Posted tagged ‘Rocky Hill Condos’

Is Your Condo Complex Still HUD Approved?

August 10, 2011

In general, condominiums are popular among first time homebuyers. In addition, FHA mortgages are a popular financing option for first time homebuyers because of the low down payment (3.5%). However, if a buyer is purchasing a condominium and is obtaining an FHA-insured Mortgage, the condominium complex must be on a list of HUD approved complexes and meet certain criteria.

Prior to December 7, 2009, once a condominium complex received HUD approval, it remained on HUD’s list of approved condominium complexes. However, for each FHA loan, lenders would ask condominium associations to complete a questionnaire to confirm that the complex continued to meet FHA guidelines.

As of December 7,  2009, condominium complexes have to be re-approved by HUD every two years to stay on the list of HUD approved complexes. (more…)

Rocky Hill Condo Market Activity As Of 2/28/2011

March 6, 2011

As the table below shows, the average and the median sales prices in 2011 are below those values for the comparable periods in 2010. This is due to the many changes made in 2010 to underwriting guidelines for both conventional and government loans and the increase in interest rates in early January 2011. (more…)

2010 Rocky Hill Condo Market–Where Buyers Bought!

January 10, 2011

Condo Complexes With Sales in 2010

  2-bedroom Units 1-bedroom units
Complex Style # Sold Price Range # Sold Price Range
Apple Grove Townhouse 1 $184,000    
Brookwood Village Ranch 4 $135,000-$145,000 1 $136,000
Cedar Hollow Townhouse 5 $152,500-$164,900    
Century Heights Townhouse 4 $191,500-$214,000    
Century Ridge Townhouse 2 $205,000    
Cold Spring Townhouse 3 $120,000-$209,900
(2 units are 4BDs)
   
Fairways Edge Townhouse 4 $175,000-$183,000    
Ferry Landing Ranch 2 $111,000-$119,000 6 $68,000-$84,500
Greenfield Village Ranch     1 $53,000
High Point Ranch 1 $178,000    
Highridge Estates Townhouse 1 $262,500    
Highridge Estates Single 1 $284,000    
Lexington Commons Townhouse 2 $162,000-$162,500    
Old Forge Townhouse & Ranches 3 $212,000-$219,000
(all are 3-BD units)
   
Parsons Village Ranch 1 $105,000 2 $68,500-$70,000
Raintree Townhouse 7 $175,000-$189,900
(3BD-$193,000)
   
Rolling Green Townhouse 4 $210,000-$230,000    
Rolling Green Ranch 4 $168,000-$188,000    
Skyview Townhouse 2 $285,000    
The Oaks Townhouse 5 $180,000-$217,000    
The Oaks Ranch 6 $150,000-$166,900    
Westage Ranch 9 $87,000-$137,000    
Westage Townhouse 1 $152,000    
Woodside Townhouse 2 $126,148-$139,900    
Woodside Ranch     1 $105,000

Please click on the following link https://entp.hud.gov/idapp/html/condo1.cfm  if you would like to see if your condo complex is on the HUD list of FHA approved condominium complexes. Even if your complex is on the list, the complex must still meet  FHA condo guidelines for owner occupancy, ownership concentration (no person or entity can own more than 10% of the units), pending litigation, reserve requirements, etc.

(more…)

Rocky Hill Condo Sales Activity 2003-2010

January 10, 2011

Although total 2010 condo sale volumes in Rocky Hill were below 2009 volumes, condo sales are occurring at a steady pace. The median and average condo sales prices in Rocky Hill were slightly lower in 2010 than they were in 2009.  The change in the median and average sales prices of condo units selling in Rocky Hill is due to:

  • A decline in purchases of higher priced units (above $250,000) in the 2nd half of 2010.
  • Conventional mortgages increased down payment requirements for condo purchases and vary the down payment percentages with the buyer’s 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 has been practically eliminated by HUD’s changes to 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 the new, more stringent FHA guidelines to get or keep FHA approval status.

(more…)

Rolling Greens Condos, Rocky Hill CT

November 7, 2010

Built from 1987 through 1993, Rolling Greens has 182 townhouse and ranch style 2-bedroom, 2 or 2.5-bath condominiums located on and off the Rolling Greens golf course in Rocky Hill, CT. Many units have an attached or detached garage. The sales prices at Rolling Greens in 2010 range between $182,000 and $230,000, depending on the size, style, amenities, location and condition of the unit. You don’t have to be a golfer to live at Rolling Greens. Walk along the  Rolling Greens is truly a creative blend of community, nature and recreation. 

(more…)


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