Condominium Market Data for Enfield, CT
For this installment of Condominium Market Data, I moved up to Enfield, CT. Enfield is not a neighbor to our South Windsor location but I recently linked up with a property manager who handles several condominium projects in Enfield and asked that I put together data for him to present to the Boards of Directors.
I have spoken with several property managers and a Board President who have noted to me that condo projects that are not FHA approved can’t sell units. Due to the limited amount of data, I can’t demonstrate this with actual figures.
Condominium Market Data for Enfield, CT
There are 32 condominium projects in Enfield. Of those, 16 of them have been approved with FHA at one time. Currently, there are only 2 condominium projects approved with FHA. Incidentally, our office has handled one of these approvals and we are currently working on another.
There are two pending applications with FHA for approval according to its site; one is from our office and should be approved any day now.
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.
NOTE: There is only one active listing in an FHA-approved project. When The Hamlet is approved by the end of the month, this will jump to 7 active listings. Because of this, I didn’t bother separating out the one unit from those listed in non-FHA approved projects.
There is only one pending sale in an FHA-approved project. It was in Candlewood Village, a project that our office just got approved on 1/9/2014. I would like to think that it was because of the approval that it went under contract but the listing was a HUD Home and project approval is not necessary to use an FHA loan on a HUD Home.
There were no sales in FHA-approved projects during Q4 of 2013. This is because there was only one approved 24-unit project in Enfield during this time.
With the addition of at least Candlewood and The Hamlet, there should be more Condominium Market Data for Enfield, CT, to compare following the end of Q1 2014.
Data derived from CTMLS 1/20/2014
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2013 Q4 Market Data for Vernon, CT
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