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Old 12-18-2020, 11:38 AM
 
Location: Columbia SC
14,210 posts, read 14,620,413 times
Reputation: 22047

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Quote:
Originally Posted by TimAZ View Post
We live in a 55+ community of 250 lots where the first houses started in 2000. People paid the “builder’s premium” back then and somehow convinced themselves they were getting a square deal. A few of them still live here and they are all underwater with negative equity. Now real estate agents will jump in here to say that all real estate pricing is local. Certainly true, but small consolation to the buyers who overpaid because of marketing hype or FOMO.

We bought our home in 2016 (built in 2006) for half what the original owners paid.
A good lesson is never be the first to buy in as you do not know what is going to happen. Be in the last 20% or so thus you have a much better feel for what has and will happen. This applies to any development be it over 55 or not.
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Old 12-18-2020, 03:28 PM
 
Location: Arizona
8,240 posts, read 8,582,568 times
Reputation: 27549
Quote:
Originally Posted by caco54 View Post
This is a brand new development with what appears to be only one lot sold. A second development, same company is half sold out. Both with 300 homes. The developer is Traditions of America. I would be buying from the developer. Do I need a buyers agent?
Until it is built out there will be lots of noise and dirt. It may take 15 years in some parts of the country.
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Old 12-20-2020, 11:56 AM
 
Location: Raleigh, NC
19,393 posts, read 27,674,607 times
Reputation: 36034
Several posters have spoken about the risks of being one of the first buyers. Here's a REAL example of what can happen:

"The Four Seasons active adult community was developed by K. Hovnanian Homes, which finished and sold 18 homes in the proposed 455-unit community. Work at the development stopped in 2012, according to the Triangle Business Journal."

No clubhouse or ANY amenities. 12 55+ homeowners paid premium prices then got screwed when another developer bought the land and built starter homes and townhouses on that property.

https://www.bizjournals.com/triangle...community.html

As far as the necessity of using your own realtor when purchasing new construction - absolutely yes. That builder's agent doesn't give a rat's patooty about getting you the best deal. They are an employee of the builder who is paying their salary (and probably a bonus based on sales results. ) Where do you think their loyalties lie?

Quote from one of MY posts on another thread about the value of having your own realtor representation:

Quote:
New home construction sales agent verbally told us that a $8000 upgrade was now included in all the homes. Four months later, we're at the pre-construction meeting and the plans do not show this structural upgrade. Sales agent denied she said anything of the sort. Guess what? Our realtor had confirmed what she said in writing via email. We got the upgrade.

Our realtor also bugged the hell out of them to get the house completed on time (saving me the work and being viewed as a PITA), found issues on the walk through that we would have missed, helped us find inspectors, and more that I'm sure I've forgotten.

Last edited by Jkgourmet; 12-20-2020 at 12:08 PM..
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Old 12-21-2020, 04:56 AM
 
Location: Arizona
8,240 posts, read 8,582,568 times
Reputation: 27549
Quote:
Originally Posted by Jkgourmet View Post
Several posters have spoken about the risks of being one of the first buyers. Here's a REAL example of what can happen:

"The Four Seasons active adult community was developed by K. Hovnanian Homes, which finished and sold 18 homes in the proposed 455-unit community. Work at the development stopped in 2012, according to the Triangle Business Journal."

No clubhouse or ANY amenities. 12 55+ homeowners paid premium prices then got screwed when another developer bought the land and built starter homes and townhouses on that property.

https://www.bizjournals.com/triangle...community.html

As far as the necessity of using your own realtor when purchasing new construction - absolutely yes. That builder's agent doesn't give a rat's patooty about getting you the best deal. They are an employee of the builder who is paying their salary (and probably a bonus based on sales results. ) Where do you think their loyalties lie?

Quote from one of MY posts on another thread about the value of having your own realtor representation:
You gave a great example!

The same company, K Hovnanian built about 185 homes in a Four Season development in Sun City and sold out almost immediately. Shows the difference when buying in an established community.

When Sun City started, Del Webb built a golf course and a Rec Center first, then the homes. As they sold more homes he built more golf courses and Rec Centers. Too bad other developers did not do the same since so many have been burned by promises of amenities that never happened.
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Old 12-21-2020, 01:11 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 16 days ago)
 
Location: Cary, NC
43,161 posts, read 76,751,962 times
Reputation: 45518
Quote:
Originally Posted by thinkalot View Post
You gave a great example!

The same company, K Hovnanian built about 185 homes in a Four Season development in Sun City and sold out almost immediately. Shows the difference when buying in an established community.

When Sun City started, Del Webb built a golf course and a Rec Center first, then the homes. As they sold more homes he built more golf courses and Rec Centers. Too bad other developers did not do the same since so many have been burned by promises of amenities that never happened.

Del Webb/Pulte has much much deeper pockets than KHov.
The Great Recession almost wiped KHov out, and they liquidated all their subdivisions in NC and retreated to New Jersey.
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Old 12-22-2020, 09:22 AM
 
Location: Raleigh, NC
19,393 posts, read 27,674,607 times
Reputation: 36034
Quote:
Originally Posted by MikeJaquish View Post
Del Webb/Pulte has much much deeper pockets than KHov.
The Great Recession almost wiped KHov out, and they liquidated all their subdivisions in NC and retreated to New Jersey.
Mike, do you know if those 18 folks who bought before K.Hov bolted ever received ANY type of compensation? Or even an apology?

Any idea of how the resales went? (I don't know the exact addresses, so I can't look it up myself.
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