[simonusa3]

Originally Posted by mels

Builders can no longer make a tidy profit on 1200SF homes for many reasons, with land costs being a major factor. My town's new construction always seem to be in the $800k and up range for 3k+ SF homes. I am guessing every local market has their new build sweet spot.

I see it here on the coast. Most builders in towns like Guilford, Madison, Saybrook, the Lymes, Stonington...etc they only build custom homes. They seem to always start at $1 million. It's sad. They are chasing out the middle class.

[simonusa3]

Originally Posted by CTartist

No one builds starter homes @1500 sq/ft anymore yet their is a great demand for them. Every new built home is now 2500+ sq/ft.--Posted by ct1615



"That's the real problem no one wants to talk about."

Actually someone is talking a lot about this problem. I even started a thread about it but no one is connecting the dots.................or they don't want to connect the dots.

https://www.city-data.com/forum/conn...ning-bill.html

Desegregate Connecticut is talking about it.

It's actually simple economics. Supply and Demand.

I will go one step further. Modest affordable housing RENTALS are not enough. There needs to be affordable Moderate PROPERTIES TO BUY. As long as the wealthy in the state have a stranglehold on land in the 1 to 2+ acre zoning it won't happen.

Trumbull is a prime example. The average house is about $550,000. You used to be able to get a condo for a lot less. The townhomes are now as much as the houses. The cheapest townhome is now $479,000. All the other condos are over $500,000.
https://www.coldwellbankerhomes.com/...62%2C-73.20795

Interesting, I had not read that thread.

I will say one positive thing however. I've seen more new aprt units being constructed along the shoreline east of New Haven than I have in 30 years. East Lyme and Saybrook have built a ton of rentals near the train stations and I-95 interchanges. It keeps the younger people in the area it seems.

[Stylo]

Originally Posted by CTartist

No one builds starter homes @1500 sq/ft anymore yet their is a great demand for them. Every new built home is now 2500+ sq/ft.--Posted by ct1615



"That's the real problem no one wants to talk about."

Actually someone is talking a lot about this problem. I even started a thread about it but no one is connecting the dots.................or they don't want to connect the dots.

https://www.city-data.com/forum/conn...ning-bill.html

Desegregate Connecticut is talking about it.

It's actually simple economics. Supply and Demand.

I will go one step further. Modest affordable housing RENTALS are not enough. There needs to be affordable Moderate PROPERTIES TO BUY. As long as the wealthy in the state have a stranglehold on land in the 1 to 2+ acre zoning it won't happen.

Trumbull is a prime example. The average house is about $550,000. You used to be able to get a condo for a lot less. The townhomes are now as much as the houses. The cheapest townhome is now $479,000. All the other condos are over $500,000.
https://www.coldwellbankerhomes.com/...62%2C-73.20795

That's why house flips are so popular in towns like Milford. Buy a tiny rundown cape, put 100k into it, sell it for 400k+.

[Stylo]

Originally Posted by ct1615

helps when there is plenty of inventory because right now that tiny rundown cape will have a bidding war

Makes it way easier but there’s still plenty of flips here

[Beeker2211]

Originally Posted by mels

Builders can no longer make a tidy profit on 1200SF homes for many reasons, with land costs being a major factor. My town's new construction always seem to be in the $800k and up range for 3k+ SF homes. I am guessing every local market has their new build sweet spot.

It's like 89.999999% land costs, why lot splitting being allowed is a huge issue. Current build estimates for "wholesale" construction costs is around 150k per unit nationally (labor being a big variable but... if labor is handled in-house severely equalizes it). Builders very much *want* to build the smaller houses... it's less risk and less slack time on market if it's a spec build and the builder surveys show that and have shown the want of builders to resume that type of build in urban/suburban areas. It's funny how people believe that "big luxury" units have a higher margin for builders... it's only slightly higher for significantly more risk.

[Stylo]

Originally Posted by ct1615

the people who own housing are saying this is f'ng great, the value of my home has skyrocketed and if I decide to sell it I will have multiple bids over asking. No one do anything to ********** up!

It's more just feeling good about equity, because if you sell, you're stuck with diminished inventory, high rates, and high prices.

And that's why no one is selling.

[Stylo]

Originally Posted by ct1615

that and many people bought with or refinanced an interest rate that they will probably never see again

Yes, my mortgage is obscenely low compared to what you get now (2.99%), and my house is 50% more valuable than when I bought it just a few years before Covid.

To get my current mortgage I'd be looking at half the house. I'm not budging. If anything, I'm thinking of getting other properties for rental/investment.

[notghinsaw]

Originally Posted by Stylo

That's why house flips are so popular in towns like Milford. Buy a tiny rundown cape, put 100k into it, sell it for 400k+.

Any links to those tiny rundown capes?

[notghinsaw]

Originally Posted by SteveM85

Yeah, I remember the old DIY brakes and oil change days fondly. Happy to be in a a place where that's no longer needed.
You don't want to be THAT middle age guy in the tony neighborhood with his legs sticking out from under the car in the driveway or sitting on a stool swapping calipers. The neighbors start calling you the guy who's too cheap to farm out oil changes.

I don't know what tony neighborhood is but I have no problem working on my car. Last time it took me 4 hours to swap brakes/rear shocks/oil and cost me $800. Dealer wanted $7500. I couldn't care less what my neighbor think. Instead of paying for GM's boat I paid for mine. And I can only dream about that hourly rate at my day tech job Although they can't see me because my garage door is closed.

[BHW2436]

Originally Posted by notghinsaw

I don't know what tony neighborhood is but I have no problem working on my car. Last time it took me 4 hours to swap brakes/rear shocks/oil and cost me $800. Dealer wanted $7500. I couldn't care less what my neighbor think. Instead of paying for GM's boat I paid for mine. And I can only dream about that hourly rate at my day tech job Although they can't see me because my garage door is closed.

I’ve driven multiple cars into the ground when they finally died. I’ve never had expenses like that. You guys be driving some crazy vehicles.

My oil changes cost $60. I don’t get dirty, don’t buy oil or dispose of the old and move along with my day. It’s worth it to me.

Some pay to cut their hair, do their nails, mow their grass, fix their car, etc etc etc. We all choose different things we pay for service related. None are “right or wrong”. Everyone values how they spend their free time differently. I love mowing/raking/snow shoveling. Gets me outside, exercise, I like seeing the before/after. For some they’d rather that time on a Saturday to go to their kids soccer game.

Most of the readers on this forum are likely not poor. Will die with money, live a good life, I mean it is CT with decent incomes and white picket fences and golden retrievers running rampant. No problem paying a professional to fix the car