My two favorite spec homes have new pricing - and the same great features
Wonderland's available Oriole. The home's list price was recently reduced almost $40,000.
It's hard to find a good deal on a home these days. That said, one way to get favorable pricing on a home in Denver is to build a new home in a community like Sterling Ranch from the dirt up (I'll touch on this in a future Roundup post, but new homes often have built-in equity thanks in part to builder incentives that help reduce the purchase price). Another way to get a deal is to find a new home that's partially constructed or was recently finished. These are often called quick move-in or "spec homes" (short for speculative homes) - basically, homes a builder is building or built without a buyer under contract.
Why do builders offer deals on spec homes?
Before we talk about the two available Wonderland spec homes, you might be asking why Wonderland and other builders often offer good deals on spec homes. First, understand that builders often construct homes in groups or blocks, and sometimes there will be a couple lots on a block that haven't sold when it's time for construction to start.
It's not always realistic to not start building an unsold lot (labor is on-site, pulling permits simultaneously is more efficient, etc.) so construction starts while the builder looks for a buyer. Other times, the house may have once had a buyer, but the buyer's financing fell through or some other issue arose, and the buyer had to terminate the purchase agreement.
The Oriole's grand staircase
In any event, the reality is builders often have spec homes coming online - for example, Lennar has 7 spec. single family, two story homes listed for around $450,000 in Sterling Ranch right now (see the bottom of this post for more information). And the second reality is that builders are not in the business of maintaining a large inventory of finished homes. More unsold finished homes means more taxes, more ongoing maintenance costs, more competition with new lots that become available, etc. So builders are incentivized to sell, sell, sell spec homes as quickly as possible, which means deals are available!
The two best deals in Sterling Ranch
Wonderland has two spec homes previously featured in the Sterling Ranch Roundup that have new pricing and are completed and ready for you today. The first, a 3,332 square foot Oriole model (see the picture of the home at the top of this post), was originally listed at $737,333. It's now listed for $699,900.
That's almost a $40,000 price reduction.
Located at located at 9878 Geneva Creek Lane, Littleton, Colorado, the home boasts 4 bedrooms and 3.5 bathrooms, and includes a courtyard, patio, play space for children, and oh, just about the most amazing master bathroom I've seen this year. Don't believe me? Check out this Roundup post (pictures included)!
Wonderland's available Meadowlark located at 9890 Geneva Creek Lane, Littleton, Colorado
The second home is this gorgeous Meadowlark. The 4 bedroom, 3.5 bathroom home was originally listed for $715,271 and is now listed for $689,900. That's a $25,341 price reduction.
The Meadowlark features a large main floor master bedroom complete with an en suite bathroom and walk-in closet, a tandem 3-car garage, and a tremendous open floor plan with the kitchen opening up into what would normally be 3-4 separate rooms (dining room, family room, and office space). Check out the master's sinks in the picture at the bottom of this Roundup post - almost perfectly done, right?
As mentioned above, Sterling Ranch's builders always have new quick move-ins and spec homes coming online. There are often great deals to be had, similar to Wonderland's current deals on the Meadowlark and Oriole homes. As just one example, Lennar's 7 spec homes are listed around $450,000, which is a rare price point in Denver these days for two-story, single family homes with yards and decks and other surprisingly cool bells and whistles. Not only that, but Lennar is offering additional incentives to help you manage the price down even further (and get some of that new-build equity I was referencing above!). Richmond, CalAtlantic, and others also routinely have deals on spec homes.
If you're interested in learning about what homes are available now - and what incentives you qualify for - from any of the builders, e-mail me at Mariel@Focus-Realtors.com. Spec homes aren't always listed on the MLS or advertised in the same manner as normal homes, so monitoring the spec home ecosystem is something I can help you with. As your Sterling Ranch new home expert, I'd love to help you!