To Buy or Not to Buy: Pre-Construction in Fairfax County (Chantilly: foreclosures, how much)

[FairfaxGirl]

So.... There is a huge construction lot in Ffx County, about 8 miles west of the Vienna metro - this development is very close to the Route50 and Ffx County Parkway intersect. A major developer is currently selling preconstruction, all-brick single family homes. The homes range from right under 3000 sqt feet to 5000 square feet (if you deck out the basement). The prices of these homes start in the 700s, and go way up to 800s and 900 if you buy all the options. Each home sits on a small 8000 sq ft lot.

I am interested in these homes but am quite taken back when I discovered the builder indicated they are a 'non-negotiating' community. My agent told me they would not negotiate the base price and are not inclined to give the buyer anything 'for free'. Apparently these homes are already selling like little hot cakes. Has the housing market bounced back in Fairfax County? Hmmm, I am almost having a 2005 housing boom flashback! Whether this is a real bounce back or temporary one remains to be seen...

So as I ponder whether these conveniently-located homes are a bargain or ripoff..... does this 'non-negotiating' trending sound right to you? Would hot builders really not throw in any free options? Are preconstruction prices really lower?

[zephion]

I'm familiar with the location and builder... All i can say is 4-5 years ago a similar project in the Vienna area started in the 800s with a similar non-negotiating stance and sold out during pre-construction.

I'm not from this area and dont get caught up in the whole location thing from county to county and always look for value, quality and great bargains.

When you are spending 100s thousands up to 1M, I feel the need to negotiate...

[Yankeesfan]

A new neighborhood near me began selling homes at the peak of the market with a waiting list of buyers. Those who signed contracts in 2005 or early 2006 for homes that closed in 2006 paid between 1.1 and 1.3 million. By 2008 the builder had dropped the prices of the remaining unsold homes to the low 800s -- one buyer did pay exactly $800,000. There have already been foreclosures, which have resold in the mid-to-upper $700,000s. Builders usually won't negotiate much if houses are selling, but they will drop the price or offer incentives if the houses stop selling at that level, regardless of how much their previous buyers paid even recently.

[Tish Thompson]

Builders and any other seller are not obligated to do anything for free. This builder is doing what any other seller in its situation would do: take advantage of the opportunity presented to them. If the ability to negotiate is important to you, don't get locked in to this community. That ability seems like it's very important to you, and being that it's so important, no matter how well the transaction goes, I don't see how you'll make it through feeling like it was a positive experience.

[FairfaxGirl]

Yankeesfan: is that neighborhood in Chantilly (edge of fairfax county) by any chance? That story sounds familiar...

[Yankeesfan]

No, but similar situations have happened in many other neighborhoods. It's very sad. Not saying it will happen in the neighborhood the OP wrote about, just illustrating the point that builders adjust prices according to demand, whether that means up OR down.

[Nancy in Nokomis]

I say its a rip off. For 700k you can get a fairly new brick home in Fairfax Station with a beautfiul acre lot with woods all around