U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-03-2014, 07:05 PM
 
170 posts, read 222,060 times
Reputation: 204

Advertisements

Oakmont Homes was purchased by LGI Homes a few weeks ago. They have a few developments in the Charlotte area.

Does anyone have any experience dealing with either Oakmont (past) or LGI? Also, who do they use as their preferred lender? They have a 100% financing option on their website (i'm thinking USDA loan) but the communities I looked at don't qualify for USDA loans according to the USDA website.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-04-2014, 05:27 AM
 
Location: NC
6,032 posts, read 8,052,703 times
Reputation: 6366
Cookie cutter low grade quality type homes.... Lets be honest here, they are going to be using the builder grade materials and you really start seeing the homes showing their age in 5-10 years. Just browse some old Oakmont neighborhoods.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 09:04 AM
 
170 posts, read 222,060 times
Reputation: 204
Do you have the names of some of the older (10 years) Oakmont neighborhoods?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 10:59 AM
 
Location: NC
6,032 posts, read 8,052,703 times
Reputation: 6366
Google is your friend...

[CENTER]SINGLE FAMILY HOMES [/CENTER]
1. Mallard Lake
  • 704-594-9472
2. Thompson Brook
  • 704-594-9472
3. Alexander Park
  • 704-499-2431
4. Barley Greens
  • 704-499-2431
6. Keller Woods
  • 704-499-2431
[CENTER]TOWNHOMES[/CENTER]
7. Northampton Townhomes
  • 704-547-0027
8. Prosperity Place
  • 704-547-0027
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 01:00 PM
 
170 posts, read 222,060 times
Reputation: 204
These all seem to be fairly new communities. I've actually been in 1 of those and didn't see anything bad (from the outside). That's why I was asking of the names of one of their communities that they built 10 years ago or so to see if indeed it is as you say.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 05:01 PM
 
Location: NC
6,032 posts, read 8,052,703 times
Reputation: 6366
Is your goal to have any equity in the home in 10 years? If you want to be underwater, by all means buy a starter home in the University area.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 08:01 PM
 
170 posts, read 222,060 times
Reputation: 204
I'm just trying to get some information on the area. Why would I be underwater with a starter home 10 years from now? In 10 years i'd pay off approximately 25% of the mortgage. Are you saying my home value would decrease in 10 years?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-04-2014, 10:12 PM
 
Location: Up above the world so high!
45,269 posts, read 91,629,365 times
Reputation: 39991
Quote:
Originally Posted by HopefullyMoving View Post
I'm just trying to get some information on the area. Why would I be underwater with a starter home 10 years from now? In 10 years i'd pay off approximately 25% of the mortgage. Are you saying my home value would decrease in 10 years?
Suncc is trying to help you.

He is saying that the builder of these homes builds the kind of homes in less desirable areas that in 10 years could be worth LESS than you paid for it - NO EQUITY, see?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2014, 05:37 AM
 
Location: NC
6,032 posts, read 8,052,703 times
Reputation: 6366
Quote:
Originally Posted by lovesMountains View Post
Suncc is trying to help you.

He is saying that the builder of these homes builds the kind of homes in less desirable areas that in 10 years could be worth LESS than you paid for it - NO EQUITY, see?

Exactly. I have seen alot of people locally get burned on these types of houses.....


1) Anyone gets financing for these and most of the people are first time homebuyers
2) Neighborhood not kept up as first timers don't do the needed maintenance and let the siding rot etc....
3) Neighborhood converts to rentals as the first timers advance in jobs and move on and up from neighborhood
4) Quality of neighborhood declines
5) Neighborhood hit with tons of foreclosures and values tank.... still makes senses as rentals though!
6) First purchasers have no equity and probably negative equity....

I am just saying that the quality of these homes are not something that you will be readily able to sell in 10 years because it is low. Also the locations are not that good at all.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2014, 12:31 PM
 
170 posts, read 222,060 times
Reputation: 204
Thank you Suncc49. It was a post like yours that I was looking for. The others just seemed to discourage moving into cerain homes but didn't really give details as to why.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top