Illinois New Homes Prices At Historic Lows
June 12, 2005 by
Filed under Real Estate
Eric Rogers asked:
New construction is one facet of the real estate industry that’s been hit particularly hard by the market downturn. Builders have had to respond to low interest by slashing prices. The big question is: how low can it go?
Back in 2005, the new construction scene in the Fox Valley was looking bright. New home starts were riding an all-time high and new subdivisions were popping up everywhere to provide for the seemingly endless stream of buyers. In early 2006 it all came crashing down. Buyers disappeared like fog in the morning and builders were left to deal with half-finished communities, a glut of inventory and a ton of unfulfilled expectations. Since then, builders have had to respond and deal with the housing crisis. This has created some great deals for home buyers but there have also been some casualties.
In October 2007, the real estate world was shocked with the announcement of bankruptcy filed by Warrenville-based Neumann Homes. One of the area’s largest builders, Neumann Homes had constructed 15 subdivisions including the popular Tanner Trails subdivision in North Aurora. Due to lagging home sales in our area and even worse conditions in Michigan and Florida, two other areas where the builder had developments, the builder was forced to seek bankruptcy protection.
Later, in April of 2008, a second large Chicagoland builder - Kimball Hill Homes - announced that it was also seeking Chapter 11 bankruptcy protection in order to restructure debt. The company is continuing normal business operations for the time being but it’s unknown how this will affect new subdivisions such as Settler’s Ridge in Sugar Grove in the future.
What buyers are finding in today’s market are builders that are stretched as thin as possible on profit margins. This, right now, represents a high mark in new construction affordability. Over the last year, builders have been falling over themselves to offer incentives enough to spur buyers into action. Right now represents perhaps the best time over the last 50 years for home buyers to get into a new home. According to many experts, the housing market, especially in the new construction arena, has hit bottom. While we might not recover quickly, we’re not expected to get much worse. This means that if you are in the position to buy, now is your chance to get in on historic low prices.
Buyers with homes to sell must make sure that their homes are priced aggressively right from the start. If you must put down a deposit on a new home before yours is sold, you need to be aggressive in selling your home right from the beginning. Contact your local real estate agent for information on how to price your home correctly in today’s market. If you are not agressive enough with your home pricing, you run the risk of not getting your home sold before your new home is built. Some builders will offer a home-sale contingency that allows buyers to get out of the deal and get their deposit back if their home doesn’t sell, but many builders are also not allowing this due to the bad market conditions.
New construction is one facet of the real estate industry that’s been hit particularly hard by the market downturn. Builders have had to respond to low interest by slashing prices. The big question is: how low can it go?
Back in 2005, the new construction scene in the Fox Valley was looking bright. New home starts were riding an all-time high and new subdivisions were popping up everywhere to provide for the seemingly endless stream of buyers. In early 2006 it all came crashing down. Buyers disappeared like fog in the morning and builders were left to deal with half-finished communities, a glut of inventory and a ton of unfulfilled expectations. Since then, builders have had to respond and deal with the housing crisis. This has created some great deals for home buyers but there have also been some casualties.
In October 2007, the real estate world was shocked with the announcement of bankruptcy filed by Warrenville-based Neumann Homes. One of the area’s largest builders, Neumann Homes had constructed 15 subdivisions including the popular Tanner Trails subdivision in North Aurora. Due to lagging home sales in our area and even worse conditions in Michigan and Florida, two other areas where the builder had developments, the builder was forced to seek bankruptcy protection.
Later, in April of 2008, a second large Chicagoland builder - Kimball Hill Homes - announced that it was also seeking Chapter 11 bankruptcy protection in order to restructure debt. The company is continuing normal business operations for the time being but it’s unknown how this will affect new subdivisions such as Settler’s Ridge in Sugar Grove in the future.
What buyers are finding in today’s market are builders that are stretched as thin as possible on profit margins. This, right now, represents a high mark in new construction affordability. Over the last year, builders have been falling over themselves to offer incentives enough to spur buyers into action. Right now represents perhaps the best time over the last 50 years for home buyers to get into a new home. According to many experts, the housing market, especially in the new construction arena, has hit bottom. While we might not recover quickly, we’re not expected to get much worse. This means that if you are in the position to buy, now is your chance to get in on historic low prices.
Buyers with homes to sell must make sure that their homes are priced aggressively right from the start. If you must put down a deposit on a new home before yours is sold, you need to be aggressive in selling your home right from the beginning. Contact your local real estate agent for information on how to price your home correctly in today’s market. If you are not agressive enough with your home pricing, you run the risk of not getting your home sold before your new home is built. Some builders will offer a home-sale contingency that allows buyers to get out of the deal and get their deposit back if their home doesn’t sell, but many builders are also not allowing this due to the bad market conditions.
Houston New Homes in Masterplanned Neighborhoods
June 9, 2005 by
Filed under Real Estate
Tim Dillard asked:
When attempting to ferret out the best places to live in Houston, one has to begin with the prestigious master planned and gated communities here.
The sheer number of amenities and conveniences that they provide will distinguish Texas master planned communities from the pack. Many of these neighborhoods allow custom homes in Houston to be built within them. These often times gated communities are considered among the best places to live not only because of spacious landscapes and floor plans, but the aesthetically pleasing layout of the homes themselves.
Another thing that sets Houston new homes apart, is the fact that these houses, often nestled within master-planned communities, incorporate pleasant natural features like lakes, golf courses, and parks. The neighborhood will also have a bevy of plans and styles to choose from, starting at prices that can fit any family’s budget.
Many of these new homes are being built with families in mind, and are generally located next to terrific school systems. Builders also take into account the fact that new homes have to be near major interstates for easy commutes to work.
Recreation is not taken for granted either, since the best places to live in are usually located near major shopping malls and entertainment centers.
Numerous custom homes in Houston are built within these luxurious neighborhoods annually, and are created by the best developers in Texas. Some of these famous developers are world-renowned for establishing the best places to live in this city and have been doing so for years.
With so much going for them, most people are surprised to learn that Custom homes and Houston new homes are amazingly affordable, with prices starting in the lower 150’s.
First time homebuyers who are searching for the top places to live, find that they like the investment value of new homes here. Even those who desire custom homes are overjoyed to learn that a domicile that is built to exacting specifications can be attained fairly inexpensively.
No one beats Texas home developers in creating fantastic new homes. With an eye towards affordability, beauty, and prime investment opportunity, purchasing custom homes in Texas is also easy. Current rates are also at prime - it is, as they say, a buyer’s market.
All the above reasons are why these new homes are fast becoming the best places to live in Houston.
Houston, with its alluring cities and suburban areas, can happily state that it is home to the best place to live in the whole country. The primary reason for this fact is that this city has some of the most affordable home prices in the US. Even luxuriously spacious golf course communities can start in the lower $200,000’s.
When attempting to ferret out the best places to live in Houston, one has to begin with the prestigious master planned and gated communities here.
The sheer number of amenities and conveniences that they provide will distinguish Texas master planned communities from the pack. Many of these neighborhoods allow custom homes in Houston to be built within them. These often times gated communities are considered among the best places to live not only because of spacious landscapes and floor plans, but the aesthetically pleasing layout of the homes themselves.
Another thing that sets Houston new homes apart, is the fact that these houses, often nestled within master-planned communities, incorporate pleasant natural features like lakes, golf courses, and parks. The neighborhood will also have a bevy of plans and styles to choose from, starting at prices that can fit any family’s budget.
Many of these new homes are being built with families in mind, and are generally located next to terrific school systems. Builders also take into account the fact that new homes have to be near major interstates for easy commutes to work.
Recreation is not taken for granted either, since the best places to live in are usually located near major shopping malls and entertainment centers.
Numerous custom homes in Houston are built within these luxurious neighborhoods annually, and are created by the best developers in Texas. Some of these famous developers are world-renowned for establishing the best places to live in this city and have been doing so for years.
With so much going for them, most people are surprised to learn that Custom homes and Houston new homes are amazingly affordable, with prices starting in the lower 150’s.
First time homebuyers who are searching for the top places to live, find that they like the investment value of new homes here. Even those who desire custom homes are overjoyed to learn that a domicile that is built to exacting specifications can be attained fairly inexpensively.
No one beats Texas home developers in creating fantastic new homes. With an eye towards affordability, beauty, and prime investment opportunity, purchasing custom homes in Texas is also easy. Current rates are also at prime - it is, as they say, a buyer’s market.
All the above reasons are why these new homes are fast becoming the best places to live in Houston.
Houston, with its alluring cities and suburban areas, can happily state that it is home to the best place to live in the whole country. The primary reason for this fact is that this city has some of the most affordable home prices in the US. Even luxuriously spacious golf course communities can start in the lower $200,000’s.