Posted tagged ‘Hartford Connecticut Real Estate Agent’

May 21, 2011

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

2010 Wethersfield Condo Market – Where Buyers Bought

January 8, 2011
 

Condo Complexes With Sales in 2010

  2-bedroom Units 1-bedroom units
Complex Style # Sold Price Range # Sold Price Range
Ashwood Court Ranch 4 $70,000-$110,000    
Brandywine Townhouse 2 $164,900-$167,000    
Collier Farms Single 1 $317,500    
The Crossings Townhouse 2 $191,000-$201,000    
Eziekial Ranch     1 $135,000
Mill Pointe Ranch 1 $263,000    
Morningside Village Townhouse 2 $137,900-$173,000    
Orchard Brook Townhouse 2 $173,000-$175,000    
Orchard Brook Ranch 1 $153,400    
Park Ridge Ranch 1 $107,000 3 $62,000 – $75,000
Ridge @Wethersfield Ranch 1 $181,000    
Tabshey Court Townhouse 1 $165,000    
The Ridge Townhouse 1 $182,000    
Townhouse 88 Townhouse 2 $130,000-$160,000    
Williamsburg Townhouse 2 $107,000-$118,000    
Wolcott Hill Ranch     4 $54,500-$65,000

The above chart shows that 12 of the 31 sales were either in less expensive complexes (under $125,000); i.e., Ashwood Court, Park Ridge, and Wolcott Hill. Buyers purchased in the less expensive complexes or looked for deals in the other complexes around town.

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Wethersfield Condo Sales Activity 2003-2010

January 8, 2011

Historical Snapshot of Wethersfield Sales Activity as of 12/31/2010

Year # Units Sold Median Sales Price Average Sales Price Average Days On Market
2010 31 $135,000 $136,165 73 days
2009 33 $170,000 $146,157 84 days
2008 46 $194,000 $191,021 85 days
2007 60 $163,000 $162,669 46 days
2006 77 $138,000 $152,152 50 days
2005 82 $144,750 $152,727 36 days
2004 50 $134,000 $143,678 42 days
2003 57 $118,000 $120,458 26 days

2010 condo unit sale volumes were slightly below 2009 sale volumes. More importantly, the median and average sales prices declined in 2010. The lower sales volumes and the decline in the median and average sales prices are attributable to:

  • Conventional mortgages increased down payment requirements for condo purchases which vary now based on the Buyers’ credit scores.
  • Both conventional and government mortgage lenders are more carefully reviewing condo documents and financial statements, with a keen focus on reserves.
  • “Spot” approval of non-FHA approved condo complexes was practically eliminated when HUD changed the “spot” approval rules.
  • HUD approval of condo complexes for FHA mortgages is no longer evergreen. FHA approved condo complexes now have to renew their approvals every two years or fall off the FHA approved list. In addition, condo complexes need to comply with new, more stringent, FHA guidelines to get or keep FHA approval status.
  • Competition from smaller single family homes.

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Hartford – Best Place To Invest In Home

December 27, 2010

Hartford is the BEST market in the nation to invest in homes according to a CNBC report, citing five metrics used by Zillow.com to identify the best investment markets :

  • Price to income ratio is low
  • Areas where buying is a better value than renting
  • Declines in home values are slowing
  • Foreclosure rates are declining
  • Foreclosure re-sales represent a higher percentage of the market

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CHFA Homebuyer Mortgage Program

December 23, 2010

Each Thursday at noon, CHFA publishes the mortgage interest rate for its Homebuyer Mortgage Program for the upcoming week. CHFA interest rates are subject to change weekly but are “fixed” for the term of the mortgage once a buyer goes to contract on a property and the lender locks the interest rate (120 day rate lock).

The State of Connecticut offers excellent programs for first time home buyers purchasing their dream home. Several special mortgage programs are available in addition to the Homebuyer Mortgage Program, including Down Payment and Closing Cost Assistance (known as “DAP”) for eligible buyers requiring 100%+ financing to purchase their first home. More information about all of CHFA’s mortgage programs, the applicable interest rates, and other eligibility guidelines is available at www.chfa.org.

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Special CHFA Mortgage Program For Bank Owned, Abandoned & Short Sale Properties

November 11, 2010

The Connecticut Housing & Finance Authority (CHFA) is modifying the HERO Program to promote neighborhood stabilization by providing mortgages to eligible first time and existing home buyers who buy bank owned, abandoned or short sale:

  • Condos in FHA approved complexes,
  • Detached single family homes, and
  • Detached two, three or four family properties.

Although CHFA is normally a first time home buyer program, under HERO, existing home owners can buy an eligible property provided that upon closing the buyers make the eligible property their primary residence. Existing home buyers do not have to sell their existing homes, they can rent them!

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Busnell Towers, Hartford CT

October 30, 2010

Designed by the renown modern architect I.M. Pei in 1960 and built in 1969, Bushnell Towers is a high rise condominium (since 1973) with 176 studio, one, two and three bedroom units. The Tower soars 27 stories high and has large picture windows affording unit owners with panoramic views of Bushnell Park, the Wadsorth Atheneum (art museum), the Connecticut River and/or beyond. The monthly HOA includes 24 hr. doorman/security service, heat, hot water, central air conditioning, cable TV and garage parking. Conveniently located to the downtown business district, arts & entertainment,  restaurants, parks and public transportaion.


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