When I worked at a music shop, Alvarez was one of the few sub $400 guitars I enjoyed the sound and neck feel/playability. They rival Yamaha in every aspect and I liked their electronics on their electric-acoustics better. Also I liked the neck shape better on Alvarez. UPDATE: On second look this was a $500 guitar, so this is probably pretty nice all around actually. Once you get into the $500 range you stop seeing as many 'slipped through quality control' issues.
As with all low end guitars do yourself the favor and get it set up!!!!!!!!! I can't stress this enough!! On acoustics you can pretty much get away with getting a setup once and you're good, so just drop the money on it and you won't regret it. The amount better it will play and sound is ridiculous. You may not notice but trust me, new low end guitars play like trash 50% of the time and the other 50% aren't what they could be. Warning it's gonna be anywhere from $30 to $60 plus cost of strings most of the time.
Also it is a good opportunity to ask the tech if they think you got a good guitar for the money, ask them for their real opinion and they will give the guitar a look over for anything subtle but horrifying. Oh and if you are newish to guitar, it is a good opportunity to have smaller strings put on and have the guitar adjusted to play better with them. This is a common mistake people make, changing string size and not getting the guitar adjusted to play in tune and with good 'action' for the new strings. Unlike electric guitars the common string size for new acoustics will be unpleasant for beginners and a lot of people for life. Generic strings on new guitars are .12 and most people would enjoy .11 or even .10 for those who really hate working so hard on their left hand. Know that every size down is a sacrifice in low and low-mid tone but again playability will trump tone for 90% of people.
I wish I had the money to drop on this. I really enjoy the sound quality of Alvarez and have a low tier one myself. My mother played in a band while I was growing up and she has an Alvarez as well. I've been thinking about putting in an electric pickup, but if I had the money, I would drop it here and get a really great guitar at a fraction of the cost. Also, the World Music Supply free shipping, no sales tax, and 30-day return policy is a GREAT addition to an already great guitar. This deal is really a win-win situation for anyone interested.
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