Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Ohio > Cincinnati
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-05-2008, 04:50 PM
 
245 posts, read 1,273,272 times
Reputation: 152

Advertisements

Check out this story which was on the evening news...

Neighbors Upset at Discounts Offered by Ryland Homes - :: Cincinnati news story :: LOCAL 12 WKRC-TV in Cincinnati

I guess I would be ticked off too... But then we are in a major downturn. There's always a risk when you build a new home at the end of a housing bubble. This is happening all over the country by the way.

Major Lesson: Never trust a builder who makes verbal promises in regard to...
1. conditions as to how they plan to complete the development. many homeowners go through the gauntlet of architectural restrictions and what they can and can't build on their lots... then the builder files Chapter 11 (which can nullify many promises) and the remaining lots are sold at deep discounts to outside builders (sometimes modular builders).
2. what may or may not be built in adjoining parcels. that lovely wooded lot behind you might just turn into a shopping center or 500 unit apartment complex.

Further...
3. that lovely thin farm road may very well be expanded into a 4 lane thoroughfare.
4. that small luxury condo development might turn into a 200 unit development.

Last edited by YoMikey617; 05-05-2008 at 05:01 PM..
Reply With Quote Quick reply to this message

 
Old 05-05-2008, 07:29 PM
 
205 posts, read 984,717 times
Reputation: 52
For the last year or so Ryland and most of the other builders have been offering "incentives" because they did not want to reduce the price of the same model in a subdivision for a new buyer.

So while the price would remain the same as previous sale prices, the builders offered finished lower levels, lots of upgrades, financing assistance, etc.

Apparently it got to the point where this tactic no longer resulted in sales so I guess the builders were forced to take the next step and actually reduce list prices. I know of a Bradford II model in NKY (which sold for up to 239,900 a year or so ago) which was offered to a buyer recently for significantly under 200K.

All new construction builders that I am aware of are having big problems.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Ohio > Cincinnati
View detailed profiles of:

All times are GMT -6. The time now is 08:35 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top