Condominium Market Data for Ellington, CT
Last week, in response to my other condominium market data for surrounding towns, I was asked to compile the condominium data for the rural town of Ellington, CT. Because of the size of Ellington and the limited number of condominium projects within the town, I probably wouldn’t have chosen this as a town that I would compile these numbers.
I found it interesting that there are three fairly large site condominium projects. One of them is currently under construction. Site condominiums do not need to be approved with FHA in order for FHA financing to be utilized in the project.
Condominium Market Data for Ellington, CT
There are 10 condominium projects in Ellington, 3 of which are site condominiums. Of the remaining 7, 3 of them are approved with FHA which is where most of the sales occur. The vast majority of the attached condominium units in Ellington are in the 3 projects that are FHA-approved.
Analysis of Data
I typically divide the numbers into those in FHA-approved projects and those in non-FHA projects. For my business, it is good to analyze the difference between the two. However, due to the large number of site condominium units, I separated these as well.
Because of the limited amount of data of FHA-approved projects versus non-FHA projects, I will not draw any comparisons between the two. In addition, the vast majority of the condominium units in Ellington, CT, are either in projects that are FHA-approved or in the site condo projects.
The average FHA loan concentration in approved projects is 21%, meaning that 1 out of 5 buyers use FHA loans to purchase. The three projects that are FHA-approved have been good about maintaining their approvals. Our office routinely handles one of these.
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.
Site Condos are prevalent in Ellington, CT. Site condos are free-standing (detached) homes that are in a housing development declared as condominiums. This means that they have the look and feel of single-family homes but have rules and regulations like a condominium. Builders may develop site condos as a means to by-pass minimum lot sizes as set by zoning. This way, the developer can build more units on the same parcel of land as compared to single-family residential homes.
Pictured to the right is a unit in Windermere Village. It is an example of the site condos that are currently under construction. 1776 Townhouses, a community of attached units, is pictured at the top of the article.
Site condos in Ellington comprise nearly 50% of the active listings, 90% of the pending sales and roughly 25% of the sales in the last quarter. Their average sales price is more than twice the average sales price for their attached counterparts.
NOTE: Because there is only 1 pending sale in FHA-approved projects, the average and median listing price is the price of this one unit.
You can go here to check out active listings for condominiums in Ellington, CT.
Data derived from CMLS 2/9/2014
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 firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
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Check out our article in Common Interest magazine on page 19!