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114 Neck Rd
Madison, CT

114 Neck Rd

$949,000
4 bd • 3 ba • 3,068 sf

This analysis was generated by artificial intelligence on 1/28/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$949,000

Price/Sq.Ft

$309

Year Built

1955

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Waterfront Location: The property is located on the Neck River, with direct river views and access. Its proximity to the Long Island Sound offers an unparalleled lifestyle with scenic views and access to water activities. • Spacious Interior: The home has 4 bedrooms and 3 bathrooms, providing ample space for a family. At 3,068 square feet, the home offers comfortable living areas. The living room with a wood-burning fireplace and the open-plan kitchen are also attractive features. • Recent Upgrades: The property has had recent upgrades including a new gable roof, vinyl siding, and a dehumidifier. This could reduce immediate maintenance costs and improve the property's condition. • Large Outbuilding: The 900-square-foot outbuilding, previously used as a boathouse, offers significant potential for customization and expansion. This is a unique feature that adds value to the property. • Convenient Location: The property is conveniently located just minutes from downtown, shopping, dining, Madison Green, and town beaches. It is also close to I95, Yale hospital, and Union Station, offering easy access to other areas. • Good Schools: The property is located within the catchment area of highly-rated schools, including Walter C. Polson Upper Middle School (9/10) and Daniel Hand High School (10/10), which is a major benefit for families with children.

The Bad

• High Price: At $949,000, the property is priced above the average for similar homes in the area, especially given its age and potential maintenance needs. The price per square foot is $309.32, which may be higher than the local average. • Age of Home: Built in 1955, the home may require significant maintenance and upgrades to bring it up to modern standards. There could be hidden issues related to older plumbing, electrical, and heating systems. The home uses oil-based heating which may be less efficient and more costly than newer options. • One-Car Garage: The one-car garage may be a limitation for households with multiple vehicles. This could pose an issue for families with multiple drivers. • Long Days on Market: The property has been on the market for 472 days, which is significantly longer than the average for comparable homes in Madison. This may indicate potential issues with the property or that it is overpriced. It also indicates a potential lack of interest from potential buyers. • Limited Public Transportation: While close to I95 and Union Station, the town has limited public transportation, which may be a concern for some buyers.

The Ugly

• Extreme Flood Risk: The EXTREME flood risk (10/10) is a major concern and will result in very high insurance premiums. It also poses a significant risk of property damage during severe weather events. The FEMA zone designation of X_UNSHADED further emphasizes the severity of the risk. The need for “CRITICAL” insurance highlights the extent of the risk. • Severe Wind Risk: The SEVERE wind risk (8/10) will also lead to higher insurance costs. Combined with the flood risk, the total insurance costs will be very high. The need for “CRITICAL” insurance highlights the extent of the risk. • High Total Cost of Ownership: The property's total cost of ownership is likely to be very high due to the high purchase price, high insurance premiums, and potential costs associated with maintaining an older home. This also includes the potential costs associated with septic systems and well water. • Potential for Hidden Issues: Given that the property was built in 1955, there could be hidden issues related to older plumbing, electrical, and heating systems. This could lead to unexpected costs. • Previous Sale Price: The property was sold for $850,000 in December 2023, and is now listed at $949,000. This may indicate that the property is overpriced, or that there are specific issues that are making it harder to sell. Further investigation and negotiation may be necessary.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• High-Income Families: With a median income of $140,990 in Madison, this property is best suited for families who can comfortably manage the mortgage, high insurance costs due to flood and wind risks, and potential maintenance expenses of an older home. A household income of $250,000+ would be ideal. • Buyers Seeking Waterfront Living: The property's riverfront location, proximity to the Long Island Sound, and views make it ideal for those prioritizing waterfront living. The location is also close to downtown, shopping, dining, Madison Green, and town beaches. • Buyers Who Value Outdoor Living: The private backyard, saltwater hot tub, and potential of the 900-square-foot outbuilding cater to those who value outdoor living and potential expansion. • Buyers Looking for a Primary Residence: The 4-bedroom, 3-bathroom configuration is suitable for a family looking for a primary residence in a desirable location with good schools.

Not For

• Budget-Conscious Buyers: The high price tag ($949,000), high flood insurance costs, and potential maintenance expenses for a 1955 home are not suitable for buyers on a tight budget or those with lower incomes. Given the estimated insurance cost of $3416.4/year, this significantly adds to the total cost of ownership. • Buyers Seeking Low-Risk Properties: The EXTREME flood risk (10/10), SEVERE wind risk (8/10), and MAJOR air quality risk (5/10) make this property unsuitable for risk-averse buyers. The combination of these risks will likely lead to higher insurance premiums. Additionally, the home's age may require more maintenance and upgrades. • Buyers Seeking Modern Construction: The home was built in 1955 and may have older systems or design features. Buyers seeking a modern, newly built home should consider other options. Also, the home relies on older oil-based heating, which may be less efficient and more costly than other options. • Buyers with Multi-Car Households: The one-car attached garage could be a limitation for families with multiple vehicles.
Demographics
Area Median Income

$140,990

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Risk Assessment

Climate Risks

floodEXTREME

FEMA Zone: X_UNSHADED

Insurance: Required

windSEVERE

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 92°F

airMAJOR

5 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

• Extreme Flood Risk: The property's location in FEMA Zone X_UNSHADED indicates an EXTREME flood risk (10/10). This will result in high flood insurance costs and potential for property damage during severe weather events. The property is located near a river and is close to the coast, which increases the risk of flooding. The flood insurance is marked as "CRITICAL" which indicates the need for extremely high coverage. • Severe Wind Risk: The SEVERE wind risk (8/10) may lead to higher insurance premiums and the potential for damage during strong storms. The wind insurance is marked as "CRITICAL", which indicates the need for extremely high coverage. • Aging Infrastructure: The home was built in 1955, which means it may have older systems (plumbing, electrical, heating) that may require repair or replacement. This could lead to unexpected costs. The home uses an older oil-based heating system. • Septic System: The property may rely on a septic system, which requires regular maintenance and may need replacement, leading to significant costs. • Well Water: The property may rely on well water, which requires regular testing to ensure potability. Issues such as high mineral content or contamination can be costly to fix. • Extended Time on Market: The property has been on the market for 472 days, which could indicate potential issues with the property, such as overpricing or undisclosed problems. The previous sale in Dec 2023 was for $850,000 and it is listed for $949,000 now, which is a ~12% increase in price. This may indicate a need for negotiation. • Air Quality Issues: The MAJOR air quality risk (5/10) and 5 bad air days per year may impact health, especially for those with respiratory issues.
Insurance
Annual Cost

$3,416

$285 per month

Financials

Monthly Costs

Price History

Property Taxes

$14,087
2024 Tax Assessment
0.7%from previous year
Assessed Value$640,300
Tax Rate2.20%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$727,000

-23.4% below list price

Median Price

$925,000

Based on 2 recent sales

Price per Sq.Ft

$240

Comparable Properties

30 Governors Way, Madison, CT 06443
Price: $925,000
Sq.Ft: 3,197
Beds/Baths: 4/3
$/Sq.Ft:
$2896.5%
Sale Date: 9/6/2024
87 Horseshoe Road, Guilford, CT 06437
Price: $529,000
Sq.Ft: 2,789
Beds/Baths: 4/2
$/Sq.Ft:
$19038.7%
Sale Date: 11/1/2024

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