OT - Buying a House

[ctchamps]

I too was once a fool who looked at East of the River with scorn. Now I hope we build a wall.

Yeah but don't expect us to pay for it.

 

[jibsey]

Don’t wanna think about kids right now lol

If you don’t have kids why be tied down to a house? You want to start buying stuff like Scott’s turf builder? Houses are made to pour money into. The tax benefits are gone and in most cases the appreciation too. With kids though I can see the appeal.

 

[CL82]

I too was once a fool who looked at East of the River with scorn. Now I hope we build a wall.

... and make Fairfield County pay for it?

 

[August_West]

I too was once a fool who looked at East of the River with scorn. Now I hope we build a wall.

I mean simply through attrition the sticks look inviting in certain spots. But I cant live among all the reds. Cant do it.

 

[awfuldan]

I'm in the process of buying my first house too. Similar age (I'm 26) and budget ( < $250k). I live and work in New Haven though, so I'm looking in a completely different area.

Looking like I'm gonna end up in North Haven, which I'm happy enough about. This whole process has been a real pain though.

 

[uconnphil2016]

I too was once a fool who looked at East of the River with scorn. Now I hope we build a wall.

East of the River is great as long as you're not too far east. I absolutely loved growing up in Hebron...didn't find it to be backwards or anything, but super quiet. Really an idyllic place to live and raise a family.

 

[uconnphil2016]

Not sure why no one else has mentioned this, but why not Manchester? I dunno if that's too far out of the way for you, but it's got a good downtown and houses there are pretty affordable. If you can find something small in the area near Highland Park Market, it could definitely be around 250k while also giving you a bit of a yard as opposed to being on the Silas Dean. If value is gonna appreciate anywhere, it'll be towns like Manchester--that's where people will be able to reasonably afford in the next 10 yrs as millennials look for homes

 

[ConnHuskBask]

Owning a house is the most overrated concept on the planet.

Yeah for someone like me (no clue about home repair) it seems like a real money pit.

My rental is obviously high given the proximity to NYC, but same token, me and my fiance pay $89/month each for the PATH (pre-tax dollars) and are at work in 25 mins door to desk.

Go out to NJ, LI, Westchester? $300/month easily on the trains a person. Not to mention 5 figure property tax.

I guess I'm just torn. Eventually with kids, I think the idea of a home is nice. You can rent a 1 br and be fine, but once you get up to 2br, or 3br, prices then become really expensive.

 

[CL82]

I mean simply through attrition the sticks look inviting in certain spots. But I cant live among all the reds. Cant do it.

Where are you going after you get rid of you place? Is the wife on board with that move?

 

[auror]

I guess I'm just torn. Eventually with kids, I think the idea of a home is nice. You can rent a 1 br and be fine, but once you get up to 2br, or 3br, prices then become really expensive.

Yeah economics of renting revolves around the idea of roommates splitting equal high cost of multiple bedrooms. The market essentially assumes an income per bedroom. Kids do the opposite of earning an income.

Including all costs and maintenance and assuming 3% housing growth (which is what Zillow predicts for my zip even though it grew 8% last year), the NYT calculator I linked said my house is equivalent to a 2BR rental for $1400, which is not findable where I live. So we bought. Plus I get to have a grill.

 

[uconnfan68]

1/2 right.

Bring insulation.

 

[August_West]

Where are you going after you get rid of you place? Is the wife on board with that move?

yup.

Shes on board with moving. Shes not on board with some of my destinations.

 

[Minicoop69]

After reading through all of these posts, it makes me glad that I moved to Indiana back in 05. Granted I'm from Waterbury and that is a crap fest in terms of taxes, but seeing how much a house costs back in CT through this thread is ridiculous. I don't know how you all can afford those prices along with taxes and upkeep and everything else that goes a long with owning a home. My home is 3200sq ft 4 bed, 2.5 bath on an acre and bought for $130. Glad I don't live there anymore.

 

[methodology]

On a different note an acquaintance of mine who's an estate lawyer for super wealthy people told me to expect property values to rise in this area (new England) as wealthy Asian are going to start investing in the area as they view it as the new silicon valley because of all the top universities, wealth, and nyc/ Boston dynamic

 

[uconnfan68]

After reading through all of these posts, it makes me glad that I moved to Indiana back in 05. Granted I'm from Waterbury and that is a crap fest in terms of taxes, but seeing how much a house costs back in CT through this thread is ridiculous. I don't know how you all can afford those prices along with taxes and upkeep and everything else that goes a long with owning a home. My home is 3200sq ft 4 bed, 2.5 bath on an acre and bought for $130. Glad I don't live there anymore.

But you live in Indiana.

 

[Walker11]

I'm in the process of buying my first house too. Similar age (I'm 26) and budget ( < $250k). I live and work in New Haven though, so I'm looking in a completely different area.

Looking like I'm gonna end up in North Haven, which I'm happy enough about. This whole process has been a real pain though.

You can find decent sized houses in Bridgeport for 70k and I heard on the Yard that the city is up and coming.

 

[auror]

On a different note an acquaintance of mine who's an estate lawyer for super wealthy people told me to expect property values to rise in this area (new England) as wealthy Asian are going to start investing in the area as they view it as the new silicon valley because of all the top universities, wealth, and nyc/ Boston dynamic

Check out Medford/Malden, MA real estate over the past ~3 years. Malden is up ~30% in 2 years from mid 300s average to almost 500k. Nothing changed except the rest of Boston surroundings got more expensive so everything is moving outward. At least Somerville is supposed to be getting the MBTA. God help the prices if Amazon picks Boston.

 

[Minicoop69]

But you live in Indiana.

I mean you are right, but slower pace of living, lower cost of living, and pretty much no traffic. I live 20-25 minutes from Notre Dame and about 2-3 hours away from most of what I need or will want to catch (games, shows, etc.).

My county has 0% unemployment now. Will change when economy slows and will return to 20%+, but for now it is good.

 

[MattMang23]

... and make Fairfield County pay for it?

They pay for everything else, anyway. Just put it on their tab.

 

[Palatine]

Courant April 9th.

Home sale prices across Connecticut jumped for the second month in a row in February, but the sales volume was weak, a new report Monday showed, and some experts said it it still too early in the year to declare the start of a trend.

The statewide median sale price of a single-family house — where half the sales are above, half below — rose 7.2 percent in February, to $237,000, from $221,000 for the same month a year ago, according to the report from The Warren Group, the publisher of The Commercial Record.

 

[MattMang23]

My county has 0% unemployment now. Will change when economy slows and will return to 20%+, but for now it is good.

So the good times are great and the bad times are Depression-era bad...

 

[gtcam]

In CT. I want to stay under $250 because I want this to be more of a starter home...taxes scare me.

So far I’ve been looking in Newington, West Hartford, Southington, Farmingtom, and Berlin. Wanna stay close but the market has been dry.

Does anyone live in Wolcott, Plainville, Meriden, or Bristol? What’s it like there I may expand my search by a few more towns.

If you are looking for mortgage financing I work for a great bank (not a big national bank) in the Newington area and we have some really neat mortgage financing plans that include built-in improvement financing (if you are looking for a bit of a fixer-upper or just plain regular improvements) for purchases PM me if you want to discuss
Good Luck

 

[Robertelamin]

View attachment 30956 Here’s what you get for $220 in Rocky Hill. A 2 bedroom storage unit.

It does have a car port though.

 

[Minicoop69]

So the good times are great and the bad times are Depression-era bad...

Yup. For all the factory workers, they are good. County is the leading county in RV manufacturing in the country. Those employees are making $70k+ per year right now, but I don't think they are saving any of that money, instead blowing it on vehicles which the local dealerships can't keep in stock. I'm a high school math teacher so I will still have a job, but parents of students will be screwed when economy slows.

 

[sledog]

how's the overall CT housing market. After GE blew town, the market (at least in Fairfield) was over-saturated with supply.. Couldn't sell a house, but pleanty to choose from if a buyer.