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I have been looking for homes for the past 7 months. I have specifically been focused on 3 Kb home neighborhoods.
My questions is- all 3 communitys have dropped their prices significantly in a matter of 2 months. Im talking $20000 to $50000!!!! Is this a good or bad thing??? Am I going to lose equity in a KB Home like all of the other people who have bought in the last 2 years?
Also, The Sales Reps I have talked to, in ALL 3 COMMUNITIES have disapeared!!!!! What is going on?? THis cant be good???
I really like KBs floor plans and I like the communities, and truth be told, they are in my price range.
I dont know what to do.
Lennar has done the same thing with Kingsbridge in the Steele Creek area a $20000 drop in 1 month. I saw several of the townhome communities have done the same over the past year along 49. Where are the KB communities that you are talking about? Everyone says the economy here is strong, that homes sales are on fire and house are appreciation is going up up up. If that is so then why the huge price drops or are these homes sales truly fire sales. I sort of feel sorry for these people as a drop of $20000 to $50000 could easily put these people up side down in their mortgage, but hey don't say I have not been trying to warn folks. If you don't already own renting for a while is the way to go.
Location: Sunny Phoenix Arizona...wishing for a beach.
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Quote:
Originally Posted by BigCountry
Ok check this out, here is a question for you guys.
I am building in Berewick. 2 months into construction with KB Homes.
The base price on my house has dropped 20k! From 197k to 177k. Will I pay 177 or 197 on close??
I am at work so I do not have the preapproval contract in front of me.
I love the home and am happy with everything so far, but why should I have to pay 197 when someone can literally build right beside me the exact same house for 20k less (and the only difference is us being 2-3 months apart in closing)? That does not seem fair..
Will KB refund the difference?
You know that happened to me in Phoenix I was building a home that was base price 452,000. They lowered the price to 410,000 a couple of months before closing. They did offer me the price of 410,000 but I walked losing 16,000. Since then the house is down to 380,000. I figured 16,000 was better to lose than 30,000+. Probably still dropping See if they lower it for you. That stinks!! with a capital S.
The sales rep told me the price drop is temporary due partly to the market and also to this promotion that KB is doing. The price should increase again in June she said. She also told me that come closing time KB will ammend the pricing if need be to ensure satisafaction.
I guess nothing is in stone but at least I can sleep tonight.
lol
Wow! Glad we changed our minds about St Johns Forest when we were second guessing buying from Homelife. Wheewwww! I know I would be fuming and raising a lot of h#ll if I lost $20-50,000 worth of equity in my home. At the same time it does not surprise me though. The one home site we really liked there was a bit larger than normal and was in a culdesac and had a $8,000 premium. When they told me that number I said I was no longer interested in the lot. When asked what I would be willing to pay I replied $3,000 tops, and they responded with " I can do that!" Our rep there was awesome but from what I understand is no longer there either.
If they want to have a 50 year anniversary sale is their business but like someone mentioned earlier they should have made other incentives to potential buyers instead of slashing prices. It just bad business all around, even if it is just temporary which I find hard to believe since they have been lowering prices for the last 4-5 months.
The KB homes in the Harwood Landing have been going up. And been staying there...I spoke to my sales rep, and she said do to the demand for the homes there, they are not dropping the prices and they are staying with the market/demand...Which she is right about. I have one of the last 3 homes there thats getting ready to break ground.
I know that these ads are based on information mined from the text, but I'd be concerned about the price drop along with the fact that this is the ad right below your post:
KB Home Problems - Having problems with KB Homes? . We can help. Contact us today.
I removed the link because I'm not sure about the forum rules here, but there's a link to a potential class-action suit against KB. I know they're a huge, nationwide builder, but I'd read too much negative stuff about them. I saw a KB floor plan and just adored it, but went with another builder because of what I'd researched and found out about them.
I have to agree with neoflex. These insane price drops have been going on for 7 months!!!! I really do not believe that this is an anniversy special/one time only thing. And the fact that MOST of there sale reps have jumped ship does not make me comfortable. Its all too sketchy.
I dont mean to disagree with anyone...The Harwood Landing community prices have been going Up. My model went up twice in the last 3 months...If the sales rep are MIA, maybe the community is all sold and they have to relocate to a different location? Just a thought
I would like to agree w/ Joe. I just entered into a contract for the KB community in Berewick on April 19th.
We have been watching the prices drop since our intial visit to the area last summer.
We have a trip planned for next week that has been on the books since the begining of the year.
We had no intentions of buying anything prior to the visit , but they were selling an average of 3 lots a week and at that rate, they would have been sold out of the collection we were interested in by the time we got there.
The only incentive they gave us was a $5k studio allowance if we used Countrywide as our lender.
After reading this, we will be asking our agent if we can get in on the 50% off kitchen upgrades which I would think is worth alot more than the studio allowance they offered!
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See if they lower it for you. That stinks!! with a capital S.
