Archive for the 'Morrisville' Category
Update on Townhomes for Sale in Morrisville - Keystone Crossing Townes
March 3rd, 2008 Categories: Morrisville, New Construction Homes
I just got word that Vanguard Homes is running a special for the month of March on completed inventory at their townhome community in Morrisville.
There is an $8,000 incentive for any purchase that closes by March 31st. This incentive can be used any way you choose. You can purchase upgrades, reduce the price, or apply some of the money towards closing costs.
This ends up being somewhere around a 4% discount. That’s approximately one year’s equity… in your pocket.
Here’s a link to the inventory list.
Townhomes for sale at Keystone Crossing in Morrisville
If you’re ready to buy now, give me a call and let’s make an appointment to go visit this wonderful community.
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The Townes at Keystone Crossing
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Homes for Sale in Morrisville - RTP - The Townes at Keystone Crossing - Live Where You Work
February 2nd, 2008 Categories: Morrisville, New Construction Homes
Vanguard Homes is building an exciting new townhome community right in the heart of Research Triangle Park (RTP). Location, quality and energy efficiency are the primary characteristics of this Morrisville townhome community. There are townhomes for sale in this ultra convenient neighborhood from the $160s to the low $200s… very popular price points!
There is no better location if you work in RTP
Placing a townhome community in this price range in the heart of RTP was absolute genius! There are some firms that you could literally walk to from Keystone Crossing. Others that would be a great bike ride on a nice day. And just about any RTP company is a very short (5–10 minute) drive to work.
Check out this map.
Lots of choices and options
Need to keep the price down? Choose one of the townhomes without a garage. Able to spend a little more and single? How about a one car garage. Two working professionals with two cars? There are two car garage plans available for you.
Other options include finished flex space (think bonus room), gourmet kitchens, stainless steel appliances, covered patios and decks. The various elevations offer stone or brick accents, box windows, metal roof accents, and and maintenance free siding and trim.
Energy Star rating
Want to be comfortable in your new home and save money on energy costs at the same time? Vanguard Homes has been awarded the 2007 Energy Star Partner of the Year award and can deliver a home that does exactly that!
This energy efficient specification provides for a low operation cost and comfortable interior environment. Click here for a brochure that details the key features of the Energy Star home design.
By the way. Several months ago I sold a Vanguard Energy Star home to an engineer who worked in the heating and air conditioning field. He was very impressed!
Great price point
I can tell you there are lots of people looking for housing solutions in the $160s to low $200s price range. Especially conveniently located housing solutions. This neighborhood targets consumer needs in a way that is very refreshing to see.
Here is a list of inventory and homes available in the next few months. Please call me at 919–602–7000 or email me if you do not see what you want here… new buildings are being scheduled for construction just about every month.
2–car garage townhomes for sale
1600 sq/ft, 3BR/2.5BA, $187,900
1–car garage townhomes for sale
2141 sq/ft, 3BR/3.5BA, $214,900
2181 sq/ft, 2BR/3.5BA, $219,900
2135 sq/ft, 3BR/3.5BA, $204,900
2188 sq/ft, 3BR/3.5BA, $219,900
Townhomes for sale without garages
1742 sq/ft, 2BR/2.5BA, $179,900
1742 sq/ft, 2BR/2.5BA, $174,900
1742 sq/ft, 3BR/2.5BA, $172,900
1629 sq/ft, 3BR/2.5BA, $163,900
It is important to note that when I originally gathered the information for this article several weeks ago, there were 7 homes available that have been sold during that time.
Bonus
The builder is currently offering up to $9,000 in incentives. Makes this community even more attractive, doesn’t it?
Oh, and in addition to building a quality home, the people at Vanguard Homes are great to work with! My experience with them in the past has been wonderful. Whenever we have encountered a problem, and there are always problems to be dealt with when buying a new home, they have stepped right up to the plate, taken full responsibility, and resolved the issue.
What do I think? This is a great product, at a great price, and in a great location for all of you who work in or near RTP. And because these are townhomes, there is no exterior or yard maintenance. Great lifestyle opportunities here!
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Attention Renters - You Are Wasting Your Money
October 25th, 2007 Categories: Buying a Home, Morrisville
If you rent, you are always paying too much for housing. I recently sold a really nice townhome in Morrisville. I represented the buyer. The neighborhood was Hamlet in The Park. The sell price was $162,000 for a 1360 square foot end unit with a first floor master and no garage. As I do for all my buyer clients, I did a market analysis of the neighborhood to check the price and make sure my clients were getting a good deal. I was very impressed with what I discovered and once again found myself wondering why in the world anyone would want to rent rather than own a home.
So how much would a three bedroom, 1360 square foot end unit apartment cost in such a convenient location as Morrisville? A quick Google search pulled up results ranging in price from $950–1200. I also ran a mortgage calculation for the townhome I sold. Financing the full purchase price at a 6% rate for 30 years gives you a monthly principle and interest (PI) payment of $971.27. Does this sound interesting so far? It gets better!
Mortgage interest is typically 100% deductible. Assuming that about $900 of the PI would be interest for the first year, let’s take a look at the tax implications. You simply reduce your income by the amount of interest paid and avoid taxes on that amount. If you are single and earn $40K per year your federal tax is about $546.46 per month. If I did my math right, the interest deduction would reduce your federal tax bill by $147 per month.
I’m pretty sure your state tax would be reduced too, but let’s be conservative and only consider the federal tax savings. By deducting the $147 tax savings from the $971.27 PI payment we get $824.27. This is what your mortgage payment (PI) would be, in our hypothetical scenario, after considering only the federal tax savings benefit from owning your own home.
So far, you would save between $126–376 per month by owning vs renting. Let’s look at other expenses you will be responsible for in order to become a homeowner rather than a renter. You will have to pay property tax and homeowner’s insurance on your new townhome. The exact monthly figure for both of these items for the home I sold was $147.60. Hmmm, you had to give back the amount you saved on federal tax. So, you are somewhere around break even to possibly saving $229 per month if your compare owning a home at Hamlet in The Park to renting the $1,200 apartment. Is renting still worth it?
The real benefits of owning a home come in the form of value appreciation. I saved the best part for last. As part of the market analysis I did for my client I looked at the average sell price in the neighborhood from 2003 to 2007. The average price actually increased 33% during four years! Assuming this trend continues, you could own this $162,000 home for four years and potentially sell it for $215,460.
That’s a profit of $53,460 in four years! And how hard is that? You had to live somewhere, right? Even if after all the smoke clears away you end up paying about the same amount to own as you would to rent. You could make over $53,000 just because you were smart enough to buy a home rather than rent. Isn’t this a great country? 
If you are renting, or know someone who is, give me a call at 919–602–7000 or send me an email and I’ll be glad to help you analyze your individual situation. My experience has taught me that in almost every single case my clients are much better off owing a piece of the American dream rather that paying for their landlord’s dream.
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