I’ve been shopping for a home for a couple of months in a recently completed master planned community. The market is pretty soft, the developer is building another community down the road and these existing homes are competing with highly incentivized new builds but I appreciate the location and that the infrastructure is built out. I’m considering putting in an offer on a 2023 build which was listed for four months last year dropping in price from $775k to $735k before going off market. They’re giving it another shot relisting at $700k through my agent’s brokerage and we got a look at it pre market. On the surface it fits our needs and looks like a good price, the same floor plan with the same elevation and even the same color a block away sold for $700k a month ago. The home I’m looking at counts an extra bed and bath (comp has an open den, this one adds a door, closet, and full bath in the space) but the backyard is completely unimproved bare dirt and the lot is less private backing up to townhomes. They’re nice enough townhomes, but it’s a lot of second story windows looking down and I’m sure there’s light and potential for high density housing type noise. Certainly an extra bath should add a premium, but landscaping ain’t cheap and those townhomes will never not be there. I asked my agent about comps and she says “it’s pretty much right in line” without showing me any actual comps (I found the one comp myself on Zillow) and I feel like there’s a potential conflict of interest since both agents are under the same broker trying to put together a deal without listing.

    As I write it out I feel like I’m talking myself out of it because of the lot, but how would one assign a dollar amount to a location problem like that?

    Lot premium/discount on an existing home
    byu/SiliconAutomaton inRealEstate



    Posted by SiliconAutomaton

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