[stevehawk]

I moved from Ct. a little over 2 years ago and just spent the past week visiting with family.

Wow have prices come down in Ct! Some areas more than others of course.

I went around looking at real estate and was amazed.

A house identical to the one we sold in Milford for $270,000 just sold for $140,000 two blocks away.

It was not in as good as shape but just that a house could be had for that price in Milford was stunning.

A friend just bought a second home right across from Walnut beach for $175,000.

When I looked through the ads at houses for sale in Bridegeport and New Haven it was like I was looking at Ohio or Michigan.

Many houses listed at $30,000-$40,000-$50,000

It was reverse sticker shock. And all the houses listed sold for a dollar. So many foreclosures in the cities.

This is obviously a horrible economy. Without a doubt the worst since the great depression.

I am looking at the real estate for my wife (getting divorced) for she is returning to Connecticut.

I thought she was crazy as she is going to have to look for a house for around $150,000 but I have to take it back.

We searched the towns of Milford,Orange,Derby,Ansonia,North Haven,Wallingford and Hamden and their are over 190 houses for sale under $160,000 !

This is great news for those that are looking to buy as Ct. has not been this realitively affordable in a long time.

Luckily for her she is able to transfer in her job and actually make more money in Ct.

Rents are another story. They still have a long way to go to correct to the housing prices.

[ambarstone]

In Fairfield, CT condos that sold for 295-315K in the East side of town two years ago are now being sold for 235K. 400K brick capes are going for around 300K.

Shame I didn't wait to buy!

[itscolduphere]

Originally Posted by stevehawk

Rents are another story. They still have a long way to go to correct to the housing prices.

Agreed! Precisely why we are "camping out" in North Carolina until ready to build/buy again in CT! Rents are absolutely stupid. $10,000/mo. in Litchfield county for what I can rent here (well, minus the 2 acres), in NC for less than $2,500. Who are these people in Litchfield County hoping to rent to? Wall St. executives? Well, I guess not because these properties remain on the MLS for years.... forgive the rant.

[kidyankee764]

Originally Posted by stevehawk

I moved from Ct. a little over 2 years ago and just spent the past week visiting with family.

Wow have prices come down in Ct! Some areas more than others of course.

I went around looking at real estate and was amazed.

A house identical to the one we sold in Milford for $270,000 just sold for $140,000 two blocks away.

It was not in as good as shape but just that a house could be had for that price in Milford was stunning.

A friend just bought a second home right across from Walnut beach for $175,000.

When I looked through the ads at houses for sale in Bridegeport and New Haven it was like I was looking at Ohio or Michigan.

Many houses listed at $30,000-$40,000-$50,000

It was reverse sticker shock. And all the houses listed sold for a dollar. So many foreclosures in the cities.

This is obviously a horrible economy. Without a doubt the worst since the great depression.

I am looking at the real estate for my wife (getting divorced) for she is returning to Connecticut.

I thought she was crazy as she is going to have to look for a house for around $150,000 but I have to take it back.

We searched the towns of Milford,Orange,Derby,Ansonia,North Haven,Wallingford and Hamden and their are over 190 houses for sale under $160,000 !

This is great news for those that are looking to buy as Ct. has not been this realitively affordable in a long time.

Luckily for her she is able to transfer in her job and actually make more money in Ct.

Rents are another story. They still have a long way to go to correct to the housing prices.

I'm still looking for a house around $240k in a safe neighborhood that doesn't need too much work. So far, not much to choose from. I guess if you don't mind being in one of the worst parts of CT's most depressed neighborhoods, then 50k sounds great. Otherwise, no thanks.

[kidyankee764]

Unfortunately we're looking in western CT, between Shelton and Waterbury. Prices are down, but the decent homes in the 240-250 range are being snagged quickly, and most need lots of work. Many sellers won't accept a dime below asking price.

I'm interested to hear where these cheap homes in the 50k (??) to 150k range are, and in what kind of condition. I can't imagine any are in safe neighborhoods, and have interiors/exteriors that wouldn't require the buyer to shell out some cash for repairs.

[Rich Lee]

Originally Posted by stevehawk

A house identical to the one we sold in Milford for $270,000 just sold for $140,000 two blocks away.

It was not in as good as shape but just that a house could be had for that price in Milford was stunning.

A friend just bought a second home right across from Walnut beach for $175,000.

This is odd. I haven't been able to find anything for my clients in the $180,000 - $225,000 price range in Milford or Stratford. They're not being particular either.

[renovating]

Actually, the dropping prices hurt much more than they help. For first time buyers, yes, it's a good thing. But for everyone else, and the economy it's a very bad thing. And the first time buyers are going to have a harder time obtaining a loan. Credit requirements are much tighter. It's a vicious lose-lose circle.

Foreclosures are at an all time high. People have negative equity in their homes. People can't sell their homes to move on, up, or down.....

No, I have to disagree declining values are not good.

[MBmarybeth]

Yeah, you're probably right. Even the short sales are looking like they are requiring work and quite a bit these days.
Well, thank you for responding. I wish you luck on the other side of the state. If you end up over here, by some chance let me know. Thanks again.

[stevehawk]

Originally Posted by kidyankee764

I'm still looking for a house around $240k in a safe neighborhood that doesn't need too much work. So far, not much to choose from. I guess if you don't mind being in one of the worst parts of CT's most depressed neighborhoods, then 50k sounds great. Otherwise, no thanks.

Have you looked into Milford? I lived in Milford for 15 years and there is no part of Milford I would call unsafe. Derby,North Haven, Shelton and Wallingford are all options that are very safe towns.

[stevehawk]

Originally Posted by Rich Lee

This is odd. I haven't been able to find anything for my clients in the $180,000 - $225,000 price range in Milford or Stratford. They're not being particular either.

My friend bought the yellow house on Monroe St next to the Firestation gallery for $175,000. Walnut beach at the end of Naugatuck ave.

The house that sold for $140,000 was a short sale on Underhill right off meadowside.

There is a house on Cooper ave right now you might take them to look at. I think it's in the $170,000 range.

There are a couple on and around Botsford Ave as well.