I am living in NY and I would like to invest in multifamily properties in the Hartford, CT market.
I would appreciate feedback from any investors about the Hartford market, operational and other logistical challenges etc., given that I'm living in NY.
welcome to BP @Ravi R.
Feel free to contact me with any specific questions you have about the Hartford area markets.
Glad to hear from you that you are going to invest in Multifamily properties. I am not aware about the area and market of New York. So I will just gave some of my suggestion.
When you are going to invest in any type of property, firstly make sure, the area, in you are going to invest, have the chances to increase your value or not. If there is a little bit chances of developing then invest there and if not then dont invest. Or according to my experience, if you invest in fully developed areas then you cant get more fruits.
So first of all analyze the area and then make a decision.
I am sure, you are on the right place here and you will get more valuable suggestions.
@Ravi R. leads. You might want to go to one of those to learn more about the market.
Welcome, @Ravi R. said regarding the Central CT meetup. There's a good crew that meets there.
Hartford, as with most cities, is quite varied. So you really need to spend some time learning the neighborhoods from someone who knows it intimately. It can change pretty markedly within a few streets. That's about the extent of my knowledge, so reach out to those central CT investors!
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Welcome to the site @Ravi R. ! I'll echo what other have said in that it's difficult to answer your question without knowing more about what you're looking for. Feel free to reach out anytime, I'd be happy to help in any way. Good luck.
Hi Ravi - while it'd be helpful to know more, like the others have said, I can tell you a bit about the downtown housing market and if you're looking for something in the greater Hartford, you'll have to give us more detail :) The downtown residential market is at 98% occupied and there's a lot of activity which suggests positive growth and more bodies on the street between the new public transportation system, two university moves into the central business district, the development of Downtown North with the new baseball team...the Yard Goats...please don't hold that against us, and a lot more residential units coming online in the next year - which is actually a positive for those people considering investing in residential because in urban environments like Hartford, residential markets follow an odd trend where the greater the supply of housing, the more greater the demand. So, the downtown Hartford is a desirable investment opportunity however the inventory is limited and taxes are quite high.
I'll have to look at this meetup group - I was hoping there'd be something like that.
Good reply @Stephanie Cabral , Hartford is starting to put some of the pieces together to make the city more desirable. Personally, I feel they just need to bring more jobs to downtown Hartford to make everything work. The entire office park that makes up Constitution Plaza has A LOT of open office space as well as the rest of the city. I don't have the answers for how to fix that but I suspect it has a lot to do with cost of doing business, at least that is what I keep hearing over and over. More jobs in Hartford would benefit the city as well as the surrounding communities!
BTW, I know UCONN is building out the old Hartford Times into a campus but what is the 2nd university that is moving into downtown?
@Ravi R. to answer your investment question, a few people I have talked to are scooping up multifamilies on the cheap, fixing them up, renting them out and after a few months selling them as income producing properties. Or selling them to people who qualify for the Hartford Homeownership Incentive Program.
@Kris Lippi - Trinity just bought a building downtown too. University of Hartford is also looking around for about 9000sf of office but I don't know where they'll end up. It may be closer to campus.
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