Darling Homes in Sedona Lakes - Is this a deal? (Houston: HOA fees, houses)

[amygo]

We are in the process of negotiating on a Darling inventory home in the Sedona Lakes subdivision of Pearland/Manvel. The home has been on the market for 7+ months and we've negotiated it down to about $50K under list price which comes out to be just under $94/sf. We've also asked them to cover all of our closing costs which they agreed to do provided that we go with their in-house lender. I am asking for a Good Faith Estimate to avoid any hidden costs from using the builder's lender. So essentially we'd be showing up at closing with just our down payment.

I want to know if this is a good deal and if we should stop negotiating here? Should we ask them to throw in blinds too? Our realtor is also gifting us a fridge and washer/dryer out of her commission or else we'd ask for that. I've read and been told that getting Darling to concede as much as they have is uncommon so we've been lucky. I just want to know that we are getting the best deal we could get before I sign anything. The house sits on a premium lot (or so I'm told) that backs into the American Canal. Any feedback would be appreciated, thanks!

[trele6]

Originally Posted by amygo

We are in the process of negotiating on a Darling inventory home in the Sedona Lakes subdivision of Pearland/Manvel. The home has been on the market for 7+ months and we've negotiated it down to about $50K under list price which comes out to be just under $94/sf. We've also asked them to cover all of our closing costs which they agreed to do provided that we go with their in-house lender. I am asking for a Good Faith Estimate to avoid any hidden costs from using the builder's lender. So essentially we'd be showing up at closing with just our down payment.

I want to know if this is a good deal and if we should stop negotiating here? Should we ask them to throw in blinds too? Our realtor is also gifting us a fridge and washer/dryer out of her commission or else we'd ask for that. I've read and been told that getting Darling to concede as much as they have is uncommon so we've been lucky. I just want to know that we are getting the best deal we could get before I sign anything. The house sits on a premium lot (or so I'm told) that backs into the American Canal. Any feedback would be appreciated, thanks!

If it is such a premium lot, why has it been on the market for 7 months?

[amygo]

Originally Posted by trele6

If it is such a premium lot, why has it been on the market for 7 months?

I asked the builder's agent the same question. She said it's because the two-story homes around it have been selling like hot cakes, it's a one-story house bytheway. She also claims that the house has only been on the market for 3 months, but I used the power of google to learn otherwise.

[trele6]

Originally Posted by amygo

I asked the builder's agent the same question. She said it's because the two-story homes around it have been selling like hot cakes, it's a one-story house bytheway. She also claims that the house has only been on the market for 3 months, but I used the power of google to learn otherwise.

Well the 7 months makes sense for them wanting to negotiate, builders dont make money when the houses just sit there. I would ask for more to be honest, the worse thing they can do is say "no".

[asonnier]

One of the reasons it's probably been sitting on the market is because it is in Alvin ISD not Pearland ISD. There is a huge difference between those two districts if you have school age children. The neighborhood and homes in Sedona Lakes are beautiful but I wouldn't want to send my children to the schools zoned to it.
Sounds like you are getting a good deal to me. Good luck!

[amygo]

Originally Posted by asonnier

One of the reasons it's probably been sitting on the market is because it is in Alvin ISD not Pearland ISD. There is a huge difference between those two districts if you have school age children. The neighborhood and homes in Sedona Lakes are beautiful but I wouldn't want to send my children to the schools zoned to it.
Sounds like you are getting a good deal to me. Good luck!

Thanks! They are building an elementary school in the subdivision and hopefully by the time our now 9-month old starts school we'll have decided whether we're doing the public vs. private schooling. I know it's probably not on par with Pearland ISD, but I thought Alvin was in an exemplary district? My realtor says Alvin is a lot better than Fort Bend which was on our homes short list (Westin Homes in Shadow Creek Ranch).

[HoustonRonnie]

Here's the deal on Sedona Lakes. For the price, you can get a lot more home in Shadow Creek Ranch, Southern Trails and other MPC's very near Sedona Lakes. Perry and one other builder backed out of Sedona Lakes because the developer wouldn't come off its land prices back in 2009 - 10 when the market was in the $hitter. I know, because I wanted to build a Perry Home over there.

So, basically, you can get a comparable home with the same amenities in SCR or Southern Trails from 20 - 25% less, all in. We built a 3,000 sq/ft, home with $30,000K in upgrades and a full 3-car garage (not tandem) in SCR for $51K less than the same (basically) home in Sedona Lakes on a 70' lot. Newbuild prices in SCR and Southern Trails are nowhere near $94/sq, more like mid to high 80's and Perry is still building homes hand over fist in SCR. Take $50k off the list price with Perry and you're in the upper 70's to low 80's/sq ft all in. So, all in all, you're paying a boatload more for the land in Sedona Lakes and it's not THAT much prettier over there.

JPatrick and Darling are both fine builder though.

Just sayin'...

Ronnie

[piyf]

In house lender. Make sure when they give you the interest rate to also include the APR!!!!They are required by law to include the APR.

[amygo]

Originally Posted by HoustonRonnie

Here's the deal on Sedona Lakes. For the price, you can get a lot more home in Shadow Creek Ranch, Southern Trails and other MPC's very near Sedona Lakes. Perry and one other builder backed out of Sedona Lakes because the developer wouldn't come off its land prices back in 2009 - 10 when the market was in the $hitter. I know, because I wanted to build a Perry Home over there.

So, basically, you can get a comparable home with the same amenities in SCR or Southern Trails from 20 - 25% less, all in. We built a 3,000 sq/ft, home with $30,000K in upgrades and a full 3-car garage (not tandem) in SCR for $51K less than the same (basically) home in Sedona Lakes on a 70' lot. Newbuild prices in SCR and Southern Trails are nowhere near $94/sq, more like mid to high 80's and Perry is still building homes hand over fist in SCR.

JPatrick builds a beautiful home though.

Just sayin'...

Ronnie

We looked at both Westin and Perry in SCR and noted that they were all located a little too close for comfort to the chemical plant and infamous landfill, respectively. Due to better resale value and that section of SCR being in Fort Bend ISD we thought Sedona Lakes was the smarter place to go. I know we're paying more for the home per square foot in comparison, but proximity to Hwy 288 for our commute (literally 90 seconds from our door to get on 288), slightly lower tax rate (3.4% MUD included vs. 3.7+%), and lower HOA fees ($500 vs $870). That and I also like that Sedona Lakes is a smaller community only 900 homes at completion (ie: my guests won't get lost trying to find my home or end up driving in circles through the numerous SCR sections). Keep in mind, we're only interested in new construction. I just wanted to get feedback/opinions from a negotiation aspect if we were already getting a good deal or if we should hold out for something better.

[amygo]

Originally Posted by danieloneil01

In house lender. Make sure when they give you the interest rate to also include the APR!!!!They are required by law to include the APR.

I told them I would shop around for the best rate and the actually encouraged me to do so. They said they would match whatever I find. Thanks for the tip on APR. I'm just learning all this stuff as I go.