urbanSTL

Nice!!! Looks like a model home.

I am possibly looking at buying a 3 bedroom in Lafayette Walk. A few questions:



1) Prices are coming down on these (the 3 bedrooms are currently down to 324K, from I believe 350K, and I am guessing that they will go even lower soon). Obviously, the economy is playing a role, but I am concerned about future resale value. Anyone want to speculate on whether these homes would be a good 5 year investment?



2) For anyone that lives here, what exactly do your ($150) condo fees go toward? I am guessing snow removal, exterior maintance, and landscaping. But there is overall very little landscaping, the exterior is brand new and should require no maintenance for a long time, and snow removal is infrequently needed (and there is only one street that would need scooped anyways). I hate the idea of paying condo fees--especially when they seem mostly unnecessary. If anyone would like to comment on this issue, I would appreciate it.

I bought my place in September 2007 and love living at Lafayette Walk. In 2007, one of the 3-bedrooms sold for over $390K and several of the smaller 2-bedroom units sold in the high $290s, so I think the current pricing is a great value. Especially on the spec. homes which include lots of upgrades.



The bulk of the condo fee is for the homeowner's insurance policy (you need a supplementary policy for your belongings and liability coverage). It also includes exterior maintenance (lawn mowing, mulching and replacing/trimming bushes in the front of each home), painting, roofing (they used 25-year shingles), snow removal, garbage service (each owner gets a wheeled can). The condo docs explain this in further detail. I think it's worth it not to have to be concerned with the exterior. Also, I have noticed that a lot of the "fee simple" townhomes in the neighborhood have some owners who take care of their place, and others who don't. I prefer to live somewhere where everything is well maintained. There's also no fear that my neighbors will junk up their yards with a bunch of tacky yard crap (windmills, statues, plastic flowers, etc.).



Also, I think the soundproofing between units is great, my utility costs are very low, the back yard/patio is a perfect size, the neighbors are nice, and I love having my own 2-car garage!

AvantStL wrote:I bought my place in September 2007 and love living at Lafayette Walk. In 2007, one of the 3-bedrooms sold for over $390K and several of the smaller 2-bedroom units sold in the high $290s, so I think the current pricing is a great value. Especially on the spec. homes which include lots of upgrades.



The bulk of the condo fee is for the homeowner's insurance policy (you need a supplementary policy for your belongings and liability coverage). It also includes exterior maintenance (lawn mowing, mulching and replacing/trimming bushes in the front of each home), painting, roofing (they used 25-year shingles), snow removal, garbage service (each owner gets a wheeled can). The condo docs explain this in further detail. I think it's worth it not to have to be concerned with the exterior. Also, I have noticed that a lot of the "fee simple" townhomes in the neighborhood have some owners who take care of their place, and others who don't. I prefer to live somewhere where everything is well maintained. There's also no fear that my neighbors will junk up their yards with a bunch of tacky yard crap (windmills, statues, plastic flowers, etc.).



Also, I think the soundproofing between units is great, my utility costs are very low, the back yard/patio is a perfect size, the neighbors are nice, and I love having my own 2-car garage!

Thanks a lot for your comments. That makes me feel differently about the condo fee. Also, that is great to hear about the sound-proofing. That is another big conern.



I cannot believe the 3 bedrooms were going for 390K just last year. That is a huge drop in price in a short amount of time! I guess that is the risk one takes when buying early on in a completely new development. The only question is whether the prices have hit rock bottom or whether they will continue to drop.



Thanks again. I am very interested and may end up purchasing this summer.

fyi stlbluejay.. I was also looking at the townhomes as well, and really liked them. I recieved an e-mail from Lafayette Walk, and they are having a sales event tomorrow the 28th from 10-4 to sell their last 3 bedroom model.

The e-mail says the current listed price is $399,900 and they are accepting contracts tomorrow only for $299,900, in case you were still looking. I was also down there last week eating and noticed they cleaned up that lot next to the homes and mulched it and looks a ton better!

So do I understand that right. A year ago you bought a unit for $390 and now I can get the same for under $300? That's what I call a haircut. Now the empty lots have been mulched over and the neighbors will be staring at the back end of an unfinished project for like probably forever. What a disappointment that project turned into.

alphalfa wrote:So do I understand that right. A year ago you bought a unit for $390 and now I can get the same for under $300?

No, you don't understand that right. The price for the last remaining Phase 2 unit was $339,900 and it was lowered to $299,900. There are a total of 4 units unsold of the 31 that have been built. Once those are sold, the developer says he will begin construction of the final building on Mississippi. He cleaned up the lot because it was an eyesore and it was hurting sales for the remaining units. It is disappointing that the downturn in the housing market means delays for the completion of this project, but it would be nice if you'd wait until it is complete to make a final judgement.

one of the previous posts indicated a unit sold at the peak for $390. if i'm that guy i'm licking my wounds.

Are these units mostly all sold now? Anybody know if they are tax abated?

Anyone know if there are plans to build additional townhomes on the last remaining lot?