buying in the suburbs now

As an fyi I live during the week in Stamford. Happily to share perspectives with you.

My next purchase will definitely have dirt involved. Good luck in your search.

Now is a horrible time to buy in the burbs. I don't know about CT, but in northern NJ there is hardly any inventory during this time of the year. You will have a better selection in the spring.

I sold in Wilton a couple of years ago. All Fairfield has been hurting. Stamford and Norwalk have less expensive inventory, and I believe that lower-priced houses in that area might have lost less value than the Mc Mansions in Darien, comparably. I am sure that Stamford has higher inventory than Norwalk. I know several people in Norwalk that left for other towns close by because of the school system.

mimi,

I was just in Wilton yesterday, a friend of mine bought a large, 5,000+ sf house there, on a partially dirt road next to a nature preserve. Owned by a relocation company, it was originally $2 million, she got it for just over $1 million. Nice area but kind of remote.

Topper ---- I'm doing this to live near my job during the week. Can no longer stand the commute.
Modern ---- Yes, Wilton is too remote but would work if one of the couple is a homebody and if you need schools.
Stamford/Norwalk work for me because of good train access (and I don't need schools for kids).
More and more is being thrown on the market in those towns. It's a good chance to buy a decent house at a great price. Condos --- you have to watch out because quite a few are heading into real problems because of too many sellers (heading toward or in short sales and foreclosures).

Yes, there will be more inventory in the spring, but this is an unusual era we're experiencing. Hundreds ------ hundreds of new listings are coming on the market in lower Fairfield these days. There is HUGE inventory. And places are moving kind of quickly to short-sales because there are very few buyers.

Modern, I guess I sold at the right time...my house description fits yours.
If I would live in Fairfield, I would never go for a condo (unless Im really old). If you put up with the suburbs, better have a garden to enjoy...
Norwalk has a couple of great restaurants and seems livelier than the other Fairfield towns. I like it more than Stamford, though Ill prefer to live in Rowayton, a kind of magical place compared to other towns there.

Yes, Rowayton (part of Norwalk) is wonderful. Stamford is pretty darn good for lots of reasons ----- great train connection, oodles of good restaurants, easy and good shopping. Norwalk has Sono (South Norwalk) which is funky and nice and has good restaurants. Norwalk is also appreciably less expensive than Stamford.

I moved up to Stamford as that was where my job was - long commutes are really tough.

That said, I do rent a weekend place in the city.

I live in a condo built on a marina down by the water. There are a good number of these and they can be quite delightful - particularly in the summer.

If you're looking for a full house, I think North Stamford (above the Merritt) is very nice. Lots of woods and acreage. But prices are quite reasonable.

Don't think Stamford schools are super but that doesn't seem to be an issue for you.

Don't forget Norwalk has the original Stew Leonard's, The world's largest dairy store!
Seriously, I used to love going there as a kid. Both my parents grew up in Norwalk. They've had a Trader Joe's for years. A big negative with Norwalk is that you have to pretty much drive everywhere. Not sure if it is like that in Stamford, maybe not the downtown area.

FYI, if you move to Wilton, do not go to Dr. Sachs, the dentist located on Route 7. He does not like to use gloves, is sadistic, and his equipment is like 40 years old. The horror...the horror...I'll never forgive my mother for making me go there.

"Now is a horrible time to buy in the burbs. I don't know about CT, but in northern NJ there is hardly any inventory during this time of the year. You will have a better selection in the spring."

This is the same genius who said there was no real estate decline in Jersey.

Ignore him.

I'm sure there's some finance people in Fairfield County just dying to offload their huge houses at great deals. Is Geithner's place still available? Although, that was in Chappaqua or somewhere near there I believe.

larchmont...but what's the difference, right? fairfield, chappaqua, larchmont, all the same to you.

It seems there is a ton on the market up in CT and a lot of denial. Sounds like somewhere else I know.

Poorishlady why do you think there will be so much more inventory in the spring?

Modern any idea how to find out about short sales up there?

I didn't say so much more ---- i just said more. The reason I think so is that all the people who lost their jobs and commuted from single family houses or condos in Fairfield are now at the point where they HAVE to sell. And more and more is coming on the market all the time, and this will continue for a while because those folks aren't finding new jobs or new ways to pay their overdue mortgages.
Regarding short sales ------- if you read the listings on sites like Raveis or William Pitt, you will note that MANY desirable properties are short sales and clearly listed as such, and also some are foreclosures but you don't find out until the listing broker tells you.
Raveis site is good because it shows days on the market and various price drops .......
There are some good properties that are at rock-bottom prices ..........er, maybe not rock-bottom, but so damned low that it's stunning. And there are very few buyers.
This is definitely the time to grab a small house as an investment or a gift for your kid ... or just to expand a small portfolio.
I'm talking about single family houses. Condos are a problem because the banks don't want to finance them and you'll notice when you scan the realtors' sites that some condo complexes have tons, tons, tons on the market ----- so no bank will finance a purchase of them (well, my banker told me this too). And it's obvious just from looking at the listings ......
(Want to live in the Stamford condo where Joe Lieberman lives? There's a 2 bedroom 2 bath unit in that building going for 320K. Full service building with excellent security. I'm not interested in condos or having Joe as a neighbor, but .......... someone might be.)

I would really like to see interest rates rise to really cream the market.

But they're not going to go up appreciably any time soon, are they?
I just want to live close to work so I can avoid hell commute. Is that too much to ask?

What is soon? Perhaps that they have no where to go but up is enough for me. However, at least in the burbs you can have a long horizon over which to care less about appreciation and over which to realize the accumulated benefit of a lower interest rate. My early take is its a better relationship out there to renting...or you at least can find something less expensive that can suit a family for life.

Rhino, please don't punch poorishlady.

Plz + hfs.

poorishlady - I lived in Rowayton for 15 months, and would be happy to discuss what moving from NYC to CT meant to our family (hint: we moved back). Not sure everyone needs to hear about it - want to discuss off site?
Tina
(Brooklyn broker)

Yields to Rise as Fed Ends Buybacks, Pond of Barclays Says
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By Scarlet Fu and Dave Liedtka

Dec. 24 (Bloomberg) -- Treasury yields will increase in 2010 as the Federal Reserve ends purchases of mortgage and agency securities, according to said Michael Pond, an interest- rate strategist in New York at Barclays Plc.

The yield on the benchmark 10-year Treasury note may climb to 4.5 percent from 3.74 percent today, Pond said in an interview on Bloomberg Television.

Demand at next week’s auctions of $118 billion in 2-, 5- and 7-year notes may be bolstered by the increase in yields the past three days, Pond said. There should be plenty of demand for the two-year notes with the Fed forecast to keep borrowing rates unchanged into next year, while the seven-year sale may be more difficult since the Fed is no longer buying Treasuries, Pond said.

Last Updated: December 24, 2009 07:04 EST

Rhino good job with the cut and paste.
Today we'll be showing you how to color within the lines.

columbiacounty, can you come by and tell Rhino to f off like you do to our other friend?

Tina ------ I hear you and I understand, but I work in Stamford/Norwalk and I can't stand the bleeping commute!! And I am a sole occupant in that my son is off in college and my spouse is now my former spouse. I do have a dog.
Yes, living in lower Fairfield is not preferable unless you work right there ----
So that's what I'm in the process of doing.
Guess what? I may end up buying a foreclosure --- not that I'm shopping for one but quite a few props on the market now are "bank owned."
I'm a knee-jerk liberal from way back. How morally dubious is it for me to buy a foreclosure? Or is it OK?

Of course, Manhattan is a no brainer for singles, couples w/o kids, and divorces. The only interesting part of the debate in my view is the 12 years while your kids are in grade school and high school.

The nice thing is, Rhino, you don't have to make any decisions yet. And your kid/s could test into Hunter/G&T/etc. or you could find yourself willing & able to pay priv. sch. tuition. So relax, and enjoy Manhattan for now.

That's excellent advice! Merry Christmas. We're also in PS 6. We'll see. I am already feeling a little cramped. Baby received many birthday gifts. We may do a summer rental in Rowayton just to feel it out.

Exactly. Happy holidays. You will know when you've had enough of the city (maybe that's never).

Word of advice: suburbs are generally much more pleasant in the summer - may not be reflective of the winter experience. I much prefer the city in the fall/winter/spring. Would love to take off for the summer to a beach town.

Well I mean the easiest/hardest answer is to have both. My main concern is getting my child used to the city from K to 5 and then needing to leave. There is something appealing about putting her in K somewhere and not looking back. A pied a terre is more sensible in my view (from the right purchase entry) than private school tuition. This assumes, however, a six figure income. With a seven figure income, the $35k is "only" 6% of your after-tax. But I think you are right. So much can change over the next three years. Its really a no brainer to be here in Manhattan with the one child.

I've got my primary residence in Manhattan. So I'm shopping for a second home -- a small house in Stamford or Norwalk or anyplace thereabouts close to a Metronorth station. Then I can stay out in the 'burbs during the week and not do hell-commute. (My son graduated from Friends Seminary so I'm happily done with all the school decisions .........)
I've found some bank owned houses that might work. Foreclosures!!! What's the downside of buying a foreclosure? Bad karma? And? I'm not particularly looking for a bank-owned place, but they're jumping out at me as great deals.
Please help me here; I need Foreclosures for dummies advice.

Are the banks really offering these foreclosures at amazing prices? I've never quite understood.

Poorish, darling, love your moniker. Best of luck with your search; I certainly understand the horrors of a commute but try to proceed with due deliberation so that you find the best new situation for yourself. I don't think that there is anything morally dubious about buying a foreclosure. You've had nothing to do with this current financial debacle, presumably, nor with the unfortunate situation that these sellers find themselves in, so look at it as a blessing from the universe & proceed. Best of luck to you & have glorious holidays.

Thank you, Dr. Dread! A kiss and a hug for you. Rhino, I don't know. I think it's just that ............ there's a glut on the market and there are no buyers .......
I think Dr. Dread is possibly right ------ I'm just in a lucky situation at the moment. I'm trying to make sure I'm not just a poor sap and so I'm researching carefully before I pull the proverbial trigger ....

Let me know if you find any good sources for foreclosures up there.