AboutChristy Duffell-Seguin Expertise I specialize in homes and land on Lake Murray, SC, one of the best investment areas in the Southeast. I am also a Century 21 Certified Luxury homes specialist, and a "Mature Moves" specialist in helping retirees and seniors sell their homes for the highest possible profit and to move into appropriate housing for this transitional time in their lives. I also own a construction company along with my partner who has 30 years of building experience, and we build both custom and spec homes. I can answer your questions on new homes, resale homes, land, and development. I also work in the commercial arena in a more limited capacity of mainly office and retail sites and sales.
Experience I have been in the Columbia, SC market for 6 years, and previously owned a landscaping and remodeling company in Knoxville, TN. I have been the top resale agent in my company for the past two years, and one of the top in the Southeast in the Century 21 System.
Organizations National Association of Realtors
Home Builders Association
Sales and Marketing Council
Founder of the Senior Alliance in Columbia, SC
Education/Credentials Masters of Business Administration in Marketing, University of Georgia
Bachelor of Business Administration, University of Georgia
Awards and Honors Century 21 Double Centurion
Century 21 Centurion
Top listing agent
Top resale agent
Century 21 Platinum award
Question QUESTION: I'm in a fairly new higher priced development. Since we moved in, the builder started building cheaper houses than we were originally told. Now, we find out that they are planning on selling off most of the area to a builder who is going to put in cheap townhomes. We think that this will drive the property values way down. Isn't that true?
ANSWER: Hi Becca,
Your situation is frustrating, I know. The effect on your property values remains to be seen. How many homes were sold at your current market value? If you have a good pool of comparables, the nicer, larger homes will bring more. But it is never good to be the highest-priced home in a neighborhood. The highest priced home in a medium-value neighborhood is often equivalent to the least expensive home in a better neighborhood, and the latter is a better investment.
The short answer is that the lower-value homes will mitigate the appreciation on the the higher-value properties. The value may or may not actually drop, but the appreciation will not be what you would hope for or expect.
I hope that helps you!
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QUESTION: Thanks! The neighborhood was originally planned for 700 or so homes and about 100 have gone in. There were to be at least 10% of those in our price range (over $400,000) and the majority in the $300's and some in the mid $200's. In our price range, there is only one cul-de-sac street (about 10) and they have been lowering prices and options. Even for the same house, they have lowered about $65,000. Now, they are planning on finishing up the streets they have started and then are going to sell to a builder of cheap townhomes. There are other comps in surrounding neighborhoods, but not in the immediate streets in the area. Additionally, the HOA does not seem to be doing that good of a job policing and we have lots of issues like overgrown yards and junker cars and satellite dishes near the front yard.
We are thinking of soliciting the neighbors to write the builder to try to convince him that if he sells, he should at least sell to a builder who will do single family homes in the same price range as was originally started. What do you think? Also, do you know if there would be any legal responsibility on their part since we were sold something different than they ended up doing?
Thank you for your help!
Answer Wow, it sounds like the builders/developers are having a rough time. Where are you? I have one development here in Columbia, where the builder went completely bankrupt and the developers are selling the whole subdivision at a loss. The market is very soft in the mid-price range where you are--that $400.000 to $600,000 range. We have also seen builders dramatically reducing their prices like yours is.
With only 100 homes in the neighborhood, is the HOA even fully active? Usually the developers don't turn it over to the homeowners that quickly. The rules definitely need to be enforced, and someone has the authority to do so. The CCR's should have the force of law.
And speaking of law, you may have a case of misrepresentation against the developer as they are not following through as promised. I doubt they intentionally misrepresented, but are most likely caught up in this bad market and hurting badly financially. This is forcing them to do what they can to save themselves, like selling to the townhome builder. My guess is they are desperate to find WHOEVER can come to the table with money right now. My advice is to contact a prominent local real estate attorney and tell them what you told me. He or she can advise you if you have a case, and a letter from an attorney carries much more weight than one from the homeowners.
