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Maybe where you are but not around here as far as I can tell.
We rent a home in a very tony neighborhood in a very tony town. I don't even know what the millenial age cutoff is, but I can probably count on one-hand how many neighbors/parents of the local elementary are in their 30's, it's 40's and up including us.
Now, couples in their 20's married with kids old enough for elementary? Do these personnel even exist anymore, I'm not sure. Around here they may exist in the denser/multifamily rental homes in Stamford, Norwalk, Fairfield, and Bridgeport.
Over the last 15+ years I've lived in lower FFC, central and northern CT. It seems to be the same in most of those locations. Friends (30+ y/o) that are financially responsible (to a degree) and invest effort in their career path are doing well. Of course I have friends on the other end of the spectrum, but in a lot of their cases their situation(s) are self induced.
Take it with a gain of salt as its only my experience and anecdotal examples of personal friends. But, at least in my circle of peers no one has a useless degree from a private university costing over six figures which has scored them a position serving coffee at the local shop.
Single Family home for $137,000?? Arent 1BR condos this price in Milford? I havent read the details but I hope it was a foreclosure or broken down. Even if its a fixxer upper its by the beach. Not a price you want to see on a SF home in the area.
Single Family home for $137,000?? Arent 1BR condos this price in Milford? I havent read the details but I hope it was a foreclosure or broken down. Even if its a fixxer upper its by the beach. Not a price you want to see on a SF home in the area.
West Haven has always been cheap.
My friend bought a fixer upper 3BR/1BTH for $90,000 5 years ago. That's right, $90,000.
I would bet that house is in rough shape. West Haven hasn't really been declining. It was so low to begin with there wasn't much room to drop.
Single Family home for $137,000?? Arent 1BR condos this price in Milford? I havent read the details but I hope it was a foreclosure or broken down. Even if its a fixxer upper its by the beach. Not a price you want to see on a SF home in the area.
This house is in West Haven, not Milford. Big difference. Higher taxes, poorer performing schools. The description of it on another site says “needs lots of TLCâ€. That is why it is so cheap. Putting $40,000 into it would bring the price up to its market value on Zillow. A roof, furnace, hot water heater, electrical, new kitchen and baths and paint could easily exceed that. Jay
I will tell you where I think they are. Two Saturday's ago I was at my HS reunion down Harbor Point in Stamford. The Friday after that I was down in that same area seeing my brother in a band. It's loaded down there with young people who I assume are millennials. There is a TON of new apartments down there and cranes all over the place. I am sure there will be lots more apartments coming on line in the near future too. Years back in the 1990's and 2000's it was me and my generation from Stamford buying the houses in FFC but now it seems the younger generation wants to rent instead of buy.
If you haven't been down there in a while here it is. You can see a crane in the picture too.
Maybe where you are but not around here as far as I can tell.
We rent a home in a very tony neighborhood in a very tony town. I don't even know what the millenial age cutoff is, but I can probably count on one-hand how many neighbors/parents of the local elementary are in their 30's, it's 40's and up including us.
Now, couples in their 20's married with kids old enough for elementary? Do these personnel even exist anymore, I'm not sure. Around here they may exist in the denser/multifamily rental homes in Stamford, Norwalk, Fairfield, and Bridgeport.
Your location is definitely the driving factor, because the family demographics in upper FFC and in New Haven County are different. We are late 30s and close to half of our elementary school class parents are around our age.... there are a few younger ones (and yes they often aren’t married) and then a bunch who are 5-10 years older as well. A number of the people we know are originally from mid/lower FFC, and are priced out as adults.
... There is a TON of new apartments down there and cranes all over the place. I am sure there will be lots more apartments coming on line in the near future too. Years back in the 1990's and 2000's it was me and my generation from Stamford buying the houses in FFC but now it seems the younger generation wants to rent instead of buy.
There are two factors that need to be considered. First, young people without kids almost always rent and live where the action is. Second, every generation settles down and has kids later than the previous generation.
With these two factors in mind, millennials really aren't that different than previous generations. The older ones are starting to settle down and leave the apartments. I'm not sure where they will go, but FFC is a great option if they're tied to NYC for work.
Don't have time to analyze right now but this was sent to me from a Realtor by email..
Total number of SF homes on the market in Stamford. Not good when there is an increase..
Last yr over 500 were in May-June-July-August-September.
Wilton
Number of days it takes for home to sell in Stamford. 3 months. More than last year for July but looks like less than 2017. Trend is down past couple years so that's good.
Don't have time to analyze right now but this was sent to me from a Realtor by email..
Total number of SF homes on the market in Stamford. Not good when there is an increase..
Last yr over 500 were in May-June-July-August-September.
Wilton
Number of days it takes for home to sell in Stamford. 3 months. More than last year for July but looks like less than 2017. Trend is down past couple years so that's good.
I've been in an out of the area for the past decade and half or so and I can't ever recall a better time to buy around here than right now Cambium.
Buyers have the upper hand in the toniest towns. Nobody should be paying full price and plan to stay 10 years. Offers should be limited to just two rounds, an initial lowball and then a Best and Last with immediate responses required from sellers and letting them know you are ready to move on to the next home on your list. Rinse and repeat the process, someone will come back and accept, at which point you revert back to the initial lowball.
I've been in an out of the area for the past decade and half or so and I can't ever recall a better time to buy around here than right now Cambium.
Buyers have the upper hand in the toniest towns. Nobody should be paying full price and plan to stay 10 years. Offers should be limited to just two rounds, an initial lowball and then a Best and Last with immediate responses required from sellers and letting them know you are ready to move on to the next home on your list. Rinse and repeat the process, someone will come back and accept, at which point you revert back to the initial lowball.
What's your reason for why they are getting so cheap and conversely why it will get better to make this approach a good one? I don't believe this advice. Suburban jobs and wealth excess usually allow people to seek larger estate style housing off main commuting lines. CT is sucking wind in both categories, which is why sellers are hurting. It may be transitional lifestyle change for good. Jobs will become less stable and more mobile friendly so highly expensive CT estates without restaurant, nightlife and shopping..well may not recover.
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