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Does anyone have any information on this neighborhood? It's about 300 homes, Craftsman-style, the builders are First American and Royal Oaks and they just added Garman Homes.
They are about $450k-$600k.
I think the homes are beautiful inside and out, and very good quality for a non-custom builder.
But ... they don't seem to be moving too fast. We've been visiting for the last few months and not as many are sold there as some other developments.
Does anyone know if there is any reason for what looks like a bit of a slower selling market there? I would love to buy there but am concerned about what may happen if they don't sell well, the developer pulls out ... etc. Similar to what happened to one of the Preston areas, and the Toll Brothers area.
What are the bad things that can happen when a project doesn't go to completion such as in the cases of Preston areas, and the Toll Brothers area? I can picture a couple of houses in a barren wasteland with the wind and tumbleweeds, etc.
Does anyone know if there is any reason for what looks like a bit of a slower selling market there?
Someone will have to verify this, but I thought that I remembered someone in this forum saying that this section of Amberly is in Chatham county. Perhaps that is part of the reason.
Here is the website for Garman Homes (I noticed there wan't a link to it on the above website). http://garmanhomes.biz/
The site only lists 3 home plans, but I believe they have more.
What are the bad things that can happen when a project doesn't go to completion such as in the cases of Preston areas, and the Toll Brothers area? I can picture a couple of houses in a barren wasteland with the wind and tumbleweeds, etc.
Which part of Preston and which Toll Brother's area? Just curious what happened and where we should watch out? Thank you!
We are moving from Mass and just purchased at The Peninsula. They have been great to work with so far. I think it always starts slow. Each builder can only build probably 10 houses or so a year. I know several are under construction now.
The schools are in Chatham but they plan to build a new elementary and high school, I believe closer to us so I am not worried.
flysouth, can I PM you for future discussion? We've been back and forth down there since January and I'm really torn. I could really use some real-life feedback.
The homes in the Peninsula are very nice and seem to be well priced, but the 3 rules of real estate apply-location, location, location. Nice homes, decent lot sizes, great location but not the "hot" location.
Peninsula sales are flat because given the choice buyers prefer Wake County. If you notice the print ads for Amberly's own "Village Square" neighborhood (admittedly a totally different living concept from the Peninsula) the Bedford Builder Group points out that they are "Amberly's Custom Builder in WAKE County.
It's not a good sign that the developer is selling lots directly to the public for a future build (This means that 1st American and Royal Oaks are hesitant about putting more spec homes up) and it's also not a good sign that the some of the second round of spec homes under construction are priced 10% below where the first round was last October during Parade of Homes.
The Chatham County school situation is probably a bit overblown, but in a buyer's market it's not helping. It also doesn't help that you can buy a very nice resale in Cary Park for similar money and be in the Highcroft/Salem/Panther Creek school zone.
I'd be nervous about reselling a Peninsula home if it turned out to be a mistake.
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what happened?
