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Old 01-21-2019, 08:20 PM
 
3 posts, read 613 times
Reputation: 10

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Hi guys,

I wanted to get some advice from you about buying a new construction home in John's Creek. We are struggling trying to find our home right now somewhere within John's Creek since it has the best commute to my husband's job. We have 2 small kids and want to be in a small nhood, I'm not a fan of St Ives or St Marlo because we don't care about golf and I don't like overly fancy gated communities. My husband wants to have a river view if possible and our budget is about 1.5 or less. We have been having trouble finding the right house mainly because we don't want a master on main, we want a 3 car garage, we want a basement, etc. We are annoyingly picky!

We were drawn to Ashton Woods because they are the only builders that can make everything we want, and they're in a smaller nhood (it's gated but it's only 60 homes) and they don't have amenities but the lots we are interested in face a communal duck pond (that is more like a lake) and beyond it are walking trails leading to the Chattahoochee river. We were happy with one of their floor plans and the option to add a finished basement to it.
The one thing we don't love about these new construction homes is that there's barely any yard space so it was exciting to find one with the pond and the river.

However, the cost of the lot plus the cost of the house plus the finished basement comes to 1.2 million dollars and that is before any upgrades. That would be the most basic price--the square footage comes to about 6k.
Just wanted to get you guys' opinion on what you think is going on in John's Creek. Is this a normal amount to pay in this area? We have found other closer-to-the-waterfront homes going for 1.2 and 1.3 but they are 8k square feet or more, with far more land.

I've done my research on this site regarding Ashton Woods and it's been very helpful although most of the posts are older. I've read all the information about hiring an inspector from the beginning, a good agent to represent us, and to be aware of everything in the contract. My question is, does anyone think it's worth it to pay this much for an Ashton Woods home? I cannot find much about their resale value although we do plan to live there for at least 18 years until our kids are in college.
I like their use of space and did not want a house over 5000 square feet so I'm happy with their design, but my husband feels like it's a crazy amount of money before upgrades. We have researched other builders for a custom build but we don't have the time to start from scratch on an empty lot (we want to find a neighborhood so we have a community), and the others have much less yard space and/or no view.

The Ashton Woods sales agent told us that almost all the houses on that cul de sac have already been sold for around 1.1 to 1.3 depending on the plan plus basement plus the pond and river in their backyard.
Any advice? Should we buy an existing home that is cheaper and just gut it to look like what we want? Or is this a fair price for our times?

Thanks so much!
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Old 01-21-2019, 08:33 PM
 
913 posts, read 848,694 times
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I don't know John's Creek very well, but I can tell you that such homes on postage stamp lots in East Cobb start at $900K, without a lake or river view. So while that is a crazy amount of money, it doesn't sound too far off from what I see going up around me.

I also see a lot of teardown rebuilds go up on terrible properties (particularly off of busy roads) that go unsold for a long time, most likely because of the poor lot.
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Old 01-21-2019, 09:00 PM
 
7,902 posts, read 9,780,715 times
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If you extend your search into south Forsyth county, you are likely to get more for your money.
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Old 01-21-2019, 09:09 PM
 
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My husband has to drive to Duluth and Lawrenceville every week for his job so south Forsyth has a bit too much traffic and distance for us. His family also lives in Johns Creek (on the edge of South Forsyth) and although we both grew up in Duluth, I think John's Creek or Suwanee have the better schools...
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Old 01-21-2019, 09:19 PM
 
7,902 posts, read 9,780,715 times
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Oh, well, if you grew up in the area, you already know what you want and why! $1.2 million FEELS a tad pricey...but I have no real experience with your price range, so I couldn't say for sure. I definitely get why your husband's spidey sense is tingling.

Personally, I'd buy a $500k house in Duluth and a beach condo on the Gulf coast for the same price. But that's not for everybody
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Old 01-21-2019, 09:24 PM
 
28,511 posts, read 25,255,811 times
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A million is the new normal for housing in the ATL so $1.3 million for a lot on the water seems reasonable.
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Old 01-21-2019, 09:32 PM
 
7,902 posts, read 9,780,715 times
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Quote:
A million is the new normal for housing in the ATL
I get what you're saying... but the new NORMAL?

That's a bit of a stretch. You're still talking about the 1%.
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Old 01-21-2019, 11:51 PM
 
171 posts, read 114,369 times
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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..
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Old Yesterday, 12:34 AM
 
7,902 posts, read 9,780,715 times
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I think maybe it's time to get a little real here...

Here are a bunch of houses in Johns Creek that are 5,000-6500 square feet at prices way below what we are talking about:

$590k
https://www.zillow.com/homes/for_sal...94_rect/13_zm/

$670k
https://www.zillow.com/homes/for_sal...94_rect/13_zm/

$640k (with the water view the OP wanted)
https://www.zillow.com/homes/for_sal...83_rect/13_zm/

$750k
https://www.zillow.com/homes/for_sal...45_rect/13_zm/

$640k
https://www.zillow.com/homes/for_sal...31_rect/13_zm/

Now, I'll admit I didn't drill down to see if these houses all have 3 car garages, finished basements, and masters not on the main. But unless you think those things somehow add half a million bucks to a purchase price, $1.2 million does not seem to be a basic going price in this area.

The only thing that seemingly makes the house the OP is talking about special is a water view, which is a bit rare. But it's also something that typically does not add much, if any, value to homes in this market. I know that's weird, but it's true.
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Old Yesterday, 06:17 AM
 
5,024 posts, read 2,845,564 times
Reputation: 4516
Quote:
Originally Posted by ATLTJL View Post
I get what you're saying... but the new NORMAL?

That's a bit of a stretch. You're still talking about the 1%.
No longer the 1%. Maybe the 5%, but we arenít talking yachts and private planes here.
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