President Obama is jumping on the real estate rehabbing trend with plans to invest in upgrading New Haven. So, what does this mean for real estate investors and local home buyers?
A part of the new budget includes almost $5 million for renovating and restoring the historic Richard C. Lee Courthouse on Church Street in central New Haven. This is just part of a multi-billion dollar renovation plan for updating government buildings, and while it may be criticized by some it will definitely be welcomed by many locals.
This is actually just a small part of major redevelopment slated for New Haven aimed at transforming and upgrading the city to draw more young professionals. Ultimately this means a big boost for local real estate values and creating a foundation for more sustainable and brisk growth ahead.
Connecticut real estate may have come to the foreclosure party a little late and is certainly still working through a good amount of distressed inventory, but that only means better spreads for investors and being on the fast track to wealth building (while buy and hold investors get to enjoy rapidly rising rents and passive income).
According to data compiler Trulia, a little less than 20% of properties for sale are foreclosure related and asking prices for homes are heading up.
Even though spring is thawing things out and ushering in a new peak home buying season, of course not all real estate investors are ready for the cold. But that doesn’t mean that they can’t benefit from the great opportunities available in the Connecticut real estate market.
Consider choosing turnkey rentals or find out where the rest of the billions in government funding is going as it could help to lift local property values.
