We would be stupid, right?

[amberlyrose]

I found out a new build is going up in our neighborhood- its a row of town homes (about 15) that will be completed in early 2014.

They are 3 bd, 2.5 bath, 1600-1700 square feet with roof top patios, 1 car garage.
Prices are 245-350k. No HOA dues.

1bd/1ba condos in this area are currently going for the same price without parking spots.

We weren't planning on looking until the fall of this year, but we'd be stupid not to get, right?
They have 2 left under 300k.

[agnes]

So you guys decided against relocating?

[goaskalice]

Why are they so cheap? If it financially makes sense, and you'll stay there for a long enough amount of time to recoup costs, go for it.

[amberlyrose]

Apr 30, 2013 21:08:33 GMT -5 agnes said:

So you guys decided against relocating?

Yup, not enough incentive.

We'd have to talk to a mortgage broker tomorrow morning but it's be about the same as our rent now.

[amberlyrose]

Apr 30, 2013 21:24:21 GMT -5 goaskalice said:

Why are they so cheap? If it financially makes sense, and you'll stay there for a long enough amount of time to recoup costs, go for it.

No idea. Company looks good, neighborhood is up and coming..

[goaskalice]

Apr 30, 2013 21:26:24 GMT -5 amberlyrose said:

Apr 30, 2013 21:24:21 GMT -5 goaskalice said:

Why are they so cheap? If it financially makes sense, and you'll stay there for a long enough amount of time to recoup costs, go for it.

No idea. Company looks good, neighborhood is up and coming..

Very interesting. Some unsolicited advice, I would look closely at the CC&Rs since there isn't an HOA. You're going to want to know how they plan to address common areas, insurance, and roof/siding maintenance.

[amberlyrose]

Apr 30, 2013 21:30:01 GMT -5 goaskalice said:

Apr 30, 2013 21:26:24 GMT -5 amberlyrose said:

No idea. Company looks good, neighborhood is up and coming..

Very interesting. Some unsolicited advice, I would look closely at the CC&Rs since there isn't an HOA. You're going to want to know how they plan to address common areas, insurance, and roof/siding maintenance.

Thanks, ill ask them.

[Deleted]

That is super-affordable for that area. Go for it if you think you're going to stay awhile and you have a down payment!

[agnes]

I think it's something to seriously look into. Good luck!

[Deleted]

If there are no HOA dues then they are doing something else funky. I am pretty sure it is impossible to have a situation like this without HOA dues. Where does the money to pay for the common areas come from? The community isn't old enough to have an endowment. I would be very, very cautious.

[amberlyrose]

They have a shared wall/roof contract.

But in the time I emailed her back, they filled all the <300k reservations and have 3 of the 320s reserved. Crap.

[Deleted]

In your 'hood, DO IT! Even if you relocate you'd have that rented for bank in a heartbeat.

[onomatopoeia]

DH and I looked at a place similar to this years ago (less units, but shared space and no HOA). It ended up that they expected the owners to just form little savings accounts that everyone contributed to, either on-going or for certain projects. Then everyone had to agree on how to spend it. It was like an HOA but un-official, which of course could lead to all sorts of disasters and conflict.

This may not be the case here at all, but it also might turn out that maybe it's a good thing you missed out!

[amberlyrose]

Apr 30, 2013 22:30:45 GMT -5 @wonderred said:

In your 'hood, DO IT! Even if you relocate you'd have that rented for bank in a heartbeat.

Right??
It's on the edge of 5 points, uptown, and downtown so still in walking distance to everything.
We asked to be put on the waiting list in case someone backs out.

[starlily]

Ate there Mello-Roos or a "community district fee" tacked on to your property taxes? This is what our new build community did in lieu of HOA fees.

[snickers]

Sounds like it could be a great opportunity for you. Good luck!