Purchase in Connecticut

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Anyone interested in high-end real estate is not going to be surprised by the mention of Connecticut as a prime location for consideration, as this state has long boasted some of the most desirable – and most expensive – bits of real estate in the country.

When considering Connecticut real estate for a family home, for many, there is just no other choice. The school systems in the suburbs are top-rate, crime is at the lowest rate, and there are usually many hotspots, nightclubs, and other excursions one can enjoy in many of the big cities of Connecticut.

For those who are more akin to nature, the state boasts some 250 miles of shoreline, and a full array of all four seasons. Interested in skiing? January and February are prime months with gorgeous snowfalls and breathtaking mountains. Hiking? Virtually any other time of year is perfect for a mountain, lakeside, or forest hike. Name any other outdoor sport, and Connecticut is sure to please.

It seems that even the mention of the state of Connecticut conjures up images of leisurely living and spacious, mansion-like homes along scenic drives of beautiful landscape. Really, why would someone want to live anywhere else?

Why so expensive?

One of the major reasons that many cities in Connecticut are so much more expensive to live in is that they are quick commutes from the main areas of New York City, making them very desirable suburbs for those working in Wall Street and other areas of finance, fashion, banking, entertainment (David Letterman often jokingly talks about taking the subway to and from Connecticut every day) and the other industries you’ll find in and around Manhattan. As a matter of fact, southwest Connecticut is actually considered part of the New York metropolitan area, even though it is in an entirely different state.

Connecticut also serves this purpose for many politicians in the Washington, D.C., area. While the District itself may not lend much by way of room for a family’s home, Connecticut is just a short drive away for members of Congress, aides, pages, and anyone else working in the Capitol.

This practice many have of working in one city while searching out another to keep their residence coined the phrase “bedroom community,” which applies to many cities in Connecticut, specifically Stamford, and Fairfield County.

Obviously when there is much demand for real estate, the price goes up. However, Connecticut is unique in that it is not only its location that makes it so valuable, the way an apartment in Manhattan or a home in Silicon Valley would. The incredible views of the fall foliage, the nearby oceanfront, and the styles of homes available in the state recommend it as well.

Day-to-day living in Connecticut is also second to none. The climate is rather temperate, with moderate summers and winters, although a resident would get the full range of all four seasons. There’s no lack of snow during the winter holidays and no lack of sunshine during the summer months. Whatever your hobbies or pastimes are, if they involve the great outdoors, you can no doubt indulge them in Connecticut.

The economic strength of the state.

The state of Connecticut has the highest per capita income and median household income of any area in the country, including the strongest financial regions of New York, California, and North Carolina. Why is this?

Many decades ago, when insurance companies were first coming on the scene, Hartford, Connecticut, became the home to the nation’s first major insurance companies, many of which are still headquartered there.

And while the manufacturing sector is outsourcing many of their jobs overseas, causing a tremendous hemorrhage of jobs in the automotive and construction trades, Connecticut’s manufacturing sector remains solid, with a heavy concentration on transportation equipment, much supplied for the military.

Interestingly, a report issued by the Connecticut Commission on Culture & Tourism on December 7, 2006, stated that the arts, film, history and tourism of the state generated more than $14 billion in economic activity and 170,000 jobs annually. This provided $9 billion in personal income for Connecticut residents and $1.7 billion in state and local revenue.

In October of 2007, the New York Times reported that many filmmakers are taking advantage of the state aggressive tax credit program for filmmakers.

Connecticut will “do well over $300 million in production in 2007,” said Kevin Segalla, who along with a fellow producer, Bruce Heller, founded the Stamford-based Connecticut Film Center. “And it’s only going to go up from there.” The incentive that prompted their purchase is a new law that extends filmmaking tax credits to cover investments in buildings and other film-production infrastructure.

So while Connecticut shows itself strong in manufacturing and finance, it has a tremendous offering of entertainment, historical and tourism opportunities as well.

The real estate in Connecticut.

As we’ve said, the real estate in Connecticut is some of the most expensive in the nation.

Homes in southwestern Connecticut on the fringes of the New York City metropolitan area have median prices over $500,000, with some more desirable homes exceeding $1 million.

Greenwich has the most expensive real estate market, with most houses selling at over $1 million and most condos selling at over $600,000.

Connecticut has the most million-dollar homes in the northeast, and the second most in the nation after California, with 3.3% of homes in Connecticut priced over one million dollars in 2003.

In 2007, the median price for a house in Connecticut passed $300,000 for the first time, even though most of the country was mired in a real estate slump.

And the state is showing no signs of stoppage. Residential towers and skylines are being planned for many of the state’s major cities, especially those along the seaboard. As a matter of fact, the growth is so aggressive that a housing policy proposed for one complex’s new master plan (which is still under review) recommends an “inclusionary zoning” policy that would require developers to set aside 10 percent of units as affordable housing.

So you see there’s a reason why real estate in Connecticut is so desirable. With its strong economy, rich natural beauty, and history, many families are finding that any home in this amazing state is obviously worth the price.

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