Home Buying in 75034>Question Details

Home Buyer, Home Buyer in 75034

Hi, We have narrowed down on Shaddock Creek Estates, Phase 4 - based on schools, etc. Is it a good idea to build now or is it better to go for an?

Asked by Home Buyer, 75034 Wed Feb 10, 2010

inventory or re-sale home? If we are going to build there, which builder would u'll suggest and what would be the best price to pay per Sq. Ft.? How long will they take to complete the build job? Any input in this regard is highly appreciated.

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8
Hi Homebuyer,
There are a lot of good information here that our fellow realtors mentioned, whichever you decide to do it, working with a Realtor helps you to make wiser decisions during your home buying process. Your realtor will help you to see the existing Frisco inventory and new custom homes so you can compare your options easily.
Sincerely,
Pelin
http://www.dallashomelist.com
2 votes Thank Flag Link Thu Feb 11, 2010
There is a tremendous inventory of built homes in Frisco area depends on what works for you. Have you toured any of these homes? Some are amazing when I am on property tour with clients.

Many families can't translate a new home in their mind for a finished product it can cause problems

Never enter into a builder agreement unless you have a Realtor who represents you some families can go over board with additions home is then over valued

Can you understand flow of homes thru a home? It amazes me on mistakes made when building a home then realize property makes no sense. I am on property over 400 times a month some are custom home expensive to correct mistakes.

Do you understand all amenities now offered in home

How long take on home much depends on builder, design, weather, many other variables.

Lynn911
The Michael Group - Dallas Business Journal Top Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 11, 2010
Personally, I believe that 2010 will mirror 2009 in many ways in our North Texas region. Although new construction and builder spec homes were very popular choices in Frisco/Prosper/McKinney in 2005, 2006, and 2007, the recession of 2008 brought the return of the resale home as the better buy for lots of buyers in 2009. Building materials have gone up in price, and many builders are still licking their wounds from the recession and are raising their prices. In the meantime, the existing specs are dwindling fast, so builders may be less motivated to come off their list price. In Frisco, I've experienced build times as short as five months and as long as nine months. There is no shortage of available contractors to work on a build job, but you will likely have weather delays along the way and so the build time on a home is a pretty loose timeline until the last 60 days of construction.

We're having to get very creative in areas of Frisco when someone knows where they want to live, but they don't care for any of the existing resale inventory. Although we weren't immune to the recession entirely, Frisco didn't get hit that hard and never quit being an area of great demand in our DFW Metroplex. Our job, as real estate agents, is to match buyers and sellers. Be very specific with your real estate agent and then let them work for you. Maybe your best match isn't even listed yet, but they know where to find it. I keep a file on families who are considering selling each year, but don't yet have their home on the market. Your agent may, too.
Have a blessed day!
Ronda Allen, C.P.M., SFR, TAHS
0 votes Thank Flag Link Thu Feb 11, 2010
There are 2 ways to go about answering this...

It depends on what you are looking for. If there are existing homes that could fit your needs, that would give you the most bang for your buck. But do understand that there is no "perfect" home. There's always going to be a few things that may be lack on your list. Just decide if you must have those items. As far as pricing, you see what you get and there would be no surprises there.

If you build it, you have the wonderful opportunity of designing your own home. However, depending on the floorplan, you still may or may not get what you want. If you choose this route, you will feel nickeled and dimed when you get to the Design center. Even if you did your pre-liminary homework and told the Builder you want to see the choices at the Design Center prior to deciding whether to proceed or not, my experience tells me that clients are still usually go over budget. By this time, a little less than if you had never been to the Design Center at all. Hence, if I were to evaluate this route, it will be hard to talk price per square feet. Everyone's taste, wants and needs are different.

It will take approximately 7-8 months to complete from the time you sign your contract. It also depends on whether you have structural changes to the existing blueprints. That could make a difference on timeline too.

You may also want to consider a realtor representing your interests even in a new build. The sales person is there to protect the Seller's (ie the Builer's interest). Having a realtor can help set your realistic expectations about the entire process (a realtor with new build experience). As a recent example - the Design Center salesperson insisted that the stamp on the blueprint was a City Approval and made my clients very excited. I told them it's not, and it's just an architectural approval stamp. Understanding this made a difference in setting us back another 2 weeks. Had my clients believe her, and found out the truth later, that would be another setback in relationship. It is difficult to share experiences on how realtors make a difference in a new build but do speak to one who has experience and will make your experience a more pleasing one. Realtor commission is paid by the builder's marketing budget and doesn't affect your price.

Good luck!

Loreena Yeo
3:16 team REALTY
Realtor(R) | Broker
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Home Buyer,

There is lots of inventory in new homes, pre-owned, foreclosures, and short sales available in Shaddock Creek Estates. Not all of the properties in the Multiple Listing System provide the specific phase of the subdivision so I'm not sure how many of the properties might fit your needs. However, if an existing home meets your requirements, the only reason to wait 8 months or more on a new build is to get exactly what you want or perhaps a specific lot. The difference in price between a foreclosure, short sale, or pre-owned and a new build can be tremendous. However, choosing a home or builder based on the price per square foot in Shaddock Creek Estates is not possible because of the range of features and detailing provided by both inventory homes and new construction. Price per square foot is only an accurate measure of value if you are comparing apples to apples. Some of these apples are organically grown and highly polished. Others have been sitting on the ground for a few years.

The choice of builder also depends on your style preference and possibly the location within the subdivision where you want to build. Most of these builders have reserved specific lots with the developer.

What you need first is an agent who can help you review the inventory, your needs and your schedule and provide you with the market information and guidance in analyzing the builders to help you make an informed choice. If you choose to build a custom home, you need an agent who is familiar with construction and can monitor the process for you as well as provide you with professional inspections at key stages in the construction. I am this type of facilitator and as your representative, I work for you. The builders don't.

Patrick Jackson
Realtor, ABR, E-Pro, GRI
469-450-8315
PatrickCJackson@gmail.com
0 votes Thank Flag Link Wed Feb 10, 2010
The builders are making some great deals. Especially when you come to them with an experienced Realtor. The builders tend to give up more incentives to use to lower the price or upgrades. If you go with a realtor that has lots of experience or has a very large team/office the builders feel like they may receive more deals thru that agent. The best thing about it is that the builder then pays the realtor commission and you get these services Also, build time will be 5-7 months from contract to closing.
With that said, the inventory homes and most of the resale’s will be the better buys. There are a lot of great deals on homes going on in there.

Gabriel Corra
http://www.YourSolutionsTeam.com
Keller Williams
972-588-8788
0 votes Thank Flag Link Wed Feb 10, 2010
Neat neighborhood and location....

My personal preference would be to buy a resale. You might could get resale in the area of $80/sqft.
Chances are you will pay $100 or more for new build. Of course all this depends on lot, size, shape, finish out, etc.....do you want basic or high end appliances....do you want the standard tile or fancy travertine finish outs in the baths. Do you want cultured marble or granite in the baths, do you want carpet or hardwoods? All these choices can dramatically increase the cost of the house.

Always always always use a realtor, even when building a new home. Lots of things can go wrong so it is nice to have someone in your corner protecting your interests. This is often at no cost to you. We can't always solve every problem, but can solve many and it's always nice to have an extra set of eyes and ears taking notes, thinking about resale in the future, etc.

Have fun and good luck.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Feb 10, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
There are Meritage homes, David Weekly, Shaddock custom builders, K Hovanian, Sumeer homes and others on Main Street /Teel Pkwy. Some builders have spec/inventory home (in fact, one of my client is closing tomorrow on a Spec home) If you are first time buyer and if you build it with any builder, you might not be qualified for June 30 deadline to get the tax credit as the home must be closed by June 30th, 2010, It is taking builders 5+ months (depending on weather too, workers) to build a new home and also depends on how soon the permit comes, how much changes you are making in the build plan etc.

There are preexisting homes in those areas as well, you can search based on your requirements. A realtor can set you up based on your requirements in a getaways and you can be notified of all the resale homes.

If you are looking for a Realtor to represent you, My husband & I work as a team if you like to talk to us, you can contact me at 214-563-9876.

thanks

Bela Shah
Keller Wiliams Reatly Frisco Star
214-563-9876 or
214-563-8489
0 votes Thank Flag Link Wed Feb 10, 2010
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