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Old 03-26-2014, 03:17 PM
 
Location: Connecticut
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Trulia came out with a list of the 10 counties in the country with the most undervalued real estate. Connecticut's three largest counties (Fairfield, New Haven and Hartford) all made the list. Below is a link to the article. I find that super-expensive Fairfield County to be a surprise. So what do you all think? Jay

Bubble Watch: Local Worries, National Calm | Trulia Trends
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Old 03-26-2014, 03:21 PM
 
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Seeing that Fairfield County has some of the highest home prices in the country already, I don't know that I agree with this list. How much higher could FFC possibly get before it's appropriately valued according to Trulia?
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Old 03-26-2014, 03:25 PM
 
Location: Coastal Connecticut
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I could see New Haven and Hartford county prices having some room to grow relative to FFC, but FFC prices are already really high - and FFC wasn't as affected by the recession as other areas. Maybe if you consider northern and eastern FFC as undervalued?

For example, I think Shelton and Stratford prices could go higher.
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Old 03-26-2014, 03:30 PM
 
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I'd have to know what they're using to calculate "fundamentals" to determine whether this list is entitled to any credence, since it purports to say that houses are selling for less than their "fundamental" long-term value.

That being said, whenever you look at a county-wide level for real estate figures in Connecticut, you're asking for trouble. There is just too much socioeconomic variance among the towns. As a simple example, pretend median home price in Bridgeport is $100k and Fairfield it's $1mm, and they're the only towns in FFC. Sure, the average home price for the county is $550k--not too, too bad, you think! But the reality is, most people would never, ever live in Bridgeport. So it's irrelevant what the median home price is on a county-wide basis.
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Old 03-26-2014, 03:32 PM
 
Location: Northern Fairfield Co.
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Northern Fairfield County has not rebounded. Prices are still drastically below the highs of 2005/2006.
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Old 03-26-2014, 03:49 PM
 
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I wouldn't be surprised if secondary towns like Easton, Redding, Weston, et al. haven't recovered fully. Acquaintances just sold a house for about $450k less than they paid in 1999 in one of those towns. Even given it was sold as-is, it accounted for a something like a 35% loss over a 13 year period.
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Old 03-26-2014, 04:06 PM
 
Location: Northern Fairfield Co.
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Quick snap shot (from Trulia) of current market conditions in a few of the more popular Northern Fairfield Co. Towns (excluding Ridgefield, of course -- different league! ):

Bethel - Average List Price: $352,926; Median Sales Price: $273,000
Brookfield - Average List Price: $457,208; Median Sales Price: $355,000
Danbury (06811 Zip Code) - Average List Price: $363,678; Median Sales Price: $215,000
New Fairfield - Average List Price: $700,812; Median Sales Price: $342,500
Newtown - Average List Price: $644,173; Median Sales Price: $333,500

I believe the values have leveled off and have stopped falling (fingers crossed!), but across the board I would say median sales prices are down around $50K (possibly more?) from 8 or 9 years ago, and are probably more in line with the 2000 -- 2002 time frame.
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Old 03-26-2014, 05:46 PM
 
Location: Trumbull, CT
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I know my neighbors in Trumbull who moved here around 10 years ago said they could not get what they bought their houses for..... Not even close.
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Old 03-26-2014, 07:54 PM
 
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Quote:
Originally Posted by Stylo View Post
For example, I think Shelton and Stratford prices could go higher.
Me too. Their location is prime - especially Stratford. I think these communities are at a crossroads where they can go one of two ways. I think Shelton is headed in the right direction, but I don't know enough about Stratford to comment on it. I do know that Bridgeport's proximity is a burden.
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Old 03-26-2014, 08:41 PM
 
Location: Fairfield, CT
6,982 posts, read 10,337,461 times
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Quote:
Originally Posted by Lalalally View Post
Quick snap shot (from Trulia) of current market conditions in a few of the more popular Northern Fairfield Co. Towns (excluding Ridgefield, of course -- different league! ):

Bethel - Average List Price: $352,926; Median Sales Price: $273,000
Brookfield - Average List Price: $457,208; Median Sales Price: $355,000
Danbury (06811 Zip Code) - Average List Price: $363,678; Median Sales Price: $215,000
New Fairfield - Average List Price: $700,812; Median Sales Price: $342,500
Newtown - Average List Price: $644,173; Median Sales Price: $333,500

I believe the values have leveled off and have stopped falling (fingers crossed!), but across the board I would say median sales prices are down around $50K (possibly more?) from 8 or 9 years ago, and are probably more in line with the 2000 -- 2002 time frame.
The prices in 2005/06 were unsustainable and that's why the market crashed and took the whole economy with it. I don't think we should be hoping for a return to those prices.
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