Cary Vs Vernon Hills (Cambria, Kansas: real estate, property taxes, condos)

[vipi]

I need your advice on my dilemma. From resale perspective, which one is a better investment? I am getting a Cary townhome with all nice features about $60K less than a similar townhome in Vernon Hills. From commute perspective, Vernonhills works better for us. Taxes are comaprable. 5 years down the road, how do you foresee value of Cary townhome vs Vernonhills townhome?

[chet everett]

This is a tough one. The attached stuff in Vernon is old and lower grade for the most part -- are the finishes in Cary top notch? You don't want builder grade "mouse fur" carpet and "genuine simulated" anything. My gut tells me the cabinets and countertops are going to be higher grade in new place in Cary...
I really don't like townhomes or condos, too much to go wrong but $60K is a lot of money, and I really don't think you can pass that up.

BTW make SURE that the townhome complex is otherwise in good shape -- if the rest of units are not selling you could lose your shirt. How many other units are finished/sold? How many more are planned? This is the risk factor -- you don't want to be left holding the bag.

[IbeDavid]

Originally Posted by vipi

I need your advice on my dilemma. From resale perspective, which one is a better investment? I am getting a Cary townhome with all nice features about $60K less than a similar townhome in Vernon Hills. From commute perspective, Vernonhills works better for us. Taxes are comaprable. 5 years down the road, how do you foresee value of Cary townhome vs Vernonhills townhome?

REPLY: I dont think even a Realtor could accurately answer this . 5 years down the road , communities can change in a variety of ways. Cary is a nice area..enjoy your townhome and the area . You cant go wrong with real estate as it will go up in value...just quicker when a real estate slump doesnt exist.

[aragx6]

Chet is on to something with his suggestion to ask about further development in the complex. Townhouse and condo complexes have this tendency to build out over huge areas over the course of 5 years. So if trying to sell your house you;re constantly competing with new construction that looks exactly like yours, but has never been loved in. This is a real danger.

Had a friend looking for a place in the north suburbs of Kansas City who was looking at a three-year-old condo. The guy had to sell, and had dropped his place to 10k less than he purchased it for three years previous. This is partly due to the housing crunch for sure, but also because everyone wanted the new construction that cost almost exactly the same amount as he originally wanted for his.

[vipi]

The stuff in Vernon Hills is not top notch, very ordinary while Cary home is much better in terms of quality. Number of houses pending and not sold are pretty much same in both locations

[openspace]

One school district in Cary is better than the other, but I am not sure which one but you may want to research.
Also, I know of at least one townhome community in Cary that has "SSA" which is added to the property taxes which makes the fixed expenses high

[Ophidian14]

Originally Posted by openspace

Also, I know of at least one townhome community in Cary that has "SSA" which is added to the property taxes which makes the fixed expenses high

"Cambria", I believe. Something like $5,400 a year on a $179,000 townhouse.