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Old 07-26-2019, 07:16 AM
 
21 posts, read 8,415 times
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Any Realtors who work on less than 5% in Ct? Asking for a friend.
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Old 07-26-2019, 07:49 AM
 
Location: Westport, CT
686 posts, read 573,453 times
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Originally Posted by C9Vette View Post
Any Realtors who work on less than 5% in Ct? Asking for a friend.
Purplebricks
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Old 07-26-2019, 12:32 PM
 
Location: Coastal Connecticut
17,867 posts, read 21,370,683 times
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Quote:
Originally Posted by addy_milford View Post
One community is listed as "state-assisted, moderate-rent, family community consisting of two-story garden style buildings" and other community is listed as "federal, low-income family community consisting of three, two story buildings, featuring 20 three and four bedroom apartments"

https://charteroakcommunities.org/pr...ill-terrace-lp
That’s not what you want nearby...
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Old 07-29-2019, 06:16 PM
 
25 posts, read 12,415 times
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Long time lurker on these forums and this topic hits home.

We've been shopping for a home in NJ/NY/CT markets with the commute to Manhattan in mind. Our budget is flexible and we can afford Millburn/Scarsdale/Darien comfortably for a 4Bed/3Bath house. Went to open houses recently in New Canaan/Darien/Westport and the kind of price drops in Fairfield we saw were unreal. We can't figure out if these are(20%+ drops) are an amazing deal or the worst mistake of our lives if we buy now.

Any insight into why? I don't see that large a drop in NJ/NY for comparable homes in good school districts with train access(around 1M+ home price, taxes vary based on state/town of course). We are unsure at this point what is happening in CT. Economic climate, pension stuff can't be the only reasons, are they ? I read the argument on here that millennials don't want big houses any more etc. Being millennials, I don't know if I buy that as the main reason for the Fairfield county price drops either.
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Old 07-29-2019, 06:18 PM
 
Location: CT
89 posts, read 51,465 times
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Originally Posted by Stylo View Post
That’s not what you want nearby...
Thank you for your responses Stylo. We enquired around too and decided to pass.
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Old 07-29-2019, 07:21 PM
 
Location: Connecticut
29,140 posts, read 45,764,638 times
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Quote:
Originally Posted by pramre View Post
Long time lurker on these forums and this topic hits home.

We've been shopping for a home in NJ/NY/CT markets with the commute to Manhattan in mind. Our budget is flexible and we can afford Millburn/Scarsdale/Darien comfortably for a 4Bed/3Bath house. Went to open houses recently in New Canaan/Darien/Westport and the kind of price drops in Fairfield we saw were unreal. We can't figure out if these are(20%+ drops) are an amazing deal or the worst mistake of our lives if we buy now.

Any insight into why? I don't see that large a drop in NJ/NY for comparable homes in good school districts with train access(around 1M+ home price, taxes vary based on state/town of course). We are unsure at this point what is happening in CT. Economic climate, pension stuff can't be the only reasons, are they ? I read the argument on here that millennials don't want big houses any more etc. Being millennials, I don't know if I buy that as the main reason for the Fairfield county price drops either.
I looked at home listings in Westport that have been on the market for a long time and it appears to me that they mostly are overpriced when they first came on the market. A couple were bought at tear down prices and had a lot of work done on them but they first got listed for three to four times their original price. Compared to a comparable new build which would have a better more modern layout, they are way off. Zillow’s estimate for the fair price is much lower. No wonder they are not selling. I also believe that the large isolated homes on large rural lots are having a tougher time since those types are just not as popular today.

As for Connecticut’s economy, despite what some posters here claim, it is as strong as ever. Our unemployment rate is at the national average which by all measures is under full employment. We are lower than states that are thought to have a growing economies like North Carolina and Nevada. The rate is not much higher than Tennessee and Florida. Our Gross National Product is the third highest in the country and is rising. These are all signs of a good economy by standard measures.

As for the state’s financial position I will tell you the pension issues have been addressed, we have finished the year with another budget surplus and the states Rainy Day Fund has exceeded $2 billion. The major credit rating agencies have given our state a “positive” rating. I doubt they would do that if they did not believe the state was heading in the right direction. Jay
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Old 07-29-2019, 07:49 PM
 
Location: Coastal Connecticut
17,867 posts, read 21,370,683 times
Reputation: 5300
Quote:
Originally Posted by pramre View Post
Long time lurker on these forums and this topic hits home.

We've been shopping for a home in NJ/NY/CT markets with the commute to Manhattan in mind. Our budget is flexible and we can afford Millburn/Scarsdale/Darien comfortably for a 4Bed/3Bath house. Went to open houses recently in New Canaan/Darien/Westport and the kind of price drops in Fairfield we saw were unreal. We can't figure out if these are(20%+ drops) are an amazing deal or the worst mistake of our lives if we buy now.

Any insight into why? I don't see that large a drop in NJ/NY for comparable homes in good school districts with train access(around 1M+ home price, taxes vary based on state/town of course). We are unsure at this point what is happening in CT. Economic climate, pension stuff can't be the only reasons, are they ? I read the argument on here that millennials don't want big houses any more etc. Being millennials, I don't know if I buy that as the main reason for the Fairfield county price drops either.
If you look at properties south of Route 1, you’ll notice that prices have been much more stable. That could be attributed to wealthy millennial preferences and overall modern buying trends. Up in the woods has seen a brutal drop, especially in places like Weston, but that also makes it a good time to buy IMO (I doubt they’ll drop significantly more).

Overall the market above $1.5 million in towns like Westport is not as strong as it was in the peak of the 2000’s.

If you can get a deal, and you plan on staying for a long time, I think you could do just fine. The more spent the higher the risk. Under 1.5 is a sweet spot in these towns with a much bigger buyer pool. South of route 1 and near train stations should continue to be resilient. But of course all real estate is hard to predict.
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Old 07-29-2019, 08:00 PM
 
25 posts, read 12,415 times
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Thanks for the replies JayCT & Stylo. I read posts from you going back a decade, you definitely bring perspective. Everywhere else, all we hear about Fairfield county is doom and gloom.We love the New England look and lifestyle of CT towns - compared to the hustle/bustle of Northern NJ or Southern Westchester.

Overpricing is definitely a cause for some price drops as well as the mega-estates being out of favor with the younger generation. The following are some egregious examples that are giving us pause - since it affects property taxes for the lower priced homes. For now, we've decided to stick to properties closer to town and transit. We're planning to stay 25+ years in our home, so hopefully things will even out.

GE CEO Jeff Immelt's former house(Listed for 5.5M, Sold for 4M - lower than what he paid in 2001 5.25M)
https://www.zillow.com/homes/705-Wes...57324204_zpid/

Another amazing house on a lake in New Canaan(Listed for 2.8M, Sold for 1.125M)
https://www.zillow.com/homedetails/7...57325326_zpid/
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Old 07-29-2019, 08:09 PM
 
Location: Coastal Connecticut
17,867 posts, read 21,370,683 times
Reputation: 5300
That New Canaan home is also sorely dated, and would need a ton of work to modernize. Modern buyers are probably the worst in history when it comes to wanting everything perfect. There’s little imagination. I got a great deal on my current house and I’m convinced a big part was the hideous paint colors the previous owners had. A little paint transformed the place. But I have an eye for that kind of thing. A good reason to always go with styles that are timeless if you want to get a return.

The doom and gloom could be an opportunity. Best time to buy investments isn’t necessarily when everything is rosy and hyped up. Your intent to stay that long, plus focusing on areas closer to walkable areas and transit is a pretty solid plan.
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Old 07-29-2019, 08:24 PM
 
1,524 posts, read 1,524,399 times
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As someone mentioned Zillow I think it's massively hurt sellers, as it creates an artificial physiological ceiling to people that don't don't know much about home construction/quality or hell even location. There's a literal information overload and Zillow provides a simplistic evaluation that people can easily absorb with little to no knowledge on the ground.

I will also say the current crop of home buyers I meet are phenomenally unsavy. They want a turn key move in but call a plumber for a stuck toilet resivoir float. But they kind of self-aware of their own basic home care deficiencies so actively seek smaller units with less upkeep. Just the changing times,few want the gallant estates I the woods these days... But if I had the capital I'd buy those now.
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