KBHome Built 2 Fail
How KB Does Business
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Buying a home is typically the single most important investment a person makes throughout their lifetime. Buying from a large national builder brings several elements to consider during this time. There are two separate and distinct parts that a company such as KB Home produces during their product development. The most obvious is the construction of the actual home itself. The second part, which tends to be overlooked by most homeowners, is the development of the neighborhood or community. According to an article published February 18, 2009 in the San Antonio Express News, in 2008 Texas cities led the country in home price appreciation. Among the 50 largest metro areas, Austin was number 1 with 3.7% appreciation, Houston was number 2 at 3.3%, Dallas was number 3 at 1.9% and San Antonio was number 4 at .2%. Unfortunately, despite the market strength of these major cities, the actions of KB Home have devalued many communities to a point where the residents have suffered 10-20% depreciation during this same time period. KB Home and their pattern of behavior has resulted in a greater impact on the devaluing of homes than all of the external economic conditions combined that are currently facing Texas. KB Home communities across Texas and South Carolina have not evolved into the “development” or “community” that many buyers were led to believe during their purchase. These buyers invested and trusted KB Home to development the product that was presented during their home buying process, and KB failed to deliver on their obligations and verbal commitments to these homeowners. More importantly, many continue to have their homes devalued with these deceptive decisions at a rate that exceeds the city and area average, costing some owners $30k-$100k in depreciated equity. KB Home will blame the “bait and switch” of home collections on the economy, but they have no excuse for their corporate irresponsibility of non-disclosure of significant community changes. KB argues that they cannot control the economy, but they CAN control their corporate actions and communication to home buyers. KB has a history of keeping information secret and confidential if it might adversely affect a home sale, and depriving the home buyer of making an informed decision and denying them a choice. Approximately 10-15% of our homeowners here have major structural defects. Several of the homes were recently bought back due to crumbling foundations (a hallmark of KB Home). These homes have since been raised up, new cement poured over the old foundations and are now aledgedly being sold as new homes, if you purchase here you better do your research. I'll be posting pictures of these soon. Many of the newer homes built in the last month didnt even have the sewar lines hooked up and I have recently learned that one home in our community was built on top a large water, raw sewage or fuel tank that should have been dug-up and the ground possibly treated. KBHOMEBUILT2FAIL.COM provides this site for the purpose of full disclosure of the neighborhood and the developer (KB Home), their customers and their KB Home Nightmares. For the researching of new home builders, consumer complaints on new home builders and new homes for sale. This site is not affiliated with KB Home Built to Order, KBH, KB HOME, Kaufman and Broad, or Kbhome.com or any other new home builders with real estate or KB Homes for sale.
From a development aspect, KB has a proven track record in every KB Home community across Texas to over promise and under deliver. They do this by downgrading the product line offered with cheaper home series after the initial homebuyers have already finalized their purchase. This “bait and switch” type behavior results in devaluation and depreciation of the previous nicer home series at the expense of homeowners’ equity.Every home owner or potential buyer in an incomplete KB Home community, regardless of the neighborhood (Woods of Alon), should have these concerns. This bait and switch activity has recently occurred throughout San Antonio in Saddle Mountain, Trails at Herff Ranch, Sundance Trails, and Quarry at Iron Mountain.
We are a group of homeowners here at the Sundance Communities who feel you should be aware of the risks involved when buying a home. Not only in our community but in any KB Home community. The actions of KB are having a drastic, adverse effect on the market values of the homes sold in every KB Home community across America. Values that have been affected more by their deceptive business practices than the real estate crisis sweeping the country. Home prices are down an average of 8-10% (the US average) across some parts of San Antonio. Yet here on the northwest side of San Antonio, prices are down an average of only 5%. So it's not the market driving KB's decisions to willfully wreck our homes values 15-20% here at Sundance.
In addition we have some major questions concerning the Potranca Creek flood plain here in the Sundance Communities. According to a Bexar County Assessor's map located below we have approximately 20 homes built in the flood plain, (the dark blue area), yet KB never bothered to tell us. If they find it is directly behind my property as KB now says it is (0 feet) I still should have been told as this is something the TRCC stated must be disclosed if we were to sell our home. In 2007 several of the roads here were washed out due to flooding. Roads that are supposed to be outside of the 100 year flood plain.
Bexar County Assessors map updated 1 February 2009
