Market Conditions in Folsom>Question Details

Evansbnl, Home Owner in Granite Bay, CA

I love a new Elliott home in one of their subdivisions - New Riata. They are wanting $250 per square foot for a 1777 SF home. The home is solar, etc

Asked by Evansbnl, Granite Bay, CA Sun Dec 2, 2012

I love this home and perfect fit for me. Lot is very nice. But purchasing this size home for $445K could be financial suicide. They will assist me with closing costs but that is about it.

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Hi Evansbnl, Generally new homes have already set their for sale price and that is why a Realtor may be helpful to negotiate seller subsidies etc. Your Realtor should provide you with a Comparative Market Analysis. I currently have a couple of new homes under contract and was able to negotiate the features on one and added a few extra rooms on another saving about $10,000 for my buyers. They are receiving a free bathroom, 3 story sun room and a double shower, because I was there to negotiate for them.
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Evansbnl,

The $250/ Sq. Ft. is just the asking price. Even when purchasing a new home it is smart to have a Realtor. They can negotiate on your behalf and know the market.

I represented a buyer in El Dorado Hills who purchased a new Shea home in Serrano. The base price was $503,000 but my client purchased it for $485,000 with the closing costs paid for. Everything is negotiable :)
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Evansbnl,

I live in Folsom myself and absolutely LOVE it! I can't see myself living anywhere else. And yes they are definitely more then some resale homes, but they sure are nice!! You pay for the location as always and throw in a brand new home with new bells and whistles and its even more. The New Riata homes are beautiful. I am a huge fan of the Elliott homes personally. I live in Broadstone which was built by Elliott as well. They have always built beautiful homes in my opinion, and have great floor plans.

When you go brand new make sure to really check into how expensive Mello Roos can be. Take into consideration the cost of landscaping (usually the back yard) and all the "upgrades" and "incentives" they try and throw at you. A lot of times too they suggest using their lender to receive these "incentives" and if you don't you loose the "free upgrades etc" which I've never been fond of how new housing has been known to do this. It would be a good idea to to be pre-qualified elsewhere as well to make sure they aren't charging you too much. On the flip side new home purchases do however make it easy to customize it with new features as it is being built without having to try and remodel something later. Pull out your best negotiating skills because they don't co-op with agents since it's a sellers market :(

Whatever way you choose, Folsom is a wonderful place to live, and is extremely desirable for all that it has to offer. And if you plan on being there for some time your wallet will be thanking you for the solar. Especially in the summer always running the AC. It 's a great home feature when you resell as well.

Best of luck to you in your home search. Happy Holidays!!
0 votes Thank Flag Link Tue Dec 11, 2012
I brought my Mom through those. We thought they were pricey too. There is not much inventory in Folsom so new might be the way to go if you plan to live there for a long time. El Dorado hills might be an option to check? Hopefully, we will see an increase in inventory after the new year :)
0 votes Thank Flag Link Mon Dec 3, 2012
thanks Michelle for your reply
Flag Mon Dec 3, 2012
It's a little pricey. You or your Realtor should be able to negotiate a better price/terms along with the closing costs. Here are a few more homes you may want to consider. It's always good to know what other homes are listed at and selling for. Feel free to contact me if you have any more questions.…………
Web Reference:
0 votes Thank Flag Link Sun Dec 2, 2012
Elliott homes does not pay a co-op so working with a realtor is not an option.
Looked at the listings, thank you but no interest other than possibly the single level Empire Ranch property, needs some work.
Flag Sun Dec 2, 2012
By financial suicide. do you mean you barely qualify for this price house, or are you referring to the universal inability to predict where home values will go?

New homes often set the values for a given area, even when resale values around them are all over the map. The peace of mind you will have in a new home, with its state-of-the-art energy savings amenities, the no-maintenance aspects, and "clean slate" feeling of being able to make it reflect your tastes can be gratifying.

If I am not mistaken, this is a Folsom development. As a Folsom resident, I think we chose one of the BEST places to live in terms of the future. But in today's economic environment (while it seems to be slowly on the mend) don't buy it if you are looking for quick appreciation. Buy it because you love it, because you want to hang on to it and because it reflects everything you want in a home at this stage of your life.
0 votes Thank Flag Link Sun Dec 2, 2012
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