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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

San Antonio
PostPosted: Wed Mar 09, 2011 4:18 am Reply with quoteBack to top

What's the best neighborhood to buy in San Antonio
in the 300k to 350k range?

One son in elementary and one in middle school.

Any opinions welcome.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: San Antonio
PostPosted: Thu Mar 10, 2011 4:20 pm Reply with quoteBack to top

I am looking at a Lennar.

Indian Springs.

Mistake?
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: San Antonio
PostPosted: Fri Mar 11, 2011 3:12 am Reply with quoteBack to top

mahalo guy wrote:
I am looking at a Lennar.

Indian Springs.

Mistake?


i look at strategies and I would be cautious about buying lennar

they have been known to slash and burn prices to get out of bad subdivisions. make sure the home your buying is BETTER priced than resales in the area - if not, run away
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: San Antonio
PostPosted: Fri Mar 11, 2011 5:26 am Reply with quoteBack to top

Houston Builder wrote:
mahalo guy wrote:
I am looking at a Lennar.

Indian Springs.

Mistake?


i look at strategies and I would be cautious about buying lennar

they have been known to slash and burn prices to get out of bad subdivisions. make sure the home your buying is BETTER priced than resales in the area - if not, run away


Thanks HB
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: San Antonio
PostPosted: Sun Mar 13, 2011 1:59 pm Reply with quoteBack to top

It's close. 10k higher than 2 listings. But, better house, better elevation
and better part of the subdivision (higher concentration of high end homes)
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: San Antonio
PostPosted: Sun Mar 13, 2011 4:19 pm Reply with quoteBack to top

mahalo guy wrote:
It's close. 10k higher than 2 listings. But, better house, better elevation
and better part of the subdivision (higher concentration of high end homes)


very smart, sounds like you have done your homework

last piece of advice - if they have a huge supply of vacant lots in the subdivison (over 50) than you might run the risk of them lowering prices in the future.

If the community is headed towards being built out, then you should be in great shape
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NewHomeDallas
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Joined: 05 Jan 2009
Posts: 404

Re: San Antonio
PostPosted: Sun Mar 13, 2011 6:27 pm Reply with quoteBack to top

Houston Builder is 100% right. If the community is close to being built out, go ahead. If it is less than 80% built out, be very wary.

If there are a lot of homesites available, there is no guarantee that they will ever be built on. But worse, they could be sold to a builder who builds vastly lower priced homes. That has happened several times in the DFW area.

Good luck with wherever you chose to build.
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mahalo guy
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Joined: 28 Jun 2008
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Location: Honolulu

Re: San Antonio
PostPosted: Mon Mar 14, 2011 2:09 pm Reply with quoteBack to top

Thanks for the excellent advice. I'm checking on % complete now.
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mahalo guy
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Location: Honolulu

Re: San Antonio
PostPosted: Mon Mar 14, 2011 2:26 pm Reply with quoteBack to top

500 lots total
300 built on
60% Complete

Lennar has been in the subdivision for 6 years.

Now I'm nervous again!
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Houston Builder
Dyn-o-mite!


Joined: 09 Jan 2009
Posts: 351

Re: San Antonio
PostPosted: Mon Mar 14, 2011 5:57 pm Reply with quoteBack to top

mahalo guy wrote:
500 lots total
300 built on
60% Complete

Lennar has been in the subdivision for 6 years.

Now I'm nervous again!


sounds like you have done your homework - since they have been averaging 50 per year, its safe to assume that the average will go down with the reduced pace of homebuilding.

New Home is right - if they bring in a cheaper builder (KB comes to mind) - then it could be trouble

If they take a corporate impairment or write down, then they can magically reduce their basis in the land and drop prices to burn through the subdivision.

Good luck
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