time to leave ct (Hartford, West Hartford: environment, real estate, property taxes)

[wanderintonc]

I've been looking at the housing issue for a couple of years now-I didn't start with the intention to leave CT, since we are from here. Leaving is the end conclusion of this exhaustive research.

From what I've seen and experienced-real life, in the trenches experience-my family's housing dollar will stretch much farther in the Raleigh area than here in central Ct. Some of that factor is housing costs- $250,000 buys you a lot more and newer house than it does here-and some of that is property tax costs. That $250,000 house here might run $5-6000 a year in taxes vs. $2-3000 in Wake county (less outside there but I'm not interested being that far out-for quality of life reasons).

If you break that down in per-month costs (including other cost-of-life factors such as utilities and other taxes) it makes a huge impact for a young middle-class family.

I'm not bashing CT-like I said, I've lived here all my life. But, I have to look at facts, and at my real-life experiences.

[skytrekker]

Housing in most of NC is currently overpriced for local economic conditions
therefore the possibility of a correction to the downside exists there more then here.

The Hartford area is 5% 'over valued' Many areas of NC are -20% overvalued- meaning a 'bubble exists. Also it seems there is a great deal of overbuilding there compared to here- another warning light flashing.

[BigHouse9]

wanderintonc -

I know what you are saying about the taxes and housing. The thing is that you give up a lot to pay less for those things. You have VERY small lots for your house and very little storage space (No basements). My new house is draftier than my 30 year old house in CT. It is that cookie cutter lifestyle. Taxes are rising here too in order to pay for the schools and the state income and sales tax are higher.

As far as costs go, here are the things that you don't see right away. Salaries are less here so you don't have as much money to spend. You will pay monthly for water and HOA fees. Electricity is a lot more here (then again, I have heard from others on this board that the cost has gone up in CT). Cable and phone costs me more for the same thing here by approx $40 per month. Car insurance is more and while gas is cheaper per gallon, we spend so much more time in the car with commuting and general lifestyle. Groceries are also more expensive here than in CT.

But as so many others have said here, I have found that our quality of life has gone down greatly. Traffic is awful here, and there is just that general hectic feel to life on a daily basis. Everything is chain stores and restaurants. Schools are a nightmare here too.

Anyway, that is it in a nutshell. Just make sure you come down for a visit ahead of time. Do your homework and figure out what is most important to you. Best of luck with it all too.

[JViello]

Originally Posted by skytrekker

Housing in most of NC is currently overpriced for local economic conditions
therefore the possibility of a correction to the downside exists there more then here.

The Hartford area is 5% 'over valued' Many areas of NC are -20% overvalued- meaning a 'bubble exists. Also it seems there is a great deal of overbuilding there compared to here- another warning light flashing.

Good point.

Did everyone forget how MANY families got "stuck" in CT after the real estate crash in the late 80's? $130K condo's tanked in value to 60K. It was a buyers market for almost 10 years after that and those who sold for whatever reason generally lost their shirt.

I know people who purchased homes for $200K in 1988 and their value didn't come back until 1998 so they pretty much sucked it up and stayed in the same house with negative equity for a long time.

A lot of people buying NC etc real estate at today's prices without living there are in for a world of hurt if they don't like it there and the market corrects...it will correct - it's just a matter of when and how hard.

[KirbyJRT]

Originally Posted by wanderintonc

From what I've seen and experienced-real life, in the trenches experience-my family's housing dollar will stretch much farther in the Raleigh area than here in central Ct. Some of that factor is housing costs - $250,000 buys you a lot more and newer house than it does here-and some of that is property tax costs.

I have to say I understand your reasoning. Median home price does not really mean all that much to me. I haven't done the comparison, but what do you get for $250k in Raleigh compared to greater Hartford area?

I'm strictly speaking in terms of the house and property.

Then you have the rest. Taxes, electricity, insurance, water, trash removal, etc...

[skytrekker]

Kirby your

Median home price does not really mean all that much to me

Good- then I would assume that the price of a single family home in San Francisco-San Jose California at a 'mere' $750,000- is just fine with you- guess median prices do not mean nothing right? A mere 500K difference between a home price in the Hartford area and the SF bay area is just 'peanuts' then or has no 'real significance' if I listen to your logic.Then I guess the 25-45K difference between here and NC is a drop in the pocket-right? That RE is overpriced in NC- RE here is not. Median home price is very important as are local incomes and wealth- only a fool would think otherwise.

[KirbyJRT]

You are correct. Maybe it's my terminology.

In Raleigh,NC what do I get for 250k and what can I get in say Manchester, CT for 250k? Strictly talking house cost.

[JViello]

Originally Posted by KirbyJRT

Maybe my terminology is not correct. I'm saying what can I get for my $250k in a town in and around Raleigh as opposed to say Glastonbury,East Hartford, Simsbury, Tolland.

Do I get 2500 sf home with 1/2 acre built in 2006 or do I get a 1400 sf cape built in 1940 with 1 acre...

...Am I making sense?

Yes that makes sense. You are saying if two places have the same median price, what kind of house does said money purchase.

The one thing about Southern properties is the SF is a bit misleading so even then you have to really detail things out to get an accurate comparison.

[KirbyJRT]

Yes. My ex and I lived in Simsbury in a 1600 sf ranch directly across the street from McMansions starting at 550K. Which was strange because they were huge houses with no land. While we had the small house with about 4 times as much land.

It is hard to compare apples to apples.

Skytrekker I do understand what you are saying. I mean I would be a fool to think I could waltz into SF and get the same house for what I would pay here.

[JViello]

Originally Posted by KirbyJRT

Yes. My ex and I lived in Simsbury in a 1600 sf ranch directly across the street from McMansions starting at 550K. Which was strange because they were huge houses with no land. While we had the small house with about 4 times as much land.

It is hard to compare apples to apples.

Skytrekker I do understand what you are saying. I mean I would be a fool to think I could waltz into SF and get the same house for what I would pay here.

CT is definetly unique like that. I'm in the same situation. Across the road, 500-1000K houses are going up with maybe .5 acres and I've got a nice, older smaller home with much much more land that is worth about $275K. Personally I prefer my house compared to the new ones they are building - but that's just me.