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Old 07-09-2009, 12:21 PM
 
113 posts, read 455,870 times
Reputation: 80

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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.
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Old 07-09-2009, 12:47 PM
 
490 posts, read 1,559,170 times
Reputation: 257
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!
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Old 07-09-2009, 12:51 PM
 
Location: Farmington Valley, CT
502 posts, read 1,175,111 times
Reputation: 331
Quote:
Originally Posted by stevehawk View Post
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.
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Old 07-09-2009, 02:20 PM
 
Location: Coastal Northeast
15,743 posts, read 21,991,150 times
Reputation: 5277
Quote:
Originally Posted by stevehawk View Post
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.
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Old 07-09-2009, 06:06 PM
 
Location: Coastal Northeast
15,743 posts, read 21,991,150 times
Reputation: 5277
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.

Last edited by JayCT; 07-10-2009 at 07:16 AM.. Reason: removed deleted quote
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Old 07-09-2009, 07:02 PM
 
Location: Cheshire, Conn.
2,102 posts, read 6,806,762 times
Reputation: 521
Quote:
Originally Posted by stevehawk View Post
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.
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Old 07-09-2009, 07:07 PM
 
Location: The brown house on the cul de sac
2,081 posts, read 4,120,921 times
Reputation: 9305
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.
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Old 07-09-2009, 08:07 PM
 
Location: Norwichtown
31 posts, read 40,051 times
Reputation: 17
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.
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Old 07-10-2009, 07:06 AM
 
113 posts, read 455,870 times
Reputation: 80
Quote:
Originally Posted by kidyankee764 View Post
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.
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Old 07-10-2009, 07:11 AM
 
113 posts, read 455,870 times
Reputation: 80
Quote:
Originally Posted by Rich Lee View Post
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.
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