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I wanted to throw this out to see if anybody knew the truth behind the rumor. I heard that Centex was "out of money" in this neighborhood and that they will finish what houses have been started but that will be all. Is there any truth behind this? I sure hope not as that would not be good at all for resale. Thanks.
I kinda doubt it. Sure they are hurting like everyone else. When the market slumps, ppl stop buying etc- everyone suffers. We are our own worst enemy. But just this week I have seen 4 signs from Available go to Sold. The talk is in the plan for the next areas to become open.
Lets hope this market turns and we have reached the bottom.
Centex is one of the more stable builders out there today. However, like most builders, they did lay off a significant portion of their staff a few weeks ago. More than likely Centex developed this property so they can't just walk from their lot purchase obligations unless they've move the property off balance sheet. That being said, there really is no safe buy in a new home community in today's market unfortunately. Any builder can pretty much walk from any deal if its under performing (sales don't necessarily mean builder profits) and you never know who's going to follow them in.
One other thing is that Centex actually owns all of the land in Fieldstone Farms. So, it's not quite as easy for them to just walk away. Granted, all things are still possible, but it seems less likely than some of the other places.
Of course, this could all be just wishfull thinking on my part.
Aarononymous, I wouldnt be that concerned with Fieldstone. It should be ok. There are many more more distressed communities in Union County. Those with price points above $350K are more particularly challenged.
That particular submarket has done pretty well. Even Annandale for McCAR and Bonterra have continued to sell. For whatever reason (probably price point and schools) this part of Union County is still strong.
Hi,
I think the builders are generally only building homes that specific customers have contracted to buy at this point. Rather than build 10 spec homes for 200k each and investing another 2 million, they are doing the right thing and keeping inventories lean, until the economy improves. It seems like it will be a year or two, before we see builders being confident enough to put up whole neighborhoods again, as they are struggling with the carrying costs of their land and existing homes for sale.
Thank you. Believe me I don't want to hear this either. That is what McCar is doing, just building as the lots are selling. They are finished with building spec homes. Most likely that is what this person who told me about Centex may have met, or should have meant. I couldn't believe either that a company as large as Centex would be "out of money". I just wanted to see if anybody else may have heard this in the community. Thank you again.
I know they only take two contingency homes at a time in Fieldstone. We had to wait on one to be open and we were a few days from out Closing on a home elsewhere. Once a slot was opened up they took ours next. In the mean time we lucked up because one of the homes that was built and completed about a month after the start of ours came open as an Inventory home. They let us know about it and we snagged it for a deal. The owners had a Contingency Contract but their home in NY did not sell. Sorry for them but happy for us!
With saying that I can pretty much agree Centex in Fieldstone is not tossing up homes. They do not like Inventory ones and you can get them cheaper than walking in and building.
I feel secure in Fieldstone with Centex. So far they have been SUPER!
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