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anyone has any experience with the builder there (Beazer)? the inventory houses look quite nice from outside.
any reason why the price get slashed 20% in the last couple months?
As far as I can see it's because they're not selling, originally I think the prices last year were in the $600k's. There were a couple of other subdivisions in the area planned in this price range. The mortgage market isn't the same, builders just got a little greedy, and they realized that even N & NW. Raleigh can't support EVERY new neighborhood starting in the $500's and up.
Also Beazer has had a few financial issues over the past year.
I would say that because the subdivision is small (25 homes) they do not want to have too many homes built and ready and sitting. Most "production" larger builders will only build a certain number of homes to just sit. Anyhow, they want those houses to move, in my opinion. They are trying to get people in so that the neighborhood can "take off". In my neighborhood, our house was one of those that "sat" for 7 months, we were happy to buy it for 20k under the price of the neighborhood!
I do like that neighborhood, I like the location. You just have to decide if it is the best location for you! Good luck
we like the location and the house. however we are not familar with that area yet. Is that a safe neighborhood?
the major concern is the overall apperance of the subdivision. Only 5 houses have been built( one model, one sold and three inventory houses) and two additional lots reserved.
Given the current market situation, does that mean we will be living there alone by ourselves for several years?
we like the location and the house. however we are not familar with that area yet. Is that a safe neighborhood?
the major concern is the overall apperance of the subdivision. Only 5 houses have been built( one model, one sold and three inventory houses) and two additional lots reserved.
Given the current market situation, does that mean we will be living there alone by ourselves for several years?
The area is in a very good location. Have you had your agent talk to the onsite agents to see what is going on? My guess is they have a neighborhood "plan" and that may help you see the bigger picture. Some neighborhoods just start out slow, but my guess is simply because of the price point and the market. The market is slow, for sure, but it certainly did not take the hit that other parts of the country did. Definitely talk to your agent, if you don't have one, remember that the onsite agents are working for the builder.....exclusively for the builder.
anyone has any experience with the builder there (Beazer)? the inventory houses look quite nice from outside.
any reason why the price get slashed 20% in the last couple months?
..because the houses have been sitting there for months and months. The lots are tiny too. I drove around that neighborhood when the houses were in the high 500s and laughed.
Many many builders are cutting costs by walking away from half built communities..even in the Triangle. I'd be very cautious if I were you. Beazer are on national builder on very thin ice at the moment.
we like the location and the house. however we are not familar with that area yet. Is that a safe neighborhood?
the major concern is the overall apperance of the subdivision. Only 5 houses have been built( one model, one sold and three inventory houses) and two additional lots reserved.
Given the current market situation, does that mean we will be living there alone by ourselves for several years?
It's a good area, the homes will eventually sell, it's just a matter of how much cheaper they'll have to get. If it was priced right, that neighborhood would have sold out long ago considering location and number of lots. It's been there a while and this price cut you mention is not the first they've had since planning stages.
The other thing is, even if people want to buy those lots at higher prices, the mortgage market is tougher. With the exception of one bank (ncsecu), the highest LTV I know of through friends who work the industry is 97%. It's a lot harder to get those "jumbo" loans these days.
If you like the neighborhood go for it, just do your pricing home work. No one can predict the future but you still don't want to buy in June and see the same house selling for $30k less but with more options.
..because the houses have been sitting there for months and months. The lots are tiny too. I drove around that neighborhood when the houses were in the high 500s and laughed.
Many many builders are cutting costs by walking away from half built communities..even in the Triangle. I'd be very cautious if I were you. Beazer are on national builder on very thin ice at the moment.
Compare with other subdivision in similar price range (particulary in cary), the lots in tennyson place are actually bigger. There are also lot of mature trees circling the whole division.
What is the odds for Beazer walking away from the half built communities? are there other companies will pick up and finish it?
Realtors please comment..
Be very careful and use an real estate agent and I would like to start off by letting you know I am a Real Estate agent as well.
Beazer and most of the big builders will slash prices all the time - they are over priced to begin with.
I would like to mention that I am a Real Estate agent. Most importantly if you are working with an agent, have them look up recent sales in the neighborhood because I've seen deals up to 30 percent off.
Okay, I hear you!! You asked why is this important? - Very good question. It comes down to this and I've seen this over and over again. Say you pay $200,000.00 for you home for 2,000 square feet. Your neighbor paid $180,000.00 for the same house and size. There are many problems which are going to have to face later down the road if you go to sell or even try to refinance you home.
Beazer changed the starting price at Tennyson place to as low as 360k last week!
Maybe now, they have better chance to get the houses sell at that location
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You asked why is this important? - Very good question. It comes down to this and I've seen this over and over again. Say you pay $200,000.00 for you home for 2,000 square feet. Your neighbor paid $180,000.00 for the same house and size. There are many problems which are going to have to face later down the road if you go to sell or even try to refinance you home.
