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Old 04-04-2019, 02:44 PM
Status: "Edit" (set 6 days ago)
 
50 posts, read 40,549 times
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Quote:
Originally Posted by GeoffD View Post
There are other coastal southern New England towns with that "too far from the jobs" influence on the housing prices to the east of New Haven County. Other than a few spots where vacation home buyers have jacked up prices, coastal southern New England is affordable all the way to the Cape Cod Canal.
There are many nice places east on New Haven County, with similar climate and even lower property taxes. However they do not have anything like the city of New Haven to cater to their social/cultural/educational needs. New London can't match, neither can Danbury. Coastal towns on I 95, with direct Metro North line, milder climate and a quick access to a mid size city such as New Haven or at least Stamford (gentrified by the book, less character, but higher income) will have an edge over Ridgefield and Redding IMO.
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Old 04-04-2019, 03:21 PM
 
Location: Coastal Connecticut
15,212 posts, read 18,754,029 times
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Quote:
Originally Posted by Mr_250 View Post
I am a millennial and I bought my house in 2011. I might be the outlier but I am looking for more land away from “urban” areas.

The traffic and noise are overwhelming. I am not picky. If we have a gas station, a DD and a grocery store relatively close, that’s all I need.

That is the good thing about CT. Even out in the sticks is not far from modern conveniences. It’s funny when I do work in eastern CT, I love the vibe of it.
I'm a millennial and bought once in 2010, and again in 2018. I'm kind of in the middle. I like Milford because it's quiet where I am, but still has some liveliness, a walkable downtown, stuff to do, easy access to other CT cities, especially New Haven.

But I like that I have a good size house, big garage, backyard, beach access, biking trails and kayaking nearby. Fun roads to drive. You could hear a pin drop most times of the day and night. It's a good balance. I don't want apartment living and never really did.
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Old 04-04-2019, 04:02 PM
 
Location: Coastal Northeast
16,362 posts, read 22,750,118 times
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Quote:
Originally Posted by Stylo View Post
I'm a millennial and bought once in 2010, and again in 2018. I'm kind of in the middle. I like Milford because it's quiet where I am, but still has some liveliness, a walkable downtown, stuff to do, easy access to other CT cities, especially New Haven.

But I like that I have a good size house, big garage, backyard, beach access, biking trails and kayaking nearby. Fun roads to drive. You could hear a pin drop most times of the day and night. It's a good balance. I don't want apartment living and never really did.
I never understood why people enjoy apartment living. They are tiny, no storage, branded as “luxury” but are usually contractor grade everything just with granite counters, and they are vastly overpriced. Townhomes, I can see. But apartments - no thanks.
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Old 04-04-2019, 08:46 PM
 
Location: Connecticut
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Please return to the topic of the OP which is the Spring real estate market in Fairfield County. JayCT, Moderator
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Old 04-05-2019, 07:33 AM
 
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Originally Posted by esm1983 View Post
Not necessarily just cities, just well planned larger towns that have a traditional walk-able center and dense housing surrounding that. There are a bunch of studies that show the rent and housing prices in both walk-able cities and walk-able dense burbs have a much higher premium compared to less centralized towns of the same population that are spread out strip malls and gas stations. This trend is accelerating. I will try and dig up the report but the data suggests as someone pointed out, smaller homes with smaller lots CLOSER to downtown are replacing the mcmansion in the woods in terms of appreciation faster.



Its easy to see this in the big decline of the Wilton/Redding and even Ridgefield housing market versus Westport and New Canaan, all with the same quality of schools but one not having any sort of planned city center. The distance factor from the train line is just a piece of the decline. Not driving all over the place to get to anything is also a big thing many of my generation do not want.


Speaking of Ridgefield, while the overall market is decent, 4 bedroom+ homes are down almost down 100k in median value over the last 5 years. Thats shocking.
It would be interesting to see those studies. Although I tend to agree with you re: walkability, it is one factor of many that people consider. Also, Westport doesn't have a ton of housing around the center - its more of a shopping destination. Whereas Wilton does not have the level shopping that Westport has, but has more housing in the center and a train station. Ridgefield has a nicer center than Wilton and also has housing, but lacks a train station. New Canaan outdoes them all, with plenty of shopping and housing and a train station.

https://www.millersamuel.com/files/2...ld-4Q_2018.pdf
If you look at report in the link, its a mixed bag. Wilton prices on SFH are up 4% YoY, Westport up 2.5%, Ridgefield up 2.3%, New Canaan down 20% and Darien down 13%. The condo sales are also there, but the sample size is small. Wilton up 19%, Westport down 20%, Ridgefield up 10%, New Canaan up 104% , Darien down 24%.
Clearly the New Canaan condo market is super hot, but the Wilton and Ridgefield markets are also doing well. Since the condos in these towns tend to be near the centers, it makes sense that people are looking for walkability and convenience. However, New Canaan is somewhat unique in that there are a lot of SFH with walking distance of the center. Yet the SFM prices are down 20%, which is surprising.
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Old 04-05-2019, 07:39 AM
 
Location: Coastal Northeast
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But how many people who desire to live in a walkable neighborhood actually walk places?
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Old 04-05-2019, 08:08 AM
 
1,240 posts, read 1,330,244 times
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Quote:
Originally Posted by kidyankee764 View Post
But how many people who desire to live in a walkable neighborhood actually walk places?
How many people with giant yards use them often enough to justify the expense?
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Old 04-05-2019, 08:44 AM
 
Location: Connecticut
25,654 posts, read 41,543,782 times
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Quote:
Originally Posted by kidyankee764 View Post
But how many people who desire to live in a walkable neighborhood actually walk places?
They may once in a while but certainly not on a daily basis. I know one couple that bought their home because it is close to stores and restaurants. They rarely walk there. Maybe once or twice a month. Jay
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Old 04-05-2019, 08:50 AM
 
Location: Coastal Northeast
16,362 posts, read 22,750,118 times
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Quote:
Originally Posted by Beeker2211 View Post
How many people with giant yards use them often enough to justify the expense?
I’d say, as someone who has lived in both a walkable neighborhood in a downtown core and someone who has had a nice backyard in a more rural area, I’ve used my yard far more than I’d walk places.

I also think this “walkable” thing is overrated and not as desirable as people suggest. The stars really have to align for someone to want to walk in a suburban walkable neighborhood; weather, destination, etc.

Quote:
Originally Posted by JayCT View Post
They may once in a while but certainly not on a daily basis. I know one couple that bought their home because it is close to stores and restaurants. They rarely walk there. Maybe once or twice a month. Jay
Exactly. That has been my observation as well. We would usually only walk to a bar or restaurant when friends were visiting. That’s about it.
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Old 04-05-2019, 12:01 PM
 
Location: Boston, MA
686 posts, read 1,002,452 times
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Quote:
Originally Posted by CT_Yank View Post
I think out of town 3 million estates in Greenwich have been blood bath for years now. Fairfield has opportunities for builders at right price. I think $750k new construction 3 bd, 3 ba 2500 sq ft is sweet spot. If you can build 3500 sqf barn/ French country mansions then you can get 1.1m in Fairfield. Several sold last summer on Morehouse Hwy and more being made. Cheap dirt is important. Lots up in Lake area.
Sure, I agree that the upper end of Greenwich's market has been in rough patch. However, when I look at the entry level (below $1.25M), listings appear to be moving. In addition, my areas of focus in Greenwich would be places like Downtown, Cos Cob, Riverside, and Old Greenwich that are easily accessible to 95/trains, commercial districts and the water.

Shifting to Fairfield, I remain laser focused on Center, Beach, and Southport for much of the same reasons as I listed for Greenwich. Also, I am not a builder, I buy, renovate, and then either sell or rent out the properties so I don't need large pieces of land/locating tear-downs etc. In addition, I have a full time job so I don't need to have X amount of deals every year, I can be opportunistic in selecting the right property.

Great insights.
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