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Old 05-30-2019, 08:22 PM
 
34,053 posts, read 17,064,521 times
Reputation: 17212

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Quote:
Originally Posted by CT_Yank View Post
..I am starting to see some major inflation. Garbage bill went up 15% this cycle and daycare went up 20% recently. This is very bad as state is not prepared with decent paying jobs to offset these hikes. You also have gas at 3.10 - 3.20 which is up 40 cents/gallon over last several months. Hold on tight because next few quarters might be brutal.
and my hunch is retail and food service will hike prices well ahead of minimum wage increases. Plays a big role, as formula Robert Irvine Restaurant Impossible banked on is labor is equal to material in restaurant food cost.

 
Old 05-30-2019, 09:11 PM
 
34,053 posts, read 17,064,521 times
Reputation: 17212
Housing sales decline is very distressing news.

Thanks for sharing.
 
Old 05-31-2019, 04:13 AM
 
Location: New Britain, CT
898 posts, read 597,896 times
Reputation: 1428
Even our last governor is leaving the state, for Maine!
 
Old 05-31-2019, 04:19 AM
 
Location: Central CT, sometimes FL and NH.
4,538 posts, read 6,801,889 times
Reputation: 5985
Quote:
Originally Posted by BobNJ1960 View Post
Housing sales decline is very distressing news.

Thanks for sharing.
The national housing market peaked last August. Keep your eye on Florida. I was there recently and it is showing signs that prices have slowed. When the economy slows the prices have a history of dropping like rocks. There have been numerous boom/bust cycles over the past few decades there. Connecticut has a more stable economic base, not so dependent on tourism, and we do not see the wild price swings like Florida. When their prices start to decline investors bail in mass numbers, people walk away from second homes and the crowd of people who were the last to purchase move away when their jobs disappear and their equity evaporates.
 
Old 05-31-2019, 04:25 AM
 
21,620 posts, read 31,207,908 times
Reputation: 9775
Quote:
Originally Posted by Lincolnian View Post
The national housing market peaked last August. Keep your eye on Florida. I was there recently and it is showing signs that prices have slowed. When the economy slows the prices have a history of dropping like rocks. There have been numerous boom/bust cycles over the past few decades there. Connecticut has a more stable economic base, not so dependent on tourism, and we do not see the wild price swings like Florida. When their prices start to decline investors bail in mass numbers, people walk away from second homes and the crowd of people who were the last to purchase move away when their jobs disappear and their equity evaporates.
Lol - talk about doom and gloom.
 
Old 05-31-2019, 04:35 AM
 
Location: Central CT, sometimes FL and NH.
4,538 posts, read 6,801,889 times
Reputation: 5985
Quote:
Originally Posted by kidyankee764 View Post
Lol - talk about doom and gloom.
I've seen it before and have friends and family members that lived through the boom and bust cycles. I am interested in a winter home there in the future and even my relatives that live there acknowledge that now is not the time to buy anything. Some areas have seen a doubling of prices since 2013/2014. It is a classic sign of a market top.

Sadly Connecticut has not seen price growth and many homes have prices at or below 2004 prices. However, this has been a benefit for affordability. Contrary to the impression one gets reading about our fiscal woes, there are numerous communities in Connecticut where one can enjoy access to good-paying jobs and buy a nice home for a reasonable cost.
 
Old 05-31-2019, 06:30 AM
 
570 posts, read 477,553 times
Reputation: 618
Quote:
Originally Posted by Lincolnian View Post
I've seen it before and have friends and family members that lived through the boom and bust cycles. I am interested in a winter home there in the future and even my relatives that live there acknowledge that now is not the time to buy anything. Some areas have seen a doubling of prices since 2013/2014. It is a classic sign of a market top.

Sadly Connecticut has not seen price growth and many homes have prices at or below 2004 prices. However, this has been a benefit for affordability. Contrary to the impression one gets reading about our fiscal woes, there are numerous communities in Connecticut where one can enjoy access to good-paying jobs and buy a nice home for a reasonable cost.
As Fairfield County goes, the state's economy goes. It has been a bloodbath and getting worse. I discussed my brother's debacle losing $120k on his Norwalk home after 10 years of ownership. His buddy will lose 80K on short sale he purchased in 2010. He simply can't sell his home without getting killed. This is real issue, not a plus for affordability. This is part of problem with exit from state. Trump's SALT cap is also crippling us.
 
Old 05-31-2019, 06:57 AM
 
Location: Central CT, sometimes FL and NH.
4,538 posts, read 6,801,889 times
Reputation: 5985
Quote:
Originally Posted by CT_Yank View Post
As Fairfield County goes, the state's economy goes. It has been a bloodbath and getting worse. I discussed my brother's debacle losing $120k on his Norwalk home after 10 years of ownership. His buddy will lose 80K on short sale he purchased in 2010. He simply can't sell his home without getting killed. This is real issue, not a plus for affordability. This is part of problem with exit from state. Trump's SALT cap is also crippling us.
I understand the housing market in CT and recently experienced a loss on the sale of my higher-end home. I also had purchased a modest home which has gained in value. As you know, the Hartford area is a much different area than Fairfield County. Home prices move up and down more slowly here and we have considerably fewer $million+ homes here to drive overall appraised values. In this area there are many affordable options. Even in popular areas like West Hartford or Glastonbury there are affordable options for purchasing a modest home. For skilled workers, with a background in a needed field like engineering, places like Pratt and Whitney have hundreds of excellent-paying job openings.
 
Old 05-31-2019, 09:07 AM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228
Quote:
Originally Posted by JimG2 View Post
Even our last governor is leaving the state, for Maine!
Do you think anyone in Connecticut would hire him? He is relatively young (63) and needs to keep working so he has to go where someone will hire him. He found that in Maine. Jay
 
Old 05-31-2019, 09:13 AM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228
Quote:
Originally Posted by Lincolnian View Post
I've seen it before and have friends and family members that lived through the boom and bust cycles. I am interested in a winter home there in the future and even my relatives that live there acknowledge that now is not the time to buy anything. Some areas have seen a doubling of prices since 2013/2014. It is a classic sign of a market top.

Sadly Connecticut has not seen price growth and many homes have prices at or below 2004 prices. However, this has been a benefit for affordability. Contrary to the impression one gets reading about our fiscal woes, there are numerous communities in Connecticut where one can enjoy access to good-paying jobs and buy a nice home for a reasonable cost.
Exactly. I have family and friends in a number of areas across Florida too and it is the same thing for them. A couple are in real estate and they cringe at the swings Florida real estate takes. You can't time a real estate market no matter where it is. Jay
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