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The market in CT is weird right now - you can't really trust price/SF. Smaller but updated is selling... Larger non updated/fixer uppers are going at a steep discount.
While the price per square foot isn’t entirely accurate, it’s probably the most accurate when comparing year over year, by residence type. Median home price means absolutely nothing in a smaller city since three or four home sales can dramatically alter that number.
While the price per square foot isn’t entirely accurate, it’s probably the most accurate when comparing year over year, by residence type. Median home price means absolutely nothing in a smaller city since three or four home sales can dramatically alter that number.
3 or 4 home sales can significantly affect average, not median-if the sample size isn't tiny.
While the price per square foot isn’t entirely accurate, it’s probably the most accurate when comparing year over year, by residence type. Median home price means absolutely nothing in a smaller city since three or four home sales can dramatically alter that number.
I am directly involved in several RE transactions in CT right now and feel that both measures are an inaccurate depiction of the current state of the market.
3 or 4 home sales can significantly affect average, not median-if the sample size isn't tiny.
Of course they can - it depends on the price of homes and, especially, in Milford, that’s relevant. The city can have one home sale for 2m+ and a few blocks away, have a dilapidated home sell for 200k.
That’s why you need to separate home type and determine price per square foot. That’s the most accurate way to determine. Average/median, along with anecdotal without sources, means very little.
Quote:
Originally Posted by hvexpatinct
I am directly involved in several RE transactions in CT right now and feel that both measures are an inaccurate depiction of the current state of the market.
Curious to hear why price per square foot is “inaccurate”.
It’s hard for me to gauge - my income has roughly doubled each of the past three tax years**. NY state income tax, property tax over 30k. I just finished filing my 2018 return and got a slightly larger refund (delayed filing due to K-1s). It’s due to AMT phasing out
The SALT tax really doesn't affect the very upper classes. It has been all over the media that the top earners make out like bandits with Trumps new tax plan. It's the middle class (or upper middle class) in the high cost areas (like FFC) that are getting hammered.
I am talking about a couple making say $90,000 to about $130,000. They will feel the sting of the SALT cap much worse than you and Stylo that makes a very high income of $200,000+.
In Fairfield the median household income is $115,348*. The couple/family with an average house of $500,000* is really going to feel the affects of the SALT cap that lives in the average house and has an average income in Fairfield.
The average house was easier to afford in Fairfield because they realized a large tax deduction on their house and income. They got the rig pulled out from under them with the SALT cap.
*City-Data
** Wall Streeters see incomes double every year.....not the working middle class stiffs of Fairfield County.
we are also planning to buy in stamford but the prices seems to be a lot higher than what we saw in 2014. I agree with one of the above posters; The houses/condos are selling faster if the kitchen and baths are updated.
I have a quick question about lawn ave area in stamford. How safe is this area? We are planning to move to the greenway condos. The community is great but I would like to know about neighboring areas too. I appreciate any insight. If anyone feels like I am deviating from the main topic, I will edit this post and will delete my question. thanks!
we are also planning to buy in stamford but the prices seems to be a lot higher than what we saw in 2014. I agree with one of the above posters; The houses/condos are selling faster if the kitchen and baths are updated.
I have a quick question about lawn ave area in stamford. How safe is this area? We are planning to move to the greenway condos. The community is great but I would like to know about neighboring areas too. I appreciate any insight. If anyone feels like I am deviating from the main topic, I will edit this post and will delete my question. thanks!
It is not the prettiest area aesthetically, and you'll probably get some traffic cutting through the city, but it's a decently safe area. Most of Stamford is, with the exception of some lower income housing areas near Greenwich.
It is not the prettiest area aesthetically, and you'll probably get some traffic cutting through the city, but it's a decently safe area. Most of Stamford is, with the exception of some lower income housing areas near Greenwich.
thank you, I see that the lawn ave and custer has a new affordable housing. How will it affect the home prices around that neighborhood?
thank you, I see that the lawn ave and custer has a new affordable housing. How will it affect the home prices around that neighborhood?
It depends. Is it low income and subsidized housing? If so, that could hurt.
If it's "affordable" housing, meaning it's curbing zoning laws with a controversial state law loophole known as 30-8g, which is also being done in Milford–there should be minimal to no effect.
It depends. Is it low income and subsidized housing? If so, that could hurt.
If it's "affordable" housing, meaning it's curbing zoning laws with a controversial state law loophole known as 30-8g, which is also being done in Milford–there should be minimal to no effect.
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"
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