[SteveM85]

Originally Posted by GeoffD

Yep. That's the kind of stuff I was clicking on. $550K buys you a 2,000 square foot 1950s or 1960s middle class house in pretty good condition on a lot bigger than 100x100. With 20% down and today's low interest rates, you should be able to handle that on low $100's household income even with the $6K-ish property taxes. It's not the trophy home but if you're doing the kid track and want the gold plated school system, that's simply not possible in the other high cost of living regions. You can do the Home Depot/Lowes KraftMaid/Silestone quartz/stainless kitchen upgrade later.

As always, the voice of reason on here.
Couldn't have said it better.

[SteveM85]

Originally Posted by New Englander

I don't think you can speak about the towns/neighborhoods that I have listed unless you have access to Corelogic data that tracks these things for micro-communities. If do you have access to Corelogic, then I recommend you do a search. I do this for my investments as in putting where my money where my mouth is.

CT as a whole may be struggling, FFC as a whole may be struggling, however if you get down to a granular level, there are communities that are doing just fine. Key is denser, well located neighborhoods priced in the low to mid tier for the community.

As for Darien, even those 6 listings are considered to be 300%+ increase from last Summer or prior years where there were 1-2 listing under $600K. Darien and Westport fit a similar population, housing density profile in comparison to Greenwich, Fairfield.

No, no Corelogic. I use the dumbed down KISS method approach. Its more effective and less time consuming. Like when I used to play baseball, see the ball, hit the ball. Sit on a fastball when you're 2-0, 3-1.
See lots of inventory and little to no pending sales, look for deals and make lowball offer. That's it.

I applaud you're enthusiasm and I hope for the greater good the market turns around here.
For my own selfish purposes I hope it keeps tanking. I'm actively pursuing coastal saltwater deals in Darien, Norwalk, and Westport up to the Compo region. Greens Farms and Southport are splendid but a little too far out. Stamford coastal hoods I find to be rundown, frankly. The Fairfield Beach area is just unattractive in appearance to me and way too far out.

All the best, keep the faith.

[kidyankee764]

Originally Posted by GeoffD

Yep. That's the kind of stuff I was clicking on. $550K buys you a 2,000 square foot 1950s or 1960s middle class house in pretty good condition on a lot bigger than 100x100. With 20% down and today's low interest rates, you should be able to handle that on low $100's household income even with the $6K-ish property taxes. It's not the trophy home but if you're doing the kid track and want the gold plated school system, that's simply not possible in the other high cost of living regions. You can do the Home Depot/Lowes KraftMaid/Silestone quartz/stainless kitchen upgrade later.

True. It wasn’t always possible, but due to what’s already been discussed, it now is. I cannot believe how low prices have dropped in Wilton, Weston, Ridgefield, etc. A lot of people wishing to downsize are going to lose some serious coin.

[EmiSky]

Originally Posted by SteveM85

As always, the voice of reason on here.
Couldn't have said it better.

Except; did you see the taxes on that house?! The house is $500k but the taxes are $13k! That’s probably why the house isn’t selling. And we all know taxes in CT will continue to go up. I’m sure the buyers are also taking into account potential resale, and as taxes keep going up, many homes in CT lose value. After all, most buyers look at the bottom line; mortgage + taxes + insurance, which will equal to their monthly payment and how much they can afford or want to pay on monthly basis.

[hvexpatinct]

Originally Posted by GeoffD

Yep. That's the kind of stuff I was clicking on. $550K buys you a 2,000 square foot 1950s or 1960s middle class house in pretty good condition on a lot bigger than 100x100. With 20% down and today's low interest rates, you should be able to handle that on low $100's household income even with the $6K-ish property taxes. It's not the trophy home but if you're doing the kid track and want the gold plated school system, that's simply not possible in the other high cost of living regions. You can do the Home Depot/Lowes KraftMaid/Silestone quartz/stainless kitchen upgrade later.

Well... I don't think potential buyers see it that way. Because Westport. And millennials.

I am not sure that people at that price point are looking in Westport or want to be in Westport at that income level/price point. That is close to the bottom at the economic totem pole for a middle class family. And you want to feel like you fit in where you live.

Most of us millennials want our houses to be move in ready. Those of us willing to renovate are getting some fabulous deals, but... If you are already in your late 30s, moving out to the burbs, kids/childcare costs on the horizon if not a reality already, and looking to spend 500-600k on a house - you don't want to have to dump 50-100k+ into it to make it what you want.

[brown_dog_us]

I've been tracking SW CT for over a year now in case my spouse has to transfer there. We've decided Westport (Staples High) is the most likely place for us, so I'm living this discussion. The drop in price since the last purchase plus the upgrades that are necessary is staggering. It's 20%+ off what they paid for it.

I've always been in RE, so I do a ton of research before we buy. I think the best area by desirability/ammenities is within walking distance of DT Westport, but the inventory there is run down stuff that wasn't nice when it was built. The houses that could be fixed up and work for us are out in the "country" on 1+ acres. No thanks. btw, Fairfield has a nice section close to it's downtown, and that area sells quickly.

I think the problem is the inventory doesn't match up with the wants of buyers. It's not going to get better anytime soon.

[SteveM85]

Originally Posted by EmiSky

Except; did you see the taxes on that house?! The house is $500k but the taxes are $13k! That’s probably why the house isn’t selling. And we all know taxes in CT will continue to go up. I’m sure the buyers are also taking into account potential resale, and as taxes keep going up, many homes in CT lose value. After all, most buyers look at the bottom line; mortgage + taxes + insurance, which will equal to their monthly payment and how much they can afford or want to pay on monthly basis.

No the homes we discussed were all in the 6K range. Westports mill rate is only $16 so 13K for a 500K market value home wouldn't add up. The town assessed value would have to be much higher than that.

[SteveM85]

Originally Posted by hvexpatinct

Well... I don't think potential buyers see it that way. Because Westport. And millennials.

I am not sure that people at that price point are looking in Westport or want to be in Westport at that income level/price point. That is close to the bottom at the economic totem pole for a middle class family. And you want to feel like you fit in where you live.

Most of us millennials want our houses to be move in ready. Those of us willing to renovate are getting some fabulous deals, but... If you are already in your late 30s, moving out to the burbs, kids/childcare costs on the horizon if not a reality already, and looking to spend 500-600k on a house - you don't want to have to dump 50-100k+ into it to make it what you want.

Buyers buy what's availbale in their price range. Individual needs are moot as it doesn't change the fact that there are eye-opening prices available there in a gold plate school system, a rare opportunity.

I dismiss the notion that millenials don't want to renovate, they do it all the time, with or without kids.
Everyone watches the twin guys and Christina whats her name on HGTV when they're in the home buying process.
If they are buying a renovated home then who did the renos? the millenials they bought from.

[GeoffD]

Originally Posted by SteveM85

No the homes we discussed were all in the 6K range. Westports mill rate is only $16 so 13K for a 500K market value home wouldn't add up. The town assessed value would have to be much higher than that.

Yep. With the Connecticut 70% valuation law, those houses are a bit over $6K for property taxes.

[hvexpatinct]

Originally Posted by SteveM85

Buyers buy what's availbale in their price range. Individual needs are moot as it doesn't change the fact that there are eye-opening prices available there in a gold plate school system, a rare opportunity.

I dismiss the notion that millenials don't want to renovate, they do it all the time, with or without kids.
Everyone watches the twin guys and Christina whats her name on HGTV when they're in the home buying process.
If they are buying a renovated home then who did the renos? the millenials they bought from.

Meh, Life circumstances and buyer preferences have changed rapidly in the past decade.

Approaching 40, two careers, two toddlers, childcare bills and student loans, and six months of construction dust to live out on an acre in one of the most congested parts of the country -- No thanks. Doesn't comp well against Fairfield, the river towns in NY, or northern NJ. If you want that acre lot there are deals to be had in other nearby towns that have more of a rural character but also great schools.

It's CT, not the bay area or Denver, there are well funded schools everywhere in the area. Westport just happens to be uniformly affluent and its performance reflects that.

I am a millennial with little kids in that price range for housing plus renovations. I don't have time or energy to deal with that. I used to, earlier in my career, but my salary didn't support it. I suspect that scenario is not unusual.