We've Peaked On Foreclosures ! - NOT !!!

[traderx]

Many homes we are showing are well below replacement cost. Not sure what you mean.

As an example, there is a 1,725 SF resale in Grove by the Sea listed for $799,000. According to AAbsolute, you can build a 1,725 SF home in Watercolor for approximately $250K. You can buy a lot in Summersweet for $100K for a total price of $350,000. I personally would prefer to have a new home in WC as opposed to Grove especially at less than half the price.

 

[scooterbug44]

As an example, there is a 1,725 SF resale in Grove by the Sea listed for $799,000. According to AAbsolute, you can build a 1,725 SF home in Watercolor for approximately $250K. You can buy a lot in Summersweet for $100K for a total price of $350,000. I personally would prefer to have a new home in WC as opposed to Grove especially at less than half the price.

Just make sure you are comparing apples and apples, not apples and horseapples. Just because someone says they can build a house for $145 a sqr ft in WC doesn't mean you can build a good quality house in WC for that price. :roll:

 

[traderx]

Just make sure you are comparing apples and apples, not apples and horseapples. Just because someone says they can build a house for $145 a sqr ft in WC doesn't mean you can build a good quality house in WC for that price. :roll:

Okay, what number do you want to use? $200 per SF? That would yield a total price in WC of $450,000, or $350,000 less than Grove. Please tell me if I am wrong with these assumptions. I am trying to learn the market. I know in Atlanta, new homes fetch more than resales. Is it the same in SoWal?

 

[AAbsolute]

Just make sure you are comparing apples and apples, not apples and horseapples. Just because someone says they can build a house for $145 a sqr ft in WC doesn't mean you can build a good quality house in WC for that price. :roll:

ScooterBug, tell us all what the total cost of materials only is for a nice home in Watercolor. Pick any home in the neighborhood, I'll wait.

It'll be a long while before ScooterBug gets us the base information for us to have some educated dialogue from. In the mean time I'll tell you that we just closed on the sale of a beautiful home in Watersound Beach. It had all the comparable material features of the other homes selling in Watersound Beach. My company can buy the lot next door which is in Lis Pendens. It is acceptable with the sellers to buy it for 2003 pricing. At that rate we could build the same home we just sold and all in we would be about $180,000 under the price we just sold our home for. The lot on the other flank of our model is a little higher priced so it may be break even.

 

[fisher]

Many homes we are showing are well below replacement cost. Not sure what you mean.

Please provide some example of homes (newer homes, not 15 or 20 year old dumps) selling for below replacement cost in areas where there are lots available for sale.

 

[AAbsolute]

What say you Camp Creek Kid? Surely you must have some math for us to analyze about replacement costs and hard costs of materials.

 

[fisher]

Many homes we are showing are well below replacement cost. Not sure what you mean.

Lowest priced home in Watersound Beach for $795k could easily be replaced for less than that, lowest in Rosemary at $825k also easily replaced for less, lowest in Alys at $1.845 million EASILY replaced for less, lowest in Watercolor (outside of Ph IV) at $690k easily replaced for less, etc etc etc.

 

[AAbsolute]

Lowest priced home in Watersound Beach for $795k could easily be replaced for less than that, lowest in Rosemary at $825k also easily replaced for less, lowest in Alys at $1.845 million EASILY replaced for less, lowest in Watercolor (outside of Ph IV) at $690k easily replaced for less, etc etc etc.

I agree and can say that many folks would rather pay a fair price today instead of buying a lot, going through DRB and then waiting "X" months or years for the future enjoyment. So long as they are only saving 10% on self development I think they would rather take the buy today option.

 

[AAbsolute]

Okay, what number do you want to use? $200 per SF? That would yield a total price in WC of $450,000, or $350,000 less than Grove. Please tell me if I am wrong with these assumptions. I am trying to learn the market. I know in Atlanta, new homes fetch more than resales. Is it the same in SoWal?

Keep asking math or science based questions and you'll be fine. Don't waste to much of your time with a poster who is overly vague or opinionated without providing usable data.

 

[AAbsolute]

Check this out. How much better is Rosemary than it was in 2000

How much more is a property in Rosemary worth today than it was in 2000?