Home Buying in Stratford>Question Details

K Block, Home Buyer in Stratford, CT

WHY ARE THERE SO MANY HOUSES FOR SALE AT ORONOQUE VILLAGE?

Asked by K Block, Stratford, CT Thu Jul 2, 2009

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There is a formula used for estimating the number of homes that will be for sale in a condo community or any other group of houses of one particular type.

s = N/AvgResYears x AvgSellMonths/12

The estimated number of units for sale is the number of total units divided by the average time people live in the units times the average months on market divided by 12. So for Oronoque village the estimate is
s = 900/10 x 5/12 or about 37. There are no surprises if 40 units are for sale. The question might better be looked at in the underlying numbers... Why is time of residence only 10 years? Ted gave the main reason -- this is a 55+ community and these folks are old. Add to that, many of these folks are snow birds and use the Connecticut condos as transition downsizing homes on their way to warmer climes; 10 years is an understandable number. Why 5 months for the sell cycle, which is a little long? The recovery of the condo market post 2009 real estate crash is slower than for purchased housing. So it's slightly long. But there is nothing odd or sinister in the number of units for sale.
0 votes Thank Flag Link Thu Mar 12, 2015
Jim seemed to address many of Ted's points. What needs to be strongly stated is that Oronoque DOES NOT have assessments. (I don't know where Ted got the idea we do but he is totally misinformed.). As is stated Oronoque has over 900 unit's (929 to be exact). That means approximately 4% of the units are for sale. I surmise this may be low for today's market where people everywhere are having trouble selling their homes. One nice thing about units here that have not been updated is they can be bought at a low price and then remodeled to the new owner's taste.
0 votes Thank Flag Link Thu May 23, 2013
Ted has not done his homework on Oronoque Village. His answer might apply in general to other condo associations, but not Oronoque. With respect to assessments, they are non-existant. Oronoque Village Condo Association has excellent management. It maintains numerous reserves for a variety of normal capital and replacement needs and consequently has a strong balance sheet and is able to weather unexpected calls on its funds. Furthermore, Ted was circumspect on the subject of monthly maintenance charges. What most associations would pay as an after-tax maintenance charge, Oronoque has had the foresight to plan ahead by creating tax districts to handle normal community expenses which would otherwise have been supplied by the local municipality. So, a significant portion of the maintenance fee is replaced as a property tax which is deductible from homeowners income taxes. The remainder of his explanation would be true of any home or condo for sale anywhere. They are either updated or not!
0 votes Thank Flag Link Thu Oct 13, 2011
The number of condos for sale as of last week numbered in the 40's. Orononoque is a 55 and over community and has had some long time residents. I have met several where a spouse has died and the other wants to move. But there may be more pressing economic reasons. This complex has 900+ units. That causes fairly regular assessments to be levied. It also has what is termed a district tax in addition to regular property taxes and common charges. You need to plan on annual expenses from the above levies in the vicinity of $12,000, give or take a few dollars. One last point is many of the units have some of the original baths and kitchens. Some residents want something better and do not want to spend the money on the upgrades, while others have made the improvements and are now attempting to capitalize on them. The latter can take the form of either the current resident doing that, but more likely and investor of sorts buys it and fixes it up for sale. If I can be of help in your search, please feel to call me.
Web Reference: http://www.trustted.com
0 votes Thank Flag Link Thu Jul 2, 2009
Hello Ldeangelis. ...I live in Oronoque and think it is absolutely fabulous...you will get a great buy for your money...I would contact Larry Vecchione; I saw he has a very nice condo for sale under $300,000 all redone..he is very knowledgeable about the Village and can help you find the perfect home for your needs...post here what happens after you find something!!

larry.vecchione@cbmoves.com
Phone
(203) 610-5228 mobile
(203) 452-3700 office
Flag Sat Feb 20, 2016
Just thinking about selling our home in Hamden and relocating to Oronoque. We are in our 70's and our daughter lives in Monroe and would like to be closer to her. I understand that their are many upgrades being made and I was wondering how that was going to affect the condo fees and any assestments that may be coming. Can you give me some direction as to any condos that I should be looking at?
Flag Sat Aug 15, 2015
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