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Old 10-30-2013, 09:24 AM
Location: Raleigh, NC
11,809 posts, read 27,494,976 times
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Originally Posted by islander03 View Post
Just read this WSJ article this morning about land prices softening and builders like Lennar are cancelling or re-negotiating their transactions. It mentions a Lennar transaction in Durham NC.

Land Prices Hit the Brakes as New-Home Sales Skid - WSJ.com
Just like BigTen said, the real estate market is cyclic.

I had a client that purchase a Lennar townhome last year. We got $10,000 off the price, garage, screen porch, closing costs paid, all appliances. They weren't selling as well or as fast as Lennar wanted them to.

Then comes November of last year and they were selling like crazy...two per week!

So, I bring client #2. No more screen porch, no more $10,000 off. We still got closing costs paid and a fridge, no washer/dryer, no garage door opener.

This n'hood is almost sold out. I'm happy for client #1 that prices went up so much and so quickly. I wasn't as happy for client #2 but the prices have continued to go up and she still thought the price we got was a good one. And since both of my clients intend to live there at least 5 years, we'll have to wait to see what happens.

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Old 10-30-2013, 12:41 PM
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I bought a Lennar Townhome in Feb 2012. It was right before the market got really hot again.

The entire subdivision is now sold out, and some of the last few places similar to mine have seen a nice appreciation.

People are selling houses and townhomes for 25-30k more than they paid for them in just over a year and a half. There's always a little bit of luck in real estate and buying in the right location at the right time.
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