In an ongoing circus of head-scratching, it’s being reported across the state that many condo complexes are losing their Federal Housing Administration certification. This, on top of the already difficult lending environment applied to condos.
An agent in our office recently asked me how I would value a Blacksburg condo that’s in a complex called Clay Court. Clay Court is in a nice, downtown location of Blacksburg, but it’s tough to value when we haven’t seen any public sales since 2007. I’ve written about Blacksburg condos in the last year, but this complex is a little different. It’s not a building with a lot of students (hardly any, in fact), the starting price points are above the median sales price of the market in Blacksburg, and there are relatively few (~ 30) units in the entire place. It’s not surprising that we’ve seen very few sales since it was built, but it’s still tough to assign a value.
As reported in The Roanoke Times this weekend: