I am very familiar with Georgetown Commons as well as the Heritage at Grayson across the street.
Let's compare the two:
Georgetown is in a stalemated situation where building has come to a halt due to the economic conditions that caused its main builders to go out of business. This happened before the planned amenities of Swimming and tennis were built. You can get some well built homes at reduced prices, but don't count on much in the way of new construction or completed common facilities any time in the very near future. There is no guarantee of the builders style that takes over the subdivision at a later date, will it be compatible? etc.

On the Other hand... Heritage at Grayson just across the street ( off Rosebud) does have some foreclosure priced homes available, and some builders that have drastically dropped prices to clear excess inventory. The good news is that the community is thriving, swim and tennis facilities complete, and most of the builders still in business even though they have slowed the number of homes going up right now.

Great values can be found at Heritage at Grayson and other similar upscale communities in the Grayson area. The Grayson school cluster is relatively new (only 8-1o years) but is one that is sought after, you can check out all the Gwinnett schools at http://www.Gwinnett.k12.ga.us.com

As a professional Realtor serving the Grayson area I gladly offer my services and advice in any capacity you may need. Feel free to contact me .
I wish you the best in your home search. You have truly picked an awesome time to buy a home.
Carla Donaghy
CarlaCaresRe@gmail.com

As Mack said, this community is a long way from stable. Unless you can swing an amazing deal I almost always advise steering clear of this kind of situation. There is a blemish on the community as it sits idle, the homes are in various stages of completion, there is an uncertain future, any developer taking it over will move slow, the Grayson area is significantly oversupplied and median values out there have dropped significantly and will stay that way for years as this economy tries to recover. You've seen the articles on "ghostdivisions" all around the outskirts of Atlanta.

Other than that....

Hank Miller, SRA, ABR
Associated Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Hi there. My office is just a short distance from this subdivision so I am somewhat familiar. Grayson is a very popular area to live as is evidenced by its growth and development the last several years. The schools are generally thought of as very good but if you want specifics I would direct you to the Gwinnett County Public schools site for more detailed information.
There are pros and cons to buying in an unfinished S/D. The obvious pro right now being that you would probably get a better value and have more choices - there are always going to be trade-offs, no matter what the market condition. In these situations the rule of thumb is "buyer beware" and what you see is what you get. As long as you go into any foreclosure purchase with your eyes open about all of the possible ramifications, it can be a great experience and a good decision for the homeowner. Just remember. . .you are dealing with an unemotional bank and the process will take longer and will probably be a little frustrating at times, but could be well worth it.
check out the schools at http://www.gwinnett.k12.ga.us.
Let me know if I can assist further. Best of luck.

Hi 1stime,

Most of Georgetown Commons is foreclosure properties and I agree with you that the homes look "unique". While they appear to be a good value you have to consider the fact that they have to be completed and the costs associated with completing the construction. As far as the schools in the area they are very good. I work that area on an ongoing basis and would be happy to show you around and share my knowledge of the area with you. Please feel free to contact me.