Condominium Market Data for South Windsor, CT

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Services for Real Estate Pros with ReadySetLoan Condo Team LLC

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

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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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 Check out our article in Common Interest magazine on page 19!

Find Eric Boucher with ReadySetLoan Condo Team on Google+

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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Eric great job in complying this data.  Anyone questioning whether it is worth it to get a condo complex FHA Certified should read this blog.

Jan 16, 2014 03:16 AM #1
Rainmaker
1,166,782
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Eric:  In comparison to many of the areas here, the ratio of approved to non-approved condos in South Windsor, CT is fairly high.  Condo properties took it on the chin pretty hard during the last few years.  Your area has options for Home Buyers hoping to buy a Condo .. and that's a real positive.  Great report!

Gene

Jan 16, 2014 04:50 AM #2
Rainmaker
2,160,267
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Eric. There is still good reason for a complex to have you get it approved. Why limit any prospective buyer to be able to do a Government loan, as not everyone can go Conventional. Nice job with the report.

Jan 16, 2014 06:42 PM #3
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Eric.  I wonder why 2/3 of the condo projects are not FHA approved?

Jan 16, 2014 07:37 PM #4
Rainmaker
350,240
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

George - thank you!  That really means a lot coming from you.

Thank you Gene!  South Windsor's ratio is higher than some areas here in CT.

It is beyond me why more projects don't get approved, Joe.

Conrad - actually it's 3/4 ;-)  I blame it on lack of education.  Some don't want to get approved and some can't due primarily to financial mismanagement.  We are striving to increase the awareness of the need to get approved.

Jan 16, 2014 08:19 PM #5
Rainmaker
2,464,225
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Eric - Thank you for sharing an excellent list of information about condominium market data for South Winsdor, Connecticut.

Jan 17, 2014 12:37 PM #6
Rainmaker
350,240
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Thank you John!  I appreciate the feedback; it's my first market post

Jan 17, 2014 11:52 PM #7
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Rainmaker
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