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Old 12-03-2010, 09:00 PM
 
Location: Queens, New York
75 posts, read 123,879 times
Reputation: 58

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Hi Goin' 2DE, and how are you coming along in your new home? I hope everyone is faring well as the Holiday season starts to kick in. As a point of interest, yesterday I received an email from the Noble’s Pond community stating that it was going fee simple. Has anyone else heard anything about this?

Quote:
"Noble’s Pond, the premier 55+ community in Dover, Delaware will be presenting a brand new “Own Your Land” opportunity at their Holiday Open House. “This exciting opportunity is just what many of our potential homebuyers have inquired about, and now we are delighted to be able to offer fee simple ownership at Noble’s Pond. You asked for it, you got it!” stated Mary Field, Vice President and General Manager of Noble’s Pond. The beauty of this new structure is that all amenities, services and the lifestyle that was offered previously will remain the same.”
Does anyone know the reason for this turn around?
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Old 12-04-2010, 04:06 AM
 
Location: Delaware
388 posts, read 853,153 times
Reputation: 348
Quote:
Originally Posted by Goin'2DE View Post
Knock, knock. Is anybody home? Where is everybody?
Where am I? I am up bright and early this morning because we have a showing of our house later today! Had to work yesterday but hubby vacuumed and straightened up. Real estate market has been very quiet here so we were surprised at the call from the realtor. So, back to my dusting and visions of NEXT Christmas in Delaware!
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Old 12-04-2010, 06:54 AM
 
1,230 posts, read 1,558,913 times
Reputation: 2312
Quote:
Originally Posted by NY2DE View Post
Hi Goin' 2DE, and how are you coming along in your new home? I hope everyone is faring well as the Holiday season starts to kick in. As a point of interest, yesterday I received an email from the Noble’s Pond community stating that it was going fee simple. Has anyone else heard anything about this?



Does anyone know the reason for this turn around?
NY2DE,
I also received the email. I have noticed that Noble's Pond during the past year has started offering special home promotions starting at around $150K to attract buyers. I think the other problem in attracting buyers has been their HOA/Land lease fees at around $400 per month. I expect fee simple will mean slightly higher initial price to offset the land lease fees. It will be interesting to see what combination of house price and HOA fees they end up offering.

The $150k - $200K price range for a fee simple home in a 55+ communitiy is a vastly untapped market. I will be interested in seeing what combination of price and HOA fee comes from this change in marketing strategy.

Mary2014
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Old 12-04-2010, 07:08 AM
 
19,922 posts, read 9,989,108 times
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The prices on the Nobles Pond website have come up between (in quickly rounded numbers) $40,000 and $60,000, depending on the model, as now you pay for your own land. That puts them in the same market at Champions Club and Roesville in Kent County. It's an interesting move for a community that insisited the owner would never sell the land!
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Old 12-04-2010, 07:36 AM
 
1,230 posts, read 1,558,913 times
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Quote:
Originally Posted by Charley View Post
The prices on the Nobles Pond website have come up between (in quickly rounded numbers) $40,000 and $60,000, depending on the model, as now you pay for your own land. That puts them in the same market at Champions Club and Roesville in Kent County. It's an interesting move for a community that insisited the owner would never sell the land!
Charlie,

Actually, I think those price increases put an entry level rancher at NP somewhat higher than Champions club. It will lose buyers looking to spend less than $250K.

I do wonder about those individuals who bought their homes as land lease in the past 3 years. Do they now own their land at no extra cost? That would be a great deal for existing home owners if that is the case.

Regarding the owner never selling the land - never say never. No one ever expected the value of land losing 50% of its value in the past few years. Sometimes it makes sense to take the money and run.

Mary2014
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Old 12-04-2010, 03:07 PM
 
Location: Felton, DE
560 posts, read 805,792 times
Reputation: 662
Quote:
Originally Posted by NY2DE View Post
Hi Goin' 2DE, and how are you coming along in your new home? I hope everyone is faring well as the Holiday season starts to kick in. As a point of interest, yesterday I received an email from the Noble’s Pond community stating that it was going fee simple. Has anyone else heard anything about this?

Does anyone know the reason for this turn around?
Hello NY and all. The new home is excellent. Except for the usual stuff that has been "temporarily" located in the attic, we're just about settled. This week I finally finished re-framing and hanging the family pix on the wall in the hallway. That's pretty much the last little task on my list.
But since we had no idea about interior painting, we moved in with the standard off-white walls. The place looks like a "home" now -vs- a "house", but I do believe I will tire very quickly of the same bland color on all the walls. So now the trips to Lowe's/Home Depot to pick out paint samples begin. What to do...which to choose? Living room, kitchen, dining room, hallway, 4 bedrooms, 3 bathrooms...this could take forever...but I am so looking forward to it. Should I consult my Feng Shui book, or go with my gut? I suspect the paint-a-thon to begin after the holidays.

I, too, got the email from Noble's Pond. I am totally interested (curious) about why they changed from land-lease to fee-simple. Where does that leave the current occupants?
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Old 12-04-2010, 03:12 PM
 
Location: Felton, DE
560 posts, read 805,792 times
Reputation: 662
Quote:
Originally Posted by little eggplant View Post
Where am I? I am up bright and early this morning because we have a showing of our house later today! Had to work yesterday but hubby vacuumed and straightened up. Real estate market has been very quiet here so we were surprised at the call from the realtor. So, back to my dusting and visions of NEXT Christmas in Delaware!
I've got my fingers and toes crossed for you in hopes that all goes well with your showing and sale. Delaware is patiently waiting for you.
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Old 12-04-2010, 03:17 PM
 
Location: Felton, DE
560 posts, read 805,792 times
Reputation: 662
Quote:
Originally Posted by Charley View Post
The prices on the Nobles Pond website have come up between (in quickly rounded numbers) $40,000 and $60,000, depending on the model, as now you pay for your own land. That puts them in the same market at Champions Club and Roesville in Kent County.
Quite true. Better deals and better homes are available at CC and R.
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Old 12-04-2010, 03:24 PM
 
19,922 posts, read 9,989,108 times
Reputation: 27341
We liked some of the models that we saw originally at Nobles Pond and were about to make that our choice, but I just could not get comfortable with the idea of land lease. If I had not already made a decision, it would be interesting to take another look, but in truth, our minds are set on Champions Club. I can't imagine any circumstance that would cause that to change at this point ... and next year, we order our home!
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Old 12-04-2010, 03:52 PM
 
Location: Queens, New York
75 posts, read 123,879 times
Reputation: 58
Yes Mary2014, I too wonder of how this new strategy has affected the present occupants as well. I do hope they got the better deal. It hadn’t occurred to me to see if their home prices have risen. Wow Charley…a 40 – 60k hike that is quite substantial and something to look into if I can get around to visiting Delaware early next year.

Goin’2DE, LOL…go with your gut I say…since Feng Shui isn’t going to live there. Actually, I would get into viewing plenty of HGTV and design magazines to get some idea…really, whatever you decide…good luck with.

And definitely the best of luck to you Little Eggplant with your home showing…hope all goes as planed or better.
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