The community and concept were very nice .. however one of the bigger risks with this community is the original builder (Trend Homes) has filed for bankruptcy, is no longer building new homes in that community (~32% built - ~280/765 lots), and the company that owned the subdivided lots has now turned those over to Band of America. The community has many nice amenities (parks, greenbelt areas, walking, 3 community swimming pools) - but because the HOA fees are based on the entire community and the unfinished lots (and some homeowners with financial issues0 are not paying HOA dues - this leaves the HOA struggling for how to best apply the limited funds to attempt to maintain the community. For example, per a recent news story - the community is closing 2 of the 3 swimming pools. Read more about it here:
There are examples of communities where the original builder went bankrupt and a new developer was able to purchase the land and build homes for a profit - for example, the Portello community in Chandler was recently taken over by Blanford Homes after Randolf Martin was unable to finish the development. The sales office is extremely busy and they are almost sold out within just a few months. But you need to weigh the risks and figure out what is best for you.
Also, of the homes that have been sold, there are currently 29 Notice of Foreclosures in that neighborhood (~10%). These are homes where the currently homeowner is struggling to pay their mortgage and the bank has given the homeowner notice that they could foreclose on their property unless action is taken.
If you're comfortable with the idea of the community - then of couse there are the "frustrations" that go along with a short sale as mentioned below by other Realtors. There are success stories too with short sales, but it takes patience.
I'd be happy to talk to you more about potential issues and answer any questions you have. There's also several other communities with homes similiar to what you see in Cooley Station North which I can send to you. Also, I hope that you've heard about the program related to foreclosure homes where you can have over 20% of the purchase price provided for you (quite a great deal if you qualify!)
I hope I've been able to give you some good information to consider...and you found the information helpful.
:) Patty Fisch
West USA Realty Revelation
Office: (480) 722-9800
Email: firstname.lastname@example.org... more