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Old 02-08-2011, 09:11 AM
 
Location: Containment Area, NC
14,337 posts, read 9,436,805 times
Reputation: 11451

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And to be more specific with my post... 1008 and 1010 Dresden Meadow. One of those was a Wardson Construction home with over 3700 sq ft that sold for 390k. Tax value was almost 610k. The other was an Amward home that sold for 500k, tax value was 575k or thereabouts. Both were previously owned. Cannot tell, but maybe relo or bank owned? In any event, they're at the end of the cul de sac, right where the buffer came down. Still... looks bad for the neighborhood. Those are both very reputable, top notch builders.
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Old 02-08-2011, 09:36 AM
 
90 posts, read 135,823 times
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Quote:
Originally Posted by meh_whatever View Post
And to be more specific with my post... 1008 and 1010 Dresden Meadow. One of those was a Wardson Construction home with over 3700 sq ft that sold for 390k. Tax value was almost 610k. The other was an Amward home that sold for 500k, tax value was 575k or thereabouts. Both were previously owned. Cannot tell, but maybe relo or bank owned? In any event, they're at the end of the cul de sac, right where the buffer came down. Still... looks bad for the neighborhood. Those are both very reputable, top notch builders.
The Wardson house was bank owned. The original owners paid $560k. The new owners got a beautiful home at a good price.

I know the previous owner of the Amward house. A very lovely family. They moved out of state. IMO, they got an outstanding price for the house considering the power lines, cleared trees, and 540. They took a $50k loss on the house, but it could have been a lot worse.

CP is a lovely neighborhood. I almost bought a house there back in 2006. My realtor did not like the neighborhood and I am glad we listened. We were not even considering the lots near 540. I knew then that 540 would be a huge resale issue. A 100 foot tree buffer is not enough to mitigate noise.

The lawsuit stigma has affected the entire neighborhood. I think it will be a very long time before that neighborhood recovers. By the time it recovers, the older houses will compete against new construction and prices will not recover well for the first phases of the neighborhood.

I feel really bad for the people who bought houses there.

Does anyone know the outcome of the lawsuit?
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Old 02-08-2011, 11:12 AM
 
121 posts, read 133,257 times
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your comments are so true; let's hope this fiasco is never repeated in other new developments as it destroys innocent peoples lives who purchase homes in good faith thinking it's an investment for the future when in fact it becomes a millstone.

Quote:
Originally Posted by Toonces07 View Post
The lawsuit stigma has affected the entire neighborhood. I think it will be a very long time before that neighborhood recovers. By the time it recovers, the older houses will compete against new construction and prices will not recover well for the first phases of the neighborhood.

I feel really bad for the people who bought houses there.
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Old 02-09-2011, 09:07 AM
 
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as a previous poster mentioned, if you are looking for a semi-custom home in the west cary area and don't like any of the remaining lots (or spec homes) in weycroft, then consider Horton's Creek. Nice homes, still some basement lots left (if that's what you want) and they do have a pool in the nieghborhood. Horton's creek is only about 1/4 mile down the road from weycroft.
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Old 02-10-2011, 06:36 PM
 
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Thanks for all comments/advice.

Looks like this is now a moot point for us, better lots are gone!

Of the 15 or so lots released last week, seems most have been reserved, either by home buyers, or by builders to build spec homes. Now the only choice is to reserve one of a couple that are left that we feel have other issues (storm-pond, no trees etc.), or go with a specific builder who bought a lot.

Likely moving on to resales in the area!
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Old 02-11-2011, 09:06 AM
 
76 posts, read 98,814 times
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Quote:
Originally Posted by txtonc View Post
Thanks for all comments/advice.

Looks like this is now a moot point for us, better lots are gone!

Of the 15 or so lots released last week, seems most have been reserved, either by home buyers, or by builders to build spec homes. Now the only choice is to reserve one of a couple that are left that we feel have other issues (storm-pond, no trees etc.), or go with a specific builder who bought a lot.

Likely moving on to resales in the area!
Wow! Thanks for sharing! Very interesting information! I believe 16 total lots were released. This is exactly my predictions as people coming into the area continue to want to be in the same 3 to 5 sq miles in NEW CONSTRUCTION and with NO new custom home communities having been approved by the TOC in over two years there is nothing magical about this scenario…. it is just common sense.

I hope you find exactly what you are looking for in your home search! There are some phenomenal resales out there!
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Old 02-11-2011, 09:35 AM
 
Location: Containment Area, NC
14,337 posts, read 9,436,805 times
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Quote:
Originally Posted by txtonc View Post
Thanks for all comments/advice.

Looks like this is now a moot point for us, better lots are gone!

Of the 15 or so lots released last week, seems most have been reserved, either by home buyers, or by builders to build spec homes. Now the only choice is to reserve one of a couple that are left that we feel have other issues (storm-pond, no trees etc.), or go with a specific builder who bought a lot.

Likely moving on to resales in the area!

I'm kind of surprised that that many lots would have spec homes on them, since builders have to borrow to build spec homes, and Cameron Pond isn't exactly selling like hotcakes. You sure about the spec thing? I have seen JordansBuilt doing a couple spec homes in the cul de sac down at the very end of Magalloway. Those look like they may be nice. Dunno your size requirments, but if you want to see the finish quality of one of their houses, go look at the 4 they've got over on Simbury Glen (in the Shires), across the street. They run high 300s, low 400s. It would give you an idea of whether you'd like a home built by them over in the Manors. I know that one of them at the very very back of the cul de sac on Magalloway basically faces the back of the cul de sac over on Beacon Falls, where the new lots were released. That house will be just over 4200 sq ft, so it should be roomy.
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Old 02-11-2011, 09:40 AM
 
Location: Containment Area, NC
14,337 posts, read 9,436,805 times
Reputation: 11451
Just a thought... if the lots have actually been bought, is there a realtor around here who could tell you which builders snapped them up?
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Old 02-11-2011, 09:59 AM
 
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it will be in your interest if the builder buys the lot anyways....doing a construction to perm loan is a killer and you will probably end up spending more money this way. let the builder carry the costs instead of you doing it.....if lots are purchased for potential spec homes, you should find a lot you like with a builder you like and negotiate with them to build the house you want instead of that spec, or have then customize the spec plans.
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Old 02-11-2011, 10:15 AM
 
Location: Containment Area, NC
14,337 posts, read 9,436,805 times
Reputation: 11451
Quote:
Originally Posted by jamming View Post
it will be in your interest if the builder buys the lot anyways....doing a construction to perm loan is a killer and you will probably end up spending more money this way. let the builder carry the costs instead of you doing it.....if lots are purchased for potential spec homes, you should find a lot you like with a builder you like and negotiate with them to build the house you want instead of that spec, or have then customize the spec plans.
Yeah. I'd go after a builder once they've started building, so I could get my choice of colors, countertops, etc.

That way, no big presale deposit. But, I'm like that. Who knows whether loans will be available once the house is done, and do you really wanna put down 10% that you'll lose if (for some reason) you don't qualify for a loan once the house is built?

I sure don't.
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