There is one market that still seems to be red hot in New Haven these days. It is the small multifamily houses that are spread out among the Newhallville, Fair Haven, and Hill Neighborhoods. They are mostly lender owned and as-is types of sales. Here is an example of a recent property on the market
32 Sheffield Ave, New Haven - 3 Family - Listed 7/21/09 for $69,900
I looked at this property and it was typical of a bank owned property- vacant, needs rehab and a mess. 2 days after this property listed I was told there were 38 offers on this property. What other type of property gets 38 offers in 2 days in this market??? Why does a property like this get so many offers? Here is what I think:
1. It is cheap
2. It is close to the development that is going on in Science Park and investors are speculating that this neighborhood will change in the future
3. Investors still have money and know that someday the market will be back and these houses could once again sell for $300,000 like they did in 2005.
Leave a Reply