About to buy a place at Savannah in Columbus Grove - Any advice on the area and development?

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genie117_IHB

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First time on the site and found all the information very useful.



I am about to buy a one bedroom in Savannah. Wanted to know if anyone has feedback about the area and the builder etc.



Anything would be helpful.



Thanks!



First time home buyer. :/
 
[quote author="genie117" date=1238207437]First time on the site and found all the information very useful.



I am about to buy a one bedroom in Savannah. Wanted to know if anyone has feedback about the area and the builder etc.



Anything would be helpful.



Thanks!



First time home buyer. :/</blockquote>
Don't buy a 1-bedroom, if you are gonna buy then buy a 2-bedroom condo.
 
It's just me and I really can't afford a 2 bedroom alone and I don't want a roommate. Eventually this will become a rental property, but plan on living there for a long time. Thought about the 2 bedroom, but having my own space is more important to me. Debated over it for a while, but decided to go with a larger one bedroom that is a lot more affordable.
 
I really have no need for a 2 bedroom. That and with the tax benefits and the 8,000 tax credit this year I think would more then covers the drop in price over the next 1-2 years.
 
Just curious about the tax credit. If you do not own right now, and are taking the standard deduction, is your resultant tax liability enough that the credit will make much of a diff?
 
It is a credit and not a deduction so it is a straight $8,000 tax credit against your Federal income tax. So the chances that you owe the the Federal Government less then $8,000 plus the standard deduction (which I believe is now $5,450) is probably pretty low. I'm sure you can probably carry that credit forward to your next years tax return too if needed?



Not 100% but this is what I believe is the case.



My tax liability is very large due to the fact that I do not own right now and have no other deductions so it will actually come back to me as an additiona refund of $8,000 that you can actually use on your 2008 tax return instead of waiting until next year to take it. Even if you bought in 2009.
 
[quote author="T!m" date=1238210266]Wait 1-2 years and then the 2 bedroom will be cheaper than the 1 bedroom you are buying now.</blockquote>


Do you think interest rates will be higher or lower in 1-2 years?
 
The builder is Lennar Homes. And to answer the other question, I do not think rates will be lower in 1-2 years. Another reason maybe not to wait another 1-2 years to buy instead of now.
 
I can't tell you much about the quality of Lennar but I can tell you Shea pumps out garbage.



The train tracks were a turn off for me and the old lady regarding the area. But if you want to know about the builders, hit up the bookster.
 
Who is the bookster? Lennar seems to have good homes, but I heard someone on the site mention protesters? That was what I was wondering about. Anyone on the site live in Savannah?



The tracks are right down the center of Irvine. Just about anywhere you are is "close" to the train tracks. That's probably not as noisy as those freaking fireworks from Disneyland that go off every night at 9:30pm.
 
How much is the HOA?



How much are the mello roos?



How much new property tax will you pay?



How much will it cost to rent a comparable IAC apartment? What's the after tax cost/month for owning?



$8000 of tax credit represents what percentage drop?
 
Lennar bought some cheap drywall back in 2006 and installed it in their home in Florida.

There's a huge lawsuit going on over there. You may wanna check that out on google or something.

It's also in the Architecture forum.



When the weather got really humid, the drywall would smell like rotten eggs.
 
Man I feel like I'm being crossed examed at a murder trial here.



The HOA is $300/month

The Mello Roos are about $2,462.63

Property tax paid will be $3,400

I think comparable apartment would around 1,600-1,800 a month. The after tax cost more a month would be about $200-$300.

The $8,000 credit represents a drop of 2.5%, but I'm already getting a good deal on the property that I think I'm already 10%-15% below market.



Any other questions?



[quote author="No_Such_Reality" date=1238218380]How much is the HOA?



How much are the mello roos?



How much new property tax will you pay?



How much will it cost to rent a comparable IAC apartment? What's the after tax cost/month for owning?



$8000 of tax credit represents what percentage drop?</blockquote>
 
So the protest was for homes built in Florida and not here in Socal?



Florida smells like rotten eggs anyway. That and it is ALWAYS really humid there. Good thing it's dry as a heck out here.



Were there any issues with the homes they built out in SoCal?





[quote author="zubs" date=1238218631]Lennar bought some cheap drywall back in 2006 and installed it in their home in Florida.

There's a huge lawsuit going on over there. You may wanna check that out on google or something.

It's also in the Architecture forum.



When the weather got really humid, the drywall would smell like rotten eggs.</blockquote>
 
I purchased a Lennar home, and so far I have been satisfied with their build quality and customer service. Whenever I have an issue, their guys respond within the next day.



I noticed some pipe leaks during construction, but they took care of the problem and made sure there was no potential mold problems.



I'd probably buy another Lennar home in the future. I'd still prefer Standard Pacific though.
 
[quote author="zubs" date=1238218631]Lennar bought some cheap drywall back in 2006 and installed it in their home in Florida.

There's a huge lawsuit going on over there. You may wanna check that out on google or something.

It's also in the Architecture forum.



When the weather got really humid, the drywall would smell like rotten eggs.</blockquote>


i found these from other forum;



Apparently drywall from China has too much sulfur and is releasing sulfur fumes and corroding copper wiring.



Article in the latest Journal of Light Construction described the situation in some detail. There are two class-action suits pending against two companies who imported the Chinese drywall. This happened in 2006-2007 when there was a serious shortage of drywall, and it appears that the Chinese drywall was used only in Florida.



One major builder - Lennar Homes - is one of those suing, and they are doing their best to correct the situation.



as of today as many as 40 other states may be affected as well, including Arizona, California, Alabama, Nevada and Louisiana.
 
So to get a one time tax credit of $8000, you're going to subject yourself to

$9,462.63 in additional taxes and fees a year for a 'long time'.



And you're going to pay an additional $3000/year to 'own' an apartment grade condo?





[quote author="genie117" date=1238219364]Man I feel like I'm being crossed examed at a murder trial here.



The HOA is $300/month

The Mello Roos are about $2,462.63

Property tax paid will be $3,400

I think comparable apartment would around 1,600-1,800 a month. The after tax cost more a month would be about $200-$300.

The $8,000 credit represents a drop of 2.5%, but I'm already getting a good deal on the property that I think I'm already 10%-15% below market.



Any other questions?



[quote author="No_Such_Reality" date=1238218380]How much is the HOA?



How much are the mello roos?



How much new property tax will you pay?



How much will it cost to rent a comparable IAC apartment? What's the after tax cost/month for owning?



$8000 of tax credit represents what percentage drop?</blockquote></blockquote>
 
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