[SteveM85]

Originally Posted by 7 Wishes

True to a point, but just like there things like monopolies that can mess up the free market, there are some dynamics here doing the same:


1) Extreme NIMBYism prevent the amount of new housing to meet demand to be built.


2) As someone else mentioned on here, the phenomenon of Boomers and older Gen Xers who have a paid up house and kids grown and left who would like to downsize to a condo, etc. but can't because even selling it at a premium in today's market they wouldn't be able to afford the "downsizing" so they're stuck where they are in far more home than they need.

Why wouldn’t they be able to afford a downsize if they sold a paid off home at a premium?
The hang up is low or non existent inventory on the other end

[CTartist]

Originally Posted by SteveM85

550 is a rundown cape in Fairfield in its working class area known as Tunxis Hill.

You are correct.

I have not checked the Stratfield area in over a year so I took a look.

This is Real Estate gone WILD! This 2 bedroom ranch house is $575,000.
https://www.coldwellbankerhomes.com/...d/pid_58964370

As you look through the pictures the nice ones are virtually staged. I am thinking you would need to spend at least $100,000 to get this decent to move in.

I put this on here because I want to see how much it finally sells for.

[notghinsaw]

Like it or not that house is under contract.

[JayCT]

Originally Posted by CTartist

You are correct.

I have not checked the Stratfield area in over a year so I took a look.

This is Real Estate gone WILD! This 2 bedroom ranch house is $575,000.
https://www.coldwellbankerhomes.com/...d/pid_58964370

As you look through the pictures the nice ones are virtually staged. I am thinking you would need to spend at least $100,000 to get this decent to move in.

I put this on here because I want to see how much it finally sells for.

A number of similar houses in that neighborhood have been tore down and replaced with a $1 million house.

[SteveM85]

Originally Posted by CTartist

You are correct.

I have not checked the Stratfield area in over a year so I took a look.

This is Real Estate gone WILD! This 2 bedroom ranch house is $575,000.
https://www.coldwellbankerhomes.com/...d/pid_58964370

As you look through the pictures the nice ones are virtually staged. I am thinking you would need to spend at least $100,000 to get this decent to move in.

I put this on here because I want to see how much it finally sells for.

That’s right Art, good work, 550 is cheap in Fairfield and south of there in CT (or west, however you look at it)

[CTartist]

Originally Posted by JayCT

A number of similar houses in that neighborhood have been tore down and replaced with a $1 million house.

I went on Zillow to see the neighborhood.

Wow! This 4400 sf house (1.3 million Zillow) at 529 Davis is across the street from the little green run down house at 550 Davis.



I bet someone takes that little green house and blows it apart. I want to keep track of this one.

The 2022 appraisal by the town makes sense on the little green house. $290,000 for the land and $56,000 for the house.
https://gis.vgsi.com/fairfieldct/Parcel.aspx?Pid=4487

It seems there won't be middle class people anywhere in Fairfield in 10+ years.

[okbymeman]

Originally Posted by CTartist

I went on Zillow to see the neighborhood.

Wow! This 4400 sf house (1.3 million Zillow) at 529 Davis is across the street from the little green run down house at 550 Davis.
Attachment 250823


I bet someone takes that little green house and blows it apart. I want to keep track of this one.

The 2022 appraisal by the town makes sense on the little green house. $290,000 for the land and $56,000 for the house.
https://gis.vgsi.com/fairfieldct/Parcel.aspx?Pid=4487

It seems there won't be middle class people anywhere in Fairfield in 10+ years.

What are you talking about, those ARE the middle class now. It’s the people who can’t afford it that are no longer middle class.

[Stylo]

Originally Posted by okbymeman

What are you talking about, those ARE the middle class now. It’s the people who can’t afford it that are no longer middle class.

A $1.3 million dollar house represents the middle class?

Out of touch much?

[okbymeman]

Originally Posted by Stylo

A $1.3 million dollar house represents the middle class?

Yes, absolutely. That's two white collar incomes, two college-educated adults. This is what the "middle class" is. Most people who think they are middle class these days are working class at best. It's an ego thing and it distorts everyone's perceptions of how truly divided the classes are these days.

[Stylo]

Originally Posted by okbymeman

Yes, absolutely. That's two white collar incomes, two college-educated adults. This is what the "middle class" is.

No, it’s not. Do you know what the payment would be on that house? With taxes and insurance at today’s rates and 20% down ($260k) you’re looking at $11k a month. Going by the 30% rule that’s going to require a combined income of at least $400k a year.

That’s fully upper middle class.

We have a combined income at around $400k a year and I would never want a payment anywhere near that. I’d have very little to save and spend on what I want.

The median house price in CT is still under 400k.