https://www.zillow.com/homedetails/440-Parkside-Way-Lititz-PA-17543/457231272_zpid/
We are considering purchasing the last remaining new construction home in a development in Pennsylvania. It's listed at approximately $807K and has been sitting unsold for over a year. The home was originally built for another buyer who backed out. It was overpriced for much of its time on the market and has undergone large price reductions recently.
We toured it and genuinely love the house and neighborhood, but I have two concerns.
1. The house backs directly up to an active public park.
The backyard borders a popular public park with athletic fields, walking paths, and rentable pavilions.
We actually use this park frequently with our two young kids, and having direct access is appealing. There are lots of families in the neighborhood, and we have friends nearby.
However, there's a pavilion relatively close to the property. Apparently, neighbors complained about noise from gatherings, and the municipality now restricts rentals at that particular pavilion after 2 p.m. We spoke with a neighbor whose house is even closer to the pavilion, but I'm still wondering whether we're underestimating the long-term downsides.
For anyone who's lived backing up to an active public park, did you eventually regret it? How bad was the noise, lack of privacy, sports activity, etc.? Did it affect resale?
2. The builder's negotiating position
The lender told us the builder is offering approximately $12k toward a permanent mortgage rate buydown or cash of the sale price.
However, our realtor also told us the builder wants to net $795K and considers that their absolute floor. She seems to be not nearly aggressive enough with them, like if we're just buying a list price what the hell is the point of her involvement at all in this?
My reaction is: Why should I care what their floor is? This house has been sitting for over a year. It's the last house in the development, their original buyer backed out, and clearly the market hasn't supported their pricing. I have a hard time believing they're better off continuing to carry this house indefinitely rather than negotiating. We're considering pushing for both a lower purchase price and the builder-funded rate buydown.
My questions:
- Would backing up to an active park be a dealbreaker, a benefit, or something in between?
- How much leverage would you expect a buyer to have on the last completed house in a development that's been sitting for over a year?
- Would you take the builder's stated $795K floor seriously?
- Would you negotiate aggressively on both price and rate incentives, or are we being unrealistic?
Interested in hearing from homeowners, agents, builders, and anyone who's dealt with a similar situation.
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source https://www.reddit.com/r/RealEstate/comments/1xfvqng/last_house_in_new_subdivision_unsold_for_over_a/
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