Trooper_IHB
New member
A little help from the IHB Community please.
My parents have just identified a new house in Connecticut that they are about to put an offer in on. :gulp:
I've talked myself blue in the face, but simply cannot reach them. The economy, Blah blah blah, housing bubble, blah blah blah....it goes in one ear and out the other. I just told my Dad last night that the fact he is considering purchasing a depreciating asset, goes against everything he ever taught me. Again, blah blah blah....."um-hmm dear".
My parents seem enamored with the fact that the actual builder was the person that came out to show them the house. They thought it added a nice personal touch...I think it's because he's laid off all of his sales people. (that also went in one ear, out the other).
Three weeks ago, when this discussion first started, I asked my Dad what the comps in the neighborhood were. Well, he hadn't gotten any yet. :bug: I talked with him again last night, and he said he now had them. I had him read off what his real.....tor (trying to be very nice here, you'll understand why in a minute) gave him for comps. He had three. One from 2005. One from 2006 and one with no sales price nor closing date (it ended up actually just being a "contract" for one of the houses that's being built, but not closed yet). That's it. Nothing from 2007 or 2008. WTF ! Of course, both listings show the ask and the purchase price being the same. (ie: For Sale $491K, Sold $491K)
He's starting to get testy with me because he thinks it's a good deal and that I should be supporting him. I told him I would support him, but that he should be wheeling and dealing a lot more with this builder. I do believe that my Dad has drank some Kool Aid....help.
Facts: The project is called Hatheway Farms and it's located in Suffield, Connecticut. It is a 55 and over retirement community consisting of 18 homes. They began selling in 2005 I believe, and there are currently 3 or 4 homes left (depending on who you talk to...one is apparently the one under contract) <a href="http://www.ctmove.com/construction/hatheway/">Hatheway Farms</a>
The house he wants is listed at $449, 900. He said realtor whispered to him that it can be had for $430 out the door.
<a href="http://www.realtor.com/search/listingdetail.aspx?ctid=6322&mnp=29&mxp=28&typ=1&sid=664f218e8f3b4e26b452886c2665123d&pg=2&lid=1084730311&lsn=14&srcnt=14#Detail">This one</a>
There also appears to be a resale (built 2003, 500 sq ft smaller) in the same hood for $424,900 <a href="http://www.realtor.com/search/listingdetail.aspx?ctid=6322&mnp=29&mxp=28&typ=1&sid=664f218e8f3b4e26b452886c2665123d&pg=1&lid=1098238985&lsn=10&srcnt=14#Detail">Resale</a>
How do I get more recent comps ? IR2, any suggestions ?
I mean, this house is finished on the outside only, the inside is blank. It's been sitting for over a year. It also has a crack in the basement (yes, we have them) floor that my Dad is concerned about. (Dad will ensure that the crack is drilled out and recemented and epoxied to his satisfaction prior to purchase.) All the standard upgrades are included with that $430K number.
They had considered the last remaining model home, which is slightly smaller....price $399K fully furnished and turn key... My parents liked the furniture and decorations, so offered 10K cash for all of it so they don't have to go shopping.
I believe my Dad's final deal will be $430, throw in the furniture, fix the crack, and put in the basic studs on basement walls for future drywalling/finishing.
Anyone have any feedback / advice ? What would you realistically offer.... (They love the place, my brother and cousin are only 20 mins away...so that's a factor).
Help
My parents have just identified a new house in Connecticut that they are about to put an offer in on. :gulp:
I've talked myself blue in the face, but simply cannot reach them. The economy, Blah blah blah, housing bubble, blah blah blah....it goes in one ear and out the other. I just told my Dad last night that the fact he is considering purchasing a depreciating asset, goes against everything he ever taught me. Again, blah blah blah....."um-hmm dear".
My parents seem enamored with the fact that the actual builder was the person that came out to show them the house. They thought it added a nice personal touch...I think it's because he's laid off all of his sales people. (that also went in one ear, out the other).
Three weeks ago, when this discussion first started, I asked my Dad what the comps in the neighborhood were. Well, he hadn't gotten any yet. :bug: I talked with him again last night, and he said he now had them. I had him read off what his real.....tor (trying to be very nice here, you'll understand why in a minute) gave him for comps. He had three. One from 2005. One from 2006 and one with no sales price nor closing date (it ended up actually just being a "contract" for one of the houses that's being built, but not closed yet). That's it. Nothing from 2007 or 2008. WTF ! Of course, both listings show the ask and the purchase price being the same. (ie: For Sale $491K, Sold $491K)
He's starting to get testy with me because he thinks it's a good deal and that I should be supporting him. I told him I would support him, but that he should be wheeling and dealing a lot more with this builder. I do believe that my Dad has drank some Kool Aid....help.
Facts: The project is called Hatheway Farms and it's located in Suffield, Connecticut. It is a 55 and over retirement community consisting of 18 homes. They began selling in 2005 I believe, and there are currently 3 or 4 homes left (depending on who you talk to...one is apparently the one under contract) <a href="http://www.ctmove.com/construction/hatheway/">Hatheway Farms</a>
The house he wants is listed at $449, 900. He said realtor whispered to him that it can be had for $430 out the door.
<a href="http://www.realtor.com/search/listingdetail.aspx?ctid=6322&mnp=29&mxp=28&typ=1&sid=664f218e8f3b4e26b452886c2665123d&pg=2&lid=1084730311&lsn=14&srcnt=14#Detail">This one</a>
There also appears to be a resale (built 2003, 500 sq ft smaller) in the same hood for $424,900 <a href="http://www.realtor.com/search/listingdetail.aspx?ctid=6322&mnp=29&mxp=28&typ=1&sid=664f218e8f3b4e26b452886c2665123d&pg=1&lid=1098238985&lsn=10&srcnt=14#Detail">Resale</a>
How do I get more recent comps ? IR2, any suggestions ?
I mean, this house is finished on the outside only, the inside is blank. It's been sitting for over a year. It also has a crack in the basement (yes, we have them) floor that my Dad is concerned about. (Dad will ensure that the crack is drilled out and recemented and epoxied to his satisfaction prior to purchase.) All the standard upgrades are included with that $430K number.
They had considered the last remaining model home, which is slightly smaller....price $399K fully furnished and turn key... My parents liked the furniture and decorations, so offered 10K cash for all of it so they don't have to go shopping.
I believe my Dad's final deal will be $430, throw in the furniture, fix the crack, and put in the basic studs on basement walls for future drywalling/finishing.
Anyone have any feedback / advice ? What would you realistically offer.... (They love the place, my brother and cousin are only 20 mins away...so that's a factor).
Help
