N.c. Real Estate Law - My Builder Dropped The Price Of Homes Built
Q: Do I have any recourse under N.C. law....The builder of my neighborhood has lowered the price on homes it is building in my neighborhood. Substituting less expensive models/sq ft. The builder (DR Horton) acquired our original builder recently. I fear this will have adverse affects on our efforts to re-sell.
A: -In general, changes in the neighborhood that adversely affect property values are your problem. This might be a special case, _if_ the builder made any promises to you that add up to (a) a commitment to keep prices at a certain level and (b) a part of your contract with them. That's going to be tough to prove, but that's why lawyers' wives wear mink coats. Since potentially thousands of dollars are at stake, it makes sense to consult a real-estate attorney. -I was an accountant in a real estate firm. We did a subdivision where we had a minimum building size in square feet. That is, any house had to have a minimum square footage of actual living area (porches, garages, etc. excluded). There is at least one subdivision local to me where such a restriction exists. That subdivision also restricts the exterior of the home to one material and it must be one of two colors.
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