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Old 07-16-2008, 07:37 PM
 
Location: Tolland County- Northeastern CT
4,455 posts, read 2,226,228 times
Reputation: 1237
Quote:
Originally Posted by kidyankee764 View Post
Why are we using Fairfield and Bridgeport prices to prove that the immediate Stamford area is affordable, when greater Bridgeport will be an hour away during rush hour?? Same goes for the Danbury area.

Skytrekker - do you have the average home prices for the easily commutable towns around Stamford? New Canaan, Greenwich, Stamford, Darien, New Canaan, Wilton, Westport, Norwalk.

Apples to apples, skytrekker!
Kidyankee

I am merely doing what the NAR is doing- including all towns in the Stamford/Norwalk/Bridgeport area- that is where they come up with the concept of 'median price'. The same is true for greater Hartford- Avon and Glastonbury will have median home prices far higher then the NAR median of 242K for the definition of 'Greater Hartford' as a geographic metro area.

There is certainly nothing wrong with this reasoning. It is fair and balances everything out from the most expensive towns to the lower.
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Old 07-16-2008, 07:37 PM
 
Location: Cheshire, Conn.
2,102 posts, read 5,038,165 times
Reputation: 498
Hi Skytrekker,

I must admit, I don't know a thing about the greater San Jose area.

I looked at NAR's numbers and was surprised to see the impact that Bridgeport had when combined with Stamford's figures. Here's Bridgeport (066xx excluding Easton, Stratford, and Trumbull) for the first quarter of 2008:

.ZIP. .AVG_S_P. #_UNITS
06604 $ 205,300 11
06605 $ 339,700 +5
06606 $ 214,100 52
06607 $ 157,500 +2
06608 $ 145,300 +5
06610 $ 206,800 10

City average: $214,112


I'm not a big fan of combining multiple areas because, in my experience, buyers never look for properties in this manner. For example, in my area, it is much more common for someone to consider Cheshire and Wallingford, or Cheshire and Southington. It is extremely rare that they would consider Cheshire and Waterbury. No offense...one is a town of 29,000 vs. a city of 109,000.
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Old 07-16-2008, 07:40 PM
 
Location: Tolland County- Northeastern CT
4,455 posts, read 2,226,228 times
Reputation: 1237
Quote:
Originally Posted by Rich Lee View Post
Hi Skytrekker,

I must admit, I don't know a thing about the greater San Jose area. I looked at NAR's numbers and was surprised to see the impact that Bridgeport had when combined with Stamford's figures. Here's Bridgeport (066xx excluding Easton, Stratford, and Trumbull) for the first quarter of 2008:

.ZIP. .AVG_S_P. #_UNITS
06604 $ 205,300 11
06605 $ 339,700 +5
06606 $ 214,100 52
06607 $ 157,500 +2
06608 $ 145,300 +5
06610 $ 206,800 10

City average: $214,112
Also consider Norwalk, Trumbull ,Stratford and Fairfield- they are all considered in the NAR's definition of that metropolitan region.

Additionally in Vernon a new home can be bought for near the Greater Hartford median of 242K- so there is at least here some validity matching Hartford lower prices with some suburbs.
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Old 07-16-2008, 07:40 PM
 
Location: Fairfield County, CT
11,770 posts, read 12,054,421 times
Reputation: 3218
Quote:
Originally Posted by skytrekker View Post
Kidyankee

I am merely doing what the NAR is doing- including all towns in the Stamford/Norwalk/Bridgeport area- that is where they come up with the concept of 'median price'. The same is true for greater Hartford- Avon and Glastonbury will have median home prices far higher then the NAR median of 242K for the definition of 'Greater Hartford' has geographic metro area.
Often we must look at the individual situation and determine the cost of living in the immediate area that the OP will be working. The immediate Stamford area is similar in cost to San Jose. Unless the OP would like to commute an hour or so in bumper to bumper traffic, they will have to pay those high lower Fairfield prices.

Commuting daily to Stamford from the Bridgeport and Danbury areas will get old quick. Don't get me wrong - they are great places to live and about half the price of the Stamford area. With gas prices the way they are though, I always recommend living as close as possible to work, if you can afford it.
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Old 07-16-2008, 07:45 PM
 
Location: Tolland County- Northeastern CT
4,455 posts, read 2,226,228 times
Reputation: 1237
Quote:
Originally Posted by kidyankee764 View Post
Often we must look at the individual situation and determine the cost of living in the immediate area that the OP will be working. The immediate Stamford area is similar in cost to San Jose. Unless the OP would like to commute an hour or so in bumper to bumper traffic, they will have to pay those high lower Fairfield prices.

Commuting daily to Stamford from the Bridgeport and Danbury areas will get old quick. Don't get me wrong - they are great places to live and about half the price of the Stamford area. With gas prices the way they are though, I always recommend living as close as possible to work, if you can afford it.
The commute from Stamford to a place like Danbury or Bethel- while no picnic- is going to be less stressful then trying to find a decent home near the South Bay/Silicon Valley that is 'affordable'. A home in Danbury or Bethel can be had for well under 500K- in the South SF bay area a home at that price would be a far longer commute- however prices in the bay are are down over 20% since a year ago.
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Old 07-16-2008, 07:47 PM
 
Location: Fairfield County, CT
11,770 posts, read 12,054,421 times
Reputation: 3218
Quote:
Originally Posted by skytrekker View Post
The commute from Stamford to a place like Danbury or Bethel- while no picnic- is going to be less stressful then trying to find a decent home away from the South Bay/Silicon Valley that is 'affordable'.
Why the comparisons knocking CA? Frankly I don't care about the Silicon Valley and how hard it is to find an affordable home LOL.

I'm just saying, if the OP doesn't want to sit in ridiculous traffic everyday, they will consider a home very near to Stamford - and that will be similar to the cost of San Jose.
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Old 07-16-2008, 07:50 PM
 
Location: Tolland County- Northeastern CT
4,455 posts, read 2,226,228 times
Reputation: 1237
Quote:
Originally Posted by kidyankee764 View Post
Why the comparisons knocking CA? Frankly I don't care about the Silicon Valley and how hard it is to find an affordable home LOL.

I'm just saying, if the OP doesn't want to sit in ridiculous traffic everyday, they will consider a home very near to Stamford.
Whose is knocking California?

I am merely making comparisons in the most objective way I can-
I have lived in the bay area- and know its great attributes- and its downside.
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Old 07-16-2008, 07:51 PM
 
Location: Cheshire, Conn.
2,102 posts, read 5,038,165 times
Reputation: 498
Quote:
Originally Posted by skytrekker View Post
Additionally in Vernon a new home can be bought for near the Greater Hartford median of 242K- so there is at least here some validity matching Hartford lower prices with some suburbs.
Understood. I am assuming that the OP knows as much about Stamford as I know about San Jose. I have no problem saying that "Greater Stamford is $449,000 which includes x ($867,615), y ($214,111), and z ($625,000)." Intuitively, the buyer would want to know, "What's up with y?"
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Old 07-16-2008, 07:55 PM
 
Location: Tolland County- Northeastern CT
4,455 posts, read 2,226,228 times
Reputation: 1237
Rich I hear ya

The NAR uses stats in a somewhat confusing way- I however understand their goal- and its a fair and credible use of data.
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Old 07-16-2008, 08:05 PM
 
Location: Fairfield County, CT
11,770 posts, read 12,054,421 times
Reputation: 3218
Quote:
Originally Posted by Rich Lee View Post
Understood. I am assuming that the OP knows as much about Stamford as I know about San Jose. I have no problem saying that "Greater Stamford is $449,000 which includes x ($867,615), y ($214,111), and z ($625,000)." Intuitively, the buyer would want to know, "What's up with y?"
Exactly...that's a better way of putting it!
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