Consider Conecticut Property Trends
Though the existing economic turmoil has also disturbed Connecticut realty, there’s no danger of oversupply in Connecticut in large part due to the state’s inventory levels being rather stable, likely because of Connecticut’s housing escaping the kind of speculation other places have seen. Such a happy situation is probably also on account of the fact that Connecticut hosts some with the most expensive land anywhere in the country after California, with above three percent of them priced around a million dollars as of the year 2000. Southwestern Connecticut lies within the greater New York City metropolitan region, but areas further away such as those communities in the northeast better described as luxury retreats for the moneyed classes, given the median home values of multiple millions.
There can be a lot of “upside” to Connecticut realty. Condominium inventory in Connecticut are actually at steady ranges despite the financial downturn of late, which is really a extremely positive sign that bodes well to the overall real estate current market there. Connecticut land ought to be fine pretty soon. Investing in commercial properties there is typically a good bet even in this economy. Slow but steady growth has marked the history of Connecticut property for some time. In truth, in spite of the current financial meltdown these days, the State of Connecticut has not witnessed a lot of overly dramatic shifts.
The Danbury Fair, the state’s largest shopping mall, is a case in point. Founded in 1947, it has three levels, forty-seven shops, and nearly four hundred thousand square feet of retail space. Experts believe that once the New York City Metropolitan Area recovers, retail outlets like this one in Connecticut will follow right along. Indeed, three on the state’s eight counties, which also happen to house most of the population, make up the Tri-State Region of New York, New Jersey, and Connecticut.
Despite such proximity to a world-class metropolis like New York City, it should be noted that Connecticut was never that hot a real estate market, so it shouldn’t be surprising that Connecticut has endured the housing scandal and its subsequent crisis much better than many other states. Indeed, once-industrial and then dilapidated Waterbury now attracts newcomers, most notably Orthodox Jewry, a welcome development that has brought new life to the local economy.
Certainly, Connecticut has in fact done well relative to states like Florida, Nevada, and even California, for sales are already reported to be running at about 70% of 2008 levels, though median prices have moderated but are at least not nose-diving! Yes, mortgages are harder to come by, but a lot of this is due to the long-overdue correction of slipshod lending practices in the first place and is actually, in the long term, a positive development for Connecticut’s economy.
Having said all that, readers are still to advised consult those properly licensed and/or otherwise qualified when it comes to making business decisions of any financial importance as neither author nor publisher shall be held liable for such information as has been presented so far, which only constitutes mere opinion and should under no circumstances be misconstrued for financial advice of any kind whatsoever!
Author Bio: Barbra I. Miller writes frequently on real estate topics for various online publications. Please visit ResourcesAboutRealEstate.com for more great articles from industry insiders such as Isaac Toussie and others!
Category: Real Estate
Keywords: real estate, news, property, investing, business, realty, advice
