SALES OF SINGLE FAMILY HOUSES IN CONNECTICUT DROPPED IN OCTOBER COMPARED TO OCTOBER, 2007, WERE DOWN 17% AND THE AVERAGE PRICE OF SINGLE FAMILY HOUSE DROPPED ABOUT 10%.
IN NEW LONDON COUNTY, CONNECTICUT (WHERE THE MOHEGAN SUN IS LOCATED) SINGLE FAMILY HOUSE SALES DROPPED ABOUT 15% AND THE AVERAGE PRICES DROPPED ABOUT 11% IN OCTOBER, 2008 COMPARED TO OCTOBER, 2007. THIS OCTOBER, THE MEDIUM PRICE OF SINGLE FAMILY HOUSE WAS $235,000.00 FOR A DROP OF ABOUT $25,000.00. CONDOMINIUMS COMPARING OCTOBER, 2008 WITH OCTOBER, 2007, WERE 50% OFF IN SALES AND AN AVERAGE PRICE OF $174,000.00.
IN NORTHEASTERN (WINDHAM COUNTY) CONNECTICUT, HAD A DECREASE IN SALES OF 12.8%, COMPARING OCTOBER, 2008, AND OCTOBER, 2007. THE AVERAGE PRICE OF A SINGLE FAMILY DWELLING DROPPED FROM $219,000.00 TO $191,000.00.
STATEWIDE IN CONNECTICUT, THE MEDIAN PRICE OF A SINGLE FAMILY DWELLING WAS $250,000.00, WHICH IS DOWN ABOUT $30,000.00 LESS THAN A YEAR AGO COMPARING OCTOBER,2008 WITH OCTOBER, 2007. ON THE CONDOMINIUM AREA THE STATEWIDE AVERAGE PRICE WAS $190,000.00, DOWN ABOUT $22,000.00.
WHILE MASSACHUSETTS AND RHODE ISLAND ,(FOR THE YEAR SHOWED GAINS IN THE SALES OF SINGLE FAMILY HOUSES AND CONDOMINIUMS), CONNECTICUT SO FAR THIS YEAR IS DOWN IN SALES OF CONDOMINIUMS OF ABOUT A THIRD (33%) AND SINGLE FAMILY HOME SALES DOWN ABOUT ONE FOURTH (25%) COMPARED TO THE YEAR BEFORE.
FIRST, THIS MIGHT BE A GOOD TIME FOR MY READERS TO BUY A HOME OR CONDOMINIUM. SECOND, THIS MIGHT BE A GOOD PLACE FOR LARGE COMPANIES TO INVEST IN THE LOCAL ECONOMY. THIRD, WHERE ARE GAMBLERS GOING TO GET THE MONEY TO GAMBLE?
HOW ARE COMPANIES THAT DEPEND ON THESE SALES GOING TO SURVIVE? WHAT WILL THIS DO TO CONSUMERS CONFIDENCE IN THE AREA? HOW DOES THIS EFFECT THE MOHEGAN SUN? WHAT DO YOU THINK?
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