About Lilburn's Legends At Parkview

Back in February, 2008, I attended an event for agents at Legends at Parkview. At that time I was impressed with the quality of the homes offered in the community. I was also impressed with the philosophy of the builder, Sean Mayfield of Mayfield Homes. I also liked the style of the homes, and the layouts were quite nice.

The problem was that they launched the community just as the market was collapsing around them. And while they were strong at the time, it didn't last...

This premiere community has slid into foreclosure. The remaining homes (there were 8, now there are 4 left) and the lots are all for sale by the bank. So, now is the opportunity to buy into a luxurious community at fire sale prices... bank-owned prices.

Three of the properties are built on a basement, all have 3 car garages. One is a 5 bedroom/4 bath, and the others have 4 bedrooms/3.5 baths.

The properties that are currently available are priced at:

• The Waterford on a basement - $563,400 $489,900 5br/4ba
• The Addison on a slab - $589,900 $439,900 4br/3.5ba
• The Addison on a basement - $614,900 $479,900 4br/3.5ba
• The Victoria on a basement - $735,000 $524,900 4br/3.5ba

As an aside, I really like the Addison. It has an exceptional garage. Aside from the spaces for 3 cars, there is about an 8' wide area along one side that would be perfect for motorcycles and/or tools.

Obviously the prices are pretty well discounted for the remaining units in the Legends at Parkview. There aren't that many opportunities to jump into this level of luxury in a bank-owned new home community. The foreclosures have really pushed the prices down here... They have sold 4 homes since June. These will sell before long... There were several buyers coming in to visit while I was there... on a Wednesday afternoon.

There is a new subdivision coming up in Lilburn... and it looks great.

The Legends at Parkview

I stopped in tonight when the developer hosted a round table discussion for agents and mortgage bankers. We talked about the philosophy of the builder, Mayfield Homes, as well as some of the finance options that are being offered on the properties.

First, a few basics.

The prices range from the low $500s up to the low $700s. While there are nine different plans, each has several different elevations... and the builder is willing to modify any of them to better suit the needs of the buyer. At the moment they are offering basement lots for the same price as slab lots. In general, that amounts to about a $35,000 discount. These discounts are expiring in March.

Each of the plans feature either 4 or 5 bedrooms. A couple have bonus rooms as well. The homes are loaded with luxury features, like stainless appliance packages, granite and oil rubbed bronze fixtures. I kind of like the Addison plan... BIG three car garage with about a seven foot space to the side of one of the cars (according to plan... I didn't make it into one of the homes). It also features a laundry room on the second floor... where the bedrooms are, as some of the other plans do as well.

Please keep in mind.

I am NOT an agent of the community. I would love to help you buy a property there, and to do so would be functioning as a Buyer's Agent. So, if you are interested in finding out more about The Legends at Parkview, please feel free to contact me. I'd love to help you out. You might also want to look at this post about Buyer's Agency as it related to new homes. The good thing is that a Buyer's Agent brings more protection to the transaction for the buyer. The better news is that there is no cost to the buyer for their agent... the builder pays for it. And it is a VERY rare builder that cuts the price for unrepresented sellers, for several reasons.

Now, some more cool news.

It's all about the financing. I always recommend that every buyer shop several alternatives for a mortgage... except for cash buyers. Not only may different lenders and brokers have different programs, but even with similar programs may have varying rates and fees. One of the plans that was presented to us:

• Construction to Permanent loan
• 5% down with a 620 FICO score
• 12 month window to lock or float down during construction
• 18 months to finish construction
• Borrower may be able to pay interest from loan proceeds

Another cool option is that Mayfield Homes (the builder) is allowing contingent contracts on pre-sales (homes that are being built). This gives around 5-7 months to get your current home sold. They are also offering a trade up program in which they will offer to purchase your home if you are moving upmarket into one of their homes. Of course, each situation is different, so I can't provide any general guidance on what they might offer on a particular house.

The bottom line is that the builder is offering a lot of flexibility to get the properties sold. They are also working hard to ensure that the investment of the buyers are protected. The last thing they want to have happen is for there to be a price drop after selling properties. It makes for bad feelings between the builder and residents... and that isn't good business.

Here is a link to my blog post at LaneBailey.com with more pictures from The Legends at Parkview.

I look forward to hearing from you.