What do you think about new Elliott Homes price? (New Riata, Innovations 3.0 )

Asked by Fish, Folsom, CA Wed Jul 24, 2013

I went to the Elliott home sales center last week. The price is about $248~$250/Per s/q. The New Riata they will do your backyard but not for the Innovation 3. Also, they are not negotiable. Is this price reasonable?

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Ed Favinger, Agent, Folsom, CA
Wed Jul 24, 2013
Hello There....

As you can see you've got some pretty good answers already but I thought I'd chime in here as well.

There's a real demand for new homes now and that's why you see Elliott asking a lot for their homes because they can and they are pretty cocky about it too.

When times were tough out there, Elliott in the past has cooperated with us Real Estate folks if we brought a buyer to them... but that hasn't been the case in a long time. If we steer a buyer their way they might spiff us $500.00 I think was the last figure I heard from one of their sales folks and that was like around the 1st of the year.

It is what it is, but as others have said, the re-sale market is not quite as hot as it was earlier in the year. It's still good and there is more inventory. You'll be able to make a good deal if you are a Buyer and if you are a Seller, it's still pretty decent but instead of 10 offers, you might get 2.

I hope this helps.

Make it a Great Day...
1 vote
Rita, Agent, El Dorado Hills, CA
Thu Jul 25, 2013
The Folsom city as a whole was not as badly affected by the recession and did not take as much of a beating as compared to the other markets.

If in 3-4 years you decide to sell , you can always also rent it out if you do not see as much appreciation. But real property has always appreciating in the long run. Rental market is also very hot in Folsom.

You can also consider an older homes as they are relatively better priced than the newer homes. The return on investment could be better. But again you need to sit down and discuss all your options,
0 votes
Fish, Both Buyer And Seller, Folsom, CA
Wed Jul 24, 2013
Thanks a lot!
All the answers are really helpful :)
The biggest worry is am I be able to resell more than the purchase price? Because I might need to move to other states after 3~4 years :(
0 votes
Ken Erickson, Agent, Folsom, CA
Wed Jul 24, 2013
Those prices is higher than the average $/sf sold in Folsom, but it depends on amenities & what they can provide in the design center for their customers. Value is really up to the buyer and if the homes sell at this price, because buyers like the development, then it's worth the price. In a HOT market for sellers New Home builders are not going to negotiate. The price is set but they may give you something for using their lender or possibly credits towards their design center.
If existing homes seem to be a greater value to you, due to a lower $/square ft selling price, just remember that $/s.f. is a benchmark. If buyers are willing to pay over the average $/s.f. SOLD, then the market moves up. Today buyers need to look at very recent sales and pending sales (3 months or less) to get an idea of today's home values. Best of luck in your search. kje
0 votes
Jim Walker, Agent, Carmichael, CA
Wed Jul 24, 2013
to clarify the sales period I surveyed for for closed used Folsom homes was May 28 to yesterday, but mostly in June.
0 votes
Jim Walker, Agent, Carmichael, CA
Wed Jul 24, 2013
For comparison of used homes 10 years old or newer, Folsom only:
square footage between 2500 to 2900
Active listings average 215.20 psf

Solds between 2700 to 3450 sq feet solds average sold price per square foot: $195.

So I turn the question back to you: is it reasonable to pay $33 per square foot for brand new versus late model used for the smaller houses, or $53 per square foot more for one of their larger houses?

Sometimes used is a better deal than new, sometimes new is a better deal than used. Right now, it looks like used is still significantly cheaper than new in Empire Ranch and Russel Ranch.
0 votes
Rita, Agent, El Dorado Hills, CA
Wed Jul 24, 2013
Folsom market has always been hot and prices are always more for newer homes than older homes as they come with a 10 year structural warranty. If you are interested in seeing them or knowing more about them please call me at 916 7753070.

It is always good to have an agent represent you whether it is for newer homes or older homes.
0 votes
Morgan Larson, Agent, Folsom, CA
Wed Jul 24, 2013
Since you are considering it - I guess it isn't out of the range of possibility. In fact, I know there is lots of interest with the Innovations homes and the first lottery for home spots is happening this weekend.

What I will also add, is that home price increases have slowed dramatically in Folsom in the last month to 6 weeks. This means you have more choices and at a considerably lower cost than a new home, if you were to purchase a resale home.

Best of luck!

0 votes
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