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I don't think it surprises anyone that New Yorkers come to Connecticut to buy second homes. This has been happening for most buy homes in Fairfield and Litchfield Counties but the article talks about someone looking at homes in Groton. They are impressed by how much house you can buy there.
The article talks about New Yorkers keeping their rentals in the city but then buying a home in places like upstate New York, New Jersey and Connecticut. I know someone that has an apartment in Brooklyn but moved their family to upstate New York. They kept the Brooklyn apartment so they can sleep there during the week when working but rents out one of the bedrooms to someone else to make it more affordable. I thought it was an interesting arrangement. What do you think? Jay
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.
"But beyond the proximity is also price: As home prices continue to soar in many popular second home locations around Manhattan, buyers are also finding coastal Connecticut to be far kinder on their wallets.
“You’ll end up paying half what you would in the Hamptons and Jersey Shore and get much more for the money,” says Joel Lucas, a top-selling broker at Coldwell Banker in the town of Essex,"
This has been common for many years. Lot of New Yorkers in Stonington, others out in the prettier NE CT towns like Pomfret. Essex, Chester, Old Saybrook, etc. have always attracted NYC buyers. Common joke with properties near the water, it to just price it a little bit high and wait for a New Yorker to eventually come along. ( and they do)
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.
I can say that taxes are lower in CT relative to comparable communities in NY. The prime weekender towns in Dutchess/ulster/columbia have pretty high property values and tax rates with a few exceptions and those exceptions tend to be the small cities like Hudson and Kingston which have their own draw but don't really qualify as country home locations.
I've heard anecdotal evidence of the growth of 2nd home buying in NE PA as well.
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