Is the Connecticut market over Saturated for investing ?

Question

I am currently looking to get back into investing in RE in the Connecticut market. I currently live in the tri state. All and any advise is welcome thank you ahead of time

William Collins · Answer

@Steven Mercado

Connecticut is still a great place to invest, but you need to be careful where you place your money. There are a lot of old Mill towns with multi families available duplexes, triplexes, quadraplexes and some smaller multi-units up to 12. There's a lack of 25 through 50-unit properties, especially in towns that you would like to invest in the state. It's also hard to do development work to bring new units onto the market. The market is still great for house hacking. it has some limited markets for short-term rental. the towns that I invested our Bristol, Manchester, Wallingford, Berlin, and Collinsville. Some folks have some luck investing in New Britain and Meriden is well. There is a cost of overhead of doing business in those towns. I personally do not invest in Hartford as the taxes and education base is limited.

There are investment property potential near the following colleges UConn, Central Connecticut , Yale, Wesleyan Quinnipiac, Fairfield University, and Eastern University.

The BiggerPockets rent estimator is relatively accurate for the full state so you can get a general sense of what rent would be in specific towns. There is some variability in the different neighborhoods.

The best towns to do a house hack in my opinion are West Hartford, Newington, Glastonbury Rocky Hill, And generally any good Suburban town outside of the working markets.

Primary employers are clustered along routes 91 and 84 and the Merritt Parkway. The Northeast and northwest corners of the state are both economically not working markets. They're more Rural and nature and don't have large employers.

Robin Simon · Answer

I don't think its oversaturated at all, we see a ton of great deals from Connecticut and it hasn't really slowed down. Great market for duplexes and triplexes which are pretty common and well-priced there

Gaetano Ciambriello · Answer

@Steven Mercado This is a very broad question. What markets specifically in CT are you looking at? I think there is a lot of opportunity in CT. I personally invest in Fairfield County and know others in New Haven and New London that do very well!

Nick Hebert · Answer

Connecticut is one of the most densely populated states. Go on Zillow and check the Overview of "days listed", the number of contacts, and number of applications. These data points should give you a sense of the demand. I think that the demand is high for units under $2400/mo considering the school year kicked off a month ago. But deff come to your own conclusion.

Matthew Irvine · Answer

I invest heavily in the northwest of Connecticut. There are still a lot of opportunities to buy cash flow in the old mill towns, but there is significant risks involved if you are not familiar with the ins and outs of each town. In terms of stable and appreciating markets of Connecticut, they are much more competitive and unless you build out some solid direct marketing, I feel they are overpriced currently.

Patrick Drury · Answer

@Steven MercadoIf you're not able to invest locally or are not able to get the returns, you are looking for you should invest out of state in Columbus, OH. It's a great place to start looking in the Midwest. It's a nice balance of cash flow and appreciation. Also, it has lots of job opportunities and population growth.

Is the Connecticut market over Saturated for investing ?

Is the Connecticut market over Saturated for investing ?

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