Home Buying in Cromwell>Question Details

flog010, Other/Just Looking in

is it a good time to buy a condo in cromwell connecticut?

Asked by flog010, Fri Jul 13, 2007

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I'm just a perspective buyer myself but having owned (2) condos & seen the condo price volitility first hand I'd say No, it's not a good time to buy a condo in Cromwell... Not yet anyway. If you look at the historical price volitility of homes & condos you're likely to see the condo prices tend to have much higher price booms & crashes than single family homes. When home prices get sky high as they still are in the area, condos become the only financially viable alternative for many. Though the a lower priced alternatine at the moment, with Cromwell's real estate prices declining, condos will likely take a big hit over the next 12 months that many predict it will take for the market to get back into realistic perspective. I've known many people who bought condos near the peak of a market cycle & saw not only their down payment evaporate when the market finished the downward trend but couldn't sell the property for what they owed. To have seen them go through this was scary, frustrating & confining. In the long term condos are likely to appreciate. In the short term there's good reason to expect to loose substantial value.
1 vote Thank Flag Link Sat Jul 28, 2007
Hi Chuck-

I currently have a listing at beautiful Fox Meadows in Cromwell. If you have an interest in looking at it, give me a call directly. I would be happy to show it to you. (203) 218-3383.

Jeanette Politano
Coldwell Banker
0 votes Thank Flag Link Mon May 27, 2013
I currently live in Cromwell Ct and have been an agent out here for the last 6 years. I have sold many condos in the area. I personally think this is a great time to buy a condo in Cromwell. There are 8 complexes in Cromwell ranging from 100k-700+. So there is a price range and style for everyone. Lets take Sky View for example: All these units are 2 beds 2.1 baths and some have garages. The median sales price in 2007 was 196k, in 2008 was 191k, and in 2009 165k. Oxford Park: another complex built in the late 70's close to the highschool. 2-3 beds 2 baths a few with garages. 2007 median sales price was 176k, 2008 171k, and in 2009 is 169k. Prices are down!! Especially being a first time home buyer, buying incentives have never been better. $8000 tax credits, low interest rates, 100% finacing with closing cost paid for. If you are thinking about renting it will probably cost you more to get into a unit. 1st month, last month, and security deposit will add up. With the tax credit it is like living for 6 months mortage free..... Any questions please contact me 860-608-5047. I would be happy to work with you. So "YES" this is a good time to buy!!!!!
0 votes Thank Flag Link Tue Aug 18, 2009
Sure - now is a fine time to buy. Rates for loans are still low and prices for condo's are not rising at all. Condo's are a safe bet because of their low priced nature, there is not as much volatility compared to higher priced homes. There is always a market for something affordable. I just sold 2 condo's in cromwell, one in Country Squire, behind Friendly's, and one in Woodland Heights. Both to first-time homebuyers. The latter was bit tougher, we put in a few offers because we had competition. Multiple offers. Now if your wondering about purchasing a condo at the TPC River Highlands.... thats a different story - 500K for a townhome on the golf course may not be the best decision at this point because those are deffinitely more volatile. If you have any questions - give me a call 860-539-5373

Carl Guild
Prudential CT Realty
860-539-5373
http://www.CarlGuild.com
Web Reference: http://www.CarlGuild.com
0 votes Thank Flag Link Wed Aug 29, 2007
Chuck,
That was a great answer! Are you a professional in real state? Or just a very savvy consumer/investor? I wish a Cromwell REALTOR would chime in here--I am not familiar with this market at all. I just wanted to state that historically condos do not appreciate as quickly as single family homes, and tend to stay on the market longer when put up for resale. Also, association & maintenance fees, plus "special assessments” must be considered... Best of luck and happy hunting!
0 votes Thank Flag Link Sat Jul 28, 2007
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