[tsek]

The Fed announced $35B per month runoff of MBS. The market is still hot in SW CT but stalled with substantially rising inventory and significant price cuts in the upper tier suburbs of N NJ.

[SteveM85]

Originally Posted by Stylo

Median is the important one.

Milford is very close to Trumbull now.

By now, everyone on City Data knows everything there is to know about Fairfield, Trumbull, and Milford. Every figure, every number.

The entire Stub is at $1M+ for averages and at 100%+ over asking. Per square prices are through the roofs. Record amounts. The Unwoken of NY/NJ have let their presence be known in SW CT.
The Fed is dumbfounded. They don't know what esle to do to kill the market. They're out of ideas and options

[CT_Yank]

Originally Posted by SteveM85

By now, everyone on City Data knows everything there is to know about Fairfield, Trumbull, and Milford. Every figure, every number.

The entire Stub is at $1M+ for averages and at 100%+ over asking. Per square prices are through the roofs. Record amounts. The Unwoken of NY/NJ have let their presence be known in SW CT.
The Fed is dumbfounded. They don't know what esle to do to kill the market. They're out of ideas and options

Keep selling Steve..the Fed created the frenzy and could have killed it with stronger moves last year. Now they are scared to death. Keep whistling past the grave though. Real estate is toast. Claiming everyone is rich, moving to CT and NYC is headed south (even when data shows NYC real estate is sky high). The truth will catch up here.

[SteveM85]

Originally Posted by CT_Yank

Keep selling Steve..the Fed created the frenzy and could have killed it with stronger moves last year. Now they are scared to death. Keep whistling past the grave though. Real estate is toast. Claiming everyone is rich, moving to CT and NYC is headed south (even when data shows NYC real estate is sky high). The truth will catch up here.

The Fed is bewildered right now. They have no idea how to attack the issue. They're looking for answers.
Yes, the Woke NYers will keep NYC RE flying high, no question.

[CT_Yank]

Originally Posted by SteveM85

The Fed is bewildered right now. They have no idea how to attack the issue. They're looking for answers.
Yes, the Woke NYers will keep NYC RE flying high, no question.

Right, Canada's real estate solution was not to outlaw the Woke Toronto crowd recently. It does not take much brain power to dissect real issues here, and not talking your bias social views.

[JayCT]

Originally Posted by SteveM85

Either or.
I was under the impression these are existing office structures to be repurposed. Many NYers would give their left arm, if it hasn’t already been slashed off, for more housing in CT.

No, these are new buildings on the vast grounds of what originally was the corporate headquarters of American Can. That building is still used for offices. Jay

[SteveM85]

Originally Posted by CT_Yank

Right, Canada's real estate solution was not to outlaw the Woke Toronto crowd recently. It does not take much brain power to dissect real issues here, and not talking your bias social views.

I’m a neutral observer on the social discord sweeping the nation. NY wokes number in the tens of millions, they’re fully on board and will never leave. They love chaos. They cherish it now. The unwoke are a tiny fraction that only number in the tens of thousands in NY many of whom are seeking refuge on CT. That’s enough to keep CT RE going despite the Feds latest antics.

[tsek]

Originally Posted by SteveM85

The Fed is bewildered right now. They have no idea how to attack the issue. They're looking for answers.
Yes, the Woke NYers will keep NYC RE flying high, no question.

What’s happening is the exact opposite of their COVID stimulus announced in March, 2020. The Fed sent the stock and real estate markets screaming higher all with lower rates and printed money and tons of people convinced themselves we were in a permanent new normal. There was all sorts of mental gymnastics and rationalization for why stocks would just keep going up just like you see here about home prices. Fed policies are coming down down on the stock and real estate markets like a ton of bricks (just see the velocity in the increase of the 10Y bond yield and mortgage rates) and it may take years to recover. People who bought the top in stocks are in a world of pain right now and I suspect you’ll see the same with those who rushed to buy houses especially in the past 6 months.

[SteveM85]

Originally Posted by tsek

What’s happening is the exact opposite of their COVID stimulus announced in March, 2020. The Fed sent the stock and real estate markets screaming higher all with lower rates and printed money and tons of people convinced themselves we were in a permanent new normal. There was all sorts of mental gymnastics and rationalization for why stocks would just keep going up just like you see here about home prices. Fed policies are coming down down on the stock and real estate markets like a ton of bricks (just see the velocity in the increase of the 10Y bond yield and mortgage rates) and it may take years to recover. People who bought the top in stocks are in a world of pain right now and I suspect you’ll see the same with those who rushed to buy houses especially in the past 6 months.

I'm going to say this one more time. This is the last time I promise. Only 2 scenarios will kill the CT Real Estate market. They both need to happen simultaneously. Inventory levels and days on market need to increase is one, the other is when the last of the un-woke NYers, who refuse to fall in line with tens and tens of millions of woke NYers, have finally been rescued and extracted out of NY and into safer CT surroundings.
Then and only then will the CT market collapse. Many though will be fine, they sold prior homes at highs and were able to put large downpayments or go all cash. Many investors with piles of cash bought too.

[Stepfordct]

Real estate prices are sticky when coming down. It's not the stock market. Investors may have to wait for leases to expire to sell, comps are based on the past. Motivation to sell varies greatly amongst everyone. Denial when it goes south can take a while to set in with some. On an on. So it takes time looking backwards to identify as it's not the most efficient marketplace.