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Market Conditions in Stamford : Real Estate Advice

  • All216
  • Local Info29
  • Home Buying63
  • Home Selling8
  • Market Conditions7

Activity 15
Sun Sep 21, 2014
jstrausppa answered:
First Republic
Bankwell
NCB Bank
First County
Sometimes Chase
0 votes 7 answers Share Flag
Mon Jan 6, 2014
Laura Feghali answered:
Hi,
The link you've provided is for a rental community called The Lockworks in Stamford but you give us an address in Stratford on your title. It's a bit confusing as the other agents stated. Perhaps you could give us more information?

Thank you,

Laura Feghali
Berkshire Hatahaway HomeServices New England Properties
E-mail: laurafeghali@bhhsne.com
... more
0 votes 3 answers Share Flag
Mon Dec 2, 2013
Kim Benedict answered:
Thu Oct 17, 2013
watersbusiness answered:
$150 - $200 per sq. ft., calculated on a "Gross" basis over the above grade, heated, livable area of the dwelling. As the Stamford, CT area is a high cost of living area, you are probably looking at $200 psf for a "higher" quality, stick-built home. ... more
0 votes 3 answers Share Flag
Sat Oct 12, 2013
Kim Benedict answered:
Mary Ann, there are three places that may work for you, and two of them on Harbor Dr. If you'd like to see them please let me know and I would be more than happy to show you and help you in finding the perfect home for you in your price range.

Let me know if you'd like my help, and good luck in you home search!

Kim Benedict
Higgins Group
27 Strawberry Hill
Stamford Ct
C: 203.517.5323
Referrals are always welcome
... more
0 votes 2 answers Share Flag
Tue Oct 1, 2013
Judith "Judy" Hendrickson answered:
Below is the Sale Price Average of multil-families by year in Stamford according to the CT-MLS. Please note this is the average and doesn't account for home improvements. The average sales price has started to rise, but overall the price of multifamilies in Stamford has decreased in the last 13 years. Many of the current multi-family sales were not updated and some were short sales or foreclosures. This accounts for the price drop.



2003 $479,824

2004 $551,148

2005 $607,391

2006 $640,267

2007 $689,960

2008 $510,781

2009 $367,426

2010 $331,438

2011 $313,493

2012 $339,813

2013 $389,763

If you are considering selling a multi-family, make sure you have current financial information for the rentals.
... more
0 votes 2 answers Share Flag
Tue Oct 1, 2013
Samuel Gabe answered:
Over the last 10 years, according to Zillow, the Connecticut Single-Family Median Sale price gained 7.7% Y-o-Y, while Stamford gained 0.9% Y-o-Y and Zip Code 06902 gained 2.6% Y-o-Y. Hope it helps.

Best regards!
Sam
----------------------
Samuel Gabe
Licensed REALTOR
Halstead Property
t: 203.656.6518 | c: 203.856.8399
sgabe@halstead.com I halstead.com
... more
0 votes 5 answers Share Flag
Wed Jul 24, 2013
Melodye Colucci answered:
Hi Wkne,
Although I don't have a crystal ball (I have to preface with this because of what we just went through), I only see things continuing to grow and prosper in Stamford (I was born and raised here so I have been through F.D. Rich, Frank Mercede etc.). Nobody knows what the future holds but with the news we have already which I will elaborate on and the evidence we have already seen, all signs lead to a bustling Stamford in the years to come, in a sense a mini NYC is what it is turning into. I don't see a slow down/slump at all.

Recent news about Bridgewater consolidating its offices and moving to Stamford has created a lot of buzz. I recently sold two units for this reason alone. This will bring thousands of employees to Stamford that are currently working in Westport, Wilton . . . These folks will want to go out after work and socialize so the restaurants that are already present downtown and the south end will only prosper even more. They will also need to shop as well.

Virtually every young person I rent to wants to live close to downtown or a short cab ride to downtown for their weekend night out. I have not seen a trend like this in years, many even relocating from the NYC area because you get more for your buck. There have been well over 2,000 rentals done within the past few years in the south end. I think those numbers speak volumes.

When BLT starts to build the units for sale along the water that will be the indicator whether or not folks are willing to pay a premium to live in the downtown area (sadly we all saw what happened with Trump and High Grove). I believe those units will sell because of the shift we are going through now. The timing has to be right.

I do both commercial and residential and recently placed a business in the Fairway Market area, the commercial sites seem to be renting at a very good pace.

I don't see as much "revitalization" going on in the West Side yet, yes there are a few new(er) developments but its time will come.

Regarding the East Side, there are a few new(er) buildings and I personally think that this area is next for a "revitalization".

I hope I was able to answer your question, unfortunately I couldn't cast too many negatives on what is currently going on to play devils advocate because I personally don't see the negatives at this moment.

All the best,
Melodye Colucci, Realtor
William Raveis Real Estate
203.667.8077
http://www.stamfordarearealestate.com
... more
2 votes 4 answers Share Flag
Wed Jun 8, 2011
Judith "Judy" Hendrickson answered:
Great questions on the effect of building more condos in Stsmford. Due to tightened lending rules, it appears that many people will rent instead of buying in the near future. Affordable condos may be attractive for first time home buyers as long as common charges stay low (more buying power). A glut of condos can drive down the values. There is a need for mid range condos (300-500,000) for those professionals commuting to NYC or new executives in the Stamford area. These professionals want newer upscale homes. Several new developments haven't sold quickly, which may mean lower priced condos are warranted. The renaissance of downtown Stamford has been very effective. It's a great city to walk around and try new restaurants, catch a movie, and go shopping. As long as the taxes stay low, resell values should appreciate over the long term. ... more
0 votes 2 answers Share Flag
Tue May 17, 2011
Candace Lipira answered:
Good morning. You wrote "My main concerns are about the ability to easily get tenants and the amount of rent vs cost."
Lot's of info has been shared below and should be considered. I have been working with buyers who have this specific question. When looking, your agent and you should do some due diligence about the complex first, before presenting an offer. Some things need to be considered. Just so you know, many listing agents will not have this information when asked. If paying cash, at first glance these may not be important, but if applying for a mortgage, they become essential. Also, they are important for future resale. Condo complexes need to be compliant with Fannie Mae guidelines for a mortgage.
Complex needs:
* 50% or more owner occupied
* No owner with over 10% ownership
* Less than 25% commercial space
* 10% or more of the annual budget goes into reserves
* Less than 15% of the units past due on common charges
* No litigation against the association, with the exception of a
slip and fall that is being covered by insurance.
* Not new = 90%+ pre-sale and turned over to the unit owners for
at least 1 year
* Adequate insurance coverage on the master policy

Ask your agent to find out the name of the management company since they will be able to answer these questions before time and monies are spent.
Your agent should gather comps for you concerning going rents and days on market for both ranch and townhouse style. Once you receive all this information, estimate expenses, you will be able to calculate what your NOI is.
One thing to consider as well in doing your numbers is vacancy time. You should at least expect 1 month vacant for turn around time and any repairs that may need to be done before next tenant occupies.

In 3 years time, no one knows what the rental market will be like, but based on present market conditions and future expectations, rentals are going to be in demand.
Also, check to see if any complexes are considering any restrictions with respect to renting units.
So with all info below, which I tried not to repeat, you should be well on your way to making the best informed decision for you. There are many factors to consider. If you have any thoughts feel free to share them with me. One more thing, check to see if complex has had any recent renovations and whether they anticipate any future assessments.

Good Luck,

Candace Lipira
Keller Williams Platinum Properties
203-856-8501
candylipira@optonline.net
CT Lic
... more
0 votes 9 answers Share Flag
Tue Feb 22, 2011
Ellen Christian answered:
Are you talking about average or median sales? Single Family or Condo? If you want a comparison of apples to apples I have the information but need more specifics from you to give you a true idea of market condition. ... more
0 votes 2 answers Share Flag
Tue Mar 30, 2010
Hannelore Kaplan answered:
Amsquire,
There are so many great options for investment properties.
Darien, New Canaan & Greenwich will yield higher rent.
The purchase price is higher.
Norwalk & Stamford have more inventory in a wide price range for sale.
Please call me to discuss.
Hannelore Kaplan
203-653-6619
kaplanh@raveisre.com
... more
0 votes 4 answers Share Flag
Mon Nov 23, 2009
David Campana answered:
Hi Agnes,

Len is mostly right but as FHA took away the spot approval they also relaxed the right of first refusal, now you can have it as long as it does not contain any discriminatory clauses but the broad does have to go through the process and get the whole complex approved.With my listing I have found that most boards do want to do this because of personal beliefs and mis information and are leaving people who want to sell with only half the market to sell to.Most of these compexes will fill up with rentals not a good situation. ... more
0 votes 9 answers Share Flag
Fri Jul 3, 2009
Charles Nedder answered:
Hello,
Having recently sold four Stamford One Bedroom condominiums with 700-900 sqft, I can say that the average buyer paid $225,000. Each of these properties were resales and not new construction. Each property had minimal improvements. There are excellent values in the condo market...it continues to be a great time to buy and invest in Stamford CT Real Estate.
Charlie Nedder Realtor
Weichert Capital Properties
Stamford CT Real Estate
203-524-4303
WWW.CNEDDER.COM
... more
0 votes 3 answers Share Flag
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