South Barrington - New home Purchase Decision - Advice needed! (Elgin: appointed, sale)

[vkmw78]

Hello Everyone,

Although this is my first post, I have been a regular visitor to this great resourceful forum for the past year. I would like some advice from the folks here on a purchase decision we are about to make.

My wife and I are considering purchasing a Toll Brothers new construction home at South Barrington. To be more specific the name of the community is Woods of South Barrington which is behind the upcoming Arboretum between Bartlett Rd and Sutton Rd.

I have read many times in this forum that the base price of these new construction homes is seldom negotiable. Is this true?

We are now at a point where we have selected a lot and home type, floor plan but are still negotiating on the options pricing. My research has also shown that when this community opened 3 years ago the homes were sold at upper 600’s but now the home we are interested is base priced at upper 700’s at the closeout phase. I am not comfortable to know that we will pay more than our neighbors in the worst real estate market for the same home, but at the same time I understand increments in sale price raises the value of the whole community.

Paying low 800’s for a full front brick home, hardwood, granite etc. (5 beds, 3.5 bath, and 3700sqf)…considering the current market is this fair price for a home in this community?

Toll Brothers - Preston Description

Can we expect reasonable appreciation from these homes when the market turns around? What are the upsides / downsides of south Barrington real estate especially this area?

Should we also consider Bloomingdale where a highly upgraded home of similar size can be purchased for low to mid 700’s? But this is a bit of drive from my wife’s work.

Bottom-line, we absolutely love this area and the home …but are we paying the right price in this market? Should we walk away if they don’t lower the price?

Appreciate if anyone can provide us good advice.

Thanks.

[Anthera]

First, I would be very careful buying from Toll Brothers. Google "Toll Brothers" and "cnstruction" and you will learn a great deal.

Secondly, you would be crazy to pay $100,000 for the same house. The maket has gone down, not up.

There are probably several resale homes available in the same subdivision, I would look at those. Ten years from now no one will pay a petty more for a 10 year old house vs a 12 year old house.

To determine the fair market value, look at the resale homes.

[vkmw78]

Thanks for your response.

There are no resale homes at this time. People have barely moved into most homes. I agree with your points and we are moving with caution. Regarding Toll brothers - i know they have both good and bad rep but this particular community the people i have talked to have all good things to say. Any specific concerns unique this builder??

[middle-aged mom]

There are indications that Toll Bros will negotiate on quick delivery homes for buyers who can close quickly. I found two examples at the higher end:

21 Wood Oaks
5 br/4.2 ba. 4 car garage, 1 acre ( Malvern model)
Listed: $1,600,075
Relisted: $1649,975
Sold: $1,587,549


3 Mesa Drive
5 br/4.1 ba, 3 car garage, 4400 square ft. ( Langly model)
Listed : $999,075
Sold; $972,000

Mid- priced homes are selling for the ask price at least for those listed in the MLS. I believe that your best negotiating power is with upgrades.

There is no doubt that you can buy more house for the money in Bloomingdale, Elgin and Bartlett, just to name a few. Much depends on location,location,location and your preference to be in a $700K+ home in a community where the average home sale price is probably in the low $300's or being a place where most homes are priced in the same range.

[outtachicago]

Roselle also has some very nice homes off of Rodenberg if you are looking in that price range. Me personally-I would buy an older home that had tons of potential and do all the upgrades I want. With older homes you get the land & charm that a new home just doesn't have. Good luck in your decision.

[vkmw78]

Thanks for the responses. when you say "mid priced homes are selling at the asking price" do you have any sale data that can help me?

The home i am looking at is very similar to the one that just sold as a quick delivery. (8 olympic dr)...but the sale data is not yet available.

I am okay to pay the asking price as long as its market driven, but you would expect that the close out prices in a bad market would actually be pretty close to opening phase price. But now their base price has increased by 100k- 150 k as well.

Yes you are correct about negotiating on the options. That's exactly what we are doing now. We will see how this goes.

Any insights into toll brothers home quality especially this community?

[hrb]

Re Toll Bros home quality in this community-- we bought a quick delivery house. House is structurally and mechanically sound, but we were so disappointed by the craftmanship (sloppy) and by the very basic finishes, even when upgraded. Lots of things needed fixed (big punch list). Workers were good about agreeing to fix things, but the staff turnover created a delay in getting things fixed. Overall, it was a 1 year headache after closing on the house to get it to the cosmetic shape that we're happy with. Closely monitor construction, get the house inspected during and after construction. On the plus side, this neighborhood is beautiful. The amenities (trails, schools, park--now being built, proximity to I-90 and O Hare, Arboretum, etc) make this a pleasant place to live.

[geeoeeg]

VKMW78.....please keep in mind that most of this home owners in this community want everything for free! The team that my husband and I worked w/ are wonderful!!! Just keep in mind, don't bug the building teams everyday, they will bendover backward for you.