About Abingdon's Autumn Run

What makes you want to buy in a community that is still under construction? Buyer incentives from the lender? The fresh paint, and the shiny new appliances? What would sway you from buying the new construction being built in the community, rather than the cheaper resale????

Recently, I decided to take a look at the sales in the community which I have felt for years was nothing more than an overpriced money pit. Autumn Run, located in Abingdon, Harford County, Maryland, is a townhome community. They have been building this community for a few years now, and have been offering sales incentives with closing cost help, etc.

Their deal looks sweet on paper. In their listings, thy show a base price of the property which is inviting. After you rack up your most basic needs in "builder upgrades", you are no where near that "base price" any longer.

While browsing homes on the local MLS, it is in the norm to see homes for sale in the community that are "third party approval" better known as short sales. To my surprise, in the last 6 months, 100% of the resales in the community, Autumn Run, built by Gemcraft Homes, are REO or HUD owned.

Their original purchase price of these properties were up to $350,000, and sold for as low as $170,000 in REO or HUD sales. WOW!!! Now, as all of you may know, if you have ever read my thoughts on Gemcraft, (prior Gemcraft blog), Gemcraft is SNEAKY! On the solds on the MLS, they thrown in their own list of 4 solds by the builder, pumping up their purchase prices just enough to save their skin with any appraisal issues.

As for Active properties listed on the MLS in Autumn Run, they fall between $224,000, and $274,000. FYI, the actives are peppered with a HUD home, and a few short sales. Buyers, don't fall for Gemcraft's hype with their new construction incentives. Take a look at the numbers, and see investing in a HOME in this community, is like investing in ice in Alaska.

Before you buy, educate yourself on the community, and it's resale history! Most important, research the builder, there are many slimy snakes, slithering around!