Home Buying in Danbury>Question Details

Jackie, Home Buyer in Danbury, CT

is it worth it to consider buying at rivington with so many bankruptcy issues and the lack of development?

Asked by Jackie, Danbury, CT Tue Jan 27, 2009

there as was originally planned? What are the pros and cons of buying there and what are some of the similar properties near exit 1/2 on 84 and not too far into danbury?

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6
My reasons for looking at Rivington are primarily 2.

1. I work in manhattan so have to take the train from Brewster. Being in Rivington I could take the shuttle that operates to and from Brewster train station from the parking lot across from Exxon gas station near exit 2. Being too far in Danbury(exit 4-5 and beyond) will mean added commute for me which is already long.

2. I am hoping that Rivington being in bankruptcy I could get a good price( less than prices in other communities in Danbury some of which you have mentioned which are more established and stable)

As an example timber oaks which is off exit 5 and has all amenities ready and in use for a year or more has 3 bed 2.5 baths starting from 3.85( approx 2300 sqft) but for Rivington a comparable unit is priced at 4.99 (2076 sqft + unfinished basement of approx 700 sqft) which seems crazy to me. Even if they offer the unit at 400 I would think its priced more than what they should be because they are in bankruptcy and a buyer at Rivington will have to buy with the community as-is and no guarantee of any future development.

Moreover the common charges at rivington seem to be more than timber oaks and other communities for just 2 community features they provide (pool and a gazebo) whereas most others have pool, tennis courts, gym etc.

I would expect the 4.99 price for a 3 bed 2.5 bath 2000 sqft unit in rivington should be priced at 3.5 under the circumstances they are in and with the disadvantages it presents to any buyer.

If they cannot sell the units at Rivington would they not go into auction soon and thus be offered for a lot less that even 3.5 potentially?

Any thoughts?
1 vote Thank Flag Link Wed Jan 28, 2009
Jackie,

Take a look at the thread below.

Good luck,
-John
0 votes Thank Flag Link Tue Feb 3, 2009
Hi Jackie,
1. I can't blame you, I grew up in New York, most of my friends and family are still there, but I can live a better lifestyle here in CT, where my dollar buys me more house, in a nicer community, with a much lower tax liablility. Most of my business is helping New York people move to western, CT, where they can easily commute to New York. The exit 2 park and Ride is 1/2 mile from my home, and I take the train into NYC from Brewtser or Southeast station. I own a single family home, and a condo in west Danbury, and will probably live here untill I move back to the west for retirement!

2. The purchase I have been working on at Rivington was listed at $429,900 when I made my offer for my clients, and we got it accepted at $300,000, but it is NO simple matter! This link is the listing for the Rivington unit that I have been representing a buyer for: http://cmls.rexplorer.net/REX$PUB/49/LYON1/pub/pub_0272249442.htm

Timber Oaks: I looked at this for the same, and other clients this fall...have you been there? They are essentially taking deposits for homes yet to be built, some of which could be finished by next August, or are slated for early 2010 delivery!!!

Common charges at Rivington differ per unit model, as most complexes. Don's number $287 is accurate, for the Allerton model.

I concur with Don that the future of Rivington is VERY uncertain, hard to say if/when any of the few remaining units will go to auction. Their Chapter 11 bankruptcy protection anables them protection form their cridtors to continue to do business, (to the degree that their cash flow allows them). The amazing thing in this market is how inefficient banks, corporations, relo companies, etc are at liquidating their assetss...which are really liabilities. Navigating the waters of succesfully closing a transaction with them, that is an attractive propostion to the buyer is no simple matter...But it is the smart, patient, buyer, who is savvy enough to work with the right buyer agent who undeerstands these muddy waters...that makes the good deal in this insane market.

If I can help you, give me a call at 203--994-2359.

Best Regards,

Bruce Lyon, GRI, ABR
William Raveis Real Estate
0 votes Thank Flag Link Wed Jan 28, 2009
Jackie,

Right now, no one knows what will happen with Rivington. Odds are, however, that during the bankruptcy procedures, the complex will be sold to another builder who will continue building at some point in the future. How long this may take, and if this will actually take place, is unknown.

Common charges at Rivington appear to be $287 per month for each unit.

Prices are being reduced by the builder to sell off the remaining units. You would need to work with your buyer's agent to see if you can negotiate a price that is acceptable to you.
0 votes Thank Flag Link Wed Jan 28, 2009
Jackie,

That would be a personal decision that only you can make.

However, here are some issues that you would want to consider:

* The developer of Rivington is currently in bankruptcy. No new units are being built. No new amenities are being built.
* Most likely, another developer will buy this project and continue building it in the future. This could take years, and we have no way of knowing how or if other units will be completed, what amenities will be included, what the overall look of the project will end up being, etc.
* Prices have been reduced dramatically on the remaining new units in this complex.
* We do not know what will happen to the future prices of the complex. For re-sale, it will most definitely be difficult to sell a home in a complex that is incomplete with no idea when or if it will be completed.

Other newer complexes in the immediate area you will want to consider include:
Kensington Woods - built in 2000-2001, 2 bedroom units are selling in the low $300,000's.
Lake Place West - built in 2005, 3 bedroom units are selling in the low- to mid-$400,000's.
Lake Place - built in the mid-1980's, 2 bedroom units are selling in the low $300,000's and 3 bedroom units are selling in the low- to mid-$400,000's.
Westwood Village - built in the 1980's. Many different unit sizes and types, selling from the low- to high-$200,000's.
Briar Woods - built in 2005, 2 bedroom units are selling from the high-$200,000's to the low-$300,000's.

I strongly recommend touring each of these complexes with your real estate agent. You need to determine which complexes you like, then factor in where you will feel comfortable, where you will enjoy living, and where you think you may be making a sound financial decision when it comes to re-sale.
0 votes Thank Flag Link Wed Jan 28, 2009
Hi Jackie,

This link is the listing for the Rivington unit that I have been representing a buyer for: http://cmls.rexplorer.net/REX$PUB/49/LYON1/pub/pub_0272249442.htm

This process has been amazingly problematic, but I will be happy to discuss with you all the pros and cons involved, without disclosing any confidential information of my clients. Just give me a ring at your convenience.

In any buying situation, I highly recomend that you get your own representation, but considering a Rivington purchase is one where it's particularly important.

This link is a collective sampling of the other West Danbruy condos currently available. It includes active listings at Kensington Woods, Lake Place, and Westwood Village, where I own a townhouse, and have a listing as well. Briar woods is the remaining west Danbury complex that does not have any active listings available at the time. http://cmls.rexplorer.net/REX$PUB/49/LYON1/pub/pub_027236301.htm Each of these complexes has it's own pros and cons, and their own "flavor". Because I live and work here, I will be happy to provide you with a comprehensive market analysis. Just drop me a line, and I'll be happy to help you understand all the advantages and pitfalls, and give you an unbiased opinion of every property in the market.

Best Regards,

Bruce Lyon, GRI, ABR
William Raveis Real Estate
Cell: 203-994-2359
bruce@BruceLyonRealtor.com
Web Reference: http://www.BruceLyonRealtor.com
0 votes Thank Flag Link Tue Jan 27, 2009
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