House Prices in Massey Preserve (for sale, home builder, neighborhood) - Raleigh, Durham, Chapel Hill, Cary - North Carolina (NC) -The Triangle Area - City-Data Forum

wiseteacher2009 · 11-30-2008, 05:24 PM

I am currently researching some subdivisions so that my fiance and I will get the best deal on our first home purchase. I prefer to live in an area that has great potential, that will lead to the maximum amount of equity when the market becomes more stable. Please tell me if the houses in Massey Preserve are overpriced! How long has this subdivision been around, as I can see that many of the homes for sale at this time were built in 2007. I know that the market is down, but why are these houses and lots selling so slow. They have only sold 11 houses this year and 5 of them were sold in July. Please give me some insight, as the development seems like it will be nice in the future, but all of the promised amenities such as tot lots, walking trails, Neuse River access, cabannas, and swimming pools are not in the neighborhood as of yet. I know that this builder is local so what is going on and is the investment worth it?

VickiR · 12-01-2008, 09:49 AM

The problem that I have with Massey Preserve is that it doesn't appear to be selling, at all.

I have taken different clients there, over the past year and the neighborhood just hasn't "taken off".

Before I would buy there, I'd stop and chat with some of the neighbors, already living there, to determine why they aren't selling. That would be my biggest concern. I would have done that with my clients but they always seem to find something else that they prefer.

Do your research. Ask questions or have your Agent do it.

Vicki

brybar4 · 12-02-2008, 07:17 PM

I'm keeping an eye on this development too. Murdock and Gannon recently reduced the prices of many of their inventory homes. Not sure what impact the down market is having on M&G. Perry Builders is currently restructuring so this may have something to do with some of their homes still sitting empty. I really like the designs of both of these builders but cautious right now as Vicki suggested.

DRO · 12-09-2008, 03:50 PM

I live in Massey Preserve and we could not be happier. The quality of the homes is far above any other builder we've found. M&G was a custom home builder that has now taken on a few subdivisions. The reason, I believe, for the slow sales is that the 'sales team' hired to launch the neighborhood was a disaster. They nearly cost us our home, along with several of our neighbors. Steve Gannon is the owner of M&G, and he is a great guy and Massey is his gem, it is where he is putting all of his money. Once the old sales team got bounced, the new team came in and that's when sales started to pick up... There was also a problem with the 'builders preferred lender' which was Countrywide.. but that too is now been taken care of. Just when homes started selling at a decent pace, the economy hit. As for the pool and amentities... name me one neighborhood which has built a pool within the first two years of existence... you can't. This is a great neighborhood with very friendly people, kids of all ages, we all socialize... and it will only get better with more people. If you don't buy in here, you'll be sorry you missed out once it does take off. As for overpriced?? Our home appraised at $20K over what we paid.. and as I said the quality is far above anything else we saw. Good luck.

wiseteacher2009 · 12-13-2008, 11:53 AM

"I live in Massey Preserve and we could not be happier. The quality of the homes is far above any other builder we've found. M&G was a custom home builder that has now taken on a few subdivisions. The reason, I believe, for the slow sales is that the 'sales team' hired to launch the neighborhood was a disaster. They nearly cost us our home, along with several of our neighbors. Steve Gannon is the owner of M&G, and he is a great guy and Massey is his gem, it is where he is putting all of his money. Once the old sales team got bounced, the new team came in and that's when sales started to pick up... There was also a problem with the 'builders preferred lender' which was Countrywide.. but that too is now been taken care of. Just when homes started selling at a decent pace, the economy hit. As for the pool and amentities... name me one neighborhood which has built a pool within the first two years of existence... you can't. This is a great neighborhood with very friendly people, kids of all ages, we all socialize... and it will only get better with more people. If you don't buy in here, you'll be sorry you missed out once it does take off. As for overpriced?? Our home appraised at $20K over what we paid.. and as I said the quality is far above anything else we saw. Good luck."

Thanks for the input but upon further research I was told that one of the builders is in financial trouble. Though this is just an opinion, the lots are very small for the size of the houses. The house that we looked at was on .13 of an acre with 2700 plus square feet. When I looked at the sales I noticed that there were about 11 homes sold this year, which is very odd. Many realators agree that the homes are nice and of quality but say that they recieve the same feedback from buyers whenever they tour the neighborhood. How long have you lived in this Subdivision?