Luxury Homebuilder Offers Buydown Deal

Oct 12, 2023

A luxury homebuilder is currently promoting an exclusive financing deal on two single-family villas in central Dallas.

Crescent Estates Custom Homes has announced a 5.5% fixed-rate buydown offer on two 3,418-square-foot Skyline Terrace Villas overlooking the Dallas skyline.

According to Rocket Mortgage, a buydown offer is a real estate tactic that allows borrowers to obtain a lower interest rate on their mortgage by paying discount points, also called prepaid interest points, at closing. This one-time fee is paid upfront and results in a lower interest rate on the loan term.

For instance, one discount point typically costs 1% of the mortgage loan amount and lowers one’s interest rate by about 25 percentage points.

“Those kinds of products have been around and typically only get utilized when lenders are desperate to create a need for a consumer,” says Gordon Miller, president of North Carolina-based Miller Lending Group, CNBC Select reported.

As part of Crescent Estates’ exclusive promotion, the Farmers Branch-based homebuilder has offered a 5.5% fixed rate buydown on two identical Skyline Terrace Villas near the up-and-coming Maple District in central Dallas.

The Skyline Terrace comprises 31 single-family homes with private fenced yards, first-floor courtyards, two-car garages, and more. The two aforementioned villas include 3-bedroom, 3.5-bath layouts and are located at 4132 and 4138 Entrada Way.

“It’s a unique opportunity to have a large lot close to Dallas,” Crescent Estates says on its website, noting the livable and spacious feel of the homes.

“They’re livable like a traditional home. That’s very hard to find in a location with downtown views,” Crescent said.

Not only are the Skyline Terrace Villas located in one of Central Dallas’ premiere locations, but the homes are also within close proximity to the Medical District, Turtle Creek, Downtown, and the Design District, according to Leo Amaya of Crescent Estates.

Skyline Terrace is “one of the most accessible spots for entertainment, freeways, and fine dining,” Amaya said in a statement published by Candy’s Dirt. “Plus, it’s a unique opportunity to have a large lot close to Dallas.”

Crescent’s limited-time buydown offer could be an enticing financing method for would-be-homeowners considering the $1.25 million price tag on the two 3,400-square-foot villas.

The offer is valid through November 30, 2023.