Much to the dismay of some of the current homeowners in Fulton Ranch, Fulton Homes in their Chapter 11 reorganization plan has revised some of their home plans to make them more affordable in today's market. Current homeowners in the Fulton Ranch community have expressed concern that the smaller homes, smaller lots and lower base price of Fulton's new homes are going to devalue their homes, some of which were once worth over a million dollars.
I can see both sides of this argument, however it's important to note that no one's home is worth what they paid for it 3-5 years ago, even if Fulton ceased to build another home home in the community. I would also venture to guess that if Fulton Homes called it quits and turned their property back over to the bank (as did Brown Family Communities and Randall Martin just to name a couple), the Fulton Ranch Community empty lots would likely sit vacant for some time. Weeds would take over and that wouldn't do a lot for property values either. Add to that the remaining lots in the community would be up for grabs and who knows the quality of the builder who would take over. I think I'd vote for Fulton Homes to do exactly what they did, in light of the current economy.
I recently visited the Fulton Homes sales office with a buyer to find out prices have come down substantially in Fulton Ranch. Today, Fulton is advertising their Mediterranean Series which features their smallest home, the Madrid, which is a 1973 sf single story with 3-4 bedrooms and 2 baths with a base price of $259,900. Their largest home in the series is the Monaco which is a 2 story, 3769sf with 5-9 bedrooms and 3.5 baths for a base price of $318,900.
Home buyers should remember, if you're thinking about buying a new build home here or anywhere, make sure you TAKE YOUR REALTOR WITH YOU on the FIRST VISIT! The friendly agents at the model home office represent the builder. They do not represent you and if you don't have your Realtor with you, you will not be represented in the transaction. No one will be looking out for your best interests. It doesn't cost you a penny more to be represented and Fulton Homes has always been very supportive of Realtors representing their buyers.
My office is located in the Fulton Ranch Community and I have a view from my window of just one of the many lakes and waterfalls. Yes, Fulton has done it right.