The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: J. P. who wrote (966)	10/30/2001 4:01:10 AM
From: David Jones	Read Replies (1) of 306849

I'm not so sure all the talk about housing being over priced always holds water. To my thinking housing was probably under priced 3 to 5 years ago and it's now caught up. A contractor friend of mine came by this evening. He's doing a bath and room addition and the price per square foot came out to 179.00 per. "nice bath" My neighbor two houses west of me has abandoned his plans of building a second home on his parcel because the bank wanted him to budget 200.00 a square foot before they'd make the loan. And that was too big a bite for him. If you consider a larger production say a typical track home. With square foot costs around 125.00 per foot. "It's been awhile so Im mostly guessing here but that starting to sound cheap" Total local connection fees run about 70-80k per unit, depending on size. A 1400 square foot house is all ready at 250k. Add say 35k for infrastructure and a paltry 90k "good luck" for a lot and your just about there for what's considered entry level home in my area at 400k to 450k. And you still have to landscape it. So where's the over pricing? dave

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