Though the existing economic uncertainty has also displaced Connecticut realty, industry experts like Isaac Toussie believe that there’s no danger of oversupply in Connecticut mainly due to the state’s inventory levels being rather constant, likely because of Connecticut’s housing escaping the kind of speculation other places have seen. Such a happy scenario is probably also on account of the fact that Connecticut is home to some with the most expensive land anywhere in the country after California, with more than three percent of them priced around a million dollars as of the turn of the century. Southwestern Connecticut lies within the greater New York City metropolitan region, but areas further away, such as those communities in the northeast, are best described as luxury retreats for the monied classes, given median home values in the multiple of 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 an extremely positive sign that bodes well for the overall real estate market there. Connecticut land ought to be fine pretty soon. Investing in commercial properties there is usually a good bet even in this economy. Slow but steady growth has marked the history of Connecticut property for a while. 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. Industry experts like Isaac Toussie believe that once the New York City Metropolitan Area recovers, retail outlets like this one in Connecticut will follow right along. Indeed, three of 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.
In spite of 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 in comparison to states like Florida, Nevada, and even California, for sales are already reported to be running at about 70% of 2008 levels, and though median prices have moderated they are at least not nose-diving! Yes, mortgages are harder to come by, but a lot of this is on account of 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 advised to 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!
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