Re: The bottom has arrived
Let's just say that your estimate of cost to complete is accurate. I have no more reason to doubt your estimate than the Realtor who wrote $370K in the notes. I'm guessing your estimate also includes the cost to complete the carriage house. We are still looking at over one million dollars for a house which is probably one quarter mile to the beach, so I'm not sure what that tells us about our point on the curve. There are many factors which go into pricing and if you start listening to people who are only addressing the price per sq foot, you may not be getting a complete picture. Currently, there is great fluctuation in the price of lots, and we are seeing short sales, changing the price even more. Conservative buyers are slowing increasing their positions in real estate, while the market is in their favor. In a few cases, total price per sq ft for an existing home, including the lot, is less than the cost to build new, without the lot. I think most of today's buyers are cash buyers and have done their homework. They know the pickings are good, so they pick while the tree is bearing fruit. I just wish I had $700K to spend on my housing so that I could by the house which Bobby J and Gardner have listed in Seagrove.
Let's just say that your estimate of cost to complete is accurate. I have no more reason to doubt your estimate than the Realtor who wrote $370K in the notes. I'm guessing your estimate also includes the cost to complete the carriage house. We are still looking at over one million dollars for a house which is probably one quarter mile to the beach, so I'm not sure what that tells us about our point on the curve. There are many factors which go into pricing and if you start listening to people who are only addressing the price per sq foot, you may not be getting a complete picture. Currently, there is great fluctuation in the price of lots, and we are seeing short sales, changing the price even more. Conservative buyers are slowing increasing their positions in real estate, while the market is in their favor. In a few cases, total price per sq ft for an existing home, including the lot, is less than the cost to build new, without the lot. I think most of today's buyers are cash buyers and have done their homework. They know the pickings are good, so they pick while the tree is bearing fruit. I just wish I had $700K to spend on my housing so that I could by the house which Bobby J and Gardner have listed in Seagrove.