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Old 10-02-2012, 10:25 AM
 
Location: LEAVING CD
22,973 posts, read 25,270,917 times
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Does anyone have recent experience with a new build? I've got my eye on a couple of lots between Grants Pass and Medford which I'd love to put a house on. I've heard the name Adair mentioned and just wondering if there's other builders and what "general" sqft costs are running now that the balloon "popped". I know that where I currently am costs dropped by at least half.

Thanks...
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Old 10-02-2012, 02:14 PM
 
Location: Bend Or.
1,126 posts, read 2,752,025 times
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Quote:
Originally Posted by jimj View Post
Does anyone have recent experience with a new build? I've got my eye on a couple of lots between Grants Pass and Medford which I'd love to put a house on. I've heard the name Adair mentioned and just wondering if there's other builders and what "general" sqft costs are running now that the balloon "popped". I know that where I currently am costs dropped by at least half.

Thanks...
I threw out $150 per foot in the Bend area, and Architects thought I had lost my mind! Most were saying $160 to $250.

Seriuosly I think I can build well for $130
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Old 10-03-2012, 12:37 AM
 
Location: Dallas, Oregon & Sunsites Arizona
8,000 posts, read 16,192,998 times
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We paid $45,000 for 2,400 SqFt Rebuilt between January 2011 and May 2011
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Old 10-03-2012, 01:06 AM
 
Location: North Idaho
29,098 posts, read 39,888,341 times
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Adair builds a good solid plain Jane vanilla house. 1900 sq ft seems to be just over $100,000, but that does not include site prep and building fees. They are on-line if you want to look.

Also, Adair does not have a presence in every town in Oregon, so they may or may not build in the area you are considering.

There are a couple of different fixed price builders where you get the floor plan they build with very few options offered. it's a good way to get into a solid basic house without spending a fortune.

HiLine is another company with a fixed price house. They are also on-line.
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Old 10-03-2012, 01:00 PM
 
Location: Dallas, Oregon & Sunsites Arizona
8,000 posts, read 16,192,998 times
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One of the best deals right now with development costs so high is to buy an older home of the style you want and strip it to the studs and rafters. You already have streets, sewer, water, gas, and electric. You can often buy it for less than bare land, and you will have a new home with better bones than what you can buy today.

If you do the demo, you can get about 2,400 sqft finished with all new floors, roof, walls, cabinets and appliances for under $60,000. $75,000 if you want all new electrical and plumbing which is not a bad idea in some of these older homes.

This is also a good time to make changes to the layout such as turning two small bedrooms into one large, adding closet space, or even a room or deck.

Rehab loans are very low interest for very long terms, and are some of the easiest to get. And they even cover the appliances.

Do the leg work finding the things you want such as windows and doors or appliances and save yourself thousands. Pick out your shingles, hire the tin knockers and gutter installers yourself, and you make arrangements for cleanup after roofing and drywall. Your General will add a profit if he does it, but you can negotiate with him just paying those subs for a small added fee.

When we did it we bought acreage with a million dollar view, in the city, for $55,000 and put another $45,000 in the house to rehab with us doing the paint, cleanup, demo, and some of the subs as explained above. We even put in all new interior and exterior doors, windows and much of the electrical and plumbing, which I did myself. Our rehab loan was limited to $35,000 and I think that is normal. The bank who loaned the 4.2% loan for the house and property also made the rehab loan.

Think about it.
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Old 10-03-2012, 02:19 PM
 
Location: Portland, Oregon
10,937 posts, read 19,132,788 times
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I agree with Steve. Those site costs can be a killer. The OP should talk to a mortgage specialist to see what kind of rehab loans are available. Most will require that you have a contractor and that the value of the completed house be within their mortgage criteria.

Rehab loans can be much larger than $35,000, my daughter's was over $1M in the Silicon Valley... but that is a different housing market.
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Old 10-04-2012, 06:37 AM
 
Location: LEAVING CD
22,973 posts, read 25,270,917 times
Reputation: 15615
Quote:
Originally Posted by Steve Pickering View Post
One of the best deals right now with development costs so high is to buy an older home of the style you want and strip it to the studs and rafters. You already have streets, sewer, water, gas, and electric. You can often buy it for less than bare land, and you will have a new home with better bones than what you can buy today.

If you do the demo, you can get about 2,400 sqft finished with all new floors, roof, walls, cabinets and appliances for under $60,000. $75,000 if you want all new electrical and plumbing which is not a bad idea in some of these older homes.

This is also a good time to make changes to the layout such as turning two small bedrooms into one large, adding closet space, or even a room or deck.

Rehab loans are very low interest for very long terms, and are some of the easiest to get. And they even cover the appliances.

Do the leg work finding the things you want such as windows and doors or appliances and save yourself thousands. Pick out your shingles, hire the tin knockers and gutter installers yourself, and you make arrangements for cleanup after roofing and drywall. Your General will add a profit if he does it, but you can negotiate with him just paying those subs for a small added fee.

When we did it we bought acreage with a million dollar view, in the city, for $55,000 and put another $45,000 in the house to rehab with us doing the paint, cleanup, demo, and some of the subs as explained above. We even put in all new interior and exterior doors, windows and much of the electrical and plumbing, which I did myself. Our rehab loan was limited to $35,000 and I think that is normal. The bank who loaned the 4.2% loan for the house and property also made the rehab loan.

Think about it.
Steve, thanks I didn't even think of that! I was the G.C. on my last house, hired subs from foundation to finish carpentry and it worked out great and saved me about $30k. Thing is, I knew the area and most of the trades people but that's not the case where we're looking now.
I'll definitely look at some "gut" houses, why didn't I think of that sooner? Demo's not that hard and finding a couple of laborers to help shouldn't be a big problem in this economy nor should a workers comp policy be that expensive for a short project.
I did start adding up well/septic costs which if you're not careful about picking the property could be rather expensive not to mention finding a lot that will be "approved" for you to put a house on.
Oh well, the thrill of the hunt right?
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Old 10-04-2012, 01:24 PM
 
Location: Dallas, Oregon & Sunsites Arizona
8,000 posts, read 16,192,998 times
Reputation: 2828
Moderator cut: snip

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

and

[http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kslrp

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. … … “

The limit is $35,000 on the loan I used.


P.S. My wife was a HUD Certified 203(k) adviser before she retired.

Last edited by Kimballette; 10-04-2012 at 07:11 PM.. Reason: Discussing moderation in the forums is not permitted. Please read the Terms of Service.
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Old 10-05-2012, 08:18 PM
 
Location: LEAVING CD
22,973 posts, read 25,270,917 times
Reputation: 15615
Quote:
Originally Posted by Steve Pickering View Post
Moderator cut: snip

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

and

[http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kslrp

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. … … “

The limit is $35,000 on the loan I used.


P.S. My wife was a HUD Certified 203(k) adviser before she retired.
Thanks Steve, looks like I've got some homework to do!
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Old 10-06-2012, 10:54 AM
 
Location: Dallas, Oregon & Sunsites Arizona
8,000 posts, read 16,192,998 times
Reputation: 2828
Contact a local Bank. They have all the information and the consultation is free. Rates are between 3.2% and 5% right now. It's a great way to get a newly rebuilt home for half the going rate.
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