[SteveM85]

Originally Posted by Beeker2211

The house that was sold for $400k about a year ago that was turned around asking for a minimum 4x town based multiple when the comps down the road were going for 300k just two years ago had to cut an insane ask of a 25% premium? Directly across from a 3 storey commercial building, gas station, and busy interstate interchange? I highly doubt it's the 8-30g project at fault here... there's a few properties in the area no where near any 8-30g development that are clearly flips by people completely unaware of the target market.

2.5 years ago (Jan 2021) it sold for 400 but you're right, it's simply overpriced for the area regardless of the 830. If it sells in the 3s, then yeah, the 830 would be an impact to the value, no question.
Great research Beek

[SteveM85]

Originally Posted by CTartist

OMG!!!!

Here is a better picture of it. This is what we are afraid of in Trumbull and why we are trying to stay ahead of the developers by putting in the affordable housing ASAP.
Attachment 244895

Yeah that's brutal Arts. That thing will crush their value if they can only sell in the 3s since they bought for 4 even.

[BobNJ1960]

Originally Posted by SteveM85

2.5 years ago (Jan 2021) it sold for 400 but you're right, it's simply overpriced for the area regardless of the 830. If it sells in the 3s, then yeah, the 830 would be an impact to the value, no question.
Great research Beek

bingo

[WouldLoveTo]

No matter what it sold for then, that building next to it is hideous (if I'm being brutally honest, so are the solar panels on the house and the bland home depot flip scheme). If someone built that POS building next to me I'd sell too.

This is what it looked like a few years back. Cute house next door on a larger lot.

The only positive thing I've got is at least there are minimal windows on the bad building facing the cute house.

https://www.google.com/maps/@41.1664...6656?entry=ttu

[CTartist]

Originally Posted by WouldLoveTo

No matter what it sold for then, that building next to it is hideous (if I'm being brutally honest, so are the solar panels on the house and the bland home depot flip scheme). If someone built that POS building next to me I'd sell too.

This is what it looked like a few years back. Cute house next door on a larger lot.

The only positive thing I've got is at least there are minimal windows on the bad building facing the cute house.

https://www.google.com/maps/@41.1664...6656?entry=ttu

Thank You.

I looked up vision appraisal Fairfield for the "monstrosity".

In 2021 when 490 Castle Avenue was sold there was an empty lot next door as seen in the link above.


528 Black Rock Turnpike (aka the monstrosity)
2019 land and house sold per vision appraisal
2019 house demo per field card
Jan 2022 Permit Issued per field card
Sept 2022 inspection for apartment building per field card
https://images.vgsi.com/cards/Fairfi...ards//7838.pdf
https://gis.vgsi.com/fairfieldct/Parcel.aspx?Pid=7838

Lesson of this story: BE VIGILANT WHEN BUYING A HOUSE IN CT.

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When 490 Castle gets sold we will see what the "montrosity" did to the value of the house.

[SteveM85]

Originally Posted by WouldLoveTo

No matter what it sold for then, that building next to it is hideous (if I'm being brutally honest, so are the solar panels on the house and the bland home depot flip scheme). If someone built that POS building next to me I'd sell too.

This is what it looked like a few years back. Cute house next door on a larger lot.

The only positive thing I've got is at least there are minimal windows on the bad building facing the cute house.

https://www.google.com/maps/@41.1664...6656?entry=ttu

Google maps just painted a clearer picture now. Great work as usual.
Someone paid 4 for it despite the large parking lot and older atrociously ugly office buidling right accross the street. So with it already being in a denser urban setting, I'm not sure the 830 will have that much of an impact on price, maybe some but it could be offset by the renos. It may not appeal to Essex and Pomfret tastes but it may to urban buyers.

[Beeker2211]

Originally Posted by SteveM85

Google maps just painted a clearer picture now. Great work as usual.
Someone paid 4 for it despite the large parking lot and older atrociously ugly office buidling right accross the street. So with it already being in a denser urban setting, I'm not sure the 830 will have that much of an impact on price, maybe some but it could be offset by the renos. It may not appeal to Essex and Pomfret tastes but it may to urban buyers.

Exactly, it's not like this property doesn't have a large office building across from it and a major on/off ramp to i95 literally 40 yards away.

But most of the properties in the area have come back to somewhat reality, despite being a full 30% over the historic tracking median pricing and generally at a 5x multiple to household income. There's a house on High street, not far from this property and no where near any sort of 8-30g project that has been listed and delisted and relisted again to what ultimately comes to a 40% discount from initial asking. Should we blame 8-30g for that? We could... we'd be wrong... but I guess we could.

Land value/income fundamentals usually wins out in the end.

Oh and that apartment building is ugly IMHO. But again the town elders really didn't like expanding the areas where gentle middle housing could easily be built (even if that's the far more popular answer) so there's that.

Edit: Oh man, I went through the listing history of that house and... I think I actually feel bad for that property. Dear lord the owners were asking for $4k/mo before the sale. For those unaware that's SO absurd for the area.

[BobNJ1960]

Originally Posted by SteveM85

Google maps just painted a clearer picture now. Great work as usual.
Someone paid 4 for it despite the large parking lot and older atrociously ugly office buidling right accross the street. So with it already being in a denser urban setting, I'm not sure the 830 will have that much of an impact on price, maybe some but it could be offset by the renos. It may not appeal to Essex and Pomfret tastes but it may to urban buyers.

Anyone have picture of the office building and how close is the interstate?

[BobNJ1960]

Originally Posted by Beeker2211

Exactly, it's not like this property doesn't have a large office building across from it and a major on/off ramp to i95 literally 40 yards away.

But most of the properties in the area have come back to somewhat reality, despite being a full 30% over the historic tracking median pricing and generally at a 5x multiple to household income. There's a house on High street, not far from this property and no where near any sort of 8-30g project that has been listed and delisted and relisted again to what ultimately comes to a 40% discount from initial asking. Should we blame 8-30g for that? We could... we'd be wrong... but I guess we could.

Land value/income fundamentals usually wins out in the end.

Oh and that apartment building is ugly IMHO. But again the town elders really didn't like expanding the areas where gentle middle housing could easily be built (even if that's the far more popular answer) so there's that.

Edit: Oh man, I went through the listing history of that house and... I think I actually feel bad for that property. Dear lord the owners were asking for $4k/mo before the sale. For those unaware that's SO absurd for the area.

Ugly office building and 40 yards from I95. I am shocked these homes went up in value long before 8-30.

[CTartist]

Originally Posted by BobNJ1960

Anyone have picture of the office building and how close is the interstate?

Here is an aerial view of the area. You can see that the entire area on the side of the 4 story building is all single family homes. Many of those homes are now affected.
Attachment 244908


I live near Main Street in Trumbull. We have business on Main Street but there are setbacks and landscaping buffers between the businesses and the houses in the neighborhoods. That building in Fairfield goes right up to the lot lines. It is much higher than the houses. The commercial building across the street only takes up about 1/3 of the lot it is on and there is a huge buffer (being the parking lot) between the houses and the commercial building. I put red dots on the commercial building across the street too. The commercial building across the street appears to be 2 stories which fits in with the aesthetic of the houses across the street.

That big apartment building is on the side of the street with all the houses.

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I said this before on here. I am for affordable housing but NOT what happened to the people in that neighborhood.