Divining Connecticut Realty Today
This article was written by Barbra Miller. Visit http://www.myrealestatecircle.com for great articles by famous real estate gurus.
According to respected experts and industry veterans, the Connecticut real estate market is a unique property market due to geography and demography. For example, three of the state’s eight counties, which include most of its population, form the Tri-State Region of New York, New Jersey, and Connecticut.
In fact, southwestern Connecticut lies within the greater New York City metropolitan area. Real estate in Connecticut will therefore exhibit different characteristics depending on just those facts. Areas further away such as those communities in northeastern Connecticut may be described as luxury retreats for the moneyed classes, given their median home values in the multiple millions of dollars. More to the point, Connecticut is actually host to some of the most expensive estates in the nation second only to California, with over three percent priced over a million dollars at the turn of this current century.
It should be noted that Connecticut was never that hot a real estate market, unlike Nevada or the perennial boom-and-bust cycles of Florida land. So it isn’t too surprising that Connecticut has endured the housing scandal and its subsequent crisis much better than many other states. Connecticut’s residential real estate is, in fact, fairly consistent, with no overly dramatic turmoil and rather good inventory levels. Prices have not moved much in either direction, or have rebounded, more or less, given a decent amount of time, and everything is almost as it has always been.
Indeed, once-industrial and now-dilapidated Waterbury continues to attract newcomers, most notably Orthodox Jewry, which welcome development has brought new life to the local economy. A former manufacturing hub, Waterbury is equidistant by car to the cities of Boston and New York, and is still experiencing steady growth in spite of the economic turmoil state- and countrywide.
On account of the economic downturn of late as well as governmental action to combat it, mortgage interest rates have fallen substantially, and there is even stimulus package for first-time homebuyers in the form of tax credits, with seven and a half thousand dollars in financing available. Indeed, Connecticut has actually done well relative to states like Florida, Nevada, and even California, for sales have been reported to be running at about 70% of 2008 levels while median prices have moderated but are at least not in a tailspin. It’s true that mortgages are harder to come by, but much of this is on account of the long-overdue correction in slipshod lending practices and do not portend too ominously for the future of Connecticut realty.
Service Availability: Most services reviewed by this websites are available in the United Kingdom. This includes the following cities and their surroundings: London, Birmingham, Leeds, Glasgow, Sheffield, Bradford, Edinburgh, Liverpool, Manchester, Bristol, Wakefield, Cardiff, Coventry, Nottingham, Leicester, Sunderland, Belfast, Newcastle upon Tyne, Brighton, Hull, Plymouth, Stoke-on-Trent, Wolverhampton, Derby, Swansea, Southampton, Salford, Aberdeen, Westminster, Portsmouth, Oxford, Newport, Norwich, Cambridge, Gloucester, Bath, Canterbury and others.