything wrong with the home you're interested in. Weston is a great town and if you value being an hour's drive from New York City you should consider it over any other "rural" towns further out. Same thing if you have school age kids or want access to beaches (in Westport). Weston real estate will stage a comeback over time - nothing is being built there right now so supply isn't increasing and the value is fantastic if you appreciate space and privacy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
