Quote:
Originally Posted by NCDREAMING
...if you are buying in the first phase of anything then you are obviously taking a risk.
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This is true. Especially in this market.
Here in Ayrsley (which is still in mid-development) we have seen a few examples of this:
One of the builders, D.H. Horton, pulled out of their development here before completing all of their planned townhouses. Another builder took over, but dropped the price significantly on the remaining stock of built units; I believe they are also building out the remaining sites with the same floorplan, albeit starting at a lower price-point. In either case, those who bought in the first phase spent more than those who moved in later.
In addition, we bought a Ryan home here (no complaints about Ryan on our end) about a year ago. They have continued to build but, by last fall, they had dropped their starting price-point as well, although it seems the trade-off (according to another poster on here) is that some of the features that were standard at the time that we bought are now only available as upgrades. And Ryan has recently started offering a second type of floorplan (initially all the homes were one model) which starts at a significantly lower price than what we paid for our house (but, again, there are tradeoffs when compared to the floorplan we have). The bottom line is that some of our new neighbors will have paid less than us for their house across the street.
One more note about buying in the first phase: if you have to move before all phases are completed, then you may also get stuck in a situation of having an exisiting home on a market, and not being able to compete with new construction (which some people may be willing to pay a bit more for, as opposed to buying a house that has already been lived in). There are a few houses here that have been on the market for quite a while. And my guess is that because, for maybe $10k more, people can get a brand new home with the features they really want.
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