Is it too risky to buy in a subdivision/PUD that has many unoccupied houses/townhomes?

Asked by Karen, Texas Wed Aug 13, 2008

I've noticed that many new builds are like ghost towns. Considering property associations, etc. might this be something to steer clear of?

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Susan Rood, Agent, Niceville, FL
Wed Aug 13, 2008

Okaloosa county schools district have FOUR schools ranked in the Newsweek magazine' s annual list of the top US high schools, not to mention our A+ rated middle and elementary schools. Niceville is also blessed to have Eglin AFB with the thousand of jobs that come with that. We are also conveniently close to the most beautiful beaches on the Gulf of Mexico. As long as we have all of this to offer Niceville will continue to be a sought after community to live in. While some people expect the housing market not to bottom out until the summer of 09, we are starting to see an increase in interest due to the influx of BRAC (Base Realignment and Closure). Where as our poplulation has been flat for several years, we are expecting a significant boost. They are expecting an increase of 10,000 or more newcomers in the Okaloosa County area, and we expect our town to turn around long before the summer of 2009. I am not sure what property you are looking at, but if you would like more information, just give me a call. I will be happy to help with any questions or concerns you may have. Niceville/Bluewater Bay is a great place to call home, I do.

Susan Rood
Coldwell Banker United, Realtors
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Peter Mohyls…, Agent, Destin, FL
Tue Aug 28, 2012
It is very important to do your research prior to buying any home in a subdivision or PUD. Some associations are cash poor because of business problems within the area.
1 vote
Michael Cepa…, Agent, Tampa, FL
Wed Aug 13, 2008
It really all depends on a case by case scenario. Some builders and associations will be fine and others will be borrowing money, assessing owners, filing for bankruptcy, etc. You must really do some research, and even then it might not go the way you thought.. If you were my client, I would probably say steer clear. By the way, don't let some fantastic pricing lead you in, if your gut is telling you NO, as some savings today, could mean some giant bills later. Good Luck and do your homework.
1 vote
Kathy Philli…, , Lake Mary, FL
Wed Aug 13, 2008
Hi Karen:

As with any new home purchase whether brand new construction or resale, it is a good practice to gather as much information as possible about the builder, the community, and the surrounding areas. There have been many builders in Florida that started a community and left it with just the streets put in. Ask your real estate agent to find out how many homes have sold in the particular community you are interested in, how many people have actually moved in, etc. While builders are anxious to sell these properties at greatly reduced prices to get sales activity moving again, speak to your realtor about the builder about their reputation and financial stability.

Best of luck!

Kathy Phillips
Coldwell Banker Residential Real Estate
1 vote
Brittany Swa…, Agent, Niceville, FL
Thu Nov 8, 2012
It definitely depends on the specific location of the new subdivision and the builder's quality and reputation. I'm blessed to work with one of the premier builders of our area and in their brand new development they have already pre-sold half of the homes and we've just recently broken ground. They have an outstanding reputation and the community is centrally located in Niceville, one of Bloomberg's recently voted top ten places to raise a family. So all around it's a home run!

Brittany Swain
Century 21 Wilson Minger Agency, Inc
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Fri Aug 15, 2008
Hi Karen,
I think it would depend on what price you would be paying. There are some tremendous bargains in new building projects--sometimes better than resales, because the builder is REALLY motivated to sell the property. So it is an opportune time to buy new construction at a deeply discounted rate. The advantage we have in Niceville (aside from the fact that it is a VERY NICE place to live), is that because of being surrounded by federal land (Eglin Reservation), we do not experience urban sprawl. Therefore, property values will actually be rising sooner rather than later, and the prices of new homes will begin to escalate. Real estate is a commodity of price based on supply and demand---the supply is dropping, and therefore the demand will begin to increase, and so will the price. GREAT time to buy--the other unsold property WILL sell!! It just has been taking a little longer. I hope this helps--feel free to contact me so I could be of more specific assistance to you!!
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