Report: Gladstone Homes
Category: Builders & Contractors
Gladstone Homes Gladstone Homes discounting new homes by $100,000 and did not inform existing residence North Aurora Illinois
*Consumer Comment ..Sorry to hear about your situation
Gladstone Homes
Fax: 630-428-4021
North Aurora, Illinois, 60542
U.S.A.
Submitted: 12/26/2007 1:21:20 PM
Modified: 12/26/2007 4:27:48 PM
Wrogers3
Plainfield, IllinoisGladstone Homes has reduced the price of new construction homes by $100,000. This dramatic action was not discussed with existing homeowners and brings to question the integrity of the builder. Gladstone has ignored several requests to meet with homeowners to discuss this issue. They have also ignored phone calls and emails from concerned buyers. To further insult those of us who already purchased homes at the full price, Gladstone had a visible police presence in our sub-division during the open house hours for their fire sale. When asked, the police stated that the builder felt threatned because 'there were a lot of angry homeowners'. What type of community is Gladstone building now? Discounts of $100,000 suggest that these are no longer luxury homes. What does this action mean for the value of current homes in the Chatham Square subdivision? How will this impact our property taxes since assessments were done prior to this move? These are all questions that Gladstone refuses to answer or address with those homeowners who have invested in this dishonest builder. We, as a community are very disappointed in Gladstone Builders.
William
Plainfield, Illinois
U.S.A.
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Updates & Rebuttals:
- Let me guess - you just arrived from another planet? Dave [12/26/2007 3:09:03 PM]
- Sorry to hear about your situation Jim [12/26/2007 3:49:27 PM]
Let me guess - you just arrived from another planet?
In case you haven't noticed, HOUSING PRICES ARE DOWN! Your 'luxury home' is worth 30% less than a year and half ago. The builder needs to sell the remaining homes to recoup his investment. Since nobody is buying now, he has to reduce the price to gain interest.
I fail to see the ripoff... You're worried that because he lowered his prices that your property value will decrease? Too late. It's already depreciated. Don't blame the builder, blame the president. Property taxes are another thing, since they are based on the purchase price. You have a legitamate beef there.
Sorry to hear about your situation
I am sorry to hear about your situation. Of course this will have a negative impact on the value of your home. However, I also have to see the side of the builder. If the housing market in Illinois is anything like what we are experiencing in Arizona, then you might have bought the home when the economy was booming and the builder was able to charge more. Now with the housing market falling, the builder probably is willing to make less profit in order to unload the lots and spec houses that he owns.
The neighborhood in which I live is going through this right now. The model of home that we are in was selling for 500k-515k at the end of summer of 06. Now the builder is building the exact same model for 400k-415k. This hurts the people that bought several years ago. I know this does not help your situation, but as a business man I understand the builder's position. If I were the builder and was no longer able to sell the houses for what they were going for 1-3 years ago, I would lower the prices and get rid of the inventory. I hope that your situation works out for the best for you.
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