Last weekend I toured a buyer through Somersett. A frequent traveler, she was looking for a nice, secure, low-maintenance place to call home in between outings. We looked at everything under $400,000, which generally meant our options were: The Village, random resales in Amber Glen, Del Webb and The Vue.

The Village had lots of new inventory along with several resale options, including a few flippers gone bad. The sales staff invited my client repeatedly to make an offer, any offer... even lease options were doable. My client liked the privacy of one of the 2100+ square feet duets for $369,000, so she put it on her short list, and we moved on.

The random Amber Glen resales all backed to busy Somersett Parkway, plus they were used, so they didn't even make it to the finals.

Next was Del Webb. We toured a few nice resales, then visited the models. I hadn't been to the sales office for a while, but on this visit I saw that Pulte had been busy tweaking models and upgrade packages to offer better value at lower prices. The trade-off is that you either take it or leave it. Don't even think about asking for any little custom alteration, easy as it may seem, because they won't do it. This is how they're able to keep costs down and lower prices for the consumer without going bankrupt.

Last we stopped in at the Vue. Like the Village, the Vue is a higher-density cluster development, but with slightly different floor plans. As in their Del Webb project, Pulte has fine-tuned their models and upgrade offerings to create better value, but you must select package A, B, C or D. No substitutions. They've done away with the fireplaces, gotten rid of some dormers, moved a few walls... all in the name of cutting costs and improving construction efficiency. The important stuff like stainless steel appliances, slab granite counters, quality cabinets and 18-inch tile floors remain.

My client ended up purchasing a light, bright, 2400+ square foot duet with hardwood flooring downstairs for just under $301,000. Though an attached unit, with three sides of windows it felt like a single family home.

For my client, it's the perfect solution and a killer deal. Once Pulte sells the unit next door, they'll start building (which is another change in strategy... they won't build it unless they have it sold). So if you're interested in a 2100+ square foot duet with a master on the main level and a guaranteed nice neighbor, call me. At only $278,990, it's one of the best deals in Somersett.

Sure, Pulte maybe only closed twelve or so of these Vue units last year. But with 41 in escrow now, their retooling seems to be paying off. I'm not much of a stock trader, but seeing how pro-actively Pulte continually adapts, adjusts and moves forward in a very tough market... This is the one homebuilder stock I would definitely consider.

Comments

[SkrapGuy]

Pulte sold 12 Vue units all of last year, and now, on January 3, they have 41 in escrow?

Do I understand that correctly?

[NVMojo]

Sounds nice. Are those 2-bedrooms?

Too bad we are looked in our rental lease til summer.

We will have to check back.

We were wondering about Fallen Leaf too.

[tabbycattx]

These units are at least 3 bedrooms. See this link:

http://pulte.com/homefinder/community.asp?commorg_acctcode=3424

I was wondering if these communities (the village/the duets) had a lot of empty units these days. If they have 41 in escrow I would guess not-- but they always seem to be for rent on craigs list and on the rental firms inventories.

Anyone know of this area firsthand? Thanks.

[Lindie]

I remember last year when Pulte told Guy some story about how many houses they had sold, and the story turned out to be bogus. I think it was GreenNV who posted the real numbers, which were substantially below Pulte's spinjive. Doesn't it seem a bit curious that Pulte has a 300% increase in pending sales in just the first 4 days of the year? Does this mean Pulte is on course to sell 100s of units this year? After selling 12 last year?
I think we all ought to just sit back and see what actually closes in the Vue over the next 2-3 months. Something tells me we have encountered yet more shuck and jive.

[john]

Along those same lines I was told by the Montreux sales office that they have sold at least 6 of their new Chalet models since they started marketing them last summer. I have been looking at the Washoe County Assessor’s site on a weekly basis to see what is selling in Montreux and the Galena area and I only see one of the Chalet Models listed as sold since last summer. By the way, it sold for approx. 300k below listing. It appears that sold homes get added to the Assesor’s site fairly quickly, within a week or so of the sale, and the sales date usually matches Zillow’s when I compare the two. Could it be the Montreux sales office is playing the same game as Pulte and inflating sales well beyond reality? Or, do some of the supposed sales never make it to the Assessor’s site, or do some just take longer than others to be listed, as in months longer. The Assessor’s site is very useful in cutting through realtor spin, if the information is accurate and timely. Any feedback on this would be appreciated.