FHA Condo Approval Specialist: Connecticut: Vernon

Condominium Market Data for Vernon, CT

Condominium Market Data for Vernon, CT

vernon ct condo market data

As I continue to compile data in surrounding towns, my sights turned to the Condominium Market Data for Vernon, CT.  Vernon is another neighbor of South Windsor, where our office is located.  Like Manchester, Vernon has a high concentration of condominiums.

 

Condominium Market Data for Vernon, CT 

There are 50 condominium projects in Vernon.  Of those, 22 of them have been approved with FHA at one time.  Currently, there are only 5 condominium projects approved with FHA.  Incidentally, our office has handled 3 of these approvals and we are currently working on others.  There is one pending application with FHA for approval according to FHA’s site. vernon ct condo market data

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.

Even though only 10% of the projects in Vernon are approved with FHA, 38% of the sales in Q4 of 2013 were in FHA-approved projects.  Currently, 36% of the pending sales are in FHA-approved projects.  These figures take into account the two condominium projects that have seen their FHA approvals expire since December.

The average FHA loan concentration in FHA-approved projects is nearly 20% and the range is 6% to 29%. [Data from Windemere Terrace was excluded as none of the 4 units in this project are encumbered with FHA loans.]

The two condominiums that saw their approvals expire in the last 6 weeks, Ryefield I and Brindlewood have FHA loan concentrations of 25% and 20% respectively.

Typically, I have seen shorter marketing times in FHA-approved projects but in the 4th quarter of 2013 in Vernon, they appear to be about the same.

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: In the data for Pending Sales in Non-FHA approved projects, there were two under deposit for over $180,000.  Because of the amount of comparable data, this skewed the drastically.  Taking a larger data sample would help to alleviate this.  Removing the two large sales, the average drops to $121,000 and the median to $145,000.

Currently, there are 2 units that are pending sale in Ryefield I, which was approved with FHA until 1/4/14.  If the buyers are using FHA loans and the FHA case number was assigned prior to the date of expiration, these sales may not close.

Data derived from CTMLS 1/20/2014

Related Articles:

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 2 commentsReadySetLoan Condo Approval Team • January 20 2014 10:47AM
Condominium Market Data for Vernon, CT
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Condominium Market Data for Vernon, CT As I continue to compile data in surrounding towns, my sights turned to the Condominium Market Data for Vernon, CT Vernon is another neighbor of South Windsor, where our office is located. Like… more