FHA Condo Approval Specialist: Connecticut: Bristol

Condominium Market Data for Bristol, CT

Condominium Market Data for Bristol, CT

condo market data bristol ctThis week, our office received notice that Southridge Condominiums in Bristol, CT, was approved with FHA.  This encouraged me to compile Condominium Market Data for Bristol, CT.  Bristol is a large town roughly 25 minutes west of Hartford.  It has a high concentration of condominium projects.

Condominium Market Data for Bristol, CT

There are 76 condominium projects in Bristol and of these, 53 were approved with FHA at one time.  Currently, there are 14 approved with FHA.  According to FHA’s site, there are 4 submitted for Approval/Recertification.  During the Q4 of 2013, 5 projects saw their approvals expire; 3 of these have applied for recertification.

condo market data bristol ct

Analysis of Data

I typically divide the numbers into those in FHA-approved projects and those in non-FHA approved projects.  For my business, it is good to analyze the difference between the two.

A mere 18% of the total condominium projects in Bristol are FHA-approved.  Yet despite this, 53% of the condominium sales in Q4 of 2013 were in FHA-approved projects.  This clearly illustrates what real estate agents have been relating to me: units in non-FHA approved projects are much more difficult to sell.

Currently, 34% of the active listings and 29% of the pending sales are in FHA-approved projects.

The average FHA loan concentration in approved projects is 24% and the range is 0%-52%. [Yes, the FHA loan concentration can exceed 50% contingent upon certain criteria.]  The average is calculated across projects, not based on the total number of units.

I will not speak to the difference in sales prices between those in FHA-approved projects versus non-FHA projects.  One reason for this is that any comparison of this sort would not be valid.  I say this because the sales prices vary in condominiums from project to project and less from unit to unit.

For example, a 1000-sqft unit in a converted apartment building on a busy street could fetch a different price than a 1000-sqft townhouse-style unit in a project that is spread out over 20 wooded acres of land.  Analyzing the data to provide an “apples-to-apples” comparison of sales prices is beyond the scope of this article.

NOTE: The average price for active listings in non-FHA approved projects is skewed by a newer condominium project called Orchard Hill.  Currently 7 of the 44 active listings (16%) are in this luxury condominium project and have listing prices in the range of $285,900 - $384,900.  Removing these 7 listings reduces the average listing price in non-FHA projects to $129,000 and the median to $114,000.

You can go here to check out active listings for condominiums in Bristol, CT.

Data derived from CMLS 2/1/2014

Related Articles:

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

 

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Comment balloon 4 commentsReadySetLoan Condo Approval Team • February 01 2014 08:34AM
Condominium Market Data for Bristol, CT
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Condominium Market Data for Bristol, CT This week, our office received notice that Southridge Condominiums in Bristol, CT, was approved with FHA. This encouraged me to compile Condominium Market Data for Bristol, CT. Bristol is a large town… more