New Construction - Park Cities

[kyam11]

Originally Posted by JTC Mom

We are not building and are not getting “ripped off” nor have we negotiated anything. As I mentioned in my post, we have simply spoken to some builders, and I am passing along information we have gathered. It may be helpful to OP, or not. Either way there is no reason for you to insult me.

That wasn't an insult. My wife is poor at negotiating. There are things I am poor at. If you think me saying you are getting ripped off is an insult it isn't. You either are or you are not. $300 a sq ft means you are. We were in the same boat and multiple builders couldn't even get that high per sq ft unless we were talking about completely ostentatious things like gold plated whatever or heated floors throughout the whole house, or steam rooms built into the showers, etc.

$300 per sq ft is simply getting ripped off. Had you gone forward you would have gotten ripped off.

Your lot prices are too high also. I can find houses with .35 (15,000 sq ft)acres for around $3M with 6000 sq ft homes on them. While I have no doubt some particular lots are that much 15000 sf of land can be had for less than $3M and it might even have a house already on it.

[Nn2036]

Originally Posted by JTC Mom

The builders we have spoken to estimated combined construction costs and carrying costs for a nicely finished 6k foot home at $1.5 a $1.8M. They would build smaller but the cost per square foot would be higher.

What are the carrying costs for the builder ?

[kyam11]

Originally Posted by Nn2036

What are the carrying costs for the builder ?

Something someone who would be getting ripped off would pay

[JTC Mom]

Originally Posted by Nn2036

What are the carrying costs for the builder ?

We were quoted about $300k. This was a casual conversation on the phone , not a “negotiation”. The carrying costs were built in to the $1.5-$1.8M construction estimate, and included carrying costs associated with the land too, since in both cases builders owned the lots we were discussing.

[kyam11]

Originally Posted by JTC Mom

We were quoted about $300k. This was a casual conversation on the phone , not a “negotiation”. The carrying costs were built in to the $1.5-$1.8M construction estimate, and included carrying costs associated with the land too, since in both cases builders owned the lots we were discussing.

In other words they did not own the lots. The bank or the financing company did. They financed the lots and were passing on their carrying costs to you . Run. Run very fast from a builder who can't even afford to own the land outright and wants to pass their mismanagement costs onto you.

This explains why they were trying to charge you $300 a sq ft. They have money problems and were hoping you would help them fix those problems.

[tonie972]

If you already have a floor plan/blueprint I would recommend go get multiple bids. I think you would save a lot more than what the builder is quoting you.

[jcsrnm]

I subscribe to a Dallas real estate journal and the sales for new home starts are down in these areas for the first part of 2018 i suspected this would happen sooner or later. The article was referring to new homes priced 400K and up . .

That's right people sales are down.

Park Cities -28 percent
Colleyville -30 percent
Fairview -26 percent and Northeast Dallas including Lake Highlands -20 percent

Ive been looking at this market myself in the DFW area myself .

So call a builder check out deals to be had. maybe . Your not buying in the middle class market so there is more than enough room to make a good deal. call a contractor they will gladly give you run down on your request. if they have time.

300 per sqft is way to much . I could see 120-135 with out the land . if it were me I would buy an existing home with a good size lot; I might renovate or level it. Last home I bought I thought saving in from my front end loaders were worth it. Very rare these days to find homes built with Steel I-Beams and real 2x lumber. I think you should check out what existing homes are available on the market . When you find one your serious about skip the home inspector and bring a real contractor with you .

[Acntx]

Thread closed for mod review.