The structural issues and subsequent lending restrictions have had a notable impact on property values and sales within Brentwood Forest. According to the STL Market Charts below, available exclusively from MORE, REALTORS®, the median price of condominiums sold in Brentwood Forest increased from $160,000 in 2019 to $220,000 in 2023. However, in light of the recent developments, Brentwood Forest condo prices have declined nearly 13% to $192,000 thus far in 2024. The 12-month sales trend, as the chart below illustrates, shows that during the past 5 years, condo sales peaked at 123 units sold in the 12-month period ending January 31, 2022, and have since steadily declined 50% to just 62 units sold during the 12-month period ending May 31, 2024. This decline is largely attributed to the hesitancy of lenders to approve mortgages for properties within the community, making it difficult for sellers to find buyers who are not cash purchasers or those utilizing portfolio loans.
The situation at Brentwood Forest reflects a broader trend affecting condominium communities across the nation. The increased scrutiny on long-term maintenance and structural integrity of condo buildings, spurred by incidents such as the 2021 Surfside, Florida collapse, has led to stricter lending criteria. Condominiums deemed “non-warrantable” by entities like Fannie Mae and Freddie Mac face similar challenges, with sales slowing and prices becoming volatile as a result. The case of Brentwood Forest underscores the importance of proactive maintenance and transparent governance in condo associations to maintain market confidence and ensure the financial stability of their communities.
This is why it’s important, when considering purchasing a condominium, that you be represented by a buyer’s agent with extensive knowledge and experience in condominium sales and challenges, as well as a good understanding of the current situations at area complexes so you are aware of issues like those at Brentwood Forest. You can find agents like this at MORE, REALTORS®.
Brentwood Forest Condominiums Sold Prices and List Prices – Past 5 Years
(click on chart for live, interactive chart)
Brentwood Forest Condominiums 12-Month Sales Trend – Past 5 Years
(click on chart for live, interactive chart)
