Much to chew on here- but i’ll zero on real estate. As a resident of lower FF county for 18 years and avid real estate watcher - I can tell you that real estate around here has been soft for three years. We tanked in 2008, had a nice recovery by 2013 with homes under 2.5 million rebounding nicely and anything within a mile or so for the Long Island sound, then crept slowly up until around 2016 and been sliding backwards since then. Faith in the state is very low down here. The move ins from Westchester are way over stated. Moreover, all the homes priced over 5 million to 25 million back in 2008 are worth 30 to 50% less today. No recovery for big ticket homes down here since 2008 unless you have a direct view of the ocean.
Spec house building is very flat as well. Lots of projects started in 2012 eventually sold for underwhelming prices in 2016 and that has lead to a correction with fewer specs going on today than 5 years ago.
Everyone that can afford 2m home knows that CT has a debt bomb on par with Puerto Rico and therefore all we have are reluctant buyers coming in expecting to lose and doing it because for now they happen to be lucky enough to have a good job where the risk is worthwhile.
One thing the statistics dont show is how many home sales have been to holding companies for rental portfolios. In my part of town, probably 30% of the single family home sales during the recovery have been to portfolio builders who rent the homes out. Yes, that is right, buying older $1 to 1.5 million homes which are turned to rentals for 6k to 9k a month. While the renters rarely stay more than 2 years, the homes also rarely stay empty more than a month between tenants. Of course your typical house renter is someone that just took a job in NYC from someplace afar or from overseas.
As for Putterman, ugh- not a fan.... he’s just another “writer” ready to throw dirt on the UConn grave. Mike Anthony and Fuller remain the fairest writers.