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Old 08-12-2019, 11:13 AM
 
2,440 posts, read 6,235,764 times
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Quote:
Originally Posted by JayCT View Post
High end homes like you find in towns like Westport take a lot longer to sell than lower priced homes. That is pretty much true across the country. As the article and the data I posted show, this is about the same as it was last year. Four months to sell a home is not horrible. Jay
The super high-end market in the 90's and 00's was drive by hedge fund multi-gazillionaires. To the best of my knowledge, the days of hedge fund growth are over. I still cannot figure out how all the $3,000,000+ listings will be absorbed. The problem of a high-end glut is much worse in Fairfield County(and Westchester County) than it is across the country.
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Old 08-12-2019, 12:51 PM
 
Location: Connecticut
34,774 posts, read 56,613,662 times
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Quote:
Originally Posted by kidyankee764 View Post
True, but note the massive price drops on those high end homes. That’s the most concerning.
I agree that is concerning but the free market will adjust prices accordingly. Not much you are going to do about that. Jay
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Old 08-13-2019, 12:51 PM
 
222 posts, read 411,074 times
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Quote:
Originally Posted by JayCT View Post
I am not sure what you mean. The median sales price of homes in the Town of Fairfield is about $550,000 so the new homes I mentioned are double that and selling. I would say that is a sign of a good market.

The original comment made by Dairygodmother said $1 million homes on small lots in Fairfield aren’t selling but Zillow is showing more than 25 homes south of the Post Road sold for over $1 million. Given that much of this area has smaller older homes, I would say 25 is a lot. Also I looked at the number of home sales in Fairfield for the first half of the year and it appears home sales are in line with last years numbers. I am not really seeing things being much different than last year which I believe was a good year for home sales. Jay

https://www.bhhsneproperties.com/mce...rfield_ALL.htm
My bad, the massive homes by the beach in Fairfield on little lots are going for over a million but they have also been built to FEMA standards and command a premium (they are in-town, too). I guess I was broad-brushing a bit and thinking more of my own University area. When I moved here in 2014, the new construction on a .25 lot could go for $1.1mm to $1.3mm, those houses are now 850-950 from what I see. And a renovated large colonial that was selling for 950-1.1 back then is probably more like 800-825 now.
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Old 08-13-2019, 01:18 PM
 
222 posts, read 411,074 times
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Meh, I guess I need to research more before I post :-)

Just looked up a neighbors McMansion and it indeed sold for 1.1 million a few months ago. The lot was .42 and the renovation was immaculate....but I am surprised.

https://www.zillow.com/homedetails/7...177258031_zpid
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Old 08-13-2019, 01:19 PM
 
Location: Riverside, CT
783 posts, read 816,967 times
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Quote:
Originally Posted by DairyGodmother View Post
Meh, I guess I need to research more before I post :-)

Just looked up a neighbors McMansion and it indeed sold for 1.1 million a few months ago. The lot was .42 and the renovation was immaculate....but I am surprised.

https://www.zillow.com/homedetails/7...177258031_zpid
3200 sft isn't a McMansion
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Old 08-13-2019, 04:01 PM
 
Location: Fairfield County CT
4,409 posts, read 3,298,420 times
Reputation: 2753
Quote:
Originally Posted by DairyGodmother View Post
Meh, I guess I need to research more before I post :-)

Just looked up a neighbors McMansion and it indeed sold for 1.1 million a few months ago. The lot was .42 and the renovation was immaculate....but I am surprised.

https://www.zillow.com/homedetails/7...177258031_zpid
I am not surprised, it is near the train station.
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Old 08-13-2019, 04:43 PM
 
Location: Connecticut
34,774 posts, read 56,613,662 times
Reputation: 11184
Quote:
Originally Posted by CTartist View Post
I am not surprised, it is near the train station.
But it is not just near the train station. You are seeing it up in a Lake Hills and Fairfield Woods too. Here’s a couple I am talking about. Jay

https://www.zillow.com/homedetails/1...77299002_zpid/

https://www.zillow.com/homedetails/5...77298893_zpid/

https://www.zillow.com/homedetails/1...57292870_zpid/

https://www.zillow.com/homedetails/1...57293294_zpid/
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Old 08-13-2019, 04:51 PM
 
Location: Connecticut
34,774 posts, read 56,613,662 times
Reputation: 11184
Quote:
Originally Posted by DairyGodmother View Post
Meh, I guess I need to research more before I post :-)

Just looked up a neighbors McMansion and it indeed sold for 1.1 million a few months ago. The lot was .42 and the renovation was immaculate....but I am surprised.

https://www.zillow.com/homedetails/7...177258031_zpid
No problem. With all the doom and gloom you see in the media about Connecticut, it is hard to believe what the real facts are. The market in Fairfield is about the same as last year which is good but not great. It is true those large secluded homes on large lots aren’t commanding the super high prices they once were. But that is due to changing tastes of buyers. I do kind of believe that may change when young buyers realize they aren’t walking to the places they thought they would and that they are kind of too close to their neighbors some of whom they don’t like. Will see. Jay
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Old 08-13-2019, 06:06 PM
 
464 posts, read 308,772 times
Reputation: 876
Quote:
Originally Posted by beerisgood02 View Post
3200 sft isn't a McMansion
3200 sq ft not counting a basement is a pretty big house, McMansion or not, although most websites consider it is

[url]https://www.google.com/amp/s/amp.businessinsider.com/why-is-it-called-a-mcmansion-2016-9[/url]

3000 to 5000 sq ft and lacking architectural integrity
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Old 08-13-2019, 06:46 PM
 
Location: Coastal Connecticut
21,611 posts, read 27,867,998 times
Reputation: 6676
Quote:
Originally Posted by Reilly1017 View Post
3000 to 5000 sq ft and lacking architectural integrity
That's the bullseye for McMansion. General generic/awful/templated architecture, and fake fancy.
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