[tickyul]

Originally Posted by Nexis4Jersey

Maybe we should have the Apartment / Condo market index which is booming unlike the House Market. It would give Americans some hope if they knew that one Market is actually doing very well.

Condos.......depends on where you go. I lived in Downtown San Diego off and on for about 9 years. Many of those newer condos are about 1/2 full......have been that way for years.

[goodlife36]

Originally Posted by nep321

We'll see what happens. If CT does become prohibitively expensive one day, then yes, it is in my best interest to move out of state. I'm probably going to give it another year or two or three and see what happens income wise and real estate wise.

On the political side of things, my father, who is a bigtime real estate investor in CT and other states believes that Obama will be defeated in 2012, and this will cause stocks to surge and the housing market to begin true recovery. My father watches FOX News all the time, listens to Rush Limbaugh and lives in a huge house in the country with an SUV, big family, dogs and chickens. They are Christian and Republican and think that Obama is the worst president ever.

I hope you get your wish. How do you think it will happen? Will banks start giving loans to anyone with a pulse again? Will respectable paying jobs return to America? How will they get the CEOs of large businesses to hire again? Some command a higher salary than they pay in taxes. Will they finally start lending money to small businesses to create jobs? I agree the stock market will surge.

[JayCT]

Originally Posted by hartford_renter

The housing market will never take off in CT. And there was very little of a boom even in the housing boom from 2003 to 2006

The reason is taxes and demographics. Maybe in FL or Las Vegas, but in CT a home is a place you live. You probably won't even break even on your investment.

Why
- Taxes 2%
- Mortgage 5%
- Maintenence 1%

Young people are waiting longer to get married, have huge debt from college and high unemployment. This has changed dramatically over the last 15 years .

If you don't have a family you are better of renting hands down!

I do not agree. Connecticut has always been a more stable market. The booms in FL and LV were caused by investors coming in and running prices up that were not sustainable. We do not go up as much or as fast but we also do not go down as much or as fast. That is called "stablity".

Also the purchase of a hoime goes beyond the financial items you mention. There are tax breaks and a sense of worth with home ownership that people also take into account when making the decision to buy. Rents are going up all over the state. When rents get to the point where buying makes a little more sense and the economy improves, you will more people buying. This is just simple economics. Jay

[Cambium]

Originally Posted by hartford_renter

The housing market will never take off in CT. And there was very little of a boom even in the housing boom from 2003 to 2006

You didnt specify a certain area but I bought a condo in 2003 for $240,000. Sold in 2007 for $360,000. I wouldnt call that a bust or stable. LOL

Condos went from $200,000 to over $350,000.
Single Family homes surged up 55% in value during those years.

I'm talking about Fairfield county. New Haven county prices are slower to appreciate and slightly more stable but there was definetly a Real Estate Boom during those years in general.

[JayCT]

Originally Posted by Cambium

You didnt specify a certain area but I bought a condo in 2003 for $240,000. Sold in 2007 for $360,000. I wouldnt call that a bust or stable. LOL

Condos went from $200,000 to over $350,000.
Single Family homes surged up 55% in value during those years.

I'm talking about Fairfield county. New Haven county prices are slower to appreciate and slightly more stable but there was definetly a Real Estate Boom during those years in general.

The better question is what that condo would be worth now. In other parts of the country it would have dropped back to or below the price you paid in 2003. That is what has happened in places like Florida and Las Vegas. Jay

[jp03]

Originally Posted by JayCT

The better question is what that condo would be worth now. In other parts of the country it would have dropped back to or below the price you paid in 2003. That is what has happened in places like Florida and Las Vegas. Jay

I bet its darn close to back to the 2003 level...even in CT...depending on the area.

[Cambium]

Anyone that owns a home Just keep this in mind ... We need to see New Home Sales numbers drop and keep dropping. We also need to see New contruction stay down. (hate to say that!)

What that means is demand for "existing" homes will be more since new homes arent being bought ...or built! The less new homes out there the more someone has to buy an existing home. That creates demand and appreciation in the end.

[CTbrooktrout]

I think existing homes and new homes are two different markets with some slight overlap.

Surely anyone who relies on building homes will build if given the opportunity, I don't know many builders that will not build just to help the overall market.

Secondly some people are set out to buy a new home and won't settle for less. A home is a big investment, and thus some may not feel forced to buy an existing home just because there is not a suitable or available new home right now. If there isn't a new home available for someone looking, this is the opportunity that many builders will step in to take right now.

Financing is the biggest problem. Loans are hard to come buy and there is uncertainty about keeping a job. So those who want a home are forced to hold off b/c of an uncertain future. And hence why rent is so high these days and also reason for a hot apartment market now.

I personally don't see housing having much appreciation or demand growing that much for the next 3-5 years. I think we're also headed towards a mini recession or double dip if you still think we're in the 08' recesssion. We had about 2-3 years of crap growth and now there's a lot of fear in the air. Last time there was a lot of fear was 08'.

I came across this video piece that was on BBC. You can't disagree with much of what this trader says. Whether his economic forecast really comes true is to be seen but he hits the nail on the head as to how the system works. BBC Speechless As Trader Tells Truth: "The Collapse Is Coming...And Goldman Rules The World" | ZeroHedge

[Lincolnian]

Until unemployment moves toward 6% the housing market will be stuck. The economy can turn qyickly if confidence can be created in the eyes of the people. Current problems which seem insurmountable can be solved with the right charge and leadership.

Unfortunately, the catalyst of confidence does not exist in our current leadership or the challengers. It may take another uninspired four years for the right person to emerge.

2016 is my bet.

[Stylo]

Originally Posted by Lincolnian

Until unemployment moves toward 6% the housing market will be stuck. The economy can turn qyickly if confidence can be created in the eyes of the people. Current problems which seem insurmountable can be solved with the right charge and leadership.

Unfortunately, the catalyst of confidence does not exist in our current leadership or the challengers. It may take another uninspired four years for the right person to emerge.

2016 is my bet.

So true. Optimism has an amazing effect on the economy. After all, what is the economy after many of the financial issues that got us into this mess eventually pass? It's a mood. If the mood stays bad, the economy won't magically improve. Confidence creates that circulation that creates a robust economy.