Bloomberg estimates “equities’ global market value has jumped $2 TRILLION since the election”., so our high-end buyers are feeling confident of the future, right? The answer is yes and no. They are confident of the national economy’s continued improvement, but they are uniformly concerned about Connecticut’s economy and its tax picture. Not one buyer or broker I spoke to expects (those idiots in) Hartford to do anything but more harm to Fairfield County.
General Electric’s recent departure is certainly the biggest “canary in the coal mine” so far, but plenty of lower profile financial services companies and hedge-funds have also cleared out, not to mention a gun company or two.
So, as Connecticut’s Governor Malloy and his legislative allies proudly maintain our fair state’s “business unfriendly” atmosphere, most expect it to get worse this year. And let’s not forget our big, fat estate tax, which chases away older zillionaires on a regular basis.
So yeah, it’s great to see such a big land sale, it’s encouraging, by golly. I just wish it was the beginning of a trend.
Note: that address-link for 60 Oneida Drive works better on your desktop than your mobile device.