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The generalizations of the new home purchasers are just that, generalizations. It amazes me how people are prone looks down on another's choice. Personally, my husband and I purchased a new home. It came down to many different reasons as to why we purchased the home we purchased. Location was one of the biggest factors. We had a list of what we wanted in a home and in the end didn't want to knock any of those off the list and settle for something else. After searching for over 9 months looking at both existing and new construction, we chose new construction. For us, quality is one of the top things we look for when purchasing a home. Our home is one of our largest assets and we have found that quality pays off. Looking at builders we have found that local builders that live off their reputation give the highest quality products. Now, there are some local builders in the area that I would not buy from. Homework is important! There are a myriad of reasons I am not interested in buying an existing home, fortunately I have that choice.
Just because someone purchases a new home does not mean they are "spending like crazy" or "keeping up with the Joneses." For me, people who purchase their kids a car, a cell phone with data plan, and pay 100% for college are throwing money away - but that is just me (my kids would would disagree with me on this one .) I do not go around complaining about parents that have purchased the latest iPhone or Samsung for their kid - that is their financial choice. Not mine.
In essence, we all have choices in life and wouldn't it be boring if we all thought the same way.
I am on home #6 and they have ALL been brand new. I buy my cars brand new too!
I take good care of things and don't want someone else's problems. Just my opinion and it works for ME.
I have plenty of clients that buy new and buy re-sales. It all depends on what the buyer wants.
I've always wondered why people online think their way of doing things is the only way!!!
We have a house that was built 10 years ago in NW Cary. It's custom, not tract. At 1/4 acre it is assessed at 134k for tax purposes.
We owned a new house in West Cary last year (sold it after 6 months and moved back to our older house, which really is more to our liking, in terms of layout, neighborhood, proximity to the things we need, etc.) and that lot is 1/5 of an acre with no really good characteristics to speak of, not really.
It's assessed at 145k.
LOL.
Funny, eh?
There's a guy building a house out in MacGregor right now on a lot he paid over a million dollars to buy (he also had to raze a house to build on it). And, the lot isn't huge. I think it may be a half acre. It's on the lake, but has a crappy view, I think.
Go figure that one out.
While you're at it, tell me why the 2mil Parade home over on Hogan's Valley in Preston is on lot that the builder paid 500k to get when that lot is only 1/3 acre. I know it's on the golf course and Hogan's Valley is pricey real estate, but it's not THAT great a lot, really.
I think the real issues around here are what the others have said... popular area, not enough houses... people like new houses because they cannot mess with remodeling... running out of decent land to build on... etc.
RedZin, that is so interesting that you moved back to your former home. We really could downsize within the next few years but no other neighborhoods really appeal to us.
Actually, there are plenty of waterfront homes on LI selling for "gazillions". Go ahead and search the towns in Nassau County north shore. I.
Sure, but those sales are few and far between for true waterfront, and I just don't think they are making a run on housing stock in Cary, NC. Just my hunch!
The constant refrain we hear is "people are coming here from NY and NJ and they are paying cash and driving up prices!" And "no one is making enough money around here to buy those houses".yes it happens, but come on. There are plenty of people from other places and there are plenty of people who make a lot of money around here.
I am on home #6 and they have ALL been brand new. I buy my cars brand new too!
I take good care of things and don't want someone else's problems. Just my opinion and it works for ME.
I have plenty of clients that buy new and buy re-sales. It all depends on what the buyer wants.
I've always wondered why people online think their way of doing things is the only way!!!
Are you sacrificing location/investment so that you can buy new homes? Probably not. A 300k pre-owned home with a desirable location will appreciate faster than a 400k new construction in a not-so-desirable location. Not that you don't already know this
I'm all for buying new construction in the location you want to be in, but I think a lot of people convince themselves they want to be elsewhere, in order to be able to get the nice new construction. Not only is it a worse investment, but commutes can really wear on you (especially when they'll only get worse).
Wife and I bought new construction and did it for a number of reasons. The biggest reason was that we wanted to get into a good school district and there simply weren't many resale homes in our budget in good school districts.
We work hourly jobs and are very busy. After looking at available homes via email for about 3 months while selling our house we realized how quickly houses were selling in the areas that we were trying to get into and didn't want to go through the process of leaving work repeatedly to go look at a house the day it hits the market in a buying environment that we would have no leverage in. Basically you bid asking price (or more) and then hope nothing is wrong with the house to derail the sale. Just simply something we didn't like the feel of- would have been hard to get "the house" of your dreams in that kind of market.
In the end we got an awesome house, in our budget, in a great area with great schools. We got to sit down and think about what type of house we wanted, how many square feet, what amenities were important to us etc. Completely different buying experience. To each their own.
RedZin, that is so interesting that you moved back to your former home. We really could downsize within the next few years but no other neighborhoods really appeal to us.
I dunno if it's as interesting as it is amusing.
We moved and never warmed up to the place. The layout, the location... just felt "off."
We never listed this house because we all knew we'd rather move back.
The new house was smaller, but it wasn't tiny. Just wasn't for us. I guess you might figure out why you want to downsize. If you want to stay in the same area, it may not be worth it unless you need a first floor master or the like.
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No exaggeration, there is a big difference between an undeveloped land sale and a developed lot or group of lots being sold to builders. I stand by my earlier posts and have grown quite familiar with Wake county deeds and records. iMaps and other sites contain a great deal of data..
Ah, you were writing about developed lots and I was thinking large tracts of undeveloped land. Yes, big difference. Appreciate your insight.
I guess it's just hard to decipher between who the quality home builders are and aren't. We stepped into an Ashton Woods home during the parade and one of the walls was actually curved and not on purpose. I wouldn't want to throw away close to $400,000 on poor quality. I guess the price does not always equal quality which would make me nervous to buy some of the new homes going up. We walked through the new 5401 north development and really liked it, but ugh the location is not good in my opinion. Maybe that area will improve, but I consider it a little too close to mini city. I guess the nice thing about new construction is the fact that little should go wrong the 1st 7 yrs. I like mature landscaping though.
I guess it's just hard to decipher between who the quality home builders are and aren't. We stepped into an Ashton Woods home during the parade and one of the walls was actually curved and not on purpose. I wouldn't want to throw away close to $400,000 on poor quality. I guess the price does not always equal quality which would make me nervous to buy some of the new homes going up. We walked through the new 5401 north development and really liked it, but ugh the location is not good in my opinion. Maybe that area will improve, but I consider it a little too close to mini city. I guess the nice thing about new construction is the fact that little should go wrong the 1st 7 yrs. I like mature landscaping though.
Ashton Woods is a tract builder. If you want to see the difference, find homes in subdivisions that are in the same price range and have more than one builder featured. Those builders are usually custom builders. An easy example in Cary is Bellewood Manor. All custom. More than 400k, but you should expect the same quality and a smaller home/lot for a lower-priced custom home.
This is not to say that buying tract is inherently bad. It's not. It's simply that in higher price brackets (I'd say 500k and up is where this really comes into play in the core of the Triangle), you can find custom builders and neighborhoods of better quality. If you're buying by the square foot you may not care. Depends on priorities.
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.) I do not go around complaining about parents that have purchased the latest iPhone or Samsung for their kid - that is their financial choice. Not mine. 
