New Construction in Montgomery/Belle Mead (sales, renter, new house)

[lifeneversettles]

We recently moved to NJ after selling our house and are currently renting at Pike run. for the last few months we there is an increased construction activity around RT206 in and around the 206/griggstown corner. After poking around a bit understand that Hallmark builders are coming up with 2 communities Polo & Bridle starting at 670K so a few questions

1. What are the reviews for this builder? see nothing much on internet apart from having developed many communities around Monroe and elsewhere
2. At 670K any views on price point? bubble or realistic?
3. Apart from a retail/commercial planned around the corner. what other development is expected in this area?
4. Schools are good and new construction around this place has been scarce is what I am told, Is it true?

dont see anything in the forum so started a thread. all views and suggestions welcome.

[lifeneversettles]

any help - anyone?

[NikhilPat]

1) Hallmark builders have decent reputation. They have multiple projects ongoing in NJ and haven't seen any issues. I have heard they don't negotiate during the contract and on upgrades/prices. must be because of demand
2) Prices have already gone up. We visited the sales office last week and were told different prices for all model from what we knew of (someone had booked 3 weeks back)
3) Not sure about development but the project is on Rt 206 which already has shopping and basic things around it.
4) That should be right - not many new construction have come up in recent years. Area is well developed with excellent schools

[pruebas]

My $0.02:

All new construction is "overpriced." The new house premium doesn't last but a few years. If you go to sell after ~5 years, it's no longer new.

I also think most of NJ is in a housing bubble this year. There is little inventory (seller's market) and prices have increased too fast.

[lifeneversettles]

Originally Posted by NikhilPat

1) Hallmark builders have decent reputation. They have multiple projects ongoing in NJ and haven't seen any issues. I have heard they don't negotiate during the contract and on upgrades/prices. must be because of demand
2) Prices have already gone up. We visited the sales office last week and were told different prices for all model from what we knew of (someone had booked 3 weeks back)
3) Not sure about development but the project is on Rt 206 which already has shopping and basic things around it.
4) That should be right - not many new construction have come up in recent years. Area is well developed with excellent schools

We were initially considering the development but now after a the price increase we are kind off fizzled out. considering how the development is squeezed between Rt206 and railroad I am not sure of the premium feel at that price. with 750K+ price range we dont want to be stuck on a small piece of land at that price

[lifeneversettles]

Originally Posted by pruebas

My $0.02:

All new construction is "overpriced." The new house premium doesn't last but a few years. If you go to sell after ~5 years, it's no longer new.

I also think most of NJ is in a housing bubble this year. There is little inventory (seller's market) and prices have increased too fast.

well the bubble is scary either ways...the rental prices havegone up too so I am at wits end on whether to burn rent money or be a slave to the bank.

yes, you are right, new is not new after a while specially at that price point which will take the most beating if the bubble was to burst

[neolaving]

Originally Posted by lifeneversettles

.. if the bubble was to burst

So, what's your gut... will it?

[lifeneversettles]

Originally Posted by neolaving

So, what's your gut... will it?

If only I could guess that....but I see it this way....you either pay the bank (in higher interest rates) or the builder/seller in higheer prices.....Looks like we are getting in a sellers market ...every property we have liked has sold at asking or better...we didnt bother to look at any over priced homes...

so I will stay put...as I know I cannot afford to go underwater on such a large investment...if my gut is wrong then I will accept I was meant to be a renter for a while longer

[practicalposts]

Check commute traffic before cosidering anything related to route 206. You will regret if not prepared.