[mojo101]

this week barrons interviewed 2 dudes investing in real estate,they said according to their research,1 million homes would need to be built each year and we probably wont be able t o hit that number .

[BPt111]

It seem there more NY plates than CT plates in Lower Fairfield County NYers took over they keep coming.

[Cambium]

Originally Posted by BPt111

It seem there more NY plates than CT plates in Lower Fairfield County NYers took over they keep coming.

Met a neighbor with an attitude and an accent. You can tell she was from Nu Yaurk. I felt like saying, you're in CT now, respect and relax! Definitely an uptick of NYorkers moved to CT and hopefully it's not being obvious on the roads.

[mdovell]

Here's a question. We talk about houses on the market that's on land already develop. What/where are the biggest pieces of undeveloped land in CT currently on the market?

some speculation is crazy. One near me sold for 147K in 2007 ok fine. Fell into disrepair. Tried selling for 150K last fall, sold in April for 110K and now on the market for 185K. 50% increase in six months? huh? Everyone in town is laughing at it. Assessed value is 90K.

[WestRiverTraveler]

Originally Posted by WB2489

The Northeast has the smallest percentage and total number of NEW home sales in the USA. This makes logical sense because it’s the oldest area of the country, smaller sized states, land already used or occupied for one reason or another. Nothing wrong with this but it does mean that in a strong housing market (which basically the whole USA saw, not just CT or Fairfield County) the supply is much lower than demand and therefore prices go up.

What I shared about young people isn’t hyperbole. It’s fact. The average 28 year old doesn’t want a mortgage payment on a suburbia house in Glastonbury. Doesn’t mean they all don’t want it. With a much less amount of new construction in CT than other states, supply is low anyways.

Even worse, young people, on average, don’t want crappy old houses that need renovations. They might settle for old when they get outbid and can’t afford better, but most want shiny new construction move in ready. Alot of the reason is the average young person can’t do the work themselves.

This is going off tangent but in the end, all three points can be true. CT housing market is strong, young by and large don’t want houses and old people are moving out of CT.

All my friends that bought houses in Boston, Raleigh, Tampa, Nashville, Austin, etc etc etc have WAY MORE equity in their homes than I have in Hartford County over the past 10 years. Don’t get me wrong, I’m happy my West Hartford home has gone from $310,000 to $425,000 but friends who bought at similar times have all more than doubled, and with less property taxes.

Yet, strangely, my 28 yo cousin and his wife just bought a fixer-upper house from me down the road from me in Madison. I remember the kid watching Barney.

My house has gone form $365K to $520 since June 2020. I'll take that ROI, and I'll gladly by my taxes for the schools I'm getting and to NOT live in Tampa, Raleigh, or Nashville. I'll always miss Boston, though. I doubled my money on that condo in 10 years.

[SteveM85]

Originally Posted by BPt111

It seem there more NY plates than CT plates in Lower Fairfield County NYers took over they keep coming.

More than 2 years ago now they started flooding in to get out of high rise apartments during dem forced lockdowns under NY Covid henchmen berating attacks and brow beatings. Then NY pols went all in prog and now on the streets it's every man for himself. Millions of NYers agreed and went all in prog as well, but 10Ks were not ok with these decisions so they left. CT was one of many places that offered a great alternative for those who needed to remain in the area for professional purposes but did not want to become the streets's next stat line. Along with record low interest rates and a national buying frenzy, a perfect storm of circumstances came together and CT too benefited.

Originally Posted by WestRiverTraveler

My house has gone form $365K to $520 since June 2020. I'll take that ROI, and I'll gladly by my taxes for the schools I'm getting and to NOT live in Tampa, Raleigh, or Nashville. I'll always miss Boston, though. I doubled my money on that condo in 10 years.

I bought in July 2020. You know what my home value went up by? - Zero. I haven't sold it yet.

[JayCT]

Originally Posted by mdovell

Here's a question. We talk about houses on the market that's on land already develop. What/where are the biggest pieces of undeveloped land in CT currently on the market?

some speculation is crazy. One near me sold for 147K in 2007 ok fine. Fell into disrepair. Tried selling for 150K last fall, sold in April for 110K and now on the market for 185K. 50% increase in six months? huh? Everyone in town is laughing at it. Assessed value is 90K.

It appears that the largest undeveloped land for sale in the state is 652 acres in Litchfield, followed by 645 acres in Killingly. There’s 505 acres in North Stonington and 415 acres in Durham. The link below should get you the search I did. I believe that the Durham parcel is a farm that has development limits on it so you can’t build what you want there.

The North Stonington property is interesting. A family member lived on that road for years. The Mashantucket Pequots bought this property, the family members home and several adjacent properties for their annual festival. Now they appear to be selling it. Jay

https://www.realtor.com/realestatean...icut/type-land

[WestRiverTraveler]

Originally Posted by SteveM85

More than 2 years ago now they started flooding in to get out of high rise apartments during dem forced lockdowns under NY Covid henchmen berating attacks and brow beatings. Then NY pols went all in prog and now on the streets it's every man for himself. Millions of NYers agreed and went all in prog as well, but 10Ks were not ok with these decisions so they left. CT was one of many places that offered a great alternative for those who needed to remain in the area for professional purposes but did not want to become the streets's next stat line. Along with record low interest rates and a national buying frenzy, a perfect storm of circumstances came together and CT too benefited.



I bought in July 2020. You know what my home value went up by? - Zero. I haven't sold it yet.

Umm...so, if you listed it today, you wouldn't get more? You couldn't tap in the equity if you needed it? I can't tell if you are trying to be unfunny or patronizing. I think everyone here knows the way real estate values work, both for losses and gains.

[jdhall1]

In Northern fairfield county,There's a piece on the market in Danbury that's been approved for about 35 cluster houses and other parcel has 20 acres with approvals up to 11 single family homes. In Bethel, 20 acres with potential for more than 40 homes with town sewer. There's a large estate sized deed restricted waterfront lot on Squantz Pond (55 acres, $1,050,000).
There has a been decent amount of new construction in the Danbury/Southbury/Bethel area of the last 15 years. Mostly condos but also generally move-up single family homes.

[mdovell]

I have to wonder if some of the cancelled distribution centers/warehouses might become developments.