Condos in Cobblefield Point in Champaign IL have remained popular with local buyers and recent changes in FHA and conventional lending guidelines may add to their attraction while saving those buyers some money.
As of this afternoon, there were 6 units for sale in Cobblefield Point ranging from $119,900 to $123,000. These are all 2 bedrooms floor plans ranging in size from approx 1200 to 1400 sqft with spacious 1 car garages. Overall, there are 7 different floor plans in the complex along with a fitness center, meeting room and most importantly… the swimming pool!
Cobblefield Point and General Champaign Condo Market Update
The chart below details the absorption rate for condos in Champaign with the following criteria: 2-3 bedrooms, $100k-$145k, no basement.
Surprisingly, the absorption rate (measure of supply and demand) decreases as the prices increase in the $100-$145k range. In our current market we normally see the opposite. Absorption rates detail the months of supply given a specific set of criteria. In this example we calculated 3 and 12 month absorption rates for condos in Champaign priced from $100-$115-$130-$145k.
This 3 month data is telling us it would take 15 months to sell all the condos priced between $100,000 and $115,000 in Champaign county. For properties between $130-145k it would take 6 months. The break point between buyer and sellers markets is around 5-7 months.
Specific to condos in Cobblefield Point the 3 month absorption rate gives us a 6 month supply of homes and the 12 month numbers report a 4.2 month supply. These condos are generally in the $115-$130 price range which indicates their demand has been stronger than other condo markets in Champaign.
Recently, we learned that this condo project has been approved for FHA financing. This opens the door to buyers that would prefer to keep their down payments as low as possible. It also allows banks to sell the mortgages on the secondary market which means home buyers will be able to get conventional 30 year fixed rate loan products at even lower rates. Currently, most condo projects in Champaign County are not ‘FHA approved’ so this is a great plus for buying and selling one of these condos.
What does this mean for a seller? You have a property that will be a bit easier to sell than competing condos in other neighborhoods. Click here for a quick video on pricing your home to sell.
Looking to buy a condo? Like many of the markets in Champaign, Cobblefield is slightly off from original purchase prices but homeowners here are enjoying increased buyer interest and equity than their competition. Click Here to see condos for sale in Cobblefield Point
Questions, thoughts or comments? Feel free to email me or call 217-239-7114.
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Mark, this was an excellent post.
Are these particular condos for sale still available in Champaign? What would you recommend for a young couple looking to purchase a condo?