Is the Economic Recovery Beating All Projections In Connecticut?
Are you wondering what it's like to live in the great state of Connecticut? What are the pros and cons? You're probably wondering how the commute time is to and from work. What are the areas like? How are the schools? Where will you go shopping? What is there to do here in Connecticut?
Hi, I'm Dave Jones and this is CT Life, and I cover all that and more in this episode. Be sure to click subscribe up above and be notified every time we post a new episode.
One of the pros is the location. New York is just 90 miles away and Boston is 100 miles. So whether you're a Red Sox fan or a Yankees fan, Connecticut has you covered. Connecticut is made up of mostly smaller towns. In fact, only five cities have populations over 100,000. Those are New Haven, Bridgeport, Stanford, Hartford, and Waterbury. Another pro is in the smaller towns you typically have a little larger yard. The average lot size is 25,000 square feet, which is just over a half-acre. One of the cons of living in Connecticut. We have the second-highest tax rate in all of the United States.
Okay. So now that we know where it's located, let's talk about the commute to and from Connecticut. One pro about Connecticut is several towns have Metro-North terminals that run directly to Grand Central Station. It makes getting in and out of New York City very easy. Another pro of Connecticut is our highway system. There are literally five ways to get anywhere you need to be in Connecticut. So you can find back roads and highways and byways to get you where you need to get fast. One con to living here in Connecticut is we are typically in the top 10 for the highest price per gallon for gasoline.
Okay. So now that we know about the commute, let's talk about details such as school, shopping, and convenience factor. Schools vary very much by the town. There are several places online that you can look up the reviews of the schools. Let your realtor know and they will be happy to point you in the right direction. Every town has an option for public or private schools, depending on where you're located and where you're interested in buying.
One good thing about Connecticut is you're never more than 15 minutes from a shopping center, a big box retailer, or a grocery store. Here in Connecticut, the largest grocery store is Stop & Shop with over a hundred locations. Here, you'll find everything from a fresh bakery to meats and deli. Several locations even have gas stations.
Okay. So now that we know about the overall area a little bit, let's talk about the lifestyle here in Connecticut. One of the pros is Connecticut has a AA baseball team, the Hartford Yard Goats, that has an awesome new stadium, Dunkin' Donuts Park. We're also known for our Yukon Huskies basketball and football programs.
If you're looking for nightlife and entertainment here in Connecticut, we have you covered there as well. Connecticut has two of the largest resort casinos in all of the United States, Mohegan Sun and Foxwoods Resort Casino. They're known for their award-winning restaurants and five-star hotel accommodations. Here in Connecticut we also have 110 state parks and 100 miles of shoreline. On a beautiful day like today, there is so much that you could get out and do. The one con I can think about living here in Connecticut since the Hartford Whalers left, we don't have a pro sports team.
Another great thing about Connecticut is we are a typical New England state and we have four distinct seasons. During the summer you can expect an average high of about 85 degrees. In the fall, we are known for our foliage and people come from across the US to go to the hills of Litchfield County every year, just to see the leaves change. One drawback to being a New England state is our winters. We have several large snowstorms every year, and you probably want to have a pretty decent four-wheel-drive vehicle just to be safe.
Well, I hope this video gave you some insight into the pros and cons of living in Connecticut. If you should have any additional questions about CT Life or real estate here in Connecticut, don't hesitate to ask. Again, I'm Dave Jones and this is CT Life.
Although located 70 miles north of New York City, the nightlife in Waterbury is still noteworthy. The Highland Brass Bar is one of the more popular spots that is always filled with people and can make any night a great one.
Not only is this an extremely happening area, it is also super convenient. Interstate 84 runs right through it and Metro North is a traveler’s hub which runs directly toIf you’re looking for an ideal spot to live or invest in that is the perfect mix of fun and calmness, then I’ve got just the place for you. Waterbury, Connecticut, often referred to as the brass city! Waterbury used to be the brass capital of the world with over 50,000 brass workers. Today, this is one of the hottest real estate markets here in Connecticut and here is why.
When you are looking for a place to call home, one of the most important details is what there is to do surrounding you. In Waterbury, there is a surplus of activities for people of all ages and interests. The Country Club of Waterbury being one of the most popular in the area. This private golf club hosts an array of tennis courts, swimming pools, and to top it all off, an award winning restaurant. If the country club isn’t your style, there are also many other family friendly activities such as indoor go karting, batting cages, and a new hip and fun axe throwing spot! Any of these places makes for the ideal date night or family night.
Over on Highland Avenue, you will find some of the greatest restaurants in all of Connecticut. This includes the famous D'Amelio's Italian Eatery, where you can enjoy some of the best Italian food you’ve ever had, La Tavola which has some amazing desserts, and Highland Garden where you can get fast and easy chinese food at a great price. Grand Central Station. It is super easy to commute from Waterbury and it is truly the best of both worlds.
Now the juicy stuff: cost of living. In 2019, 800 single family homes were sold at 98% of the asking price. A three bedroom two bath sitting on a quarter of an acre of land averaged at $131,000. In regard to multi family homes, 250 sold last year with an average price of $149,000 for a 6 bedroom, 3 bathroom and only spent 66 days on the market! Condos also made a killing with 188 of them being sold with an average of 44 days on the market. This is a great opportunity for investors or out of state buyers. If you would like any more information or would like to start seeing houses, I would be happy to help!
With growing uncertainty in the world today is Connecticut headed for a housing crash?
Here are five simple graphs to prove. This time is not like the last time back before the housing bubble burst. Everybody that had a signature had a mortgage. Nowadays, the mortgage companies are much more selective in who they give their pre-qual letters to and that's a good thing. It makes it harder to get a mortgage, but the people that are getting mortgages are actually qualified. The six years leading up to the housing crash, we saw double-digit appreciation on homes. This wasn't a good thing. It was setting us up for a crash. Over the last six years, we've had 5% on average increase. It's been very steady. That's also a good thing. Last time there was an oversupply of inventory. We had 8.2 months worth of homes on the market. Right now, there's 3.1 months' worth of inventory. The lower inventory means less chance of a crash. The last housing bubble burst and scared a lot of people back then. People on average spent 25.4% of their income on their homes. Right now, people are being a little more frugal. They're only spending 14.8% of their income on their house today, much less of a family's monthly income is going towards their mortgage payment.
Leading up to the housing crash. People were using their houses like ATM machines. They were pulling out equity. Any chance they got to the tune of $824 billion worth of equity pulled out from 2005 to 2007 in comparison from 2017 to 2019 us has only pulled out 232 billion worth of equity, just a fraction of what they did the last time. While I agree, it's a scary time. I don't think Connecticut's headed for a housing crash. The economy was doing way too well before this happened. We'll get right back to it. In the meantime, listen to what they're telling you to do. Stay home. Enjoy your family, wash your hands. Practice social distancing, and for the love of God. If you don't need three packs of toilet paper, leave some for your neighbors. Hope to hear from you soon. Let me know if you have any questions.
I'm Dave Jones with Dave Jones Realty. This is CT life. If you're interested in life here in CT, then click subscribe up above. We're here to provide information on all the people, places, and things that make Connecticut awesome.