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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Broken_Clock who wrote (7763)2/24/2011 1:14:33 PM
From: John Vosilla  Read Replies (1) of 119361
 
I don't know how these new projects get appraised when selling to the end user. Seems like they are closing the new stuff at prices 30-50% or more above resales in used homes down the block built during the bubble.

Finished lot values and building on that versus the cost of taking raw acreage and developing it and then a builder building on that you are speaking to the choir hear on that topic...lol

The spread of replacement cost of existing versus current value I have never seen it this big in parts of my state...Often you can get the land for free along with your architects and civil engineers working for free, plus the costs of putting in the roads, the water, the sewer, the sidewalk and streetlights, the common area, clubhouse and pool for the community and even the impact fees all free and still not equal to what existing almost new product is selling for right now. Often if you steal an improved lot for near zero the numbers might come out much closer there too....lol
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