I am finally feeling vindicated- I have proof now of what the builders are doing !! Saville in Windemere had posted 2 properties on the MLS that I had been following for sometime.One was on Fenwick Way priced on the MLS for $835,800, a plan 2 and another one on Enfield Street, a plan 4 at $859,000.Well here is what they sold for: $726,065 and $748,487 respectively !! The bigger home sold for $350.08/sq ft and the smaller home sold at $371.96/ sq ft.I said in my last post that the plan 4 should go around 740K and now I am so glad that my prediction was right.Looking at percentages, these homes sold for 87% of the listing price and in my opinion there should have been more room for negotiation.
Looking into the county recorders sales figures over the last 5 months at Saville, their prices have been coming down steadily. The average drop seems to be 13K with every months sales.Herein lies the question- how would I purchase this home? At $371.96/sq ft too, this home is expensive.With no backyard done, no upgrades included by the time you are finished you will be spending another 20K on top of your price.The bigger homes at other communities are selling for cheaper per sq ft value.Do your due diligence by researching prices of sold homes before you get carried away and make an offer that the builder will love.
I also looked into county records for Campton and found this information:
November 2007-2 houses on Paddington court for $751,500 and $809,500 December 2007- 2 houses on Paddington for $816,000 and $976,000 January 2008- 1 house on Paddington for $801,500 February 2008- 1 house on Wimbledon court for $935,500 March 2008- 1 house on Wimbledon court for $824,500 May 2008- 3 houses on Wimbledon court for $726,000,$765,000 and $820,000
Now, I cannot tell by county records which were the plans but it does give you a general idea on how the price curve has come down.So, please think carefully before you make your offer.If you want further details of price variants in other communities in Windemere, please email me or call me.I have also updated statistics on my site on price graphs and trends in San Ramon, so please do take a look at them.
34 Comments on Update on Saville prices..I am vindicated !!
MAY
15
2008
Rama,
Thanks for these updates - you're helping many folks avoid builders' pricing/over-pricing and bargaining stunts. Buying a new home from some of these folks is like buying a used car these days.
Brookefield's Campton in particular seems to be way overpriced!! Lennar seem to be willing to be realistic, and have way better options as standard. Overall, I am much more inclined to think positively about Lennar than any of the other builders there.
Compared to Campton, yes Lennar's Paloma are a much better deal with the standard features, but be careful there too.There have been some fluctuating prices there too !! Let me know if I can help
at 735K it is a good price, go for it is what I can advice you.But then, if they drop the prices further, no one knows and you will have to accept it as a part of the game !!
Thanks for advice that 735K is right price at Saville.
Another doubt I have is whether to go for new home at 735K, which will need additional 30-50K for upgrades and landscaping etc. Same time I can get resale home in windemere in 700K which has all upgrades and landscaping done. What is your opinion ??
Seems Saville is offered at around 735k for plan 4, what would be the appropriate price range for Campton Plan1?
Please let me know. I am looking into these two communities to buy a home. The campton house is 75sft bigger compared to Saville house, but that is very much neglizible in my sense (I could be wrong). If you think the size is same, which one would be the best one, in terms of location, construction, standards and holding thye rat ein future.
I want to make sure that the purpose of this blog is to discuss what I think about the market.My goal is to provide data and statistics and then for buyers to make an informed decision.The prices you have mentioned should be the correct market prices for Saville and Campton but I honestly do not want to distribute advice on what to buy and not to buy on a blog.The facts are in front of you !!
I can't find $726,000 at wimbledon court (campton) in May transactions. I found houses sold at $830,000,$765,000,$820,000. Is it most recent or could be an other street?
I was just googling to find some good feedbacks on the San Ramon housing scene and stumbled upon your blog. Just wanted to know your opinion on buying new homes in San Ramon.
Do you think a brand new home with 2600sqft and 6600 lot size can be bought for $840-850k? It is a 4b/3b home with 3 car garage and standard upgrades.
Sorry for asking free advice. Please let me know if you charge for any online consulation.
By the way, your blog is attracting a lot of traffic. Especially your candid sincere advices. I see a good future for your career Rama. God bless !!
Thanks for your nice words, seriously you are so sweet to offer me fees for consultation !! I can only give you correct advice if you tell me which builder you are talking about. From the description you are giving it sounds like Lennar but it could also be Shappell.The price is not bad but there are some decent deals in the resale market in Windemere and Gale Ranch.Just remember that with a brand new house you will land up making additional 20-25K for landscaping the yard.Just call me and I will be happy to assist you. And for my fees.... please let your friends know that I am available for hire !!
I forgot to mention that I was talking about Shapel homes. I heard Saville homes are the only ones who are selling homes at throw away prices. I think all new homes will come down and hit bottom in 3-4 months. But resale homes will go up by then.
I am looking at beautiful resale homes in the 750-800k price range that are huge, have all the upgrades, land scaped, and pretty new ready-to-move-in homes. I think buyers should not miss that chance and take a hard look at those resale homes and foreclosed homes that are selling like hot cakes now.
Anyway, thanks for your quick response and hope you make good sales this year.
Meenu, Shappell homes are quite expensive considering they do not give standard features like granite in kitchens, carpet in bathrooms, white tile in bathrooms.Saville are definitely not giving homes away anymore !! They are actually getting tight on pricing.There is one veryhot deal I have in WIndemere, if you call me I will tell you about it.I do not want to post it on a public site, I would rather chat you privately on email if you would like.
Thanks Rama. I will contact you if my current agent does not work for me. She is leavign town soon and wanted to help me close a home. But I don't want to pace my home purchase with her moving. So I may contact you depending on my situation.
I honestly cannot tell at this time !! I really wish I had a crystal ball to predict. Go ahead and try, they cannot hurt you for trying !! I am seriously getting the indications that they are a bunch of idiots smoking pot in their corporate offices !!
I visited these guys over the week end and they are most unreliable guys I ever dealt with. Some times builder says will give 20K upgrades then changes mind says 15K and after some time they say will give 5K reduction on price.
I totally agree with you but the best way is to keep everything in writing. They did that to me too, many times but if you have it in writing, then you can challenge them... not that it would make too much of a difference if they don't want to !! Sellers do not have to sell.When they see you are serious they will give you what you want, give or take a little bit.They have to see that deposit cheque and your seriousness.
Ok that was proactive on your part.They did that to me twice but I fought for my clients and got what I wanted and the worst part- they did it to me after signing of the contract !! I made so much nise, they had to listen to me !!
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Rama,
Thanks for these updates - you're helping many folks avoid builders' pricing/over-pricing and bargaining stunts. Buying a new home from some of these folks is like buying a used car these days.
Brookefield's Campton in particular seems to be way overpriced!! Lennar seem to be willing to be realistic, and have way better options as standard. Overall, I am much more inclined to think positively about Lennar than any of the other builders there.