Charlotte NC Real Estate|New Home Deals are In New Home Inventory!
March 14th, 2008 Categories: Buy A Charlotte Home
In Charlotte, the New Home Builder’s rule: If you build it they will come… has been changed to: If you build it AND offer a great deal, they will come…
And that is what new home builders are offering, great deals on sales prices, options and in some cases, buy downs of interest rates that make for some very sweet deals indeed. Whatever you do, if you want a new home, now is the time to buy inventory at a discount.
Here’s a rundown of the first 3 new home deals of the year, from mid-January to early February.
On a single family home in the Steel Creeke area, with no money down, good credit, and quite a bit of determination, our price went from 181,900 to $177,000, and we got a 30 year buy down of the interest rate to 5.0% fixed– for thirty years. My first time home buyer couldn’t be happier!
On a townhouse in the University area, we received the last inventory unit, at about 145,900, with 3,000 in closing costs, and $9,500 of “free” options, with the following options: hardwood floors on the first floor, and entry level, a free refrigerator, washer and dryer. Their first mortgage lender quoted 6.25, we demanded better, and finally asked for a new lender. They settled at 5.65%. In January, following our purchase, they sold almost 20 of these units and raised prices several times. The same unit priced for June delivery is in the low-mid 160’s. Then, as closing approached, a hairline crack developed in the concrete, and the builder hoped we would cancel. Instead, we got that patched to an engineers detail, an epoxy coating applied and had it made apart of their 15 year structural warranty, for structure and appearance of the epoxy. They had just celebrated their 50th anniversary, we’ll keep our fingers crossed.
One last new home story, one I still shake my head at. Everyone knows the national builders are struggling outside of Charlotte, and many are struggling here as well, most are treading water at best here. However, this community is thriving, selling more homes than any community in Charlotte in both 2006 and 2007. It is a popular place. Their list price on a home for sale was $431,000. In the recent past, they had had a $20,000 “free option” campaign. Out of nowhere comes a cash buyer asking me if we can view re-sales in the neighborhood, and we go and see about 15. It turns out most of the re-sale homes are priced above the new homes at list price, (for those of you not using agents WATCH out- but, how would you know if it was a high price or fair price if the whole neighborhood was off??? I wrote about this community in a prior post.) Well we made a cash, non contingent offer of $361,000, expecting a counter offer, and they accepted it as is. $70K off list for a cash non-contingent. These folks are trying to make up for a national housing slump at one Charlotte Community that IS selling.
These were the first 3 new home deals written this year, in a space of 3 weeks. The customer names and phone numbers are available by request. There are buyers in the market, about 70-75% of last year, and they all want deals. The smart builders, and other home sellers know this, price and negotiate accordingly. I am also working currently with (5) $1M plus buyers- they too are looking for deals, and we turn the rocks over for them daily.
Now is a great time for qualified buyers to buy a home, and if its new, buy inventory. Search Charlotte Real Estate
or call me direct at 704-351-1519.
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