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Old 01-11-2009, 07:35 AM
 
354 posts, read 2,216,424 times
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Any thoughts on this community and Meritage builders? I know Royce homes went under (which was building there) and now Kimball homes is going under (was also building there). Thoughts?
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Old 01-11-2009, 08:19 AM
 
Location: Houston, TX (Oak Forest)
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I bought a Meritage home a year ago and am very happy with it. Haven't heard anything about them going bankrupt. However I would be hesitant to buy in a development where 2 of the 3 builders are going out of business unless its almost all the way built out.
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Old 01-11-2009, 08:24 AM
 
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Quote:
Originally Posted by chris_ut View Post
I bought a Meritage home a year ago and am very happy with it. Haven't heard anything about them going bankrupt. However I would be hesitant to buy in a development where 2 of the 3 builders are going out of business unless its almost all the way built out.

Don't mean to sound like a complete dunce but I am new to the whole home buying process. Why wouldn't you want to do this? Would it be because the community would not be finished?
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Old 01-11-2009, 08:56 AM
 
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We live in a Meritage home and love it. Haven't had any issues with the home (it's 3 years old). The building process was stressful, but fine. There were things that we asked them to change in the floor plan, which they hadn't done when we came to walk through during the building process. We brought it up to them, and it was fixed within a week (adding a back door in the garage to the backyard, making the doors into the media room double french doors instead of a single door).

I too, would be hesitant to buy in that community. Just because unless another builder picks up those lots...you have no idea when that community will be completed. So your home would take forever to appreciate (which is going to be hard for any home in this economy). Plus, if 2 of 3 builders (how many other builders in are this community?) went under...Meritage may decide to pull out. But if there are a large number of builders, then those lots may be divied up between them. All in all, I wouldn't build there at this time.
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Old 01-11-2009, 10:09 AM
 
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Is there possibly a website where you can track how a community is doing...as far as development goes? Anyone know of any articles that suggest Fieldstone will be a flop?
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Old 01-11-2009, 11:14 AM
 
Location: Houston
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Google it.
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Old 01-11-2009, 11:17 AM
 
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Originally Posted by Beto View Post
Google it.
I did already. Didn't find anything negative.

Last edited by rubynicholson77056; 01-11-2009 at 11:17 AM.. Reason: update
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Old 01-11-2009, 11:23 AM
 
Location: Houston
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I don't know of any negative info regarding this development. Royce is out and now Kimball who was also the developer. The lots will most likely be sold to the highest bidder bringing in two new builders.
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Old 01-11-2009, 11:29 AM
 
354 posts, read 2,216,424 times
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Originally Posted by Beto View Post
I don't know of any negative info regarding this development. Royce is out and now Kimball who was also the developer. The lots will most likely be sold to the highest bidder bringing in two new builders.
That's good to hear. We really like the area and it seems to be coming along nicely. We got a good deal with Meritage...$165k for a 4bdrm/2.5ba/gameroom/media room 2600 sq ft home. Kitchen will be upgraded with granite countertops, 42'' cabinets, stainless steel appliances...master bath will have his/her sinks, granite countertops and seperate shower...stairs will have iron spindles in the banister. Plus they are throwing in another $5k for upgrades. Really liked the floorplan and area. Guess I'll just have to ask about it and keep my ears open!
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Old 01-11-2009, 03:36 PM
 
Location: Houston, TX (Oak Forest)
4,516 posts, read 11,311,550 times
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That does sound like a good deal. Concern is as above that with the market the way it is the lots owned by the failed builders may sit vacant for who knows how many years. keep in mind that when you buy in a new development your house wont see any real appreciation until the development is built out completely so if there is a chance you will need to move in the next 5-10 years you may have to sell the house at a loss.
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