[MrGompers]

Originally Posted by BPt111

People who are leaving CT are lower income people and seniors they tired of Connecticut

Probably not lower income people since they most likely don't have the funds to move. Seniors probably have some movement, but again only the ones who can afford it.

There are thousands of seniors in CT nursing homes that will only be leaving in a casket.

[BobNJ1960]

Editorial: Connecticut's Money Is Moving Out - Hartford Courant

[MrGompers]

Originally Posted by Stepfordct

Try rereading my reply again. Never said no town is building schools. Also added that many that are being built are for reasons other than outright necessity. My town built one that should have had been remodeled. But oh my good the children need the best.
Same people next yr are shocked by the increase in property taxes!

There was this real estate crash you may have heard about. Florida and Nevada have recovered far more than CT has.

3% compounded really adds up.

Re, people leaving Ct.
If you order 3 large pizzas to split between friends and 1 guy leaves before the bill comes do you pay more or less?

The difference is CT and other states like MA never experienced the huge real estate drops like Florida and Nevada. If I lived in one of those states I would be upset if I owned a house - not so much in CT. Didn't Florida lead the nation in foreclosures ? CT was never close to that stat.

P.S. I prefer car analogies instead of pizza analogies.

[JayCT]

Originally Posted by LMPA

I have a line item on my closing disclosure detailing a "State Transfer Tax Residential to Commissioner of Revenue Services" fee. I apologize for calling it an excise tax, it was a conveyance fee. Regardless, it was over $2K.

In Connecticut, the seller is responsible for this fee.

Perhaps you don't care that 10K are leaving each year, but I would imagine it is concerning to others. Actually the number is closer to 13K.

Real estate is stagnant, although some areas are moving. What area is building new schools to account for growth?

This link details the real estate market in each state, with the ability to drill down to county level.

https://www.realtor.com/research/hottestmarkets/

IRS migration link:

https://www.irs.gov/statistics/soi-t...data-2015-2016

Rocky Hill is building a new elementary school to accommodate a growth in students. Jay

[Scottamemnon]

Originally Posted by MrGompers

The difference is CT and other states like MA never experienced the huge real estate drops like Florida and Nevada. If I lived in one of those states I would be upset if I owned a house - not so much in CT. Didn't Florida lead the nation in foreclosures ? CT was never close to that stat.

P.S. I prefer car analogies instead of pizza analogies.

released a study recently on the housing markets in comparison to the pre-recessionn peak.


Their data says that Hartford area property median values are still only 85% of their pre-recession values with only 3.7% of houses being worth what they were before the Great Recession.

New Haven is even worse... 78% of the pre-recession median value and only 3.2% of houses being worth what they were pre-recession.

Compare this to terrible Nashville I keep hearing about where the current median is 129% the pre-recession amount and 94.1% of houses have at least regained their losses.

Interestingly the numbers in Florida are almost identical to the numbers in Connecticut. The difference was in Florida, it was a massive drop, followed by a quick rebound and slow growth ever since. It gives the appearance of it being worse than CT, where the value dropped over a longer period and then stagnated.

[MrGompers]

Originally Posted by Scottamemnon

released a study recently on the housing markets in comparison to the pre-recessionn peak.


Their data says that Hartford area property median values are still only 85% of their pre-recession values with only 3.7% of houses being worth what they were before the Great Recession.

New Haven is even worse... 78% of the pre-recession median value and only 3.2% of houses being worth what they were pre-recession.

Compare this to terrible Nashville I keep hearing about where the current median is 129% the pre-recession amount and 94.1% of houses have at least regained their losses.

Interestingly the numbers in Florida are almost identical to the numbers in Connecticut. The difference was in Florida, it was a massive drop, followed by a quick rebound and slow growth ever since. It gives the appearance of it being worse than CT, where the value dropped over a longer period and then stagnated.

That site looks great with all the graphs and colors, but I wouldn't trust any data. I would trust data from MLS and foreclosures data since that data can't be cherry picked and frankly that's the only data that matters.

At the bottom they chose 4 variables that really don't matter than tried to impress us by using the term "linear regression" which probably 99.98% of the population don't know what that means and even less know what R^2 means.

[kidyankee764]

Originally Posted by MrGompers

What's funny is there is a very similar thread in the NJ forum and they have even higher property taxes (not sure about income tax). The people on that thread seem to be split 50-50 whereas here its 90-10.

Its the same circle of life though, if people are leaving then prices should fall, but we are not seeing falling prices, so what gives?

Are thousands or even hundreds of thousands of people waiting in the wings for real estate prices to bottom out in CT and NJ so they can swoop in and buy properties for pennies on the dollar?

When was the last time a bargain property was for sale in Greenwich or Glastonbury that was move in ready?

Connecticut has a higher overall tax burden than NJ.

And Glastonbury is dirt cheap compared to Greenwich. You can get a nice ranch for the low 200s up there, move in ready. The crazy part about it are the homes I’m looking at in Glastonbury have barely appreciated in 7 years.

[Scottamemnon]

Originally Posted by MrGompers

That site looks great with all the graphs and colors, but I wouldn't trust any data. I would trust data from MLS and foreclosures data since that data can't be cherry picked and frankly that's the only data that matters.

At the bottom they chose 4 variables that really don't matter than tried to impress us by using the term "linear regression" which probably 99.98% of the population don't know what that means and even less know what R^2 means.

OK Got it.. Connecticut Uber Alles... data be damned.

Itisn't trustworthy because they are a real estate aggregator whose best interest is realtors.. but MLS is trustworthy because they are a real estate database whose best interest is realtors, which in most states obfuscates its data by requiring a realtor to access.

You can see this same data if you look at home listings in a lot of areas of the state. Listings show the property sales history and its pretty common to see houses that are for sale for 20% under their sales price in the early to mid 2000s.

There are plenty of good things about CT, but outside of the NYC region, most of the markets have suffered for real estate for a decade.

[MrGompers]

Originally Posted by Scottamemnon

OK Got it.. Connecticut Uber Alles... data be damned.

Itisn't trustworthy because they are a real estate aggregator whose best interest is realtors.. but MLS is trustworthy because they are a real estate database whose best interest is realtors, which in most states obfuscates its data by requiring a realtor to access.

You can see this same data if you look at home listings in a lot of areas of the state. Listings show the property sales history and its pretty common to see houses that are for sale for 20% under their sales price in the early to mid 2000s.

There are plenty of good things about CT, but outside of the NYC region, most of the markets have suffered for real estate for a decade.

We can not verify data they are an aggregator scrapping data from the internet like you said. MLS doesn't release data - at least not for free. Truila or some other company isn't going to pay for that data.

MLS data contains the list prices and the sold prices of real estate over whatever time frame you want. That is where the truth lies, doesn't matter if I or you like it.

[beerisgood02]

Originally Posted by MrGompers

What's funny is there is a very similar thread in the NJ forum and they have even higher property taxes (not sure about income tax). The people on that thread seem to be split 50-50 whereas here its 90-10.

Its the same circle of life though, if people are leaving then prices should fall, but we are not seeing falling prices, so what gives?

Are thousands or even hundreds of thousands of people waiting in the wings for real estate prices to bottom out in CT and NJ so they can swoop in and buy properties for pennies on the dollar?

When was the last time a bargain property was for sale in Greenwich or Glastonbury that was move in ready?

Glastonbury? Probably 100s.