FHA Condo Approval Specialist: May 2014

Southington Connecticut Condo Sales

Southington Connecticut Condo Sales

fha condo approvalAs part of my marketing efforts for FHA condo project approvals, I work to compile data for condo sales in various towns in Connecticut.  I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not.  This report combines Southington with its borough of Planstville, CT.

Southington CT Condo Data for 2013

Southington has 67 condominium projects of which 7 of them are approved with FHA.  There are four more submissions to FHA that are currently in Rejected status.  Before FHA’s changes in 2011 there were 24 projects on FHA’s Approved Condominiums List.

southington ct condo sales

Analysis of Data

I typically divide the listing data into those in FHA-approved condos and those that are in non-FHA projects.  For my business, it’s good to analyze the difference between the two.

In Southington, condominiums do not appear to have been difficult to sell in 2013.  Roughly 73% of the condo unit listings sold and only 18% expired overall.  This is a higher ratio of closed sales than in most of the towns that I have investigated.

The average and median sales prices were comparable between the FHA and non-FHA condominiums as were the average and median active days on the market.

The largest contrast between the FHA and non-FHA projects is in the percentage of expired listings.  In non-FHA condominiums, units were three times more likely to expire than those in FHA-approved condominiums.

The closed to expired ratio for Southington is 4:1; in FHA projects it was 11:1 and in non-FHA projects it was only 3:1.  As I have seen in the past, this data backs up the statement that units in FHA condominiums are more likely to sell and less likely to expire than in non-FHA projects.

One interesting point worth mentioning is the average sales price of units in FHA projects was around $186,000.  In one FHA-approved condominium, the lowest sale price was $250,000 AND the FHA concentration is 20% in this project.  This is one example to help dispel the myth that FHA is for low-income borrowers.

Difficulty in compiling the data for Southington occurred because of a large group of condominiums called Spring Lake Village.  There are 9 communities in Spring Lake and the MLS did not show in which of the 9 separate condominiums the listing was located.  Only 2 of the 9 are approved with FHA and one expired 10/18/13.

*NOTE: Closed, Expired and Cancelled listing percentages are calculated by removing the currently Active and Pending Sale data to account only for listings that are no longer on the market.  This is why the percentage of closed sales plus the percentage of NOT closed sales does not equal 100%.  There are currently 13 units still on the market that were listed during 2013.

Real estate agent Minna Reid posted a nice year-over-year comparison of condo sales prices for Southington earlier this week.

Related Articles:

Middletown Condo Sales 2013

East Hartford Condo Sales 2013

Condominium Market Data for Ellington, CT

Condominium Market Data for Bristol, CT

2013 Q4 Market Data for Newington, CT

2013 Q4 Market Data for Enfield, CT

2013 Q4 Market Data for Vernon, CT

2013 Q4 Market Data for South Windsor, CT  

2013 Q4 Market Data for Manchester, CT

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

 CAI-CT logo

 Check out our article in Common Interest magazine on page 19!

Find Eric Boucher with ReadySetLoan Condo Team on Google+

Comment balloon 6 commentsReadySetLoan Condo Approval Team • May 30 2014 07:37AM
Southington Connecticut Condo Sales
share
Southington Connecticut Condo Sales As part of my marketing efforts for FHA condo project approvals, I work to compile data for condo sales in various towns in Connecticut. I try to pick towns that have a lot of condominiums to provide… more
Ken Harney Beats the FHA Condo Approval Drum…Again
share
Ken Harney Beats the FHA Condo Approval Drum…Again For the third time in 2 months, nationally-syndicated, award-winning Ken Harney, columnist for the Washington Post and regular InmanNews. com contributor is once again Beating the Drum for… more
FHA Lifetime Mortgage Insurance is Garbage
share
FHA Lifetime Mortgage Insurance is Garbage First off, let me say that I understand the need for mortgage insurance. Before the creation of mortgage insurance, lenders required a 20% down payment to lend money to purchase a home. Were… more
Middletown CT Condo Sales
share
Middletown CT Condo Sales As part of my marketing efforts, I work to compile data for condo sales in various towns in Connecticut. I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA… more
East Hartford Connecticut Condo Sales
share
East Hartford Connecticut Condo Sales As part of my marketing efforts, I work to compile data for condominium sales in towns in Connecticut. My intention is to use the data to demonstrate the positive effects of obtaining an FHA Condo… more
Now This is What I’m Talkin’ About! Thank you OCAR!!
share
Now This is What I’m Talkin’ About! Thank you OCAR!! The Orange County Association of REALTORS® has launched a campaign to educate condominium associations as to the benefits of getting the association approved with FHA and the VA. … more
This is the Perfect Career for Me
share
This is the Perfect Career for Me Yesterday, a condominium attorney called to ask how certain leasing restriction language would impact an FHA condo project approval. During the conversation, it dawned on me that this is the perfect… more
A Unit Owner's Compelling Argument for FHA Condo Approval
share
A Unit Owner's Compelling Argument for FHA Condo Approval Recently, a loan officer-friend of mine contacted me about a few buyers with whom he is working. The buyers are looking to move out of their condo units and buy single-family homes. … more
Pleasant Hills Condos APPROVED in One Month…and Four Years
share
Pleasant Hills Condos APPROVED in One Month…and Four Years This week, Pleasant Hills Condominiums in South Windsor, CT, was approved with FHA to become the tenth condominium (out of 32) to be approved in the town. And it only took one… more
UNDER CONTRACT IN 5 DAYS! Ellington Ridge Condo, Ellington, CT. 06029
share
Part of the challenge that I face is effectively demonstrating to condominium Boards of Directors the need to obtain and maintain their FHA condo project approvals. I spend hours every month compiling MLS data to show that units in FHA… more