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Old 03-31-2010, 07:32 AM
 
206 posts, read 316,171 times
Reputation: 49

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Does anyone know of any subdivisions that have a reputation for poorly built homes? While looking at homes on line, it seemed like certain subdivisions had a high turnover rate. Don't know if the reason is foreclosures, or if there is a problem with the homes. I'm talking about mainly in the south and east parts of Louisville. Maybe there is no problem at all and there are more sales in newer areas. Any input on this? I'm kinda leery of newer homes because some of them just don't seem very well 'thought out'.
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Old 03-31-2010, 09:34 AM
 
Location: Mt. Washington, KY
171 posts, read 354,227 times
Reputation: 43
Yes. There are some that are more poorly constructed than others BUT as far as I've heard (rumors or facts supporting) they have not skirted building codes. In other words, they meet code but quality is about more than meeting code. Problems I've seen: inferior flooring such as cheap carpeting & vinyl, cheap paint, and an over-all cheap feeling from cutting as many corners (albeit legally) as possibly. After five years these houses often look like s**t on the inside. Especially if children lived in them. Cheap paint doesn't wipe clean, cheap carpet develops wear patterns quickly (& stains easily), and cheap vinyl rips & burns, etc.

The high turn over rate in some of these developments often has to do with "special" financing that was offered to buyers. It means "we are going to sell you this house at way more than it's worth but we'll get you the loan to make it work" which usually means doing "credit repair" to help buyers qualify. It's an ugly practice that is mostly legal but unethical.

I'm always hesitant to sell a client a house in one of these developments so I explain it about as plainly as I have here but I'll show them sales data to support what I'm telling them.

Here's a caveat. You can actually find some great deals in these subdivisions but the key is to buy them right. Eventually these developments stabilize at a new price level, usually significantly below were it sold new, and start to appreciate with the rest of the market (in general). If the location is good it can be a logical solution to meet someones housing needs.

Last edited by bbkennedy; 03-31-2010 at 09:47 AM..
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Old 03-31-2010, 10:40 AM
 
206 posts, read 316,171 times
Reputation: 49
Thanks, but can you name names of the 'built to code' not quality subdivisions?
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Old 03-31-2010, 11:29 AM
 
Location: Mt. Washington, KY
171 posts, read 354,227 times
Reputation: 43
I'm opposed to name names on a public forum. It's something an agent can help you work through but you have good instincts. Don't be afraid to use them. If you see a high turnover or a lot of inventory in a particular subdivision you need to pay attention. You'd make a good real estate pro.
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