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Health & Fitness

Greater Hartford Real Estate is about to BOOM! Wait….what?

Anyone who follows local real estate has heard CNNMoney ranked Greater Hartford #5 in its 10 hottest housing markets report, which was published last Thursday.

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As my children would say, “Wait….what?”

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I am a bit less optimistic than those at CoreLogic. You have no idea how much I hope I am wrong!

People have debated forever about what negatively and positively affect local real estate.  I think we can all agree on one positive - JOBS.  If we are to see any real boom in real estate, we need JOBS.  We need people coming in to the area, not people moving around the area.  We need renters to have enough stability to consider buying.  We need the family that is cramped in a house to have solid income in order to save and move up.  Real and sustainable growth needs to happen across all levels.  And for that to happen we need jobs.

Connecticut’s economy relies heavily on Insurance and Aerospace and Defense.  According to CTMLS 2013 saw a 23% drop in the number of homes, priced between $250-$350k, sold in Simsbury as compared to 2007.  There was an 80% drop in homes sold over one million.  The governor’s office sent out a press release last week announcing a grant that will help them determine how they can strengthen the A&D workforce amid anticipated cuts to defense spending. 

http://www.ct.gov/ecd/lib/ecd/press_releases/2014/ct_awarded_federal_planning_grant.pdf

Don't get me wrong, people are feeling  a bit better. We are certainly seeing recovery in pockets. Every now and then, like last spring in West Hartford, we see a burst of activity.  But a sustainable boom? I don't see it yet.

 

I hope I am wrong.

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