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Old 04-25-2010, 09:05 AM
 
4 posts, read 18,302 times
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Where is the safest area to buy a 2BR condo for resale purposes? For $240K you can buy a brand new condo in Bristol. Same price buys a 30 year old one in Farmington that needs work with slightly higher HOA fees. Plainville and Southington seem to have things that are neither new nor old.

I know Farmington is where families want to be, but I wonder how this 2BR market goes. People in this market typically are younger or older and want to be closer to things (like Hartford, West Hartford), but don't care so much about the schools and such. Is this group more interested in just getting something new with nice amenities like jacuzzi tubs, attached garages, nice windows, high ceilings, etc. etc.?
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Old 04-25-2010, 03:42 PM
 
Location: Connecticut
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In general, Farmington is the most desirable of the towns mentioned. It has great schools but is also home to the UConn Medical Center so there are a lot of people there that would be interested in buying a place near their work. That is why the price gets you less in Farmington.

I would next give Southington the edge over Plainville and Bristol. Southington has great highway access to a lot of major employment centers (Hartford, Waterbury and New Haven). It is also a pretty nice town with a lot of nice neighborhoods and good schools.

Following Southington would be Plainville IMHO. Nice town that is near highways. Bristol is an older mill town/small city. It is removed from major highways so that is why homes there are priced lower than the other towns.

Generally, you get what you pay for so if you want resale, Farmington would probably be your best bet. JMHO, Jay
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Old 04-25-2010, 08:00 PM
 
Location: Connecticut
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If you are looking for a condo there is a place in Farmington called Snowberry Cobble Village. This development is income restricted. In order to buy there the people living in the house can not earn more than approx $57,500 per year combined. If you qualify due to income it doesn't matter what your income becomes in the future. The condo's are selling for a base price of $180,000 (upgrades are available)

I know all this because I looked at them this weekend. I didn't realize they were income restricted though and my wife & I earn too much.

We've been looking for a house for maybe 6 months now. What we've discovered is every house priced at or under $250,000 in Conn is absolute trash. I've seen 30 year old kitchens and purple bathrooms. It's really amazing how much trash is out there for sale.

The condo's are more reasonably priced, but once you add in condo fee's it's a losing proposition.

Unless prices come down more we think that we will buy a lot and have our own house built. At least it will be updated LOL. The housing market in Conn is very frustrating.
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Old 04-26-2010, 12:28 PM
 
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We looked at Snowberry Cobble, but we're concerned about all the restrictions. The trouble is that in this complex you can only claim 3% per year in appreciation AND when you resell you need to sell to someone who also meets the income restriction. The income limit gets adjusted every year, but still -- I don't think it would be a good idea to buy something with limited marketability like that. Its easy for a builder to sit on something that takes a year to sell, not so much for an individual owner. And if for some reason the real estate market goes up more than 3% per year, then you have a difficult time making a step into anything that isn't income restricted. Of course, if property values tank, there is no limit to your downside.

Yes, real estate in CT is a pain. Too many older houses not worth rehabbing, IMO. I love older homes (1900-1920). Many of these have stonework or millwork that can't be replicated today. I love seeing these homes restored. But in the Farmington Valley there are just too many shoddily built post-war homes sitting on premium lots -- these houses are typically too nice to tear down but not necessarily worth fixing.

Thanks for the help!
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Old 04-26-2010, 12:57 PM
 
184 posts, read 710,373 times
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The OP said...
Unless prices come down more we think that we will buy a lot and have our own house built. At least it will be updated LOL. The housing market in Conn is very frustrating.[/quote]

Unfourtunatley, I think you will have a difficult time finding a reasonably priced buildable lot in the Farmington Valley/Central connecticut area. To stay under 300K in total costs, you would have to find a lot around 75K and those just don't seem to be available too often...I feel (have felt) your pain in trying to "break into" the Connecticut housing market, it's tough.
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