[JayCT]

Originally Posted by Konig1985

Hi Folks,

Havent been visiting in awhile - glad to see the usual people still here.

I bought a Wilton property in 2010 (about 2000sqf) and has been renting it out since then. My tenant wants to buy my property now.

My question is - what are you going to do with the cash after you sell? This is my biggest question at the moment. If you have the property at least you have an asset generating cash in line with inflation. Losing that ability is a big risk but the valuations of the houses in CT are also pretty crazy at the moment. Has anyone thought buying in NYC to bet on workers having to go back to city fulltime？

It really depends on the investor. I can tell you that many investors will double down on their investment when they sell. That means the take the cash they get and use it as a down payment for multiple properties.

No one knows where the real estate market will go in the future. History has shown that well located, well maintained properties in New York will appreciate in value. The question is how long it will take to make a decent return on that investment. You might have to hold on to it for a decade or more. Not sure how that feeds into your needs. Jay

[Stylo]

Originally Posted by Konig1985

Hi Folks,

Havent been visiting in awhile - glad to see the usual people still here.

I bought a Wilton property in 2010 (about 2000sqf) and has been renting it out since then. My tenant wants to buy my property now.

My question is - what are you going to do with the cash after you sell? This is my biggest question at the moment. If you have the property at least you have an asset generating cash in line with inflation. Losing that ability is a big risk but the valuations of the houses in CT are also pretty crazy at the moment. Has anyone thought buying in NYC to bet on workers having to go back to city fulltime？

I would not bet on workers going back full time like the “old days”, but I would bet on NYC longterm. Just may not have the same crazy run up pre-Covid again.

If I had money to invest in a local city, it would be New Haven. I’ve thought of buying and renting out an apartment there.

[kidyankee764]

I agree with betting on NYC coming back. Once mandates start lifting (mask, vaccine, etc) and COVID continuing to diminish, you’ll see people start to trickle back. It might start with college kids before families, but I think in the next decade, you’ll see a bounce back.

In CT, I’d say New Haven is a good bet and, if you have patience, possibly West Haven.

[SteveM85]

NYC and NYS are at a crossroads now. Dire situations. I want nothing to do with the place anymore but I'd wait to see if crime and mandates diminish before pursuing anything there. I'd like to see less citizen Covid henchmen policing and more regular policing. You don't want to get tackled and physically thrown out of a school board meeting for not wearing a mask, and have someone video it on the phone. Don't be a victim of the Covid lynch mob.
If you need another reason to leave CT besides taxes, being so close to NY could be one of them. A good one.

[SteveM85]

Originally Posted by Cambium

Not me... we'll see how this plays out.

Posted this March 2021

You don't see any financial collapses in the future? with inflation and supply the way it is? good luck with that. It'll be the first time in history there are no financial collapses..
The minute a Russian tank crosses the Ukranian border the Dow is dropping a 1000 points. Then it'll come back. No one knows anything. Until someone sells something it's only worth what they paid for it.

[kidyankee764]

Originally Posted by SteveM85

NYC and NYS are at a crossroads now. Dire situations. I want nothing to do with the place anymore but I'd wait to see if crime and mandates diminish before pursuing anything there. I'd like to see less citizen Covid henchmen policing and more regular policing. You don't want to get tackled and physically thrown out of a school board meeting for not wearing a mask, and have someone video it on the phone.
If you need another reason to leave CT besides taxes, being so close to NY could be one of them. A good one.

While I have zero time for Lamont, he hasn’t been as radical and draconian as his liberal counterparts. Once you cross the border into CT from NY, you’re entering a bit more of a level headed environment.

[CTartist]

Connecticut private island on 63 acres slashes price to $100 MILLION
https://www.msn.com/en-us/money/real...edgntp#image=1

"A private island in Connecticut is back on the market for $100 million, six years after it was listed for $175 million. Great Island, a 63-acre estate located in Long Island Sound near Darien, was recently put back on the market at the hugely discounted price."

[SteveM85]

Originally Posted by CTartist

Connecticut private island on 63 acres slashes price to $100 MILLION
https://www.msn.com/en-us/money/real...edgntp#image=1

"A private island in Connecticut is back on the market for $100 million, six years after it was listed for $175 million. Great Island, a 63-acre estate located in Long Island Sound near Darien, was recently put back on the market at the hugely discounted price."

JayCT beat you to it about 5 pages ago.
Looks like a great deal.

[JayCT]

Originally Posted by jego914

There is no inventory in Fairfield! Wonder if we will see a Spring market similar to last year? I think most thought things would be on the decline by this point, but that definitely isn't going to happen anytime soon...or so it seems?

Much of the inventory is under contract or contingent, meaning it’s more or less sold. That concerning if you are a buyer.

What I didn’t note about that Tunxis Hill house is that in addition to this one and the two like it directly behind it on Pope Street, there is another new one just like it next door and a fifth one across the street. This one (45 Vesper) was built onthesite of a tear down. There was a very nice mid Century brick ranch with an enclosed breezeway and one car garage on a double lot. It was one of the nicest houses on the street. The builder tore that home down and is building two of these. Across the street, another one is being built replacing a small early 20th Century cottage that was awkward and not very attractive.

Word around the neighborhood is that all three of these are under contract but the builder is listing 45 Vesper because he has a couple other houses/lots in the neighborhood that will be ready to go shortly and he’s looking for buyers for those. It’s much easier to sell a new house when you have a house to show buyers than plans and a vacant lot or worse yet, a lot with an old house on it. Will see what happens there. Jay

[Beeker2211]

Originally Posted by JayCT

Much of the inventory is under contract or contingent, meaning it’s more or less sold. That concerning if you are a buyer.

What I didn’t note about that Tunxis Hill house is that in addition to this one and the two like it directly behind it on Pope Street, there is another new one just like it next door and a fifth one across the street. This one (45 Vesper) was built onthesite of a tear down. There was a very nice mid Century brick ranch with an enclosed breezeway and one car garage on a double lot. It was one of the nicest houses on the street. The builder tore that home down and is building two of these. Across the street, another one is being built replacing a small early 20th Century cottage that was awkward and not very attractive.

Word around the neighborhood is that all three of these are under contract but the builder is listing 45 Vesper because he has a couple other houses/lots in the neighborhood that will be ready to go shortly and he’s looking for buyers for those. It’s much easier to sell a new house when you have a house to show buyers than plans and a vacant lot or worse yet, a lot with an old house on it. Will see what happens there. Jay

I really can't see those properties moving, a 50% over comp in the area? Right now it's a bit of a bulge but other properties are nearby well below $800k just a block away, albeit without the "luxury trimmings." The whole thing is atrocious, honestly. What mortgage company is going to write that note?

Again, we'll see.