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This isn't a north south thing. I know the economy can't support the prices in the large metro areas here and in Cali and from what I have heard it isn't that easy to find a job in NC either. No I wouldn't expect anymore than builder basic for near those prices.
Creedmoor and Sanford are not Durham.
You would expect the same home to cost less in Creedmoor or Sanford than it would in Durham, and much less if it is a very nice Durham neighborhood.
Materials, land, and development costs are not down from peak. Inventory of new homes IS down from peak, and many builders will not start new construction to lose money.
If you want the best available deal, show the money and make an uncomplicated offer on an inventory home that has been sitting completed for a while.
it's all relative as we know. Land is cheaper there compared to Wake and Durham Co's proper. You have to consider the school districts, location, etc. But for someone willing to drive further out and happy with the offerings, that is an amazing price for a home that size. If it were me, I'd rather have a smaller, more energy efficient house with things other than that much sq ft. But for a bigger family, it's a great price.
I am still some time away from purchasing a new home but I have been following the pricing of a couple of moderately priced developments around Durham. Within 45 minutes or so actually. Specifically Carthage Colonies in Sanford and Paddington in Creedmoor. Prices seem to be around 20K higher in most cases than a year ago this time. Are most of you finding this to be the case? My price range is in the neighborhood of 175K for slightly smaller than 3000 square feet.
Are you looking at asking prices or closing prices? And if you're looking at closed sales, how are you getting the prices? Sellers can do lots of things to make it look like the price of houses is steady - pay closing costs, throw in free upgrades, etc. It's probably even easier if the house never shows up in the MLS.
Are you looking at asking prices or closing prices? And if you're looking at closed sales, how are you getting the prices? Sellers can do lots of things to make it look like the price of houses is steady - pay closing costs, throw in free upgrades, etc. It's probably even easier if the house never shows up in the MLS.
Builders can manipulate the numbers in MLS, as well. I had this conversation with someone at MLS. A home was listed at a certain price. My buyers paid less. When it closed, the home showed up in MLS at the price they paid, making it look like we got zero dollars off the listed price. That was not correct.
There are many builders that will no longer build spec homes. They will only do pre sales. There are many banks that will only allow a builder to have 2 or 3 spec homes in inventory, at one time. Fewer new homes means that builders may be able to raise their prices and still sell homes. It also means we will see less new homes available...which is already happening.
As for builders raising their prices from last year...have your Realtor do the research...sometimes the price is raised and an incentive is given. You really have to KNOW what is going on!
I don't care where it is (although neither Sanford nor Creedmoor are "near" Durham in my book)-How much cheaper could a 3000 SF new construction home be than "around 175K" and be of any acceptable level of quality at all? What is the lot size/value? Does the lot HAVE a value?
I don't care where it is (although neither Sanford nor Creedmoor are "near" Durham in my book)-How much cheaper could a 3000 SF new construction home be than "around 175K" and be of any acceptable level of quality at all? What is the lot size/value? Does the lot HAVE a value?
EXACTLY what I am saying. I think buyers expectations for new construction are way off base. I totally blame HGTV.
There can still be quality construction at that price but the builder would be building at a loss. There is no way they are making money on the home unless the land and materials were donated to them.
EXACTLY what I am saying. I think buyers expectations for new construction are way off base. I totally blame HGTV.
There can still be quality construction at that price but the builder would be building at a loss. There is no way they are making money on the home unless the land and materials were donated to them.
Joe I know that KB is not Toll Brothers or some upscale local builder but I would assume these homes have to pass inspection. Granted NC did not see bubble prices like some other areas in the US did but a lot of people expect further erosion in pricing. My reason for posting the thread was just to say that from the little that I can see on the net the pricing on two developments that I have been watching have gone up around 20K not down. Personally I think a 3K sq ft house on 1/4-1/3 acre priced around 175K with property taxes in the neighborhood of 3K annually is a great deal.
I know that Creedmoor and Sanford are not Durham but a 45 minute commute to RTP make them what you might call bedroom communities right?
I have visited Durham maybe half a dozen times and being from NJ do not consider it a big city. It has a downtown area true but from my point of view it is rural subrural Creedmoor and Sanford obviously more so. That is what I am looking for though.
EXACTLY what I am saying. I think buyers expectations for new construction are way off base. I totally blame HGTV.
There can still be quality construction at that price but the builder would be building at a loss. There is no way they are making money on the home unless the land and materials were donated to them.
This sounds a lot like sellers refusing to drop to market price because it's less than they owe on the house. Unfortunately, supply and demand doesn't care what you paid for something a few years ago. Similarly, replacement cost or what you paid for land during the bubble has little to do with the price of a house on the open market.
It would cost me a huge amount of money to build a 82 Plymouth Reliant from scratch in my garage. If I do it and then can't sell it at a profit, it's not because buyers have unreasonable expectations. Instead, it is because the market has shifted and my competition is able to provide a better deal.
Maybe that's not the case here, but you're not going to get very far in business pretending it is the customers' fault for not overpaying for a commodity in a down market.
I know that Creedmoor and Sanford are not Durham but a 45 minute commute to RTP make them what you might call bedroom communities right?
By any common definition, I don't think anyone would call either Creedmoor or Sanford "bedroom communities" of RTP (meaning that most people who live there commute to RTP) - the distance is too great. That's not to say that some minority of people don't commute from those locations to RTP.
Just under 3000 SF for 175k? Do you want a manufactured home, or a stick built house on a crawl space? Most average houses are 90-110 a square foot.
You want a near 3000 SF home for ~65 bucks a square foot?
You're going to get the cheapest of the cheap for that amount of money and a lot of builders would lose money on that proposition.
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EXACTLY what I am saying. I think buyers expectations for new construction are way off base. I totally blame HGTV. 
