[tsek]

I have also looked into building, but it's extremely expensive right now. Lumbar prices have grown exponentially again in the past two months and labor is also short and expensive. Other material costs are also up. It might be worth inquiring with a realtor who has relationships with local builders. My realtor told me to expect that there will be a 15% extra cost over what the builder agrees to.

[Vetgirl2014]

17- a lot of people are buying lots and building right now. In NC a lot of builders are buying lots and building 4-6 thousand square foot homes and selling them for 2.75-3.5, depending on size/amenities/lot etc…. Which means the actual build cost is around 1.5 for the house and 750k for the land. That is a possibility. But the wait time to build right now is a year or so because builders are SO booked. Also my neighbor is a builder and he is saying the quality of a lot of things (kitchen gear, anything with a motor, electric stuff) is all **** quality right now because of Covid.

[17Christian76]

Originally Posted by Vetgirl2014

17- a lot of people are buying lots and building right now. In NC a lot of builders are buying lots and building 4-6 thousand square foot homes and selling them for 2.75-3.5, depending on size/amenities/lot etc…. Which means the actual build cost is around 1.5 for the house and 750k for the land. That is a possibility. But the wait time to build right now is a year or so because builders are SO booked. Also my neighbor is a builder and he is saying the quality of a lot of things (kitchen gear, anything with a motor, electric stuff) is all **** quality right now because of Covid.

I really appreciate your insight. It sounds to me more and more that we will need to wait a while before moving. I just wouldn’t feel comfortable spending so much money for lesser quality. We have no real timeframe so I guess that also enables us to simply wait it out.

If I had to, I could push the budget to $3-4 million. But this would be a major financial undertaking for us, and I don’t see it as worth it to spend that much on a home. What $2 million could buy you two years ago is now what $3-4 million could. Such rapid growth can’t be sustained, in my opinion. My interest in FFC won’t wane, though. It really is a special place, and our kids (both entering college) would love to put roots there. That is the main driver for us and our decision.

[SteveM85]

Originally Posted by 17Christian76

I really appreciate your insight. It sounds to me more and more that we will need to wait a while before moving. I just wouldn’t feel comfortable spending so much money for lesser quality. We have no real timeframe so I guess that also enables us to simply wait it out.

If I had to, I could push the budget to $3-4 million. But this would be a major financial undertaking for us, and I don’t see it as worth it to spend that much on a home. What $2 million could buy you two years ago is now what $3-4 million could. Such rapid growth can’t be sustained, in my opinion. My interest in FFC won’t wane, though. It really is a special place, and our kids (both entering college) would love to put roots there. That is the main driver for us and our decision.

I talked to builders down south, granite is non-existent now. You have to get quartz which is more expensive. Labor is tough to find. They're bringing in cheap undocs down there for all the grunt work and clearing forests. Luckily SC and FL are preferred safe haven sanctuary state destinations for southern border undocs. Appliances are a nightmare, 6-8 months out or more for the high end stuff. Between the insane demand from the north for housing and the supply chain issues they're heads are spinning.
2 new constructions in my neighborhood (in CT) took over a year. Teardown and clear the lot, wait a month for Town Planning dept permits, put in pilings for foundation (flood zone), that's another month wait for Town planing and permits and flood certs, and so on. They weren't even lots, they just tore down the old houses. These guys are loaded so they spared no expense. They didn't care about the higher supply costs or the wait.
I know a guy in Fairfield beach who wanted to tear down and rebuild his own home after spending a fortune on architects and plans. Dealing with the non-existent and ghosting Town Planning dept was futile. After numerous attempts to get anything going with them he finally gave up. Bought another house and rented that one out.

Best of luck

[17Christian76]

Originally Posted by SteveM85

I talked to builders down south, granite is non-existent now. You have to get quartz which is more expensive. Labor is tough to find. They're bringing in cheap undocs down there for all the grunt work and clearing forests. Luckily SC and FL are preferred safe haven sanctuary state destinations for southern border undocs. Appliances are a nightmare, 6-8 months out or more for the high end stuff. Between the insane demand from the north for housing and the supply chain issues they're heads are spinning.
2 new constructions in my neighborhood (in CT) took over a year. Teardown and clear the lot, wait a month for Town Planning dept permits, put in pilings for foundation (flood zone), that's another month wait for Town planing and permits and flood certs, and so on. They weren't even lots, they just tore down the old houses. These guys are loaded so they spared no expense. They didn't care about the higher supply costs or the wait.
I know a guy in Fairfield beach who wanted to tear down and rebuild his own home after spending a fortune on architects and plans. Dealing with the non-existent and ghosting Town Planning dept was futile. After numerous attempts to get anything going with them he finally gave up. Bought another house and rented that one out.

Best of luck

Thanks for those examples. It really shows how crazy the economy is right now, in just about every respect.

I could pay a premium, $2.5-3 million or so, to have a beautiful home built, sparing no expense. But as another user posted here yesterday, I know how volatile the market is. A few months after the house is done, the market may fall and the economy correct. It’s a major risk for us, so I think we’ll just have to wait it out. Omicron is not seeming to have much an effect on NYC businesses and real estate, which means there shouldn’t be another major exodus. I think once Covid calms down in a few months, the inflated prices on goods and real estate should also calm down. It just stinks that we’ll have to wait. My jaw drops every time we take a ride up to CT. You don’t find such natural beauty in the city, other than in places like Fieldston in the Bronx, which is basically untouchable unless you’re uber rich. But even Fieldston has nothing on CT in terms of scenery.

[SteveM85]

Originally Posted by 17Christian76

It’s a major risk for us

Investing in a home or the stock market is always a major risk. If you're committed long term, then you've done the best you can.
Best of luck

[brownedbits]

Originally Posted by SteveM85

Investing in a home or the stock market is always a major risk. If you're committed long term, then you've done the best you can.
Best of luck

This. If you plan on selling and moving in 5 years, it is far more of a risky proposition than purchasing a place you plan to call home for the long haul. Life is not without risk and we all need somewhere to live.

[jdhall1]

Very limited supply in Danbury that's active. 12 Single family's available under $400k and 6 condos under $300k. No condos under $300k available in Brookfield or single families under $400k. 2 single families available under $400k in Bethel and 2 condos under $300k.

[17Christian76]

Originally Posted by brownedbits

This. If you plan on selling and moving in 5 years, it is far more of a risky proposition than purchasing a place you plan to call home for the long haul. Life is not without risk and we all need somewhere to live.

I completely agree with the concept. But unfortunately, unexpected circumstances can arise. It's happened in our family before. So I wouldn't feel as comfortable spending top dollar now and losing it in a potential down market if I need to fire-sale.

[brownedbits]

Originally Posted by 17Christian76

I completely agree with the concept. But unfortunately, unexpected circumstances can arise. It's happened in our family before. So I wouldn't feel as comfortable spending top dollar now and losing it in a potential down market if I need to fire-sale.

I understand that, but life isn't risk free. Sometimes you win, sometimes you lose. What is top dollar today may make you kick yourself even harder in 1 year for not acting in 2022. However, none of us have access to that real estate crystal ball. I am not saying you should buy this instant, but sitting on the sidelines for a couple years hasn't advanced your cause either. I wish you luck, the low inventory alone makes it a tough time to look for a home, let alone the worry of overpaying.