[newerabuzz]

Almost all of the most undervalued metro areas are in the Midwest or New England, and almost all were either in Ohio or Connecticut,

In Ohio, Cleveland was undervalued by 20% (versus 13% 2006), Akron was undervalued by 17% (versus 12% in 2006) and Dayton was undervalued by 17% (compared with just 8% in 2006). Hartford, Conn., was 15% undervalued in the fourth quarter of 2014 (versus 20% in 2006), while Fairfield County was undervalued by 14% (versus 30% in 2006).

Source Cities where houses are most undervalued (and overvalued) - MarketWatch

[Mike 75]

Fairfield county was undervalued by 30% in 2006?

[JayCT]

Originally Posted by Mike 75

Fairfield county was undervalued by 30% in 2006?

Yes I remember seeing that from way back then. Sounds hard to believe given the high prices of real estate down there. Jay

[Mr_250]

I wish I could register, but CT is one of only 5 States that YOY show negative home price appreciation.
Springfield, Hartford Have Seen The Most Homicides In 2015 Among New England’s Largest Cities

This takes into account the entire state. Mass shows the largest drop.

I don't know about FFC, but homes in Hartford Country make this seem overall factual.

[JayCT]

I thought that this was interesting. High priced single family homes in Greenwich are not selling as fast as condos in town. Can this be a sign of the times or just a momentary blip on the screen? Is this happening in other towns around the state as well? Jay

Greenwich Mansions Linger on Market as Condos Sell Fast - Bloomberg Business

[ctguy87]

Originally Posted by Mr_250

I wish I could register, but CT is one of only 5 States that YOY show negative home price appreciation.
Springfield, Hartford Have Seen The Most Homicides In 2015 Among New England’s Largest Cities

This takes into account the entire state. Mass shows the largest drop.

I don't know about FFC, but homes in Hartford Country make this seem overall factual.

Not sure if you meant to post a different article, but the article you posted was still jarring.

Do you have a link to the article you were referencing about home prices? In metro Hartford, prices are at the same level more or less since 2004 (Obviously including the spike and fall from 2005-2009.) Sometimes less. That's a kick in the shin to sell your house for less today than 11 years ago.

[CT_Native]

Originally Posted by JayCT

I thought that this was interesting. High priced single family homes in Greenwich are not selling as fast as condos in town. Can this be a sign of the times or just a momentary blip on the screen? Is this happening in other towns around the state as well? Jay

Greenwich Mansions Linger on Market as Condos Sell Fast - Bloomberg Business

I believe the times are changing -- I can't speak for the rest of CT, but mansion sales around the entire NYC metro have been dropping over the last few decades. The past few years have been especially noticeable, notably in Westchester. People don't want a huge house in the middle of nowhere anymore. The article is playing with two different real estate environments, though, and I don't think it's very well defined: NYC vs the rest of the country.

“We’re seeing greater acceptance of luxury condominiums as a competitor or alternative to a traditional house,” Miller said. “The luxury, high-end market is not performing.”

The author is a little off on that point, though, regarding the NY metro, as luxury and ultra-luxury condominiums are performing extremely well at the moment -- condos are now being viewed as vastly superior to mansions in the suburbs, the epitome of luxury being the sky-high palaces in Midtown Manhattan.

As for CT outside of the NYC metro, it's hard to image the sustainability of huge houses. Along with the rest of the nation, people are realizing they don't need enormous spaces to be happy, and they don't want to pay for the unnecessary. Condos and multi-family developments are already becoming a popular alternative to single-family homes in CT. That being said, the transition shouldn't take away from the maturity of prosperity that CT is known for.

[lvs2393]

Originally Posted by JayCT

I thought that this was interesting. High priced single family homes in Greenwich are not selling as fast as condos in town. Can this be a sign of the times or just a momentary blip on the screen? Is this happening in other towns around the state as well? Jay

Greenwich Mansions Linger on Market as Condos Sell Fast - Bloomberg Business

Depends on how you look at it.
I live in downtown Stamford in a high rise condo. And I see a lot of apartments selling this year at much faster pace that even last year while asking price is also noticeably higher. Just in my building alone one apartment was sold in less than 2 months and another one was under the contract in 16 days. Those were not cheap sales.
What we noticed and actually we were told by some of our neighbors in the building is that they don't want to deal with the hustle of maintaining the house and want to have an apartment and let someone else to deal with the maintenance.
It could be some change of time because there is a gap in family formation and those who are done with school/house would like to downsize not just to a smaller house but into an apartment so that they won't have to deal with the maintenance. I can't say that it is cheaper in the luxury apartment because common chargers are very high. But no headache.
At the same time younger generation doesn't want / not ready for house and rather sharing paying for rent for an apartment. And it's not just from an article. That's I see happening in Stamford.
But Stamford does have a sizable apartment market than other cities around.
Also, I've hear same talk from people in the office who are closing to their retirement age. They are selling their houses and looking into apartments/townhouses to downsize to.

[Nu2Stamford]

Originally Posted by lvs2393

Depends on how you look at it.
I live in downtown Stamford in a high rise condo. And I see a lot of apartments selling this year at much faster pace that even last year while asking price is also noticeably higher. Just in my building alone one apartment was sold in less than 2 months and another one was under the contract in 16 days. Those were not cheap sales.
What we noticed and actually we were told by some of our neighbors in the building is that they don't want to deal with the hustle of maintaining the house and want to have an apartment and let someone else to deal with the maintenance.
It could be some change of time because there is a gap in family formation and those who are done with school/house would like to downsize not just to a smaller house but into an apartment so that they won't have to deal with the maintenance. I can't say that it is cheaper in the luxury apartment because common chargers are very high. But no headache.
At the same time younger generation doesn't want / not ready for house and rather sharing paying for rent for an apartment. And it's not just from an article. That's I see happening in Stamford.
But Stamford does have a sizable apartment market than other cities around.
Also, I've hear same talk from people in the office who are closing to their retirement age. They are selling their houses and looking into apartments/townhouses to downsize to.

I bought in Stamford less than two years ago and opted for a single family home. Wanted the space, the yard, etc and moved from Queens. Didn't seem worth the move further out (I still work in NYC) to just live in another apartment. That was my logic.

[parentologist]

Real Estate prices are so local. Hartford has downtown condos, and a lot of slum - some of it frighteningly dangerous. You just cannot generalize, saying prices in "CT", or "Hartford". It's by the town, the neighborhood, and sometimes the block!