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Old 08-09-2023, 04:55 PM
 
Location: Fairfield County CT
4,449 posts, read 3,343,688 times
Reputation: 2780

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Quote:
Originally Posted by JayCT View Post
Except we don’t know what it sold for yet and we don’t know how much the current owner put into it. Based on a Facebook post from 2019 the kitchen and baths were redone and the first floor opened up. That’s not cheap. Jay
That is easy. It's all on the field card. My town does not have the field cards online but Fairfeld does.

In 2021 there was extensive work on the house. That was right before 2022 when the apartments next door where started. the current owner buys the house in Jan 2021 for $400,000. The permit was pulled in June of 2021. this poor owner.

Here is what he did all in 2021
Remodeled the Kitchen (it appears he opened up the floor plan by the field card)
Remodeled bath 1
Finished the basement (this could have been done already but permit was never pulled)
Added shower to bath 2
https://images.vgsi.com/cards/Fairfi...ards//7837.pdf

For a reminder below are the pictures. This owner dropped at least $100,000 easy in this house. That is why the house is $499,000. You can see what it says on the field card. He opened up the floor plan.
https://www.coldwellbankerhomes.com/...e/pid_54673378

This poor guy is GETTING OUT while he can and is trying to get as much as possible. Let's see how much he gets. At $499,000 this owner is taking a loss. He still has to pay the realtors, lawyers, movers etc.

This house is contingent so this should be interesting.

--------------------------------------------------------------------------------------------------------

Here is what I would have liked to see next to 490 Castle in Fairfield. A four family house with 1 bedroom apartments in it to fit in with the scale and size of the other houses. Here is a good example on Main Street in my area. This used to be a single family and now it is a 3 family. I would even see it being a 4 family so the apartments would be even more affordable. When you are passing this house and the others on Main Street that are multiple family you would not know it.
Desegregate Connecticut---Raised CT Zoning Bill-streetview.jpg

Win-Win for affordable housing and the homeowners in the area.

Last edited by CTartist; 08-09-2023 at 05:27 PM..
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Old 08-09-2023, 05:01 PM
 
34,015 posts, read 17,041,831 times
Reputation: 17186
Quote:
Originally Posted by CTartist View Post
That is easy. It's all on the field card. My town does not have the field cards online but Fairfeld does.

In 2021 there was extensive work on the house. That was right before 2022 when the apartments next door where started. the current owner buys the house in Jan 2021 for $400,000. The permit was pulled in June of 2021. this poor owner.

Here is what he did all in 2021
Remodeled the Kitchen (it appears he opened up the floor plan by the field card)
Remodeled bath 1
Finished the basement (this could have been done already but permit was never pulled)
Added shower to bath 2
https://images.vgsi.com/cards/Fairfi...ards//7837.pdf

For a reminder below are the pictures. This owner dropped at least $100,000 easy in this house. That is why the house is $499,000. You can see what it says on the field card. He opened up the floor plan.
https://www.coldwellbankerhomes.com/...e/pid_54673378

This poor guy is GETTING OUT while he can and is trying to get as much as possible. Let's see how much he gets. At $499,000 this owner is taking a loss. He still has to pay the realtors, lawyers, movers etc.

This house is contingent so this should be interesting.
If it cost him that much, his problem is he overpaid at 400k, as the price should have been netted down for repairs/changes needed.

Btw, my brother extended his kitchen, added a bathroom, and built a deck in Stratford via contractors at far under 99k a decade back. Had they wanted close to that, he would have sold the house at a lower value w/o making such improvements.

If the cost increase mass inflation stays at 24% per two years, this house sells at a million in 2029, two million in 2035, four million in 2041. That is what 12% compounded inflation does, folks.
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Old 08-09-2023, 05:37 PM
 
Location: USA
6,881 posts, read 3,729,789 times
Reputation: 3494
Quote:
Originally Posted by CTartist View Post
That is easy. It's all on the field card. My town does not have the field cards online but Fairfeld does.

In 2021 there was extensive work on the house. That was right before 2022 when the apartments next door where started. the current owner buys the house in Jan 2021 for $400,000. The permit was pulled in June of 2021. this poor owner.

Here is what he did all in 2021
Remodeled the Kitchen (it appears he opened up the floor plan by the field card)
Remodeled bath 1
Finished the basement (this could have been done already but permit was never pulled)
Added shower to bath 2
https://images.vgsi.com/cards/Fairfi...ards//7837.pdf

For a reminder below are the pictures. This owner dropped at least $100,000 easy in this house. That is why the house is $499,000. You can see what it says on the field card. He opened up the floor plan.
https://www.coldwellbankerhomes.com/...e/pid_54673378

This poor guy is GETTING OUT while he can and is trying to get as much as possible. Let's see how much he gets. At $499,000 this owner is taking a loss. He still has to pay the realtors, lawyers, movers etc.

This house is contingent so this should be interesting.

--------------------------------------------------------------------------------------------------------

Here is what I would have liked to see next to 490 Castle in Fairfield. A four family house with 1 bedroom apartments in it to fit in with the scale and size of the other houses. Here is a good example on Main Street in my area. This used to be a single family and now it is a 3 family. I would even see it being a 4 family so the apartments would be even more affordable. When you are passing this house and the others on Main Street that are multiple family you would not know it.
Attachment 245040

Win-Win for affordable housing and the homeowners in the area.
You guys should have voted for Stefanowski.
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Old 08-09-2023, 05:37 PM
 
Location: Fairfield County CT
4,449 posts, read 3,343,688 times
Reputation: 2780
Quote:
Originally Posted by BobNJ1960 View Post
If it cost him that much, his problem is he overpaid at 400k, as the price should have been netted down for repairs/changes needed.
He did NOT overpay for that house in Fairfield in 2021.

Go look on Zillow for this house. In January of 2020 BEFORE COVID CRAZINESS Zillow has the house at $405,000.

There is a little chart on Zillow where you can see the fluctuation of the pricing.

-----------------------------------------------------------------------------------------------------------------------------

Just as a point of reference I looked at my house. Fairfield houses appreciated much more than Trumbull since Covid. From Jan of 2020 to now my house has gone up over $150,000 while that Fairfield house stayed flat. I have not done any renovations to my house for over 15 years.

As I see it the 490 Castle house should be at least $550,000 without renovations.

Last edited by CTartist; 08-09-2023 at 05:50 PM..
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Old 08-09-2023, 05:40 PM
 
Location: USA
6,881 posts, read 3,729,789 times
Reputation: 3494
Quote:
Originally Posted by BobNJ1960 View Post
If it cost him that much, his problem is he overpaid at 400k, as the price should have been netted down for repairs/changes needed.

Btw, my brother extended his kitchen, added a bathroom, and built a deck in Stratford via contractors at far under 99k a decade back. Had they wanted close to that, he would have sold the house at a lower value w/o making such improvements.

If the cost increase mass inflation stays at 24% per two years, this house sells at a million in 2029, two million in 2035, four million in 2041. That is what 12% compounded inflation does, folks.
Prices were way up across the board in 21. 400 is entry level for the urban part of Fairfield.
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Old 08-09-2023, 05:48 PM
 
34,015 posts, read 17,041,831 times
Reputation: 17186
Quote:
Originally Posted by SteveM85 View Post
Prices were way up across the board in 21. 400 is entry level for the urban part of Fairfield.
and two years later, its 500k. Should be a million in six years at present 12% inflation rate versus the prior sale.
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Old 08-09-2023, 06:05 PM
 
Location: Fairfield County CT
4,449 posts, read 3,343,688 times
Reputation: 2780
Quote:
Originally Posted by BobNJ1960 View Post
and two years later, its 500k. Should be a million in six years at present 12% inflation rate versus the prior sale.
He put about $100,000 into the house so that brings that house price up to $500,000 BEFORE the Covid increases.

You do not live in this area. I don't think you realize what is going on in Fairfield.

House Prices from July 2021 to July 2023
Fairfield Median Price Up 50% in 2 years.
Trumbull Median Price Up 24% in 2 years.


https://www.williampitt.com/communit.../market-report
https://www.williampitt.com/communit.../market-report
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Old 08-09-2023, 06:19 PM
 
Location: USA
6,881 posts, read 3,729,789 times
Reputation: 3494
Quote:
Originally Posted by BobNJ1960 View Post
and two years later, its 500k. Should be a million in six years at present 12% inflation rate versus the prior sale.
Could be, never say never. This one was 560 in 2017 and just sold for 1M, asking in April was 799. Granted it's in a nicer area than the Castle one but still. I bet one could find similar examples of extreme over-asks in other parts of Fairfield and probably Milford too. It's crazy out there Bob.

https://www.realtor.com/realestatean...5_M38368-37041
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Old 08-09-2023, 06:48 PM
 
34,015 posts, read 17,041,831 times
Reputation: 17186
Quote:
Originally Posted by CTartist View Post
He put about $100,000 into the house so that brings that house price up to $500,000 BEFORE the Covid increases.

You do not live in this area. I don't think you realize what is going on in Fairfield.

House Prices from July 2021 to July 2023
Fairfield Median Price Up 50% in 2 years.
Trumbull Median Price Up 24% in 2 years.


https://www.williampitt.com/communit.../market-report
https://www.williampitt.com/communit.../market-report
The run up in Fairfield, like Milford, and 2/3rd of the USA, has been extreme during covid. At some point, bubbles burst. It's unlikely we will know when that occurs until a few quarters later, not unlike an inflationary bubble in nature.
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Old 08-09-2023, 06:50 PM
 
34,015 posts, read 17,041,831 times
Reputation: 17186
Quote:
Originally Posted by SteveM85 View Post
Could be, never say never. This one was 560 in 2017 and just sold for 1M, asking in April was 799. Granted it's in a nicer area than the Castle one but still. I bet one could find similar examples of extreme over-asks in other parts of Fairfield and probably Milford too. It's crazy out there Bob.

https://www.realtor.com/realestatean...5_M38368-37041
Crazy is an accurate term. Not sustainable, either.
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