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I don't think it surprises anyone that New Yorkers come to Connecticut to buy second homes.
2nd homes??? You mean in addition to those who buy primary homes. Got it.
Living in Fairfield I can tell you from experience that NYorkers move out of NY and into SWCT more than those buying "2nd homes" in CT. Not only from the NY plates we see on the roads but family, friends, and neighbors doing it. When a home goes up for sale in the area, next thing you know the For Sale sign comes down and there's a car with NY plates in the driveway. That is your tell. And I've seen many over the past 5 yrs. That's just me in a tiny area in only 5yrs time and a purchase.. Not even counting those who are renting from NY.
I been saying this for 3 yrs now especially since the Boom Bust. Taxes, Land, Property is better in CT and they have been flocking over like birds escaping winter.
Haven't heard about Groton being a target, but I knew some people from NY last year that were looking in the CT River valley area for second homes - Essex, Deep River, Chester, Haddam, East Haddam. And, when my mom's cousin sold her home near the beach in Old Saybrook the year before, I think the buyer was also from NY. Not sure if it was a second home for them or not, but the Old Saybrook home was completely rebuilt and updated by my mom's cousin and was somewhere between mid and upper six figures in price.
That has been true for decades now. I had a friend from college whose New York boss had a house on Hamburg Cove in Lyme that he visited. My friend was astonished by its beauty and still wants to buy a home there someday. Unfortunately he moved to the west coast and is firmly entrenched there now. Jay
2nd homes??? You mean in addition to those who buy primary homes. Got it.
Living in Fairfield I can tell you from experience that NYorkers move out of NY and into SWCT more than those buying "2nd homes" in CT. Not only from the NY plates we see on the roads but family, friends, and neighbors doing it. When a home goes up for sale in the area, next thing you know the For Sale sign comes down and there's a car with NY plates in the driveway. That is your tell. And I've seen many over the past 5 yrs. That's just me in a tiny area in only 5yrs time and a purchase.. Not even counting those who are renting from NY.
I been saying this for 3 yrs now especially since the Boom Bust. Taxes, Land, Property is better in CT and they have been flocking over like birds escaping winter.
Outside of the city I would expect New York state taxes to be cheaper. Know where my family lives near Poughkeepsie area is cheaper than where I am living.
I definitely know some NYC people move up to the hills of Litchfield County.
Speaking of Stonington the Borough they built some luxury apartments out of the old fort there.
Much of Long Island and Westchester County has crazy taxes as well. NYC, Long Island and Westchester is a majority of the state population
NYers have been buying second homes in CT for decades…. up in the Southbury/Roxbury area there are a TON of former NYers. Lots of them actually purchased second houses there and ended up staying full time once they had kids..
The article also talks about NYC renters who buy their FIRST home to use as a vacation home. This is why rent control is a scam. Does anyone in their right mind think it's fair for someone to rent a 3bd apartment in Brooklyn for $3000/mo then use the $3,000/mo in savings (assuming $6,000/mo market rent) to buy a vacation home in the Catskills or Groton? Seniority systems just don't work whether it's in the workplace (for promotions) or in the rental market (to determine your rent).
This has been happening for at least 100 years. I actually have a book on it published in the 1930s I believe. They escaped the city to the coolness of the wilderness in western CT in the summer, especially the wives and kids.
And don't forget the Great Camps of the ADK - escape for the rich and famous.
The article also talks about NYC renters who buy their FIRST home to use as a vacation home. This is why rent control is a scam. Does anyone in their right mind think it's fair for someone to rent a 3bd apartment in Brooklyn for $3000/mo then use the $3,000/mo in savings (assuming $6,000/mo market rent) to buy a vacation home in the Catskills or Groton? Seniority systems just don't work whether it's in the workplace (for promotions) or in the rental market (to determine your rent).
How did one get into a rent controlled apartment in the first place? If its so undervalued I suspect there will be cases of bribe?
Remember "I Love Lucy"? They portrayed that exact move.
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