News & Updates

Builders highlight often-hidden costs of buying a foreclosed home


Source: Los Angeles Times | February 19, 2012

Builders say the costs of their houses are built into the price, but fixing up a foreclosure can cost thousands of dollars extra.

Home builders are switching tactics and confronting head-on one of their biggest nemeses: foreclosed houses that not only lure buyers away with deeply discounted prices but simultaneously depress the appraisal values of newly built homes.

At a packed session at the International Builders’ Show expo Feb. 8-11 in Orlando, consultants and builders said that with gluts of foreclosures in major markets around the country — and more forecast to arrive in the next two years — the time has come to stop being passive and to begin aggressively educating buyers about the often hidden costs of buying foreclosures.

Among the key arguments builders are using in their campaigns:

• New homes are far more energy-efficient and “green,” with highly rated windows, roofs, insulation and appliances. They also come with the wiring and spaces needed for most consumers’ high-tech information and entertainment preferences. The vast majority of foreclosures offer little or none of this.

• Newly constructed homes allow the buyer to “choose what you want” in floor plans, equipment, landscaping and amenities, “rather than inheriting someone else’s choices.”

• Closing-cost and upgrade incentives. Most builders are willing to help with settlement costs, unlike banks unloading foreclosures.

• Financing is almost always easier, since a large percentage of builders either have their own mortgage subsidiaries or are affiliated with a lender.

So what should you make of marketing pitches like these? To begin with, if you’re seriously thinking about buying a foreclosure to live in, take the time to check out the potential risks.

The builders have a point: The costs of their houses are all built into the price. You often have no idea what your final expenses will be with a foreclosure because you buy it “as is,” typically with no professional inspection, and you can’t be totally sure where that might take you. [Read the article.]


The Opportunity to ‘Enjoy Life More’ is Now Bigger and Better Than Ever Before Within 3 New Warmington Neighborhoods in Las Vegas


Introducing 8 New Plans and 3 Enhanced Plans at Warmington’s Northern Terrace in Providence

Warmington’s Northern Terrace in Providence is well-known for offering its residents a tremendous opportunity to “Enjoy Life More” because of its incredible recreation-based lifestyle. With automatic membership to The Club at Northern Terrace for all residents, an active lifestyle is part of the fabric of this one-of-kind Providence community.

Now with the introduction of eight brand new plans and three enhanced plans, new home buyers have more choices than ever before to enjoy life more at Northern Terrace. The selection is larger, the homes are bigger and the opportunities for finding the ideal new home have never been greater. There are now 16 floor plans that range in size from 1,529 to 3,410 square feet with pricing from the low-$100,000’s up to the low-$200,000’s.

“With the introduction of these eight new plans and three enhanced plans, we are responding to what we believe buyers want most in a new home today,” said Amy Thill, vice president of sales and marketing for Warmington Residential Nevada. “Our experience in Northern Terrace, working with thousands of new home shoppers over the past few years, has honed our understanding of what is most important to buyers and these new and improved plans reflect what we’ve learned.”

These plans have been streamlined, enhanced, and made larger in some cases, but the overriding idea was to create a new selection of plans at Northern Terrace that get to the heart of what buyers today want – spacious, flexible, affordable homes that include an array of lifestyle and energy-saving features, more bedrooms, great rooms, a lower-level bedroom option, and more, Thill explained.

Within Northern Terrace, Warmington is selling new homes within three neighborhoods: Claremont, Westcott and Emery. Each of these has added one or more new floor plans to its offerings.

Claremont, where prices begin from the low $100,000’s, has introduced four new plans that range in size from 1,627 to 1,980 square feet.

Westcott, where prices begin from the mid $100,000s, also has added four new plans. These range in size from 1,842 to 2,619 square feet.

Emery, a gated neighborhood where prices begin from the low $200,000’s, one new plan has been introduced, offering approximately 3,365 square feet, the largest home available.

Among 16 floor plans that are now selling at Warmington’s Northern Terrace, buyers may choose from a selection of both single-level and two-story homes, three to six bedrooms, and two- and three-space garages, per plan.

The new and enhanced plans will be available for occupancy in June. Buyers who are looking to move to Northern Terrace even sooner can choose from a selection of move-in ready homes at Westcott and Emery as well as the former model homes at Claremont.

The model homes are turnkey and include many designer selected upgrades and options including window coverings, and some of the most desirable room options.

Every move-in ready home at Northern Terrace is offered with special financing, and incentives of up to $14,000 that can be used toward buydowns, design center upgrades, and closings costs. Plus, for buyers working with a real estate agent, Warmington is offering a generous 4% commission.

Those who purchase a new or enhance plan, have the advantage of meeting with an on-site designer from Chateau Interiors & Design to make standard and optional interior design selections for their new home, including selecting their choice of flooring.

As members of The Club at Northern Terrace, all residents of all ages enjoy unlimited use of this impressive and spacious multi-million dollar recreational facility that has a full-time staff, three pools, a spa, on-site fitness center, entertainment room with big screen television, play areas for children as well a year round calendar of community social events and classes.

Access to The Club and these at-home recreational opportunities are unique to Warmington’s Northern Terrace neighborhoods and set this community apart from others within Providence.

Learn more about Warmington’s Northern Terrace in Providence now.

Get a map and contact information.


ANNOUNCING: The Southern Nevada Home Builders Association Names Warmington’s Greg Oberling as 2012 President


The Southern Nevada Home Builders Association installed its 2012 slate of officers and directors during the installation and awards luncheon Thursday (December 8th) at the Four Seasons Hotel. CAMCO and Southwest Gas Corp. were co-sponsors of the event.

Source: Las Vegas Review-Journal

Greg Oberling of Warmington Residential Nevada was named the 2012 president of the Southern Nevada Home Builders Association at an awards luncheon Thursday, December 8th.

Effective Jan. 1, Greg Oberling of Warmington Residential Nevada is president of the 300-member trade group; Rocky Cochran of Pardee Homes is first vice president; and Robert V. McGibney of KB Home is second vice president.

Oberling is division president at Warmington, which he joined 16 years ago. He has worked in the real estate industry for 25 years, three years as a lender and 22 years in homebuilding. He started attending SNHBA events in 1989 when he was vice president of development at Falcon Development, becoming an active member in 1996. He has served as first vice president, second vice president, chairman of the association’s Legislative and Community Planning and Development committees, and a member of the Executive Committee. A native of Quincy, Ill., he moved to Carson City at age 16 where he graduated from Carson High School and the University of Nevada, Reno.

Diana Bossard of B2 Development Services continues as the association’s treasurer; and Tony Stipanov of Southwest Gas Corp. continues as secretary in 2012.

The builder members on the board of directors are: Mark Bivins, Inspiration Homes; Don Boettcher, Dunhill Homes; Clinton M. Cox, Meritage Homes; James Gomez, Richmond American Homes; David S. Jennings, D. R. Horton; Brandon Laughter, Pulte Homes; Robert V. McGibney, KB Home; Frank Pankratz, EHB Cos.; Jeremy Parness, Lennar; Brian Plaster, Signature Homes; and Tom Warden, The Howard Hughes Corp.

The associate members on the board are: Barbara Baird, B2 Development Services; Scott Donnelly, Cooper Roofing Co.; Jim Fitch, Cox Las Vegas; Sherrie Hermann, Cal/Pac Painting; Ed Lubbers, The Lubbers Law Group; Ken Williams, CAMCO; and Darren Wilson, Sierra Air Conditioning.

These elected board members, along with the officers, the senior directors and past presidents, constitute the board of directors.

During the event, SNHBA’s outgoing 2011 President Frank Wyatt of Pinnacle Homes presented several awards.

The Builder Member of the Year Award went to Rocky Cochran of Pardee Homes, and the Associate Member of the Year Award went to Jerry Helton of Development Consultants for “outstanding service to the association and the industry.”

President’s special awards for outstanding contributions to the community and/or industry went to Nevada State Sen. Michael A. Schneider; Gale Wm. Fraser II, the general manager and chief engineer at the Clark County Regional Flood Control District; former Las Vegas Mayor Oscar Goodman; Irene Vogel, the chief executive office of the Greater Las Vegas Association of Realtors; Steve Holloway, executive director of the Associated General Contractors-Las Vegas chapter; and member Southwest Gas Corp.

The 2011 Builder Spike Award for membership recruitment went to Dan Wright of Distinctive Homes as the builder member who recruited the most new members this year; the Associate Spike Award went to David Fortner of American Pavement Preservation as the associate member who recruited the most new members in 2011.

Founded in 1953 by 12 local home builders and incorporated with the state of Nevada in 1954, the Southern Nevada Home Builders Association ranks as the oldest and largest local trade organization representing the residential construction industry. Its members work in all facets of the homebuilding industry.