Thompson's Station, Tennessee
1.5K views
2 comments

The problems are too many to list. I just don't understand how this company has stayed in business. They should be in a jail that they built themselves.

If you buy from them, get a good real estate attorney, home inspector and your own Realtor and know it will be a continuous fight.

They build in popular areas and take advantage of trusting home buyers. I hope there is a special place in *** for people like this. Please use caution when dealing with them.

The only comfort I get is knowing that "what goes around, comes around".

"Buyer Beware"

  • Crawl space water
  • concrete damage
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Anonymous
#887877

You should have a realtor and home inspector no matter who you build with. It's sad that some people don't seem to understand that...

Anonymous
#857304

Here is some hard truth for all the folks that care about their money and don't want realty sugar coated...

First, let's acknowledge that Lennar Builders employs people to post on these blogs as home owners as part of their overall marketing strategy and that is why some posts read like a giant commercial.

They are aggressively pursuing Number 1 selling community status so they can continue to increase their prices = smart business plan.

Make no mistake, this development is a bubble. In fact, it is a huge bubble. Given the average selling price of homes in PV and the outlook of more communities being built, coupled with the fact that the trend in Florida is to buy up every couple of years -- and BTW, the employment rate here is awful - you indeed have a bubble formed.

From the data, it is clear that these prices will be down significantly by January 2014 and come crashing down in the fourth quarter of 2015 -- leveling out by 2017 at much lower prices.

Currently in Nocatee, the lowest selling point so far was April 2014. As it stands today, mid-August 2014, the home prices have increased to capitalize on the new Nocatee school opening, which forced school zoning changes and some local parents chose to move closer to the new school their kids are going to. So, if you look at the data, homes in Nocatee have increased 20K-40K in a period of 5 months. The Nocatee school is already at capacity, but they are continuing to add to the classes.

Because the wave of buyers was driven by a one off school zoning change event, the prices were artificially increased, which means the folks that bought in over the last couple of months will see immediate depreciation.

THE KEY HERE: Builders are driving prices up by intentionally keeping inventory low. As soon as they sell a little more, they build a little more. The only smart investment here is on the side of the builders who are artificially controlling a market. Case in point - if Joe Smo buys into Nocatee and then loses his job and needs to sell his house, he would be smart to sell his home just under builder price for the same, newly built house.

The builder reacts by slightly lowering the price on similar new houses in close radius of Joe's home. Joe loses and is stuck. The builder moves some more homes. Joe is forced to pay off the CDD fee completely (average $20K) to sweeten then deal for a prospective buyer or lower the price on his home even more.

Anyone buying into Nocatee is controlled by the builder's game for the next 20 years. No thanks!

Before you make an emotional decision about a splash park that is going to be extremely overcrowded (Lennar Builders are now offering a year pass to residents outside Nocatee at a price per year - call and verify), please consider the stability of your overall investment. Will you get a return or will you be in the hole?

Which is the best decision for your family in the near term and long term - since moving to Nocatee will result in both a short term loss and a deeper longer term loss. Please invest wisely - that is the best thing you can do for your family!