Mt Prospect in North Potomac

[Anonymous]

Anonymous wrote:Will all the home sites on their website be released at the same time or do they do it in phases?

I believe they're all part of Phase 1, so yes.

[Anonymous]

Drove by yesterday - looks like the 3 models for the site are getting close to being finished. Looks like they’re another 1-2 months away from the models being finished.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Will all the home sites on their website be released at the same time or do they do it in phases?

I believe they're all part of Phase 1, so yes.

I called and was told only a small part of phase 1 will open in the beginning. They want to minimize construction annoyance to those who buy. My guess is that the culd-e-sac will be last of phase 1, maybe a year or two out. Couldn’t get a straight answer on what exactly will open. Interesting that same upper end models are available for a new development on their site though (Willowcreek).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Will all the home sites on their website be released at the same time or do they do it in phases?

I believe they're all part of Phase 1, so yes.

I called and was told only a small part of phase 1 will open in the beginning. They want to minimize construction annoyance to those who buy. My guess is that the culd-e-sac will be last of phase 1, maybe a year or two out. Couldn’t get a straight answer on what exactly will open. Interesting that same upper end models are available for a new development on their site though (Willowcreek).

Interesting. There has been so much conflicting information from them. They first said sales open in June, then mid summer, now after the summer. What info did you get? I am hopeful about pricing but I am getting the feeling that they will nickel and dime everything (premiums for EVERY lot), every structural upgrade is cost prohibitive, etc.

[Anonymous]

Also drove by today--ton of road construction around the entrances, but from what I saw, models look basically done.

We're seriously considering building either in Mt. Prospect or Turf Valley (family very close to the latter and we're both in telecommute friendly careers even before COVID), but am starting to get spooked by the horrendous reviews for both the builder and TBI mortgage.

Has anyone actually built with Toll Brothers? We're in the District now, but built our first home with a builder that also has a bad reputation and loved our home. Not sure if TB's bad reviews are just along the same lines as most builders or they are truly horrific...

We'd just be looking to likely upgrade the master bath, add a fireplace, and add the covered deck--so no major structural upgrades, but am also beginning to worry about the lot premiums, etc. in addition to the slight bump-ups we'll want to do for counters and floors.

Would love to hear a personal experience.

[Anonymous]

Anonymous wrote:Also drove by today--ton of road construction around the entrances, but from what I saw, models look basically done.

We're seriously considering building either in Mt. Prospect or Turf Valley (family very close to the latter and we're both in telecommute friendly careers even before COVID), but am starting to get spooked by the horrendous reviews for both the builder and TBI mortgage.

Has anyone actually built with Toll Brothers? We're in the District now, but built our first home with a builder that also has a bad reputation and loved our home. Not sure if TB's bad reviews are just along the same lines as most builders or they are truly horrific...

We'd just be looking to likely upgrade the master bath, add a fireplace, and add the covered deck--so no major structural upgrades, but am also beginning to worry about the lot premiums, etc. in addition to the slight bump-ups we'll want to do for counters and floors.

Would love to hear a personal experience.

I’m in a similar boat. We’d only look at kitchen counter, floor and a covered deck (possibly finishes basement). Tempted by this but reviews of TB on this forum has given me pause - basically not very positive. From the research I’ve done, though, I infer that for mid tier level developments, TB has plenty of criticism. I have not found that criticism for premium developments ($1m) but I’m anxious to here. I think it all depends on who the subs are and the project management of the project.

What did you hear about TBI? I haven’t heard anything about them but I see they are offering pretty good rates if you finance with them. Not sure what the concern here is.

[Anonymous]

Anonymous wrote:

I’m in a similar boat. We’d only look at kitchen counter, floor and a covered deck (possibly finishes basement). Tempted by this but reviews of TB on this forum has given me pause - basically not very positive. From the research I’ve done, though, I infer that for mid tier level developments, TB has plenty of criticism. I have not found that criticism for premium developments ($1m) but I’m anxious to here. I think it all depends on who the subs are and the project management of the project.

What did you hear about TBI? I haven’t heard anything about them but I see they are offering pretty good rates if you finance with them. Not sure what the concern here is.

Yeah, we used our builder's mortgage the first (only) time we built and it was a super easy process so my inclination was to do the same when/if we build this time around but then I saw...

https://www.nbcwashington.com/news/local/taking-a-toll-why-home-buyers-say-they-lost-their-life-savings-when-trying-to-purchase-homes/65261/

https://www.zillow.com/lender-profile/shas15/

We are one of those typical young professional families in the area--young 30s, relatively high combined income just over 300k though have students loans, good credit, but will likely fall short of 20 percent down. The idea of putting all that earnest money down (which is much higher than most builders require) and then somehow not being able to close is absolutely terrifying/baffling to me.

[Anonymous]

There will always be more than you think when it comes to upgrades. Want a sink in the laundry room? That will require plumbing etc, so will cost. Want extra recessed lights or wall outlets or connections for ceiling fans or prewiring for speakers or upgrade the outdoor patio to flagstone etc etc. This is where you get nickel and dimed in my opinion. I’m worried because when I’ve seen their model homes sell, its 50% over the base price of the model, so the upgrades add up quickly.

[Anonymous]

Anonymous wrote:There will always be more than you think when it comes to upgrades. Want a sink in the laundry room? That will require plumbing etc, so will cost. Want extra recessed lights or wall outlets or connections for ceiling fans or prewiring for speakers or upgrade the outdoor patio to flagstone etc etc. This is where you get nickel and dimed in my opinion. I’m worried because when I’ve seen their model homes sell, its 50% over the base price of the model, so the upgrades add up quickly.

Yup, in addition, their big-ticket items such as the back porch/finished or even semi-finished basement seem to run higher than average. I think I saw someone got quoted 60k for the entire finished basement—I can only hope that included the full bar, etc. I think that’s primarily where the big increase in their specs comes from over the base—they almost always include the basement and covered porch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There will always be more than you think when it comes to upgrades. Want a sink in the laundry room? That will require plumbing etc, so will cost. Want extra recessed lights or wall outlets or connections for ceiling fans or prewiring for speakers or upgrade the outdoor patio to flagstone etc etc. This is where you get nickel and dimed in my opinion. I’m worried because when I’ve seen their model homes sell, its 50% over the base price of the model, so the upgrades add up quickly.

Yup, in addition, their big-ticket items such as the back porch/finished or even semi-finished basement seem to run higher than average. I think I saw someone got quoted 60k for the entire finished basement—I can only hope that included the full bar, etc. I think that’s primarily where the big increase in their specs comes from over the base—they almost always include the basement and covered porch.

? They include the basement and porch? Meaning it’s included in base price?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There will always be more than you think when it comes to upgrades. Want a sink in the laundry room? That will require plumbing etc, so will cost. Want extra recessed lights or wall outlets or connections for ceiling fans or prewiring for speakers or upgrade the outdoor patio to flagstone etc etc. This is where you get nickel and dimed in my opinion. I’m worried because when I’ve seen their model homes sell, its 50% over the base price of the model, so the upgrades add up quickly.

Yup, in addition, their big-ticket items such as the back porch/finished or even semi-finished basement seem to run higher than average. I think I saw someone got quoted 60k for the entire finished basement—I can only hope that included the full bar, etc. I think that’s primarily where the big increase in their specs comes from over the base—they almost always include the basement and covered porch.

? They include the basement and porch? Meaning it’s included in base price?

No, I meant they include the porch and basement in their spec homes (advertised as move-in ready), upping the cost significantly from the base. Typically builders will wait time build on some lots until there is a deposit but also build a handful of homes on their own in order to attract buyers who don’t want to wait half a year or more to move in—specs. These homes typically have some upgrades, though not to the extent of the models—even then, Toll Brothers’ specs are usually about 100k more than the base.

[Anonymous]

Anonymous wrote:There will always be more than you think when it comes to upgrades. Want a sink in the laundry room? That will require plumbing etc, so will cost. Want extra recessed lights or wall outlets or connections for ceiling fans or prewiring for speakers or upgrade the outdoor patio to flagstone etc etc. This is where you get nickel and dimed in my opinion. I’m worried because when I’ve seen their model homes sell, its 50% over the base price of the model, so the upgrades add up quickly.

Not for nothing but just about every builder does this in one form or another. Want another recess light? That's $200. Want the sink moved over here? That's $$. etc.

Anonymous wrote:Yup, in addition, their big-ticket items such as the back porch/finished or even semi-finished basement seem to run higher than average. I think I saw someone got quoted 60k for the entire finished basement—I can only hope that included the full bar, etc. I think that’s primarily where the big increase in their specs comes from over the base—they almost always include the basement and covered porch.

That $60k was not verified and no explanation was given. If it truly is $60k, then it better include finishing the entire rec room, finish the bedroom, finish the bathroom, a wet bar and add flooring. If not, 60k is crazy for just finishing the rec room of the basement.

Anonymous wrote:No, I meant they include the porch and basement in their spec homes (advertised as move-in ready), upping the cost significantly from the base. Typically builders will wait time build on some lots until there is a deposit but also build a handful of homes on their own in order to attract buyers who don’t want to wait half a year or more to move in—specs. These homes typically have some upgrades, though not to the extent of the models—even then, Toll Brothers’ specs are usually about 100k more than the base.

Rec rooms, basement, outdoor spaces, upgrade baths, etc. are almost ALWAYS part of spec homes IME. But, it varies. I think your 100k above base is probably a good number. Wife and I almost built with another builder in the area and we got pretty far down the process before pulling out at no cost. Our numbers were adding up to roughly 100k over base and we were't even going all out. It included: finished basement, chimney, morning room, extra full bath, and of course, the facade. So, nothing crazy and some allowance for minimal bath/kitchen countertop upgrade and some flooring upgrade.

[Anonymous]

Does the 100k include the design center? Or 100k in just structural upgrades?

[Anonymous]

Anonymous wrote:Does the 100k include the design center? Or 100k in just structural upgrades?

Included but it depends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

I’m in a similar boat. We’d only look at kitchen counter, floor and a covered deck (possibly finishes basement). Tempted by this but reviews of TB on this forum has given me pause - basically not very positive. From the research I’ve done, though, I infer that for mid tier level developments, TB has plenty of criticism. I have not found that criticism for premium developments ($1m) but I’m anxious to here. I think it all depends on who the subs are and the project management of the project.

What did you hear about TBI? I haven’t heard anything about them but I see they are offering pretty good rates if you finance with them. Not sure what the concern here is.

Yeah, we used our builder's mortgage the first (only) time we built and it was a super easy process so my inclination was to do the same when/if we build this time around but then I saw...

https://www.nbcwashington.com/news/local/taking-a-toll-why-home-buyers-say-they-lost-their-life-savings-when-trying-to-purchase-homes/65261/

https://www.zillow.com/lender-profile/shas15/

We are one of those typical young professional families in the area--young 30s, relatively high combined income just over 300k though have students loans, good credit, but will likely fall short of 20 percent down. The idea of putting all that earnest money down (which is much higher than most builders require) and then somehow not being able to close is absolutely terrifying/baffling to me.

Interesting read. Lost deposits are not uncommon on new builds. I think if you’re credit is really good, HHI is good, debt is good and DP is good, no reason to shy away from builder loans especially if they throw in some bonuses.

Does TB offer any incentives if you finance with them?