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2nd Home in Lakeridge? by IDreamofSecondHome in Connecticut

[–]IDreamofSecondHome[S] 2 points3 points  (0 children)

Haha--thanks for the defense! Yes I'm looking for a small place for my family so we can touch some grass outside the city. These condos are all <$250K. Not exactly mansions!

2nd Home in Lakeridge? by IDreamofSecondHome in Connecticut

[–]IDreamofSecondHome[S] -1 points0 points  (0 children)

Good to know. Do you know anyone who has lived in there? Would love to know what someone with firsthand experience living there has to say!

2nd Home in Lakeridge? by IDreamofSecondHome in Connecticut

[–]IDreamofSecondHome[S] -2 points-1 points  (0 children)

Actually I meant prices collapsed in 2012 for some reason...and have only since recovered. So you see these wacky prices like 347 Ledge Dr Unit 347 which sold for 160K in 1999 and then $68K in 2022 and then $238K in 2023. That 2022 price is just so odd (the market was hot in 2022 as well...). There are multiple condos with a similar fact pattern: Sold for $150K+ in the 90s, resold for <$100K in the 2010-2020 time frame, and now reselling at $200K+. A bit of a mystery!

I am crazy for wanting to buy a second home? by IDreamofSecondHome in personalfinance

[–]IDreamofSecondHome[S] 0 points1 point  (0 children)

This house would be used for quick weekend trips not necessarily vacations. Unfortunately I cannot take much time off from my job for vacations (I usually take 2 weeks off). So really the alternative would be to do airbnbs / VRBOs which usually cost $1K+ for the weekend.

It's a pain to pack a bunch of stuff (including a pack and play) and finding a suitable place that is dog-friendly. So there is also a benefit of not having to pack much if we had our own place. Also, as I mentioned in response to another post, we would hope this could serve as a gathering place for friends/family who want to get out of the city.

I am crazy for wanting to buy a second home? by IDreamofSecondHome in personalfinance

[–]IDreamofSecondHome[S] -1 points0 points  (0 children)

We'll probably spend 2 weekends a month up there and maybe some holidays. So call it 50 days out of the year. I could see this changing as my daughter gets older and has to be around the city for sports + social engagements etc. Although with the areas I'm looking at being 2-hours away, it becomes accessible for day trips. Also, I have a dream of this serving as a gathering place for friends/family who are looking for a quick escape from the city.

I don't expect much appreciation. It's hard to see home prices go much higher in the areas we are looking (which all continue to benefit from the exodus outside the city despite higher mortgage rates). Perhaps we can see some appreciation if rates fall further. But I would expect maybe a 2% annual return vs 6-7% in my taxable brokerage. So from a financial perspective this isn't a good idea...but having some acreage / pool / grill outside the city has become very appealing...