Home Buying in 30319>Question Details

Blackburnpark, Home Buyer in 30319

Danbury Parc- 30319. Single family homes VS Townhomes . Both have almost the same size , should I spend the $$$ to make it a sound investment ?

Asked by Blackburnpark, 30319 Mon Sep 21, 2009

Me and my husband are working proffesionals looking for our first home. We have decided to buy a home in the Danbury Parc- a Centex community due to its good location. We have been working with a good, honest relator over the past 2 months and have zero'ed in this location.
- Since this is our first home, my intial thought was to go for a Townhome ( around 280k here) , but have been advised ( in a good way) to think about a SFF home( around 390k ) in the same community.
- We have been pre approved for 520k , so monthly payments is not an issue. Should I consider a SFF home for a fact that it holds its value better a few yrs down the line
- Or does the good location ( and 30319 zip) makes a townhome at this community an equally sound first home ?

I also want to add that our primary purpose is to own a 'home' , making money out on it is secondary. Ideally, we hope not to loose money IF we do have to see it 3-5 yrs down the line and hence this dilema.

Thanks in advance !

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Karen Colbert’s answer
I am very familiar with the property , other townhomes in the area, and single family homes in the area.
On the surface it is a very nice property and they are a very good builder, but make sure you have seen the other choices in Brookhaven. I have seen some foreclosures with more square footage below $300,000. While most of the single family homes are probably not what you are looking for (newer, amenities etc) they can be found, it just takes alot of looking. Also do not forget the home has to be complete by November 30.2009. That being said it is a lovely property.

Karen Colbert
678 298 1657
Keller Williams Realty Atlanta Perimeter
0 votes Thank Flag Link Wed Sep 23, 2009
I would only be surprised if these homes were NOT priced significantly less today than what they sold for 2 years ago. Reductions of $100K or more has become the norm for so many intown properties. And again, deriving a good value amt for today's market is tricky since there is no way of knowing what these homes will sell for in the future. However since you are looking at this as a Long Term investment this will help minimize that risk. Have your agent do a thorough analysis of this general area with sales prices, square footage, age & features -- this should make you more comfortable with the offer amt you decide upon. And definately ASK for what you want from the builder -- price, paid closing costs, upgrades -- you will find out pretty quickly how negotiable the builder is. Good Luck with your purchase!
0 votes Thank Flag Link Tue Sep 22, 2009
There was 1 sale in Danbury Parc ths year in the md $400's. Last year's sales appear to be similar. Based on those sales, something in the $390's seems reasonable. Maybe someone who knows the area better can tell you more. Don't know the builder, but if they've only sold 1 home this year, I'm betting they're willing to deal. Make them the kind of offer you want. The worst that will happen is they'll say no.

Shouldn't you be havng this conversation with your agent?
0 votes Thank Flag Link Tue Sep 22, 2009
Thanks Bill and Linda !!

After some careful consideration , I am inclined towards SF homes as well. The yard size at this community is not too big and hoping that this would not pose a huge challange maintenance wise. Now just need to convince my other half into this :)

How does the base price of 390k sound for this location ??? Sq footage is 2761 and no bsmt.
I was told that the price for this plan has come down considerably since they were first introduced two yrs ago. But does it sound like a good value in this area ?

Does anyone have experience dealing with Centex ? Is this builder open to free upgrades or deviation from the base price ? please let me know ..
0 votes Thank Flag Link Mon Sep 21, 2009
If you're worried about not losing money in 3 - 5 years, a single family home is your best bet, The other things you usually lose with town homes is privacy, storage and room for outside entertaining. As far maintenance and yard work goes, I'm guessing you can get the yard cut for less than the association fee at a town home. No matter what you buy, if something breaks, you get to pay for the repairs. With condos and associations where they take care of the outside, you basically have no control over the rate increases and the assessment that will come eventually. That being said, I don't think that you would lose money on a town home 3 years down the road either. If you truly spend all of your free time away from home, a town home may be best for you.

Enjoy it while you can. Once you have kids, life as you know it will come to a screeching halt. Getting older will slow you down too, just ask me...

Good Luck
0 votes Thank Flag Link Mon Sep 21, 2009
As a general rule, I advise my buyer clients to go for SF home vs TH for investment purposes. However, "lifestyle" is definately a serious factor to take into consideration. This is a complex market not just for sellers but also for buyers. Most certainly there are some excellent opportunities available for buyers right now, however for newly constructed complexes there is also high risk since it is unknown how long it will take and at what future price these homes will eventually sell.....what appears a good value today, may be a not-so-great value in the future should these builders need to further reduce prices or eventually go into short sale or foreclosure situations.
0 votes Thank Flag Link Mon Sep 21, 2009
hey Stacey / Lee -
Thanks for your quick replies. I agree that is a life style decision to start off with. As young working couples, we would like to have less maintenance and yard work and more time with friends around town.

Lee - I appreciate your honest opinion but unfortunately , a mid century-1/2 acre ranch is not our cup of tea. Its hard to find the time and money for the various things that are involved in up getting a mid-century up to our tastes.

What do you mean when you say " neighborhood still in need of neighbors " ? Do you mean the community isn't etablished enough ? There are more than 5 new constructions ( all townhomes -pulte, breazer etc) in a 10 mile radius around this location. All of them are in closeout stages. Neighborhood also has a good mix of old and new custom homes.

So not really sure why you brought that up. Let me know if I am missing something here ??
Did you mean Centex might walk away of they are not able to finish up or come near to closeout "? Is that the risk you are talking about ?

I am not sure what % of the SF homes are already occupied, but that might be my next follow up for my agent

Thanks !
0 votes Thank Flag Link Mon Sep 21, 2009
Good advice, Stacey.

I like that part of town, but I am not familiar with the neighborhood.

I would exercise caution with your "lifestyle choice" if the rest of the neighborhood is still in need of "neighbors." Buying into newly built properties in this particular season of 2009 means making sure that you never have to say that you are sorry...

No coulda, woulda, shoulda, OK?

If I had to live anywhere up there, in your price range, then I would choose a sweet mid-century ranch on a half acre in Murphey-Candler Park...
0 votes Thank Flag Link Mon Sep 21, 2009

Condominiums and Townhomes are a lifestyle choice and not necessarily always a good investment. I really like the area you are buying in, but would lean towards the Single Family Home first and Townhome second.

Good luck!
0 votes Thank Flag Link Mon Sep 21, 2009
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