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Old 01-10-2018, 01:03 PM
 
2 posts, read 2,369 times
Reputation: 10

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I guess I should have done this before but it doesn't hurt to ask now.

Anyways, my family and I just purchased a home built by Providence Red in one of their subdivisions called Village Circle in Dyer, Indiana. The house model is "Jasmine" with 2564 sqft, 4 bedrooms, 2.5 baths, and 2 car garage. The base price of the house was 282k and with all the upgrades and premiums it went up to around 320k. My question is, did we overpay for this house?

The reason why I'm asking this question is, Providence Red was offering to build this house last year or even earlier this year for around 260k without premium on the land. What was with the sudden increase in price within a span of 8-9 months? For the record, I love the house and I think it's perfect for us. I love how close we are to all the restaurants and markets but I just have a gut feeling that we might have over payed for this house quite a bit.

Looking at the other home builders around the area, it seems like the price of the ~2500sqft homes are not that much different. Originally, we were looking at a model from Olthof at North Point but we decided otherwise because we'd have to relocate from Highland to St. John. That was a little too far and we felt that Dyer/Schererville would be more manageable. The largest model at North Point sells at 282k and about 5k of lot premium. With additional upgrades of about 25k that would bring the price up to 312k. Is the 10k difference from Providence (320k) and Olthof (312k) worth it? For 320k, Calatlantic has a much better model down at the Gates of St. John, imo.

Also, I notice that on the map there's this big chunk of land West of Village Circle and South of Auburn Meadows in Schereville. Will this area be used for residential buildings down the road?

Thanks so much for your help.
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Old 01-10-2018, 03:34 PM
 
Location: Saint John, IN
11,578 posts, read 4,826,527 times
Reputation: 14704
Hi! I think you got the home for a great price, depending on what your options are. I actually live in North Point and the homes that are being built now with upgrades are closing between $330-$365k and they are selling fast! There are 11 homes being built right now. As far as the price increasing, market values have substantial increased in the area since last year and as I said previously, Olthof is selling lots like crazy! As far as the area, you can't go wrong with Dryer or St. John. If you have kids I can tell you that we have a TON in my subdivision!! Last I counted, 26 just in a block radius and when the new homes close I’m assuming that number will increase! CalAtlantic does have some nice floor plans, but I’m pretty sure that area of The Gates is also zoned to Hanover schools instead of Lake Central.

Last edited by CGab; 01-10-2018 at 04:08 PM..
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Old 01-10-2018, 04:57 PM
 
2,117 posts, read 4,712,355 times
Reputation: 1500
Quote:
Originally Posted by tonydinh21 View Post
I guess I should have done this before but it doesn't hurt to ask now.

Anyways, my family and I just purchased a home built by Providence Red in one of their subdivisions called Village Circle in Dyer, Indiana. The house model is "Jasmine" with 2564 sqft, 4 bedrooms, 2.5 baths, and 2 car garage. The base price of the house was 282k and with all the upgrades and premiums it went up to around 320k. My question is, did we overpay for this house?

The reason why I'm asking this question is, Providence Red was offering to build this house last year or even earlier this year for around 260k without premium on the land. What was with the sudden increase in price within a span of 8-9 months? For the record, I love the house and I think it's perfect for us. I love how close we are to all the restaurants and markets but I just have a gut feeling that we might have over payed for this house quite a bit.

Looking at the other home builders around the area, it seems like the price of the ~2500sqft homes are not that much different. Originally, we were looking at a model from Olthof at North Point but we decided otherwise because we'd have to relocate from Highland to St. John. That was a little too far and we felt that Dyer/Schererville would be more manageable. The largest model at North Point sells at 282k and about 5k of lot premium. With additional upgrades of about 25k that would bring the price up to 312k. Is the 10k difference from Providence (320k) and Olthof (312k) worth it? For 320k, Calatlantic has a much better model down at the Gates of St. John, imo.

Also, I notice that on the map there's this big chunk of land West of Village Circle and South of Auburn Meadows in Schereville. Will this area be used for residential buildings down the road?

Thanks so much for your help.
Regarding the chunk of land you mentioned (I think you actually meant EAST of Village Circle) it is currently zoned agricultural so it would require a zoning chance. Also, Allen Landscaping and some other business occupy the lots to the south of that and fronting US 30. If anything was developed, it would be a very small subdivision and it would likely require the extension of St. John Rd south to 30 as well as extending Fairview Dr east to meet with St. John Rd. It would be a high cost to justify the construction of few single-family homes or even townhomes. Also, the surrounding commercial lots are not very aesthetically desirable so I doubt that anything will be built there.

Regarding what you paid for the home, depending on options (as CGab stated), it seems like you got a great deal for the area too. Village Circle West is one of the last areas within the LCSC section of Dyer that has "affordable" new construction relative to other parts of Dyer within LCSC, Schererville, and St. John. Also, it is one of the last areas in Dyer north of 30 to build new construction in the Sub-$400K price-range as the only other option would be Briar Ridge where the new construction is mostly over $500K including lot. Very easy access to Chicago, great schools, and nearby amenities factor into what you paid. If you did overpay, it would not have been by much. You are lucky to get into that subdivision when you did. The only options left to get new construction at that price-range will be in Hanover Township or much further out in Crown Point/Winfield.
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Old 01-11-2018, 04:18 PM
 
2 posts, read 2,369 times
Reputation: 10
Thanks to CGab and Northwest Indiana for the responses.

I feel a lot better now knowing I made the right decision. I can't wait until we move in!
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