FHA Condo Approval Specialist: Connecticut: Newington

Condominium Market Data for Newington, CT

Condominium Market Data for Newington, CT

condominium market data newington ctThis week, our office received notice that Foxboro Condominiums in Newington, CT, was approved with FHA.  This sparked me to pull down and analyze the Condominium Market Data for Newington, CT.  Newington is Hartford’s neighbor to the Southwest and has a fairly high concentration of condominium projects.

Condominium Market Data for Newington, CT

There are 38 condominium projects in Newington and of these, 17 were approved with FHA at one time.  Currently, there are 9 approved with FHA.  According to FHA’s site, there are 4 submitted for Approval/Recertification.  Of these 13, our office is handling or has handled 5 of them.  During Q4 of 2013, 4 projects have seen their approvals expire; 2 of these have applied for recertification. [Update, as of 1/30/14, Churchill Bridge II was approved through our office bringing the total FHA Approved Projects to 10.]

 condominium market data newington 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.  In this case, there isn’t sufficient data to warrant doing so.

Despite FHA-approved projects only constituting 24% of the total condominium projects in Newington, 44% of the condominium sales in Q4 of 2013 were in FHA-approved projects.  Currently, 32% of the available condominiums are in FHA-approved projects.

The average FHA loan concentration in approved projects is 18% and the range is 9%-26%.  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 condominium 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 new condominium project called Harvest Village.  Currently 5 of the 25 active listings (20%) are in this luxury condominium project and have listing prices in the range of $275,600 - $372,600.  Removing these 5 listings reduces the average listing price to $151,000 and the median to $132,000.

Of the 20 pending sales 4 of them (or 20%) are in Harvest Village which skews the average and median listing prices higher.  Removing these 4, the average drops to $190,000 and the median to $157,000.

There are currently only 2 pending sales in FHA-approved projects so I did not segregate those in FHA projects from the total.

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

Data derived from CTMLS 1/25/2014

Related Articles:

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 0 commentsReadySetLoan Condo Approval Team • January 25 2014 08:51AM
Condominium Market Data for Newington, CT
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Condominium Market Data for Newington, CT This week, our office received notice that Foxboro Condominiums in Newington, CT, was approved with FHA. This sparked me to pull down and analyze the Condominium Market Data for Newington, CT. … more