The following snapshot is from Trulia, and is their assessment of the real estate market in Milford. Recently Chris Dodd met with the big mortgage lenders on the national foreclosure fiasco and it is important to note that 86% of all mortgages are "performing" or in other words listed as current. Trulias statistics as compare to that of the Senate Banking Committee hearing would indicate that 14% of all Real Estate loans are in Default. If Trulias figures are accurate that would put Milford at a 5% disadvantage compared to the national statistic. Trulia had this to say about Milford this month:
"Average price per square foot for Milford CT was $211, a decrease of 52% compared to the same period last year. The median sales price for homes in Milford CT for Aug 10 to Oct 10 was $273,000 based on 77 home sales. Compared to the same period one year ago, the median home sales price increased 5%, or $13,000, and the number of home sales decreased 39.8%. There are currently 468 resale and new homes in Milford on Trulia, including 1 open house, as well as 92 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Milford CT was $382,692 for the week ending Nov 17, which represents a decrease of 1.1%, or $4,075, compared to the prior week. Popular neighborhoods in Milford include Post Road North with average listing prices of $292,675 and $382,692."
From www.trulia.com "Average price per square foot for Milford CT was $217, an increase of 10.2% compared to the same period last year. The median sales price for homes in Milford CT for Feb 10 to Apr 10 was $265,000 based on 58 home sales. Compared to the same period one year ago, the median home sales price increased 0.6%, or $1,500, and the number of home sales decreased 35.6%.
There are currently 489 resale and new homes in Milford on Trulia, including 51 open houses, as well as 112 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Milford CT was $424,142 for the week ending May 05, which represents a decrease of 0.3%, or $1,439, compared to the prior week. Popular neighborhoods in Milford include Post Road North and Milford's North End, with average listing prices of $334,914 and $424,142."
This years budget deliberations will begin in earnest and with the voice of the people of Milford who will own up to it and fund the city. City hall was attended by a great deal of city employees last Thursday night. Teachers who are in fear of losing their jobs were all dressed in pink as a show of solidarity and in unison voiced their plea to keep their jobs this year.
Some members of the community, myself included attended the gathering and voiced our opinions at the podium. There was much criticism of the wasteful spending by the Republican administration that has contributed to the job insecurity that our teachers are experiencing.
Aggregate to this years budget woes many people in government and education have automatic raises built in to their contracts. Each year they have the option to forgo those minimal raises to save the jobs of their newer co-workers who have not yet been afforded the protection that tenured teachers enjoy. In essence the raises of the senior teachers and city employees are what dictates the increase in the cost of education. Additionally Health insurance and benefits have also increased contributing to local economic instability.
During these "Great Recessionary times" most newer city employees are fearful of losing their jobs, and many in Milford living on the edge are afraid they will not be able to afford their property taxes in the years to come. The stage is being set for tax increases that will further strain the limited disposable income that is available to Milford's homeowners.
Senator Gayle Slossberg, in a telephone interview made it clear that the state of Connecticut is in "Dire Straits" and that "little to no help" can be expected from Hartford. She said "Milford will have to make do like the rest of the towns in CT who are in the same position... Hartford is looking to get its budget balanced to avoid its own consequences." Gayle did not know how long this recession was going to last, but was optimistic in Milford's ability in being able to solve its own interim problems until she is able to procure more funding from the state.
The event was well attended by the local press, the chairman of all three local political parties were represented and now the time begins to start the difficult process of saving jobs, and keeping property taxes from getting out of control.
The ultimate solution to this ongoing budget saga, according to acting School Superintendent Michael Cummings may be to "revive the idea originally initiated by former Superintendent Firn to merge the two high schools in Milford."
Currently the Milford School system needs $100,000,000.00 in repairs and upgrades, compared to the city abandoning its costliest middle schools in favor of the larger High Schools. Many feel that building a new unified "Green" High School is the answer. The cost of merging the two schools is apx. $60,000,000.00 to the city of Milford. This cost will also accompany an estimated $40,000,000.00 from the state of Connecticut when those funds become available.
The new High School is being looked at with the Burnt Plains lot in mind as the city recently purchased that land. The site is in the vicinity of the YMCA and Platt Tech in Milford.
While this years budget battle is void of any meaningful solutions or good outcomes, the loss of money due to the cruelty of inflation a bad economy and a stagnant grand list is taking its toll on the city.
The emerging consensus is that wisest move is to take a "Long Term" view and begin the difficult process of streamlining education costs on the infrastructure side. The savings potential from a well designed school system will eventually result in higher property values, hence faster growth in the "Grand List", reduced maintenance and energy costs, and a consolidation of redundant services and staff positions.
Mark Stapleton the Chairman of the Board of Education agrees that the idea of "merging the two High Schools is a wise one" and looks forward to beginning the difficult process of studying the reorganizational benefits of the Milford school system.
Video of myself speaking at the podium during the public budget hearing
Greg Smith, Chairman of the Board of Aldermen, said "Given the current state of the economy and the problems in Hartford and Washington, you, the citizens of Milford, along with your Aldermen, have got some very difficult decisions to make concerning the services we receive and taxes we all pay for them.
Many Milford families are struggling, having lost a job or at risk of losing a job, and making due with reduced income or no pay raise. Seniors received no cost of living adjustment this year. All of us must work together to find the best solutions for our community. Our Mayor and Board of Finance have labored to find the right balance. Now is your chance to be heard before your Aldermen take up the task of completing the budget.
We will hold a public hearing on the city budget this Thursday, April 8th at 7pm.
Interest groups will be here to voice their opinions, as is their right. I urge all taxpayers to come to your City Hall and be heard on your budget. We will stay as long as it takes to hear you. If you have an opinion on the city budget, your Aldermen hope to see you Thursday night at 7:00pm."
Yes this was the title in the New Haven Register today as Geneveve Salvatore and Mayor Richetelli engaged in a new program to address the "Millions" of square feet in vacant retail space.
While the dollar is merely a figurative amount to keep an account open the dream is real, but for who is this dream real. If you look to the article below (Property Transfers), dreams and dollars are not exactly what go together these days.
When a house sells for a $1.00 that means the property was foreclosed, the owners evicted and their American Dream shattered. Milford has about two to three people a week losing their homes for a dollar.
This metaphor has an unintended consequence of being being in poor taste and offensive to those who lost their properties for a Dollar. My neighbor lost his retail space/business to undocumented and illegal workers giving away their services at prices that no legal business can compete with.
The city has a good idea in wanting to help businesses, the first thing that can be done to fill retail spaces is report undocumented workers to the INS, IRS, and Local police so legal businesses can stay in business, with registered cars, fair wages, and payment of taxes.
The next thing the city can do, is to remove the oppressive property tax that taxes businesses for their unused inventory, tables, chairs, paintings, computers etc. instead of auditing them to raise revenue.
One other thing that would be very helpful would be to streamline the permitting process, lower fees, and implement a program that does not disparage a person from wanting to even consider opening a business in Milford.
The last thing that I would personally do, would be to implement a grant program, much like other cities do, to help businesses obtain start up capital, and subsidized employees like those rendered by the Department of Social Services.
One last point, offer landlords tax breaks if 100% of their space is fully leased for two or more years. This will provide them with an incentive to keep rents low, and negotiate good leases.
Should a successful program prevail, brag about it. Advertise Milford as a "business friendly town," this would be much better than constantly looking at billboards full of conniving lying politicians. People want to visit Milford because something is here for them, like a movie theater, perhaps a future Maritime Museum, Pirate Ship or like attraction.
Until then the only thing a Dollar is going to buy in this town, is a foreclosed home and someone elses shattered dreams.
