Home Buying in San Ramon>Question Details

Tracy, Home Buyer in San Ramon, CA

Is 925K a reasonable offer for Santorini Plan 2. One of their homes sold for 975K couple of months ago.

Asked by Tracy, San Ramon, CA Thu Apr 16, 2009

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21
this one looks like a quick close home.
0 votes Thank Flag Link Thu Apr 30, 2009
This Plan 3 that's selling for $1.049 should provide a good indicator on the price of the Plan 2. I still believe it should be under 1 million, given this plan 3 has a large lot (11k) with a good amount of upgrades:

http://www.rockcliff.com/Search/PropDetail.aspx?listingID=12…

For contract written by May 10, 2009, price will include

HARDWOOD FLOORS in first level main living areas!!

Other amenities include: beech wood cabinets with new ‘Cognac’ finish, stair rail with iron balusters, stainless steel kitchen appliances including 42” GE side-by-side built-in refrigerator, pre-wire for surround sound in the family room, outside stone fireplace in loggia.
0 votes Thank Flag Link Thu Apr 30, 2009
I see. Even with no negotiation, 895k is not too bad for a home that size, with the upgrades and backs to open space. If you can negotiate more upgrades, get the broker co-op back, get the tax breaks, you should come out pretty well.
0 votes Thank Flag Link Wed Apr 22, 2009
brookfield is pricing some lots at a lower price and market rate and sticking to the price with no price negotiation (upgrades negotiable).

They sold most of the saville homes at fixed price with no negotiation on price.
0 votes Thank Flag Link Tue Apr 21, 2009
Srbuyer,

They already have a showcase home that's on sale for $895k:

http://www.brookfieldnorcal.com/showcase_homes.php

It has the following upgrades:
Great lot backs up to open space, upgraded hardwood flooring throughout, upgraded French doors at Master Bedroom deck, GE stainless steel appliances including 42" built-in refrigerator and Monogram cooktop.

If you're looking for one that doesn't have all of that and is just a normal home, i would start 850k or below. If you look at this home that's on the market, it's very comparable:

http://www.rockcliff.com/Search/PropDetail.aspx?listingID=12…

Once again, it depends on when the exact home that you want will be finished building. The closer to the build date, the better deal you will get. The builders tend to not negotiate for homes that are still months away from completion.
0 votes Thank Flag Link Tue Apr 21, 2009
I noticed that both Michael and Sunnycalif already did a lots homework on Windmere house market. Any idea about a reasonable offer for Hawthorne’s plan 1 without any upgrade and regular lot size?
0 votes Thank Flag Link Tue Apr 21, 2009
Reader, I think you need to read my comments:

"Once again, it all depends on the lot size and location, along with the upgrades."

The main reasons your noticing prices being higher or offers being turn down is:

1) They're including more upgrades in these homes so the prices hold. They're currently offering 50k in upgrades with the Santorini homes included in the price
2) The homes currently available won't be completed until Oct/Nov timeframe, they have time to sit on the homes to wait for better offers
3) The homes in this phase have larger lots, therefore go for a premium price

I agree that the market has changed. You have more buyers looking because of tax credits and a low interest rate. But what hasn't changed is the loss in jobs, a decrease in the median price of homes, and a huge inventory of foreclosures that will hit the market. After this wave of interest has passed, you'll see that demand go away. I'm predicting that will happen in the around early June.
0 votes Thank Flag Link Tue Apr 21, 2009
No problem at all Reader, it's great to be able to provide objective, unselfish and honest yet still gutsy answers, the only way others can benefit.

Other factors of influence, take the days you are not putting up offers to work on your credit score, get it close to 750 or above if possible. Simple ways like signing up for the 3 bureau results together and reviewing small things like a late payment etc and then filing a dispute report (I believe at least 2 of them allow online dispute filings) will help bump up your scores. I had a late payment remark without any fault of mine which was keeping my score a little lower and once I filed the dispute, within 2 weeks it was fixed and the score got bumped. This is the preparation I was talking about.

Same thing with the lenders, always hedge your bets and have at least 3 on the line up and exchange what ever documents and get to a pre-approval at the earliest. When you are ready to give an offer and you never know when it'll happen (we didn't even expect to put an offer on the day we did), you'll be the king and you can never lose, cause you can go to multiple builders and give them your side of things. And make sure they know about your financial strength (reiterate as many times as needed), it helped us tremendously.

Good luck and since we just went through the whole thing we can possibly offer some valuable tips, feel free to post any questions.

Best of luck!
0 votes Thank Flag Link Mon Apr 20, 2009
SunnyCalif,

Great answer and thanks for the tips. You have the real guts and willingness to really help people although people like Vitamin are trying to stop you from doing this .

Michael,

I have liked your postings in the past but recently some of your postings gave a completely wrong picture about how the market looks out there but your last posting listed out the facts and that was nice information. The market out there is very different than it was 1-2 months ago, builders were so desperate at that time but now they are selling and holding well.

BTW, KBHOME in fremont is raising prices.

http://www.trulia.com/voices/Home_Buying/anyone_has_experien…
0 votes Thank Flag Link Mon Apr 20, 2009
Yes, Michael's comments are on the mark. The thing which would be a big plus for any buyer in this market (and which helped us I feel) is how prepared you are before putting your offer. So having done your pre-approval(not pre-qualification, which helps as well) and having all ducks in a row to say you can close in 2 to 3 weeks. That will make the builder listen to your price even if it's a little outrageous. Otherwise, it's probably no good.

Your financial strength and preparedness will get your great deals in this market.
0 votes Thank Flag Link Mon Apr 20, 2009
Thanks Sunnycalif, I look forward to hearing about your purchase.

Amber, when I say 900k-925, I think that's a starting point for negotiation. Personally, that's how much I think they're worth, about 950k right now. There were some homes that sold around 1.05 million that had tons of upgrades and nice lots late last year. And the market has gone down since then, with more job losses.

I personally heard from the sales person that they were willing to go down to below a million. Now that could be at the time when they were desperate to sell homes. I think it was about 1.5 months ago, before all this recent activity picked up. I think recently they're holding out because low interest rates and the tax break have spurred more new home buying.

But definitely, from a buying point of view, you will see these homes go back down to below a million this year. Also, as I mentioned below, size of the lot, location and upgrades could add to the price.
0 votes Thank Flag Link Mon Apr 20, 2009
same here. I called them and they won't go much below the list price.
0 votes Thank Flag Link Mon Apr 20, 2009
We put an offer one one of the homes in Santorini and the agents refused to go below the million mark. They said they sold one home below million mark but that was an exception.
0 votes Thank Flag Link Mon Apr 20, 2009
No worries, since you are talking sane and are reasonable, I'll accept your rationale. I'll need to wait just a tad bit (about 10 days) before I can divulge the lot and price, and I'll do that at that time, it should definitely be very helpful for folks.

Good luck with your home hunting!
0 votes Thank Flag Link Mon Apr 20, 2009
Sunycalif, why don't you grow up and stop acting like an immature kid. I already PWN'D you from my last post when you provided inaccurate facts and had to swallow whatever pride you have left.

This forum is for home buyers and advice. Why don't you provide some useful information instead of just putting everyone down. Tell us about your purchase. Which lot did you buy, what upgrade you were able to negotiate and what price did you end up getting. This will help everyone as I'm sure people are curious.

As for me, I can buy now if I wanted. But based on the information I see, I don't feel it's a smart investment. And I have been working closely with the sales offices and the information I'm providing has been accurate. They've provided me with those numbers because I've pre-qualifed at many builders and were talking to them seriously.

If you've already bought, that's fine, enjoy your home. But for people that are on the fence, I'm providing information that may help their purchasing decision.
0 votes Thank Flag Link Mon Apr 20, 2009
You nailed it Menudo, this idiot Michael can't afford anything now (or later) and trying to artifically create a sense of gloom and doom, throwing out outrageous prices and saying he spoke to who ever. We've been working with the sales folks in the Winderemere community for the past few months especially Lennar and Brokkfield and know as much as there could be. 959K was a steal for plan 2 (it didn't have many upgrades), but at this time below a mill is a catch for those homes.

Don't listen to some of these idiots, they are the ones sitting in a bar and proclaiming I said this, I knew this and never really doing anything in life!!

In the end do your own research, talk to a few knowledgeable people and in the end you got to take some risks for some rewards, but this is not a bad time to be looking at optimally priced new homes.
0 votes Thank Flag Link Sun Apr 19, 2009
Those homes have been going below the million dollar mark. I spoke to a sales person there recently and they said they were ok to go below that mark. Plus, the plan 1's are more popular compared to the plan 2's. Therefore, the plan 2's have a harder time selling and the prices are usually lower.

I think you guys are either trying to prop up the market or don't know the communities well enough.
0 votes Thank Flag Link Fri Apr 17, 2009
925 is too low at this time. those homes are a masterpiece. try high 900s, that too also maybe depending upon at what stage the construction is.
0 votes Thank Flag Link Fri Apr 17, 2009
Are you kidding? Those houses won't go below a million mark. Only 1 home sold at 959K because of the lot. Even a plan 1 might not sell that low, maybe if you wait more time it may. Hawthorne might go that low but I doubt on Santorini.
Please send me an email if you want some more information. I have sold a few homes with Brookfield both at Santorini and Hawthorne.
0 votes Thank Flag Link Fri Apr 17, 2009
959k is the lowest price paid for a plan 2 that I know of so far. But that was for a lot that was just ok. I think 925k or 900k would be a decent offer. Once again, it all depends on the lot size and location, along with the upgrades. Also, when the home is schedule to be complete makes a difference. If you share that info, it will allow others to provide a better answer.
0 votes Thank Flag Link Thu Apr 16, 2009
If you can afford it, and are prepared to ride out the gyrations, absolutely.

Just remember, the asset bubble in bay area just started deflating last year, and with Alt A resets, and growing unemployment, may have a lot more air leak before bottoming.

If you are prepared to see the price go down for a few years, this is the right time.

You will have better deals if you wait.
0 votes Thank Flag Link Thu Apr 16, 2009
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