Home Buying in 27560>Question Details

Ashton, Home Buyer in 27560

What's going on at Four Seasons Renaissance by Hovnanian located on Page Road in Durham? It appears to be stalled, and few are buying.

Asked by Ashton, 27560 Sat Jun 23, 2012

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My NC Homes Team’s answer

I don't work for K. Hovnian so I can't claim to have any particular insider knowledge, but here's my thoughts. To begin with it's a niche product; you must be 55 or older to purchase in this development as it was designed specifically as an active adult community. Currently they have 11 homes on the ground 2 of which are under contract. In terms of building more my guess is their lender won't permit it until a few more are sold. This is very common in today's environment and lenders are anxious about letting builders get to far ahead of themselves.

These active adult communities are a relatively new product here in the Triangle. There are half a dozen or so, and all came into being within the past 5 or 6 years as far as I know, Over the next 3-5 years I personally believe you'll see some others and it's not uncommon for newer market concepts to take a little time to catch on.

The homes and townhouses themselves are very attractively priced and offer what I think is excellent value, and while very conveniently located in many ways I wondered from the beginning if the proximity to RDU might have a negative impact on their sales as buyers may have concerns about flight noise.

If you are interested, I'd be happy to assist you in finding a great home. You can find out more about me here on Trulia by checking my profile or by visiting me website.
0 votes Thank Flag Link Sun Jun 24, 2012
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