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Konig - You seem to be ignoring my post above. How do you explain the multi-million dollar homes in Southport and Greenfield Hill? Who do you think are buying them? A lot of people come to Fairfield because they love the charm of Southport and the quiet beauty of Greenfield Hill. Heck there are million dollar homes along Fairfield Beach. Those aren't there because nobody wants them. Jay
This is brutal, no matter how you spin it. The nations largest lender calls FFC distressed. Other lenders will follow suit. You buy in CT then better be in it for long haul
The county’s homebuying market has fared well compared with other New York suburbs. While sales in the third quarter slipped 0.7 percent -- the third consecutive decline -- the median price of homes that changed hands climbed 3.7 percent to $425,000, according to a report by Douglas Elliman and appraiser Miller Samuel Inc. Contracts, a more timely measure of demand, jumped 28 percent. Sales in Greenwich, home to many Wall Street executives, surged 26 percent, the best summer for that market since 2012.
In neighboring Westchester County, single-family home sales declined for a fifth straight quarter, and prices there fell, too. Purchases in Manhattan, Brooklyn, northwest Queens and Long Island also decreased in the third quarter, according to the firms.
The county’s homebuying market has fared well compared with other New York suburbs. While sales in the third quarter slipped 0.7 percent -- the third consecutive decline -- the median price of homes that changed hands climbed 3.7 percent to $425,000, according to a report by Douglas Elliman and appraiser Miller Samuel Inc. Contracts, a more timely measure of demand, jumped 28 percent. Sales in Greenwich, home to many Wall Street executives, surged 26 percent, the best summer for that market since 2012.
In neighboring Westchester County, single-family home sales declined for a fifth straight quarter, and prices there fell, too. Purchases in Manhattan, Brooklyn, northwest Queens and Long Island also decreased in the third quarter, according to the firms.
This tells me not that the area is in “distress”, but people are once again trying to buy more house than they can afford. The article spells this out perfectly with using the example of the Darien buyers “scrambling” for an extra 5% on a 700k house. If you’re spending 700k on a house, and you can’t come up with 25% for a down payment, you’re maxing yourself out. Plain and simple.
I couldn’t believe what we were approved for when buying our latest house. We spent 300k less than our approval amount. Unfortunately I don’t think most buyers do that. The people who bought our house in Fairfield County were from Michigan had many issues with their financing. There is no question they’re living paycheck to paycheck in our old home. They’re certainly enjoying bouncing around town in their 80k Mercedes SUV though.
[quote=kidyankee764;53649426. If you’re spending 700k on a house, and you can’t come up with 25% for a down payment, you’re maxing yourself out. Plain and simple. [/QUOTE]
Sorry but asking people to come up with extra 20k is a crusher. I think you are missing bigger point, the largest mortgage originator is saying we are distressed and too risky. That is not about Darien coffee sippers without proper savings. It is about condition of job market, debt levels, interest rate hikes and outlook for region.
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