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A couple of questions regarding this: Should we be worried if a developer has listed for sale the undeveloped phases of a neighborhood (Bonterra)???? How does this impact our resale value? Can anyone come in and buy that land and build anything at all?
There sure seem to be a lot of homes at Fieldstone with ongoing construction. I am guessing there will be many folks moving in the next 4-6 months. Do we have many folks on this forum getting ready to move there?
Yes, I would be concerned. Land prices have declined and more than likely if they are looking to sell undeveloped phases of a deal like Bonterra, they are hard up for cash and need to raise money to shore up their balance sheet. To be honest, no one is buying raw residential land right now except "vulture funds" who are looking to buy and hold the land for 3 - 5 years depending on the deal and then selling to a builder.
What they can build is probably only dependant on any zoning or PUD specific regulations that limit square footages or perhaps elevations or exterior materials used in construction. By law, many of these "price point" specific restrictions are illegal but builders agreed to them to "feed the machine" back in the day. Its really up to the buyer of the land to challenge any of these in court. I'd look at the zoning specific regs to determine what was approved.
There sure seem to be a lot of homes at Fieldstone with ongoing construction. I am guessing there will be many folks moving in the next 4-6 months. Do we have many folks on this forum getting ready to move there?
I'm getting ready to move out there. We've got the house picked out, and we've pretty much decided on all of the options and whatnot. We're just waiting for our house to sell in St. Louis before we pull the trigger. Our house is getting a lot of attention lately, and we've had several offers, so it will be soon.
I talked to the agents out there just the other day, and they seem to be doing pretty well. They seem to be selling and building more than the other developments in the area. The agent also said that they are still making a profit on all of the houses they sell, so that's a good thing. If they're giving the houses away for nothing, it means the area isn't profitable and I would be concerned that they might pull out. The fact that they still make money there, and the fact that they actually own all of the land there, makes me feel much more comfortable building there.
Wish me luck on my house selling and hopefully you'll count me as a neighbor soon.
Thanks, Blabber. I figured it didn't bode well for the neighborhood. I'll follow up on the zoning ordinances.
P.S. I'm really giggling over the mis-typing of my screen name: 'lovemypants'....lol. I should have figured that that would happen when I chose 'lovemypaints' as a screen name. For the record, I don't particularly like my pants!!
P.S. I'm really giggling over the mis-typing of my screen name: 'lovemypants'....lol. I should have figured that that would happen when I chose 'lovemypaints' as a screen name. For the record, I don't particularly like my pants!!
I thought it was already established. You don't like your pants, you LOVE your pants.
I just wanted to add that homes are constantly being built here. However, Ryan pulled out of Glendalough a mile or so down the road. There are about 10 homes built scattered on the land, and everything is deserted. It is sad.
Wish me luck on my house selling and hopefully you'll count me as a neighbor soon.
Good luck, they just started grading the lot next to us that has been sold for a few weeks now. I've noticed them working on about 10 houses at a time lately, and pretty much all of them have been sold. I think they stopped building inventory homes at least a few months ago...all things considered things look pretty decent here....
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