I am a Realtor-Investor, live in Milford near the water and moved here from out-of-town as well. Your basic question has to do with the market conditions, timing of the market as an investor (REO) and the return on your investment through rent rates. As a member of the CTREIA (Connecticut Real Estate Investors Association) I work with investors as a full-time real estate consultant. In market conditions such as we are currently experiencing, you don't want to base your investment decision on the potential appreciation as this could take years to overcome. As you correctly pointed out, you want to be looking at income potential or cash-flow potential of the property. Having a University nearby or job growth are two things to be aware of when evaluating a market and cash-flow. However, this is also a property you are going to want to live in part of the year and enjoy the views, location, etc. I would recommend two things; first stay open to areas such as West Haven, even though the taxes are higher there are investment opportunities that may out-weigh the taxes. Second, do your own research as well as working with a knowledgeable Realtor-investor who can provide you with market data and information to help you make the right choice for you. I provide my clients with a regular "Market Snapshot" that gives you the active listings, solds, cost comparisons between asking price, sold price and maps the properties with a tremendous amount of detail data for investors, buyers and sellers alike. If you would like to receive this free report without obligation, just email me and I will send it to you right away. You can also visit my website http://www.TimDenboHomes.com for more information on myself, the area and market conditions. I hope this was helpful, please let me know if I can be of any further assistance.
As a native New Yorker I can understand the reasons that you were "Charmed" with Milford. I came here 14 years ago and fell in love with it as well. The water was the reason I move here and never looked back.
I will attempt to answer all your questions in order.
The market in Milford has of course slowed, but is doing reasonably well. In the past 90 days 107 homes have gone on deposit or sold out of 325 Listed.
Rentals-59 have been rented in the same time frame ranging in price from $825 to $2800. 9 were over $2000 and 17 were the higher end of $1500 to !975.
Milford has a cache that West Haven does not share. We also have the beaches that have been written about in New York Magazine and a two page spread in the New York Times Real Estate Section.
We are just 60 miles from NYC. We have many NY'ers who don't want to commute to the Hapmpton's. Easy Metro north commute. Rentals near the water are usually the first to go. There are summer rentals and Academic Rentals. The waterfront is comprised of multi million dollar homes. Many professional have moved here. If you need help finding a shore area home. please feel free to contact me. Carolyn Nisita, William Raveis Real Estate, Milford
Would love to chat. Tania