Archive for the 'Central Connecticut News & Information' Category
Is Real Estate Ever Worth Nothing?
November 25th, 2008 categories: Central Connecticut News & Information, Real Estate Market
I was watching Morning Joe today. Fill-in co-host, Chuck Todd, said something I’ve heard before - that some homes are worth nothing.
I can think of few instances where a home could be worth nothing.
Nuclear waste spill. Located on earthquake fault line. Maybe.
Even this instance, where a woman paid $1.75 for an abandoned home in Saginaw Michigan. That seems ridiculous to people in CT where our median home price is around $240,000 but in Saginaw, the median sales price is about $76,000, according to Zillow. Given the state of the economy in Michigan. $1.75 seems about right (the buyer also has to pay some back taxes).
People will always need a place to live. There is a finite supply of land. The population keeps growing.
Sure, real estate can go down in value because of the economy, too many homes on the market, not enough buyers, mortgages harder to obtain, catastrophic events like 9/11, etc. But it’s hardly ever worth nothing.
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Are We Headed for a Recession Crime Wave?
November 20th, 2008 categories: Central Connecticut News & Information, Home Owners
Back in October, the New York Times had an article called “Keeping Wary Eye on Crime as Economy Sinks.” For anyone who remembers New York City in the 80s and early 90s (I almost went to NYU in 1992 - almost), the idea that we could return to a time of higher crime rates is unsettling.
Is it any coincidence that Hoffman Guns, just a few doors down from my office on the Berlin Turnpike in Newington just opened a newer and larger store and that the lot is always full? Gun sales are up and while some may attribute that to the Obama’s election and possibly tighter gun laws, I think it has just as much to do with the downturn in the economy.
From the New York Times article,
“Every recession since the late ’50s has been associated with an increase in crime and, in particular, property crime and robbery, which would be most responsive to changes in economic conditions,” said Richard Rosenfeld, a sociologist at the University of Missouri-St. Louis. Typically, he said, “there is a year lag between the economic change and crime rates.”
In addition, Ken Gronbach, a Connecticut ad man turn demographer, predicted this crime wave years ago in his book, Common Census. In 2007, Gronbach posted his predictions on his blog and one of them was a crime wave due to the huge numbers of Generation Y young men coming of age with nothing to do.
From his blog,
“…a crime wave, owing to the repopulating of a segment of unemployed high risk young men in the crime committing age of fifteen to thirty. We are seeing increasing evidence of this now. This is not an anomaly. This is a trend. Generation Y, now twenty-two years old and under, will be the largest generation in the history of the United States. The peak of this generation is currently seventeen years old. It will fill the prime crime committing age of fifteen to thirty with more idle high risk young men than this nation has ever seen. It will become very difficult to live safely in the Nation’s cities. “
Burglaries are likely to be on the rise - whether you attribute it to the economy or the changing demographics. Buying a gun doesn’t suit everyone but there are several things you can do to deter burglars at your home, for example getting a dog (or just getting some dog supplies to make it seem like you have a dog), adding exterior lighting, and trimming back bushes.
Click here to receive the full free report on improving your home’s security - just type “Security” in the message.
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Median Sales Price and Days on Market By Town in Connecticut
November 18th, 2008 categories: Central Connecticut News & Information, Real Estate Market
Median Sales Price, Number of Sales and Average Days on Market by Town for Hartford County Connecticut.
How does October compare to the first, second and third quarters?
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Central Connecticut Real Estate Market Report 11.17.2008
November 17th, 2008 categories: Central Connecticut News & Information, Real Estate Market
From the Greater Hartford Association of Realtors, October 2008 sales statistics show:
There were fewer new listings in October 2008 compared to last year but overall there are more homes on the market.
The median sales price shows a big decline - now $230,000. It’s been around $240,000 - $250,000 this year.
Fewer homes are selling and those that are selling spend more time on the market.
The biggest decline is the dollar volume of sales which directly impacts real estate agents and brokerages. I’m already noticing offices closing and hear anecdotal evidence that agents are leaving the business.
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BusinessWeek Names West Haven Best Place in Connecticut to Raise Kids
November 13th, 2008 categories: Central Connecticut News & Information
Courtesy of a client who just purchased her first home in West Haven and forwarded this to me today (proud of her selection), I bring you BusinessWeek’s Best Places to Raise Kids in 2009.
According to the article, affordability was the key.
“…we selected towns with at least 50,000 residents and a median family income between $40,000 and $100,000. We then narrowed the list of towns using the following weighted criteria: school performance; number of schools; household expenditures; crime rates; air quality; job growth; family income; museums, parks, theaters, and other amenities; and diversity. We weighted school performance and safety most heavily, but also gave strong weight to amenities and affordability.”
East Hartford and Norwalk were named as runner-ups.
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