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Old 12-05-2012, 05:59 PM
 
Location: Chicago, IL
46 posts, read 130,836 times
Reputation: 130

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My wife and I are home shopping and want to buy new construction. All the resales are foreclosures and the banks are a nightmare to deal with. We want to live in Henderson but we're finding crazy discrepencies in home prices. As far as I know the housing market is still in the toilet.

For example, new subdivisions around the St Rose/Horizon Ridge area are rediculously overpriced in the $360-$400k price range. Move to the other side of the I-15 in Enterprise and homes with the same exact specs brand new are $180k. It's still all new there and nice.

Why such a difference in price for 2 miles away?
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Old 12-05-2012, 10:47 PM
 
261 posts, read 353,782 times
Reputation: 137
Schools.
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Old 12-05-2012, 11:20 PM
 
1,681 posts, read 3,045,042 times
Reputation: 1776
Schools are the best in the valley and just the overall area. People want to live in areas like Anthem, Summerlin, and Green Valley Ranch. Enterprise doesn't have that master planned feel.

If you want to live in the high demand areas, you get to pay high demand prices.

It's tough to swallow when you realize for $x price you can have either an amazing house in a normal or so-so area or you can have a normal or so-so house in an amazing area. I want both

Quote:
Originally Posted by johntaylorny View Post
My wife and I are home shopping and want to buy new construction. All the resales are foreclosures and the banks are a nightmare to deal with. We want to live in Henderson but we're finding crazy discrepencies in home prices. As far as I know the housing market is still in the toilet.

For example, new subdivisions around the St Rose/Horizon Ridge area are rediculously overpriced in the $360-$400k price range. Move to the other side of the I-15 in Enterprise and homes with the same exact specs brand new are $180k. It's still all new there and nice.

Why such a difference in price for 2 miles away?
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Old 12-05-2012, 11:31 PM
 
12,973 posts, read 12,142,160 times
Reputation: 5398
Quote:
Originally Posted by johntaylorny View Post
My wife and I are home shopping and want to buy new construction. All the resales are foreclosures and the banks are a nightmare to deal with. We want to live in Henderson but we're finding crazy discrepencies in home prices. As far as I know the housing market is still in the toilet.

For example, new subdivisions around the St Rose/Horizon Ridge area are rediculously overpriced in the $360-$400k price range. Move to the other side of the I-15 in Enterprise and homes with the same exact specs brand new are $180k. It's still all new there and nice.

Why such a difference in price for 2 miles away?
There are virtually no foreclosures available. Shorts are also in very limited supply. Something close to 2/3 of the available inventory is non distressed.

New is up substantially and up more in the better tracts.

And no there is not a two to one difference. Max of 25% for the better areas. You appear to be comparing very different levels of construction.
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Old 12-06-2012, 07:45 AM
 
2,180 posts, read 3,626,832 times
Reputation: 1068
the comps are the reason for the discrepancy.

as with most things, it's market dependent... or in terms of real estate, neighborhood dependent.
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Old 12-06-2012, 09:22 AM
 
132 posts, read 232,125 times
Reputation: 124
See my thread on the Drama of Purchasing a home. If you try to buy a classic, a non distressed piece of property, the sellers will try and get you to pay a premium. Your deals are short sales which run at a 20% discount and repos are supposed to tun 5% less than this. It is like buying proprty in Wonderland from Alice in Wonderland. There are lots of games.


My apologies, I did not read the new qualifier.
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Old 12-06-2012, 01:00 PM
 
12,973 posts, read 12,142,160 times
Reputation: 5398
Quote:
Originally Posted by oomph View Post
See my thread on the Drama of Purchasing a home. If you try to buy a classic, a non distressed piece of property, the sellers will try and get you to pay a premium. Your deals are short sales which run at a 20% discount and repos are supposed to tun 5% less than this. It is like buying proprty in Wonderland from Alice in Wonderland. There are lots of games.


My apologies, I did not read the new qualifier.
You also read the foreclosure differential backwards...it is 5% more than shorts.

New is at a premium of up to 15% over a comparable classic. That is where you really get stuck. That is a recent revision driven by the overall price rise. Used to be more than 25%

Last edited by lvoc; 12-06-2012 at 01:53 PM..
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Old 12-07-2012, 05:06 AM
 
Location: North Las Vegas
1,631 posts, read 3,385,395 times
Reputation: 743
You will always pay more for new then resale, and like others said it depends on the location what the builder will price a property for even if it's only 2 miles away. It's amazing in such a short distance what can effect a price difference. Builders have been buying up distressed land that other builders lost for great deals and they are able to offer a better price because of that as well it depends on what upgrades the builder is putting in standard along with amenities.

I have notice some builders have changed their options offering less or lesser quality. For instance builders use to always have the taller cabinets and I have notice some builders are putting in the lower cabinets to cut costs. Just one of the change in options .

Good luck in your new home search
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