[mdovell]

Outside of apartments, where is the largest amount of new home production in CT? I don't mean affordable either.

[mdovell]

I just found this
https://nerej.com/reese-commercial-s...n-realty-trust

850K for a 5,500 sq ft restaurant? maybe there's some long term plans after the lease runs out

[mels]

Originally Posted by mdovell

Outside of apartments, where is the largest amount of new home production in CT? I don't mean affordable either.

I couldn't find town by town data for the state but did find this from a 2020 Hartford Courant article:

Across Connecticut, Fairfield led the state’s seven counties with 638 new, single-family houses, followed closely by Hartford County with 529. New Haven County came in third with 419. Hartford County’s Southington logged the most single-family houses in the state last year, with 91.

The article then listed the top 10 municipalities in Hartford County that saw the most single-family house construction in 2020. It did not list the other counties:

1. Southington
2. Bristol
3. Simsbury
4. Glastonbury
5. Suffield
6. Burlington
7. Windsor
8. Berlin
9. Manchester
10. Bloomfield

The source article is behind a paywall:
municipalities in Hartford County that saw the most single-family house construction in 2020

[Stylo]

Originally Posted by mdovell

850K for a 5,500 sq ft restaurant? maybe there's some long term plans after the lease runs out

Doesn't seem like an unusual price.

[Cambium]

Didnt check the math but I saw this...

Let’s take the hypothetical example of a $400,000 home

In September 2021, the average interest rate on a 30-year fixed mortgage was 2.88%.

With a 10% down payment, the monthly payment would’ve been about $1,495. Over three decades, or 360 monthly payments (which would end in 2051), that would add up to $538,047.

By comparison, with mortgage rates averaging 6.7% by the end of September 2022, that $400,000 home would cost $836,280 over 30 years.

you're paying more than $298,000 for the same house!

[SteveM85]

Originally Posted by Cambium

Didnt check the math but I saw this...

Let’s take the hypothetical example of a $400,000 home

In September 2021, the average interest rate on a 30-year fixed mortgage was 2.88%.

With a 10% down payment, the monthly payment would’ve been about $1,495. Over three decades, or 360 monthly payments (which would end in 2051), that would add up to $538,047.

By comparison, with mortgage rates averaging 6.7% by the end of September 2022, that $400,000 home would cost $836,280 over 30 years.

you're paying more than $298,000 for the same house!

Tsek already brought this up 4 or 5 times. You'd have to scroll back hundreds of pages.
In both cases, you'd have to be an idiot to let it get to that point. Especially the second scenario, somewhere in that 30 years, there would have to be a good time to refi to a much lower rate.

[BPt111]

Why more houses begin sold in Waterbury than Hartford by big margin ? Waterbury have 2nd most homes sold this year just after Stamford and 100 more homes than Norwalk. Waterbury and Hartford both have affordable prices.


Remote working unleashed a real estate boom as Connecticut sales hit a record 53,322 transactions in 2021, a slight increase from 2020 according to Wallingford-based SmartMLS which oversees listings in the Connecticut market with support from brokers. In 2019, sales fell just short of the 44,000 threshold. flat from the prior year.


Stamford continues to be the biggest magnet with just over 1,250 houses and condos selling over the first three quarters of 2022 to push the total since the start of 2020 to 4,500 homes sold. Waterbury is second for sales over those 33 months with about 3,325 transactions, 100 more than in Norwalk.

Bridgeport and New Haven saw sales decline by less than 10 percent. And Hartford's relatively small home sale market has bucked the trend with sales up 9 percent so far this year to nearly 320 units sold. Both the price of the median house sold and the overall average were below $200,000.


Bristol leapfrogged several other cities and towns to enter the top 10 markets in Connecticut for total transactions, with just over 675 transactions over nine months roughly even with its total of a year earlier.

Fairfield County's "Gold Coast" towns have seen sales ebb more sharply from prior pandemic totals, but with buyer demand still elevated by historic norms. Greenwich sales were off 35 percent in the first nine months of the year to just over 650 transactions, with Darien and New Canaan absorbing steeper drops.

"The upper end is moving a lot more than historically — that's why there's such a large increase in dollar volume," Breunich said. "That's not totally the result of the New York buyer, but the influx of New Yorkers is still here, and in my opinion is going to continue."

Paywall

https://www.ctinsider.com/business/a...s-17493338.php

[WB2489]

How any normal 20 something without Mom and Dad money or inherited money is supposed to buy at these prices with these interest rates is beyond me.

$100K salary minus taxes, health, 401K/retirement contributions, etc etc etc doesn’t leave alot of room for saving a large down payment and then affording all that goes into home ownership

[evitathepup]

Originally Posted by WB2489

How any normal 20 something without Mom and Dad money or inherited money is supposed to buy at these prices with these interest rates is beyond me.

$100K salary minus taxes, health, 401K/retirement contributions, etc etc etc doesn’t leave alot of room for saving a large down payment and then affording all that goes into home ownership

It’s very hard. Most of the people I know who bought recently had help. My husband and I bought last year with no help at age 28, but we have a 2.75% interest rate. There is no way we could afford a single house in our town (Westport) at current rates and prices. And even the town I grew up in, Ridgefield, would likely have us priced out. We only put 10% down. The good news is we just had a new appraisal done while house prices remain high and we’re able to drop PMI after 1 year because our house appraised for 275k more than we paid (we did do about 75k in major non-cosmetic improvements). If prices drop below what we paid we plan to just ride it out because the interest rate is so good.

I wouldn’t advise any first time homebuyer to buy right now who doesn’t have to- prices will come down if rates do not. I doubt they will go back to pre-pandemic lows because that would be a 30% decrease which would be pretty alarming, but I could see 10-15%. Truth is, no one knows for sure. I think this is a good time to wait and see what transpires.

[riffwraith]

Originally Posted by WB2489

How any normal 20 something without Mom and Dad money or inherited money is supposed to buy at these prices with these interest rates is beyond me.

$100K salary minus taxes, health, 401K/retirement contributions, etc etc etc doesn’t leave alot of room for saving a large down payment and then affording all that goes into home ownership

You live with mom and dad for four years, and if you are not into going out and partying every night, you can save 250, and then buy a decent house for 400, paying a bit over 1k per month @ 7% on the 150. Not diff at all.