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Old 04-01-2022, 07:46 AM
 
7,920 posts, read 7,806,919 times
Reputation: 4152

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Quote:
Originally Posted by SteveM85 View Post
Inventory needs to grow. Dramatically. Overnight. That's first and foremost, no question. Another national level Black Swan event so soon after just having one, this time with the opposite impact. Nuclear missiles perhaps. Ending mortgage forbearance. A perfect storm of all of them. Who knows. History says it will end, but when?
Good luck in the search
There's plenty of space to grow in Eastern Connecticut. If you look at Mansfield you've got 25,000 people you add UConn to it that's another 25,000 students. 50,000 students in Residence isn't that big. Tolland county has about as many people as Springfield but it's probably half the size of Rhode Island. The area could easily absorb potentially hundreds of thousands of people. There's plenty of land to develop. A fair amount of houses on the market and land. The only potential problems I see is that route 32 has a fair amount of trucks and they're going from Hartford to probably the Mass Pike in Worcester. If they ever put tolls on Connecticut we're going to see a lot more truck traffic on these roads. Some prices here have actually gone down. I'm not going to listen to visual listings but you can p.m. me and I can probably provide you with a little bit of them.

 
Old 04-01-2022, 10:43 AM
 
Location: Connecticut
34,913 posts, read 56,893,272 times
Reputation: 11219
Quote:
Originally Posted by mdovell View Post
There's plenty of space to grow in Eastern Connecticut. If you look at Mansfield you've got 25,000 people you add UConn to it that's another 25,000 students. 50,000 students in Residence isn't that big. Tolland county has about as many people as Springfield but it's probably half the size of Rhode Island. The area could easily absorb potentially hundreds of thousands of people. There's plenty of land to develop. A fair amount of houses on the market and land. The only potential problems I see is that route 32 has a fair amount of trucks and they're going from Hartford to probably the Mass Pike in Worcester. If they ever put tolls on Connecticut we're going to see a lot more truck traffic on these roads. Some prices here have actually gone down. I'm not going to listen to visual listings but you can p.m. me and I can probably provide you with a little bit of them.
I think you overestimate Tolland County’s ability to accommodate population growth.

First much of the open land there today is undevelopable due to things like steep topography, wetlands and poor soil conditions.

Second is the fact that the county has an inadequate supply of drinking water. This fact has long been the reason why UConn was unable to significantly expand for decades. Eventually additional water was piped in from a neighboring watershed but that supply is also very limited.

Even if a good source of water is found, the county has limited ability to treat the wastewater that is produced by more people. It’s not as easy to just build treatment plants since the hilly topography makes it hard and expensive to transmit the wastewater to the plant.

Finally, please note that much of Tolland County is not conveniently located to major employment centers. That’s the reason more of the county hasn’t already been developed already. Jay
 
Old 04-01-2022, 02:15 PM
 
Location: Connecticut
34,913 posts, read 56,893,272 times
Reputation: 11219
Now this is truly insane. I know this house well. It was owned by family friends years ago. It sold last November for $334,000. It’s now on the market again for $589,000! That’s a $255,000 or 76% profit in just four months I don’t think the owners made any improvements since then. The listing certainly doesn’t say there were any. Absolutely insane. Jay

https://www.zillow.com/homedetails/1...57291418_zpid/
 
Old 04-01-2022, 04:39 PM
 
161 posts, read 128,965 times
Reputation: 331
Quote:
Originally Posted by JayCT View Post
Now this is truly insane. I know this house well. It was owned by family friends years ago. It sold last November for $334,000. It’s now on the market again for $589,000! That’s a $255,000 or 76% profit in just four months I don’t think the owners made any improvements since then. The listing certainly doesn’t say there were any. Absolutely insane. Jay

https://www.zillow.com/homedetails/1...57291418_zpid/
Yes, the market is broken as possible between 0 inventory and rocketing mortgage rates which have severely damaged demand from non-cash/institutional buyers. There are some panic buyers out there who feel they're on the cusp of losing out on buying a home forever, and they're throwing money and caution into the wind; imagine waiving an inspection on the biggest and most important thing you'll own! Perhaps there people are the target.

There's despair out there among buyers who need a place to live, but remember the market is severely distorted, the mortgage rates that have largely fostered this frenzy are history, and demand is fading as the economic situation in the country appears to be rapidly deteriorating. It's important to remember that this dynamic has developed and worsened (from the buyer perspective) over the past 2-3 years between a once in a lifetime plague and our government's massive stimulus program. If you're going to use a bizarre 2-3 years to say things have changed forever for homebuyers, I have to disagree. Take a breather and step back. Right now both prospective homeowners and potential sellers/movers are terrified of the market (although the latter group finds solace in their Zestimates). Something must, and will, give way.
 
Old 04-02-2022, 05:14 AM
 
Location: USA
6,873 posts, read 3,726,277 times
Reputation: 3494
Quote:
Originally Posted by JayCT View Post
Now this is truly insane. I know this house well. It was owned by family friends years ago. It sold last November for $334,000. It’s now on the market again for $589,000! That’s a $255,000 or 76% profit in just four months I don’t think the owners made any improvements since then. The listing certainly doesn’t say there were any. Absolutely insane. Jay

https://www.zillow.com/homedetails/1...57291418_zpid/
330 for that size with a 2 car seems really low for Fairfield, even in a down market and even if it's the "other side of the tracks" part of town. I predict it goes for 550.
 
Old 04-02-2022, 05:19 AM
 
Location: Near the Coast SWCT
83,500 posts, read 75,234,500 times
Reputation: 16619
I wouldn't have thought this was in Lower Fairfield County to be honest...

a courtyard opening to a pool, fountain, private lake and 2.2 lush acres

•Price: $3,200,000
•Square feet: 10,427
•Bedrooms: 5
•Bathrooms: 6

https://patch.com/connecticut/stamfo...mford-property


 
Old 04-02-2022, 08:57 AM
 
69 posts, read 33,113 times
Reputation: 46
Quote:
Originally Posted by Cambium View Post
I wouldn't have thought this was in Lower Fairfield County to be honest...

a courtyard opening to a pool, fountain, private lake and 2.2 lush acres

•Price: $3,200,000
•Square feet: 10,427
•Bedrooms: 5
•Bathrooms: 6

https://patch.com/connecticut/stamfo...mford-property

Not as exorbitantly priced as other homes I’ve seen in the last two years. But for Stamford, that still seems high.
 
Old 04-02-2022, 09:04 AM
 
Location: Connecticut
34,913 posts, read 56,893,272 times
Reputation: 11219
Quote:
Originally Posted by SteveM85 View Post
330 for that size with a 2 car seems really low for Fairfield, even in a down market and even if it's the "other side of the tracks" part of town. I predict it goes for 550.
It was very low. I’m not sure why. My cousin is a neighbor. I’ll ask him if he knows the story behind it. Jay
 
Old 04-02-2022, 09:16 AM
 
Location: USA
6,873 posts, read 3,726,277 times
Reputation: 3494
Quote:
Originally Posted by 17Christian76 View Post
Not as exorbitantly priced as other homes I’ve seen in the last two years. But for Stamford, that still seems high.
Stamford is moot, they've had over some 60 homes sell over 2 in the last couple of years, it's southern FCounty Stub country. Public schools don't matter up in those price ranges. They can go private without a second thought.
Manhattan residents tired of getting knives plunged in the back may look into it.
 
Old 04-02-2022, 10:03 AM
 
2,358 posts, read 2,181,264 times
Reputation: 1374
Quote:
Originally Posted by JayCT View Post
Now this is truly insane. I know this house well. It was owned by family friends years ago. It sold last November for $334,000. It’s now on the market again for $589,000! That’s a $255,000 or 76% profit in just four months I don’t think the owners made any improvements since then. The listing certainly doesn’t say there were any. Absolutely insane. Jay

https://www.zillow.com/homedetails/1...57291418_zpid/
That price is absurd. Wow.
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