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Old Yesterday, 06:21 AM
 
5,023 posts, read 2,845,564 times
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Quote:
Originally Posted by NorthAtlanta View Post
These are the going prices currently in Johns Creek but the only caveat is that you are going for the best of the best. So getting rid of these houses will be no easy feat if you ever want to sell in the future. Be prepared to sit in the market for 6 months to an year and if the market goes down be ready to lose a couple of 100 thousand..
In Milton I saw a new development with houses going for $1.3-$1.5M. Some people are happy to overpay because they want new construction. I agree, however, that overpaying means you are less likely to sell quickly and for your desired price. OP may plan to stay for 18 years but sometimes changes happen.
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Old Yesterday, 09:38 AM
 
1,424 posts, read 2,531,141 times
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I'd have a hard time spending that money on a cluster home outside of the metro.

Intown in a good school district, with a decent lot... sure. I know the district up there is good but there but I keep scratching my head at the amount of $1MM+ supply up that way. Ashton is smart and did their homework, but I'd be worried about that area in any type of market retraction. That product and that area would be hit the hardest and we are possibly entering a retraction now. If you're going to be there forever doesn't matter I suppose.
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Old Yesterday, 09:43 AM
 
3 posts, read 613 times
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Yes this is exactly our concern... My family thinks we are headed for a housing crash and that we should wait it out... However the idea of renting or living with my in laws indefinitely isn't appealing to us. We wanted to choose our forever home now because my husband's job is very stable but I guess there are no guarantees... We are afraid of spending so much and then not being able to resell just in case we have to.

We are just shocked that it could even be so high for being in a clustered neighborhood. We grew up in Duluth but haven't been back in 15 years.
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Old Yesterday, 09:58 AM
 
1,348 posts, read 578,868 times
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A couple things to keep in mind (re: housing market)

1. There likely won't be a repeat of 2008 any time soon, not even close. For one, builders aren't adding nearly as much housing supply to the market as they were pre-2007 (partially because of historically high labor/material costs). Also, lenders are a lot more strict with their lending standards. It's extremely hard for someone to get a home loan, versus how it was pre-2007 when they were giving jumbo loans out to fast food workers.

2. Interest rates are only going to rise from here on out, which will increase the monthly costs of any loans. The days of record low interest rates are coming to an end, as the federal reserve starts to clean its balance sheet from the financial crisis and the trillions of dollars in quantitive easing start to circulate through the economy. With the lack of wage growth, this will slow appreciation on homes in expensive areas (but it won't necessarily crash them either for the reasons spelled out in point #1).

Personally, if I were looking to buy a home as an investment, I wouldn't buy in an already popular area where the home values have already just about topped out. I would instead target an area on an upward trajectory (before it becomes the "IT" city). Obviously, for a little while, doing this will mean sacrificing some of the amenities in those highly sought-after communities. But that's the best route to go if you're looking for decent appreciation in your home value after buying at a lower price point.

On the other hand, if you're buying a house for the sole purpose of simply having a place to live in for a long time, I'd say just go for it and let the chips fall where they may. You'll never be able to accurately predict real estate market trends

Last edited by citidata18; Yesterday at 10:07 AM..
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Old Yesterday, 10:31 AM
VJP
 
Location: Decatur, GA
644 posts, read 1,417,200 times
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I've lived here 20 years and worked in or near JC for more than a dozen years. Great place to live, terrible place to commute from/to. With that out of the way, the trend outside of in-town and close in suburbs is that resale on a home >750 takes a while. The same home also appreciates slower, sometimes below inflation if it's too custom.

You asked if this is a fair price - for a new construction >6k square feet that price is right on the money. I live in Dunwoody and new construction is about $250-275/sq ft. In town numbers appear to be $275-325/ft.

Only you can answer if this is a good idea for your whole financial picture. I would buy a house for half as much and invest the difference because compound interest is much more magical to me than a luxurious home (which half as much would already buy me).
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Old Yesterday, 11:14 AM
fzx
 
365 posts, read 368,376 times
Reputation: 251
From an investment perspective, I would say no. The newly constructed homes in the area is not pricing competitive with other old remodeled buildings. That means you may wait for 3-5 years for the existing home price to catch up. The only neighborhoods that averaged over 1MM markets are CCoS, and some river front neighbourhoods in the south tip of Johns Creek. Even in those areas, the days to sell is higher than average. Remember these are mature and remolded buildings with large lots and prob. views.

From a personal perspective, I would say if that is what you wanted, just go ahead. You need to spend money one way or another. Maybe to you, housing is more important.
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Old Yesterday, 12:11 PM
 
915 posts, read 3,418,628 times
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We built a new construction house with Ashton Woods in the South Forsyth/Johns Creek area in 2017. We were very happy with the experience and the builder. In terms of production builders, I feel Ashton has the best reputation other than John Weiland Homes. Iíll often see resale listings that specifically mention ďAshton Woods resaleĒ.

In terms of that price- it does seem crazy at first glance for a production house. But I know the subdivision you are looking at, and itís understandable why they are asking for that much. Youíre always going to pay a premium for new construction, and then throw in that location on the river, and in the prime area of Johns Creek. Ashton Woods upgrades are more expensive than other builders, so Iíd look at the upgrade sheet and make a budgetary estimate of how much in upgrades youíll want.

Just curious, what floor plan are you looking at? We bought the Kendrick floor plan.
Feel free to PM me if you have any specific questions.
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Old Yesterday, 12:34 PM
 
Location: Suwanee, GA
112 posts, read 121,952 times
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Quote:
Originally Posted by markjames68 View Post
No longer the 1%. Maybe the 5%, but we arenít talking yachts and private planes here.
An American family needs an income of $420k to be in the top 1%, and about $220k to be in the top 5%. A minimum of $300k household income is needed to afford a $1 million comfortably, so these $1 million houses are definitely more for the 1% than for the 5%. People tend to underestimate the huge wealth disparity in the U.S. The ones owning yachts and private planes are not the 1%, they are the 1% WITHIN the top 1%, or the .01%.



To the OP, the high-end housing market in the northern suburbs has slowed down considerably in the past 6 months, and I have seen significant price drops on some $1 million+ listings. For $1 million you should be getting 8000-10000 sqft of finished space with 3-car garage in Johns Creek. You will almost certainly find better value buying resale, if you are patient and willing to make some small compromises. We were in the market for 10 months before we closed on our home in Johns Creek last October. We are very picky as well (2-story foyer plus 2-story great room, finished basement, larger lot, large master, open floor plan with L-kitchen), but at the end we found a home that checked all the boxes at 20% below our max budget.
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Old Yesterday, 12:41 PM
 
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I would find a super cheap lot and hire a different builder. Plenty of raw land up that way. Ashton isn't providing any amenities, no reason to really stay fixated on a cluster hood, right? Unless that is what you want, small yard / low maintenance.
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Old Yesterday, 01:04 PM
 
28,511 posts, read 25,255,811 times
Reputation: 9810
Quote:
Originally Posted by Go Blue 99 View Post
We built a new construction house with Ashton Woods in the South Forsyth/Johns Creek area in 2017. We were very happy with the experience and the builder. In terms of production builders, I feel Ashton has the best reputation other than John Weiland Homes. Iíll often see resale listings that specifically mention ďAshton Woods resaleĒ.

In terms of that price- it does seem crazy at first glance for a production house. But I know the subdivision you are looking at, and itís understandable why they are asking for that much. Youíre always going to pay a premium for new construction, and then throw in that location on the river, and in the prime area of Johns Creek. Ashton Woods upgrades are more expensive than other builders, so Iíd look at the upgrade sheet and make a budgetary estimate of how much in upgrades youíll want.

Just curious, what floor plan are you looking at? We bought the Kendrick floor plan.
Feel free to PM me if you have any specific questions.
Sounds like some durn nice living!
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