FHA Condo Approval Specialist: Connecticut: South Windsor

Condominium Market Data for South Windsor, CT

Condominium Market Data for South Windsor, CT

condo market data south windsor ctPart of my business planning for 2014 includes the compiling of condominium market data for surrounding towns and areas in Connecticut.  I decided to start with South Windsor, CT, which is where our office is located and we have done several FHA Condominium Project Approvals here.

Condominium Market Data for South Windsor, CT 

There are 32 condominium projects in South Windsor.  Of those, 17 of them have been approved with FHA at one time.  Currently, there are 8 condominium projects approved with FHA.  Incidentally, our office has handled four of these approvals and we are working on others.

condo market data south windsor ct

* See NOTE below

 Analysis of Data

I divided 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.

I believe the most blatant difference in the sold units data concerns the active days on the market.  The units in FHA-approved projects sold in less than half the time of the units in non-FHA projects.  While there are a lot of factors that come into play with this particular piece of datum, the marketing times of units in FHA projects are consistently lower than those in non-approved projects in my experience.

The average FHA loan concentration in FHA approved condominium projects is around 16% (averaged by project not the total number of units).

I will not speak to the difference in sales prices between those in approved projects versus non-approved 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.

I did not include the data for the days on the market for the pending sales because not all of them presented this information so creating an average did not make sense.  The range was 52 days to 88 days.

NOTE: In the data for active listings, we can see that there is a large disparity in the list prices between the FHA projects and the non-FHA projects. This is due to the fact that there are currently 5 listings spanning two projects that are all priced at over $300,000.  Comparing this to the sales data from the 4th quarter of 2013, we can see that this is not the norm.

If we remove these 5 high-priced units, the average list price for all units is $125,000 and the median is $106,000.  For units in non-FHA approved projects the average list price would be $140,000 and the median would be $106,000.  This is more “in step” with the condominium market sales data for South Windsor, CT from the 4th quarter of 2013.

Data from CTMLS 1/16/14

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 7 commentsReadySetLoan Condo Approval Team • January 16 2014 09:28AM
Condominium Market Data for South Windsor, CT
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Condominium Market Data for South Windsor, CT Part of my business planning for 2014 includes the compiling of condominium market data for surrounding towns and areas in Connecticut. I decided to start with South Windsor, CT, which is… more