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Colony Green Condos
January 2016 Market Report
Colony Green Market Activity for January 2016
There were 2 reported closed sales in the Colony Green Condo Complex located in Blossom Valley in January 2016.
One “A Unit” Sold: This sale was an upstairs 2 bedrooms, 1 bathroom, 919 square foot condo. This listed on October 7, 2015 for $420,000. It went status pending on October 11, 2015. It reverted back to Active Status on October 14, 2015. The price was reduced from the original list price of $420,000 to $410,000 on October 23, 2015. On October 29, 2015 it went status pending. On November 6, 2015 it reverted once again to active status. On November 25, 2015 it went status pending. On December 8, 2015 it went to active status again. On December 14, 2015 it went status pending. On January 21, 2016 the sale closed and status was reported sold. Sales price was $402,000 which represents $18,000 less than the original list price and $8,000 less than the reduced list price of $410,000. The Total Days on Market was 55 days. Photo displayed is representative of the type of unit only.
The Colony Green Condo Complex is not currently approved for FHA financing. This does not mean that a seller should not accept an offer from a well qualified buyer with FHA financing. Kathleen Daniels works with a lender that manages the FHA approval process. The process does not hinder the ability to fund and close a sale in 45 days or less. Kathleen and her lending partner have completed this process and closed a sale in 35 days.
A key point to understand is that real estate agents and lenders are not created equal. A seller would not want to “assume” that all lenders and agents can complete the FHA approval process, or even close a sale under the TRID Guidelines that went into effect in October 2015, in 35 days or less.
One “B Unit” Sold: One sale was a lower 2 bedrooms, 1 bathroom, 942 square foot condo. This listed on December 2, 2015 for $419,000. It went status pending on December 10, 2015. On January 8, 2016 the sale closed. Sales price was $425,000 which is $6,000 more than the original list price. The Total Days on Market was 8 days. Photo displayed is representative of the type of unit only.
The market data of the Colony Green Community, as well as the details of each individual sale, tells a story. It is crucial that sellers hire an agent that has knowledge of the community. If the agent does not have knowledge of the community, then the agent must ask the right questions to gain the knowledge necessary to accurately list and market the condo for sale.
If an agent markets a Colony Green Condo as a Planned Unit Development (“PUD”), a townhouse, or does not know that the Colony Green Complex is not on the FHA approved list, then it can, and likely may cause delays in the closing, or the need to put the condo back on the market. Financing is a huge piece of the home buying and selling equation.
If a real estate agent does not know and understand the complexities of financing, then it is likely that a seller does not know either. Most sellers rely upon the real estate agent they hire to understand the intricacies of the sales process. Sellers need to make informed decisions. It is what we don’t know when making decisions that may ultimately harm us. Harm in terms of delays in closing and/or a negative impact on what a seller nets from the sale of their condo.
Definition of Terms
- Active Status: The property is available for sale
- Pending Status: Seller accepted an offer
- Sold Status: Title transferred from the Seller(s) to the Buyer(s) as the New Owner(s)
If you are looking to buy a Colony Green Condo you are likely not alone. The Blossom Valley Condo Community continues to be a highly desirable place to live. The community is children and pet friendly. Many residents consider the location ideal. It is a short walk to Martial Cottle Park which has pet friendly trails. If you are not already working with a real estate agent, then Kathleen Daniels is happy to help. Call Kathleen at 1-408-972-1822 to be notified when a condo meeting your specific needs is available for sale. There are strategic ways to get an offer accepted even in a highly competitive market.
If you are a Colony Green homeowner and need to sell your condo then give Kathleen Daniels a call at 1-408-972-1822. Let’s see if we “click” and if working together makes sense.
No one knows the Colony Green Community better than Kathleen Daniels.Tags: Blossom Valley, colony green condos, FHA approved condos