Villages of Columbus - Columbus Square - Camden Place

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jbatz, thats some pretty crazy pricing you posted as of 10/11/07. Right now if you were to go to the sales office, you would see:



Residence 1: SOLD OUT



Residence 2: $470k



Residence 3: $495k
 
jcaraway - thats funny I tell my daughter similar when we go by the hangers that "ET lives in there" and she just laughs.





Chi2 - thanks for sharing your story about your purchase. It takes some guts to share all of the details.
 
<p><em>just signed for one of the last residence 3's from Phase 11</em></p>

<p>They have not even broken ground on phase 11 yet and it's already selling out??? Seems like housing boom all over again....</p>
 
Asian, yep, tis true, as of last weekend, theres only one plan 2 left in phase 11, thats it... one week ago they had 3 residence 3's left, and my wife and I put a hold agreement on one, came in last weekend to sign and the other 2 were sold...



media, thats what the forums should be about... getting more info...
 
When we visited 2 weekends ago, they were almost sold out as well. We were looking at the Residence 3. It's amazing how fast they were selling. I found out about Columbus Square through a friend of ours who bought in the last phase. They just moved in during December. He seems very happy with their place.
 
"...did everyone else get theirs for a lot cheaper???"



Chi2Cali, we certainly didn't. It sucks, but we knew the risks when we bought a Plan 3 in May. Our housing costs only account for 18% of our income, so we'll be fine. We spent $25K for upgraded tile (entry, kitchen, 2 baths), walnut hardwood (second floor living and bedroom), upgraded carpet (downstairs bedroom & master), and marble (master bath). Vintage Design did a great job installing everything.
 
i didn't post up the pricing. i just copy and paste from page 1. but i can vouch for it cause i almost bought in savannah and that was when lennar had their year end sale. don't worry, when oct roll around you will see the same pricing again cause i don't see the market recovering yet. people just don't do their research before they sign. and they get carry away with all the new stuff. i know cause i was almost one of them. If you are happy with it then it is not a bad thing. cause being happy with your purchase is what matter most cause you could kick the bucket tommorrow.





as for camden.... i think there will be 16 phase total so since they are on 11 i think they got a few phase left.
 
Persp, 18%, impressive, that was very restrained on your end, uncommon in these here parts. What do you think the average income to housing payment ratio is in the rest of the community?
 
jcaraway, we really didn't want to spend more than 2.5-times our income on a house, especially in a declining market. So our restraint was more of a hedge against the looming bubble-burst.



We have at least three immediate neighbors that are multi-generational families. i.e. There's a husband & wife earning incomes but also a grandparent or two likely contributing. Of the younger couples we've met, living in Camden Place may be more of a stretch. The only tool I have to gauge this are comments we hear. e.g. One single neighbor rents the first floor of his Plan 3 for $800. Another couple in a Plan 2 have commented how nice our hardwood floors are, and that they "wish they could've afforded such flooring." But you never really know.



You will know who's stretched in Camden Place over the next couple years when loans adjust and homeowners are underwater. I'm guessing we'll see a few moving vans.
 
30-35? It's pretty young and i've got to say, my neighbors have been really great, i think you are moving into a neighborhood with good people. There are some people in the neighborhood that i'm a little....meh....on. I've seen some divorces, haven't seen any empty nesters. Usually young couples on the verge of having a kid.



About the moving vans, ya, i bet we'll see a few, but i'm thinking not as many as i would have expected. My theory is many residents, given their age, are backed by parents with significant equity and a pension. If they fall into financial trouble, they've got a net. Thoughts?
 
Cool sounds like a pretty young community...



And, yes, we fall into the "young-couple-with-well-to-do-parents category." Bless them.
 
I'm in the first block of Camden Place (not the latter block of phases), but I'd agree that the majority of residents are young (35 or less) dual income couples (some with very young children and some with no children).
 
If any prospective buyers are looking at Lennar homes in Camden, bring a current Lennar resident (aka me) with you when you purchase, Lennar will give you $5,000 referral fee, of which you can negotiate between buyer and referral (split 50/50?) Free money, why not.
 
listing on redfin:



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1628162">http://www.redfin.com/stingray/do/printable-listing?listing-id=1628162</a>
 
Are the sellers on crack. $590's? When they can get a brand new home in the next phase for $495? Makes no sense whatsoever.



I spoke to a Lennar guy who was at my house today. He was saying the guys at Lennar think they have hit rock bottom, and are starting to see some activity. For example, phase 11 is complete sold out, and there's a waiting list for phase 12 when it releases 4/19. Phase 12 move in date is November. (Phase 11 is October). He also mentioned that other builders, such as KB and Laing, are busy laying off. But Lennar is holding water since it got a $500 million "loan" (in exchange for the title of some land) from Morgan stanley.
 
I wonder what the story is behind this, they've had some really nice lookin built in's done, i figure at least $10 is the cost to have those done (correct me if i'm wrong). You think someone over extended themselves or job change or layoff? This is going to be a very interesting community watch in the coming two years because it was an "entry level" community that opened for sale at the bubble peak. Early phase purchasers are already down $100K and manyof them, i'm betting are on an option arm.





Lennar guy is biased, they are busy laying people off too. Wasn't a loan, it was sold with the first right of refusal.
 
[quote author="Shooby" date=1208223779]$590's? When they can get a brand new home in the next phase for $495?

</blockquote>


Not really, since everything is sold out.
 
500k for a 3/3 in a new place is not too bad with all the closing cost and low financing being offer by the builder, the only catch is the mello roos and the hoa is insane. an extra 900 bucks a month. too much in my opinion. if the price drop to say 400k for a 3/3 with special financing, then the HOA and mello roos will be more tolerable. Feel bad for all the people who got in early though, they will be upset when the price drop because i think there is 16 phase in camden and each phase contain about 5 units. So there is about 25 units to be built and sold before lennar can close out camden.



It is interesting to see all the units sold now but we will see if they can close escrow.
 
Just got an e-mail stating that a new phase is being released this Saturday (4/19)



No specifics on pricing, just "from the mid-400s"
 
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