About Lilburn's Legends At Parkview

I stopped into Legends at Parkview recently to find out how the new project was coming. They didn’t have a model ready to go yet, but should have one built out completely soon. And I’ll be back to visit when it is ready to go. But, in the mean time…

If you haven’t been following along, DR Horton picked up the remaining lots after another local home builder went belly-up on the project. Previously, homes had been marketed for as much as $700,000 in the development, with most of the homes they sold selling in the $500K range.

DR Horton was shooting considerably lower… currently starting in the $290Ks. But there is even a little more to it than that. When they picked up the project they were advertising in the $260Ks.

It has been kind of interesting. Every few weeks, while driving by, I would notice that the prices had edged up a little. First was the $260s, then the $270s, then $280s… and now it is from the $290s. (expect to add about $35k for a basement).

On the good side, these are reasonably comparable. They are generally slightly smaller than the existing homes. But they are 4 sides brick with interesting elevations. But they aren’t a custom home builder. While buyers will have their choice of finishes and colors, they won’t be able to make major changes.

While the previous builder was primarily building with 3 car garages, the DR Horton homes are almost exclusively 2 car garages… but almost all will be side entry. One of the plans actually calls for a three car front entry garage… but it has been converted to two car side entry. But it is deep enough for a nice project space at the back of the garage…

Stay tuned, and I’ll be happy to post up when I make it into a few of their homes.

If you just can’t wait, give me a call and we can visit together. They have managed to put more than 20 homes under contract. When they start getting sales closed, they will have one of the hottest properties in the area. And who can blame the buyers… these homes seem to have built in equity…

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I've written a couple of posts about the Legends at Parkview. Mayfield Homes was the original building in the community, but they ended up getting foreclosed. DR Horton picked up the remaining lots and have recently started construction.

When Mayfield was building, the pricing went from the $500Ks to $700Ks. Even when the unsold homes were being sold by the bank that foreclosed, they were selling from the low $400Ks to the low $500Ks.

DR Horton is building homes priced from $270K to $310K. I would expect that there are some options that could push that price up a bit, and while I haven't seen the final product (they don't have any completed or nearly completed homes up yet), the homes Mayfield was building were a bit bigger and featured mostly 3 car garages.

The owners of the older homes are going to end up taking a very big hit. Despite those homes being bigger and possibly higher end, with the new homes coming in around half the price, it will push the values of the first phase down. But those comps will certainly help the newer homes.

If you'd like to get a look at them, let me know. I'm NOT an agent of the community and would be your buyer's agent. That means that I wouldn't be representing the builder, but rather you... the buyer.

Here is a search of currently listed properties in Legends at Parkview.

*****Update***** While out today I noticed that the signage had been changed to say "From the $280's".

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.