Slow market benefits homebuyers

Andrew and Michelle Faraca learned about the possible pitfalls of buying a new home in troubling times as they maneuvered through the process last year. Andrew, 34, the head of a software development group, chatted about their decision to buy in Marietta’s Canterbury neighborhood.

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Photos by Christopher Oquendo / AJC Special

Canterbury is a residential community located in Marietta.

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Canterbury is a residential community located in Marietta.

Getting there

Take I-75 north to I-575 north. Take I-575 to Exit 3 (Chastain Road). Turn right on Chastain and travel 1.6 miles to New Chastain Corner and turn left. Travel .3 miles and turn left on Canton Road. Travel a half mile and turn left on Kensington Drive. Travel 2 blocks to the entrance of Canterbury.

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Q. Where did you move from?

A. Just 5 miles away. We had been there for about 11 years. When we bought our first house, we had one child, then we decided we were going to move up because we had a second child (they have 12-year-old Jalin and 7-year-old Kayla) and needed more space.

How did you decide on Canterbury?

We put money down on a house in another subdivision and the builder went bankrupt. But our agent, Demetrius Manning with Manning Brokers, had the foresight. Before anything happened, he started doing some digging and research and found liens on the house. We gave them $20,000 for them to start building. He did a phenomenal job of basically being able to get our money back.

How long was the process of getting your money back?

It was about two months. It was a small builder in Atlanta.

Were you reluctant to put money down on another house after that?

This time around we did a little more research. Ryland does their own financing and they’re a large company; they do building in the United States, not just in Georgia.

What did you like about the layout?

We walked in here and we instantly thought it was amazing. It has two master suites. Both have master bathrooms with walk-in closets and dual showerhead showers.

Did you change anything in the plan?

They have a media room upstairs and you have the option to make it a master retreat. We wanted to keep it as a media room, but we liked the idea of having access to it. We asked them to put a doorway into it. We now have two-way access into the media room. That only cost us $200 and that probably is one of the features people talk about in the house. It makes that whole upper floor circular and it creates a nice flow.

What other features were you looking for?

I’m part Italian and part black – either way you look at that, I have a large family and I love food. In this floor plan, I have a large dining room with a double leaf in (the table) that seats 10 people. It’s open all the time. I got the butler’s pantry right off from the kitchen. I have a huge island that can seat four people on one side, and I have a breakfast area off that that has a table that can seat eight.

What appeals to you about your lot?

Most of the neighborhood is built up against a nature preserve. We have trees and we actually have a creek that runs through the back yard. Because of the elevation, we were able to put a whole deck off the basement that stretches the length of the house.

How did you benefit from the slow real estate market?

While we were under contract and while they were building it, they also dropped the price of the homes. They would just send us an e-mail saying they just took another $5,000 off the home. It dropped three times while we were under contract because of the decline in the market.

At a Glance

Andrew and Michele Faraca’s home has 5 bedrooms, 4 baths and about 8,000 square feet, including the basement. They moved in during June 2008.

Canterbury

Address: 542 Knowlton St., Marietta 30066

County: Cobb

Information: 770-592-1175, Ryland

Price range: $340,000s-$520,000s

Homes: 174

Square footage: 3,400-5,200

Lot sizes: One-third to one-half an acre

Standard features: Granite countertops, GE appliances, oak plank floors in the kitchen and breakfast nooks, ceramic tile floors in the baths

Amenities: Two pools, four tennis courts, walking trails, 49 acres of conservation space

Homeowners fees: $900 annually ($500 initiation fee)

Developer/builder: Ryland Homes

Schools: Blackwell Elementary, Daniell Middle, Sprayberry High

More on schools: ajchomefinder school guide

Recent sales

$509,450: 3819 Courson St., Marietta 30066. A new 5-bedroom, 3-bath home with a basement and a two-story family room.

$356,270: 252 Dunstans Pass, Marietta 30066. A new 5-bedroom, 4-bath home with an island in the kitchen.

For sale

$499,900: 512 McGinnis Trail, Marietta 30066. A new 5-bedroom, 4-bath home with a basement, island and double ovens in the kitchen and media room.

$399,900: 276 Dunstans Pass, Marietta 30066. A new 5-bedroom, 3-bath home with a master on the main, two-story family room and basement.