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I am in the process of buying my first home; I have short listed two homes and I’ll be putting an offer by this week for one of them. One of the condo is located in Rocky Hill and the other one in Farmington. Both the houses that I’ve selected are of equal square footage, similar updates and age; yet the Rocky Hill one is priced higher. I see that Farmington is a town with better school district but in general I have noticed that the town homes in Rocky Hill are priced higher than Farmington. Does Rocky Hill have a better condo market than Farmington?
Home prices in any community are generally based on demand. The more people that want a home in a particular town, the higher the prices are going to be.
I think Rocky Hill has a great location and is overall a very nice town. It has great access to many amenities and employment centers plus its schools are very good.
Farmington does have some serious traffic issues that would turn me off from considering a move there. Who wants to face miles of traffic just to get through the intersection of Route 4 and Route 10? Route 6 is not much better. I never understood the strong resistance of Farmington to making changes in these areas but the town has fought with ConnDOT over this issue for years. That said either town would be a good investment. Jay
I think you need to look at overall condo comps for the area to determine the appropriate value of each condo.
Also, location? You'll probably have access to more (highways, shopping) in rocky hill than you will in Farmington (although it depends where you are in farmington).
Complex? You mention the age and condition of the two you are considering is similar - but what about the actual complex? If you are buying a very updated condo in an older complex without amenities that could indicate why the farmington one is lower priced than the Rocky hill one.
Farmington is also considered "upscale" which may indicate that there isn't much of a condo market as most people who move there are looking for homes, not condos (this is just my thought though)
Thanks all for your quick responses; they have been very helpful. My personal preference would be to buy a condo in Rocky Hill, however my budget is 230K and I am getting better condos for that price in Farmington. I must say the Farmington condo is in excellent shape with all new updates whereas the Rocky Hill condo would need some renovations. With my short exposure to the buyers market, I also feel that Farmington has more single family buyers. Considering Farmington’s "upscale" reputation, would it be wise to buy a condo there with the objective of selling it in after 7-8 years?
Farmington does have some serious traffic issues that would turn me off from considering a move there. Who wants to face miles of traffic just to get through the intersection of Route 4 and Route 10? Route 6 is not much better. I never understood the strong resistance of Farmington to making changes in these areas but the town has fought with ConnDOT over this issue for years. That said either town would be a good investment. Jay
That is the truth. Farmington traffic is horrendous. We lived there for 5 years and I would never consider living there again. I don't get the attraction to Farmington, other than the great schools and library. I think it is highly overrated as a premium place to live. For the money, there are better choices in CT with less hassles. This is just an opinion from an ex-Farmington resident and not meant to start a debate on Farmington's values.
One thing to think about is the age of the two different complexes you're considering. How old are they? What type of special assessments have been levied in the last few years? Are there any upcoming that have been disclosed? How is each complex managed financially? Do they have adequate reserves for big maintenance expenses that might be necessary? This will affect you while you're living in the unit, as well as when you're ready to sell.
Previous posters are bringing up good points regarding traffic. Traffic in Farmington can be horrible, so it would be wise to consider your commute.
I've found that many condo buyers are often less likely to be concerned about school districts simply because their time of life when they're purchasing (ie-before they have children or consider having children, or downsizing at the end of their life when their children are grown and no longer utilizing school districts).
Which complex would give you a better quality of life?
Thanks all!!! your replies have been very helpful.
I'll check out the traffic scene from both the complexes as also do some more research before putting down an offer; it will be my biggest buy and I don't want any regrets later.
Last edited by homebuying; 09-25-2009 at 10:18 AM..
Farmington most likely has higher taxes then rocky hill as well.
Rocky Hill taxes are high, Farmington taxes are low. The town management really tries hard to keep the taxes in check.
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Taxes are low in Farmington
