Connecticut Real Estate Markets Are Treated by Isaac Robert Toussie

The Connecticut real estate market is a unique property market, Isaac Robert Toussie suggests.

Three of the state’s eight counties, which include most of its population, form the Tri-State Region of New York, New Jersey, and Connecticut. Indeed, southwestern Connecticut lies within the greater New York City metropolitan area. Thus, real estate in Connecticut exhibit different characteristics on account of those facts. The areas further away, such as northeastern Connecticut, may be described as luxury retreats for the moneyed classes, with median values in the multiple millions of dollars. In fact, Connecticut has the most expensive estates in the nation second only to California, with over three percent priced over a million at the turn of this century, Isaac Toussie commented.

Connecticut was never a hot real estate market like Florida or Nevada, so it has weathered the housing scandal much better than many other states. Connecticut’s residential real estate is, in fact, pretty consistent, with no dramatic turmoil and good inventory levels. Prices have no moved much in either direction, and everything is almost as it has always been. Indeed, once-industrial – and dilapidated – Waterbury continues to attract newcomers, most notably Orthodox Jewry. A former manufacturing hub, Waterbury is equidistant by car to the cities of Boston and New York, and is still experiencing steady growth despite the economic downturn.

Due to the economic downturn of late and to governmental action to combat it, mortgage interest rates have fallen substantially, and there is even a tax credit stimulus package for first-time homebuyers with $7,500.00 in financing available, says Isaac Toussie. Indeed, Connecticut has actually done well relative to states like Florida, Nevada, and even California. Sales have been reported to be running at about 70% of 2008 levels. Median prices have moderated but are not in a downward freefall. It’s true that mortgages are harder to come by, but much of this is on account of the long-overdue correction in slipshod lending practices.

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