Present-Day Connecticut Realty Realities

While the current economic turmoil has also disturbed Connecticut realty, there is no danger of oversupply in the state because inventory levels have been consistent, likely due to Connecticut’s housing not having been subjected to the same degree of speculative investment that other localities have experienced. Connecticut maintains its typically pro-business stance and so there probably won’t be any exodus among its commercial tenants. It has certainly helped that media attention has been focused on other states, more unfortunate places such as Nevada and Florida; thus the panic selling that has ensued elsewhere has not, for the most part, gripped Connecticut realty. And in spite of the economic downturn across the rest of the country, Connecticut realty has been spared some good amount of the turmoil, so that though credit has been tightened, at the least inventory has remained steady.

Such a happy circumstance is also attributed in part to the fact that Connecticut hosts some of the most expensive estates in the country right after California; at the turn of the last century, well over three percent of them were priced over a million dollars. Most of these residences can be found in the northeastern part of Connecticut, with median values there assessed in the millions, plural. For purposes of comparison, consider that the more urbanized southwestern sections lay within the greater metropolitan area of New York City; indeed, three of Connecticut’s eight counties form the Tri-State Region with New York and New Jersey.

Thus Connecticut realty is a market with a lot of upside to it. Statewide inventory of condominiums in Connecticut have been at consistent levels despite the economic downturn of late, which is a very positive sign that bodes well for the overall real estate market there. On account of some quick and intelligent governmental action that has maintained the access to credit, those able to “connect the dots” should be able to discern some really good news: mortgage interest rates have dropped precipitously and there exists a tax credit stimulus package for first-time home-buyers with seventy-five hundred dollars in assistance available. Last but not least, people have got to live somewhere, so any decline in the condominium market must surely be just temporary.

Connecticut real estate should be fine fairly soon. There are much worse markets in the region, not to mention nationally. For the investor, this is probably a great time to buy low and sell high later on. It just depends on how long one can hold on. Realty in Connecticut isn’t expected to recover before a general national upswing, but then again, that’s why risk-takers can be so handsomely rewarded!

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