Posted by Chris Tesch on Wed, Jul 15, 2009
Buying a new home is a dream for many. To be the first to live in a home, picking out the colors, the countertops, the light fixtures is the College Station real estate fantasy for many. It does have it's advantages, but often comes with a whole host of disadvantages as well.
What you must know about buying a new home in Bryan or College Station
1) Many builders contracts give them the right to substitute material without giving notice to the buyer. You could find yourself getting T-11 instead of a Hardiplank or you may have seen a Jacuzzi brand tub in the model but find yourself getting a lower end tub.
2) The building process is frustrating, tiring and stressful. On a 300K plus home that a client was building I went in to find flat panel doors going to the garage and utility room. The defect was corrected after I lodged a complaint, but shouldn't have been an issue in the first place. Minor things can seem like major items, doorbells put in areas that don't make sense (with the brick already adjusted for it by the time you see it), faucets installed improperly and other strange mistakes can be made. The builder is relying on his contractors to do it right and may only come by your house to check a couple of times a week.
3). The warranty given with your new home may only be as good as your builder. The builder may go out of business leaving you with no way to collect.
4). The 10 year structural warranty only covers "Major Structural Damage" which can be way more limited than you can believe. In most cases one of the criteria for the structural damage to be fixed is a condition that makes the home uninhabitable, unsafe, or unsanitary. All they are typically required to do in a new home warranty if it's not one of those three situations is to patch exterior cracks greater than 1/4" in size, and patch interior cracks greater than 1/8" in size. Look at a standard ruler and think about what cracks these sizes would appear like running down your walls.
5). Just because it's new doesn't mean it meets code or shouldn't have an inspection. Defects do happen with new homes. Don't rely on your builder to have caught sloppy workmanship on the part of the contractors. Buy a home without an inspection and you might find yourself doing costly repairs when you sell that home.
I've listed many homes that were bought directly by the client from the builder. When inspections come up anything from minor annoyances to major issues have shown up. It's a shame that those clients are left to clean up the builders mess.
How do you protect yourself when buying a brand new home?
Hire an agent that knows the market, the area of town you're building in (some areas have very difficult soils), and knows the builders and their reputations. There are hundreds of builders out there. You need to know how long they've been in business and whether they or a third party provide the warranties.
Always get a new home inspected by a highly qualified inspector. Yes, you may be wasting your money, but it's a lot better than getting blindsided when you go to sell your home. For more inspiration on this go to HomeGauges Report about defects found in new construction. It's an eye opening experience.
Yes, buying a brand new home can be a wonderful experience. In most cases you will love your new home for years and have few regrets (there will ALWAYS be some, like "why did they put that light switch here instead of there). With some precaution and the addition of a good real estate agent on your team your improving your odds greatly.
Posted by Chris Tesch on Sun, Dec 30, 2007
The news has been bombarding us with information about how low new housing starts are; as well as how "prices are plummeting" on existing homes. In many cases what the reporter is doing is taking statistics from one area and applying them to the nation. No matter how you slice it, Bryan and College Station real estate is very different from San Francisco real estate, or New York real estate or, as as matter of fact, any other real estate market in the United States.
Nationally there has been a downturn in sales. Most of the areas affected by this are in places where double digit increases in value previously were the norm. Bryan College Station, in contrast, has had steady, but slow appreciation with rates ranging from 3% to 7% per year. We have actually had some of our highest appreciation while some markets have suffered.
Our market is a dynamic market. We constantly have professors, college students and administration moving in and out. Bryan-College Station also has many non-university jobs that are just moving into town. This doesn't guarantee that we will never have a slump, but plummeting prices are highly unlikely.
A couple of years ago a very nice reporter for the Wall Street Journal came to College Station to interview me and several other top agents in the area. His first question to me when we were face to face is "show me the houses that haven't been selling in the area". He truly didn't want to hear that the market was robust and that we were, overall, in very good shape. He neglected the fact that our average sales price home (at the time right around 150K) was showing days on the market of less than 90, and in certain segments hardly 30. Some of the other agents cooperated with him by showing him homes that were priced twice our market average that were suffering from market lag. College Station luxury homes do tend to sit on the market a bit longer than the average home. Sales, however, in this segment have recently been picking up. Just goes to show you, if you look hard enough you can always find the black lining in the silver cloud!
Overall we are expecting 2008 to be a great real estate year. It will be slower than the boom times that we were experiencing in the 2002-2005 time frames, but still a very healthy market.
For more information about College Station real estate or our market overall don't hesitate to email me or call me at (979)574-1084. Have a Happy New Year!
Posted by Chris Tesch on Sat, Dec 01, 2007
After months of lagging sales in College Station luxury homes we're seeing a resurgence of this market. Showing on our homes above 500K are booming and many have gone under contract after being on the market formerly for many months. The luxury market never has been tied to the school year like so many of our moderate priced listings, however many College Station real estate agents are talking about the phenominon. I've seen it personally as well with my higher priced listings. It's a great time to sell your College Station luxury home!
Posted by Chris Tesch on Fri, Aug 17, 2007
College Station has tremendous luxury homes on the market. One of the wonderful factors of the Bryan and College Station areas is our affordability. Our luxury market evidences this affordability dramatically. While other areas have their median home prices at 500K and up, we redefine affordable elegance with the very creme de la creme of our market starting at 500K and over.
Whether looking at a home to winter in our moderate climate with, or a year round home to enjoy Aggieland year round, there is something guaranteed to please you!
Case in point is this gorgeous, functional home located in the Gardens at Castlegate. Castlegate is a master planned community located at Greens Prairie Road and Highway 6 in South College Station. The Gardens is an exclusive gated section within this community. The homes here are well appointed with top of the line features and breath taking architecture.
While other markets are offering starter homes for over 600K, this beautiful, one of a kind palace is $639,900. Offering 3451 square feet, this three bedroom, 3.5 bath is pure luxury. Enter into the grand entryway with soaring ceilings adorned with frescos. The tile is stunning and leads you in to the gorgeous living room.
A solid wall of windows looks out on the outdoor living area complete with a fireplace and kitchen, a designer sone lined pool and hot tub with waterfall are the stars of this backyard mecca.
The kitchen and living have barrel ceilings adorned with wood. The kitchen has a built in vegetable steamer, a six burner gas commercial cooktop with potfiller, double ovens, a built in TV, walk in pantry, cabinet style refridgerator, farm style sinks and trash compactor.
The dining area looks out into the backyard paradise and is large enough for all your entertainment needs.
The master bedroom is a true delight! A stamped and faux painted ceiling with double crown moulding is one of the highlights to this beautiful room. The bathroom features a wet bar and a his and hers seperate vanity areas. Large walk in closets to store all your clothing and a locking gun safe built in for extra storage. Walk in shower with rainfall shower head, and beautiful jacuzzi tub make for a special room.
Call today for your private tour or for more information. For more College Station or Bryan Luxury Homes go to the MLS Search on my website.