Home Buying in Woodbridge>Question Details

Mike, Home Buyer in Woodbridge, CT

i will be working at Yale for 3-5 years and want to buy a house I can flip quickly when I'm done. I have a family of 3, should I buy in

Asked by Mike, Woodbridge, CT Thu Mar 8, 2012

Woodbridge?

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Robin Silverberg’s answer
I have very close friends who purchased a home in Woodbridge for over 30 years, and financed a property in Woodbridge last year. When my friends bought their house in the late 70's, they paid $100,000 for it. A bargain by today's standards, but in those days it seemed like a fortune. I was surprised to find out that these days there are many homes in Woodbridge in the $400,000's. Comparatively speaking, their home did not appreciate as much as homes in other areas, such as Long Island for instance.
No one can tell you how much any house will appreciate in the next 3-5 years. On the plus side, if you are planning to finance the house, you can borrow money on a 5 year ARM right now at very low rates. Prices might stagnate like they did in the late 80's and 90's, when I would say that they appreciated 10% in 10 years, hardly an amount worth thinking that it would be a good flip. If you find a house in any community surrounding New Haven, what you might want to look for is a house that is under-valued because of a few factors: the seller wants a quick sale; it has been on the market a while and doesn't look great when you walk in; needs painting or minor repairs that you can do easily and inexpensively; things like that. Sometimes just removing over-grown shrubs will make a house sell for more money, and more quickly.
I have a blog that will give you an idea of what will increase the value of the house, and what is not worth the investment. Feel free to check it out.
If you are interested in financing, my company is based in Stamford, CT, and we do both banking and brokering of loans, so we can get the best rate available through either channel.
0 votes Thank Flag Link Wed Mar 28, 2012
He probably already got his answer since this question is over two years old.
0 votes Thank Flag Link Wed Jul 2, 2014
Hi Mike, Woodbridge is a terrific town to flip a home as many of the homes are in need of updates and can be had for a good price. Good Luck!
0 votes Thank Flag Link Wed Jul 2, 2014
Hi Mike, another thing to consider is the town's mill rate and taxes. There are many surrounding towns too you may consider depending on the commute you are willing to take. The prices of the homes will vary on the amount of work needed. It is definitely a buyer's market with the prices and interest rates at an all time low. I am a local realtor and would love to assist your family in finding the right house for you, Julie Lucia, Realtor, Showcase Realty 203-578-5631; julie@julierealestate.com
0 votes Thank Flag Link Fri Mar 9, 2012
HI Mike

Have you thought about a little further out of town - say Old Saybrook or Old Lyme. Old Saybrook is served by the amtrak and the station runs a commuter train to New Haven, the car ride is about 45 mintues. Both towns have great communities and an added bonus of being directly on the shoreline with access to either private association or resident only beaches. Looking between 200-400K homes sold over the past 6 months the median days on market is 52 (92 average) for Old Lyme and 64 (89 average) for Old Saybrook.

http://www.oldsaybrookct.com or http://www.oldlyme-ct.gov

If you have any further questions please do not hesitate to contact me

Regards

Anne
Web Reference: http://www.anneastley.com
0 votes Thank Flag Link Fri Mar 9, 2012
Mike,

A local realtor will be able to advise you on which towns have the best "re-sale." If you want to sell a house fairly quickly when you leave Yale, you should consider buying the most "desirable" house you can afford. For example: Houses in premiere locations are always good for re-sale, houses on busy roads are not.

Good luck in your search.

Tom Lynch
Broker Associate, Massachusetts, New York and Connecticut
Berkshire Property Agents
12 Railroad Street
Great Barrington, Massachusetts 01230
0 votes Thank Flag Link Thu Mar 8, 2012
Mike,
If your primary oncern is a quick sale I would suggest the East Rock section of New Haven. Woobridge is a wonderful town if a more country setting is prefered. Guilford & Branford are worth a look as they offer easy access to Yale via Shoreline East. Feel free to call 203-430-6289. Bill Ludwig
0 votes Thank Flag Link Thu Mar 8, 2012
I am just a lifelong New Havener who was browsing here. Finally, someone told you what I would consider the best advice. East Rock is hot and I do believe you would be able to turn the house over after a short period. Also, check our Spring Glen in Hamden.
Flag Mon Apr 30, 2012
Hello Mike,

Woodbridge is a very beautiful place to purchase. Depending on what your expectations for flipping are, what improvements you plan to make and how flexible you plan to be it is certainly possible. Currently Woodbridge although desirable is not the fastest moving marketplace, depending on what direction the market shifts in 3-5 years it may once again as before be a hotspot. One can never tell.
0 votes Thank Flag Link Thu Mar 8, 2012
Mike,

Woodbridge tends to have more larger homes than the other surrounding communities and you may find yourself with more house than you need for a family of three, however I have no idea what you are accustomed to or what your needs are.

As far as resale goes, the town has historically been very desirable, with a very stable supply and stong demand. However, I find that Yale faculty are clustered in closer proximity to Yale, and tend towards more modest homes within vibrant and lively urban/suburban settings. Again, not knowing where you come from or what you think of when I say "urban" puts me in a difficult place to advise you. "Urban" here is not the same as "URBAN" in a large city...

Orange may be of consideration, East and West Haven are only typically of interest to Yale faculty if they want to live by the beach... (great time to buy ocean front property at very reasonable prices,) That leaves Hamden and North Haven along with certain neighborhoods within New Haven.

This may be a better discussion for offline or one on one. My contact info is readily available on my Trulia profile.

Best of luck!
0 votes Thank Flag Link Thu Mar 8, 2012
Hi Mike,
I would say yes. Prices have come down and I feel are at the bottom. There is very little foreclosure activity in town. I would focus on move-in condition homes which always sell quicker when it's time to sell.
Tony
Sotheby's International Realty
203-605-5231
0 votes Thank Flag Link Thu Mar 8, 2012
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