Shelton enjoying real estate boom
SHELTON – A small town feel with all the advantages of a big city – combined with the lowest tax rates – made Shelton one of the best places to live in the state over the past year.
CBRE, a Dallas-based commercial real estate services and investment firm, recently released its analysis of address change notifications filed with the U.S. Postal Service, which found Connecticut received a greater percentage of newcomers in 2020 than Long Island and New Island Yorkers Towns and villages in the lower Hudson River Valley.
Lower Fairfield County landed eight of the top 10 slots – one of which is owned by Shelton – for net winnings on newcomers in 2020 in New York and Connecticut, according to CBRE data.
So why Shelton?
“The price is right,” said Ben McGorty, a 122nd ward state official and real estate agent. “Houses are cheaper and taxes are lower.”
According to Julie Blakeman, a real estate agent at Carey and Guarrera Real Estate, Shelton attracts newcomers because it’s a town with a more urban feel.
In the first four months of 2020, Carey and Guarrera Real Estate achieved 71 sales for a sales volume of $ 18,450,000. Patrick Carey of the company said his company had 131 sales for the first four months of this year, with a sales volume of $ 52,500,000. Those numbers include Shelton as well as other communities, Carey said.
“People looking for a new home find the city attractive because it has something to offer everyone,” said Blakeman.
“The draw is that one minute you can be in a company park and the next you can be on a secluded, beautiful hiking trail,” added Blakeman. “I was told they like the feeling of living in the forest but being close to the freeway and grocery stores.”
Virginia Harger, chair of the planning and zoning commission, said what immediately comes to mind when talking about Shelton’s draw is the city’s property tax rate.
“An affordable and stable tax rate makes our city very attractive to those who have suggestions for new development and business opportunities, which will further strengthen and expand our tax base,” she said.
Harger attributed the tax rate – now at 22.42 million – to Mayor Mark Lauretti’s oversight of city spending during his tenure, which spanned the past three decades.
“(Lauretti) expects tax dollars to be spent appropriately, wisely and efficiently,” said Harger.
Blakeman also praised Lauretti for “keeping its taxes low and the community for giving the city a reputation as a” small town with a big heart. “
Lauretti has stated that no other municipality offers such annual tax rate stability.
“Shelton is the best affordable city in Connecticut,” said Lauretti. “We have been consistent and predictable over the past 25 years. People and businesses have become interested in Shelton for these reasons. These are just facts.
“We have spent our money wisely and have grown in all areas of the city administration – and that has resulted in an affordable, safe and high quality of life,” said Lauretti. “Companies want to come here. The residents want to come here. This has led to continued growth in the city. “
CBRE data shows that Shelton had 3,531 moves in 2020 compared to 3,090 moves out of a net positive of 441 in a city of 42,000. Those numbers were far better than 2019 when there were 3,215 moves in with 3,047 moves.
Carey, who has been in the real estate business for nearly 40 years, described this as a “one-of-a-kind market”.
“Everything has been aligned to create this market – low (credit) interest rates, lowest I can remember; Low taxes that are consistently low here and COVID that no one could ever consider – and Shelton is undoubtedly benefiting … Shelton is booming, “said Carey.
Carey said his company sold Shelton homes to people in New York City and to people in neighboring communities like Trumbull. The reason, he says, is that while Shelton is in Fairfield County, it’s in a cheaper part of Fairfield County.
The city is close to all major highways, has numerous restaurants and retail stores, and brings stability to the tax rate, he said.
“Shelton is only attractive to buyers,” said Carey.
Carey said today’s real estate market is unprecedented. Sellers receive offers, in some cases, only one day after the home goes on sale. In many cases, he has watched a buyer offer $ 20,000 to $ 50,000 above the price, he said.
Carey recalled an open house recently held at a house in Hawk’s Ridge Settlement. He said the couple and their two children were from the Bronx, New York, and after touring the residence they immediately said they would buy it.
“You were ready to move here. Why? The taxes and they wanted out of the Bronx, they wanted out of (New York) City, ”said Carey.
McGorty said Shelton offers everything residents need and getting into town is “doable for the value”.
Blakeman said people moving to Shelton find it convenient between two major cities, New Haven and Bridgeport.
“Shelton also offers housing options in different parts of the city. a variety of grocery stores, restaurants, and retailers for buyers and job seekers; public and private school opportunities; and various leisure activities for all age groups, ”said Harger.
“Shelton’s location is also an attractive feature,” said the Chairman of the P&Z Committee, “as we are no more than 15 minutes from Bridgeport, 30 minutes from New Haven, 60 minutes from Hartford (and) 90 minutes from New York and Rhode Island are away. ” . ”
McGorty said he has sold homes to people in North Carolina and New Hampshire, as well as the Bronx, Brooklyn, Queens and upstate New York. He said those coming from NYC left for “security” as crime continues to escalate in their neighborhood.
On the other hand, while the market is flooded with buyers, there is little inventory. This has forced McGorty not only to call homeowners, but also to knock on doors looking for the next potential seller.
Potential buyers are bidding between $ 30,000 and $ 100,000 more than the asking price, McGorty said. He said on one case he had buyers offering $ 55,000 more than asking price, cash, and closing in 15 days – and they still didn’t get the house.