A developer cannot afford to sit on a completed house for very long. The carrying costs are massive, especially in a price range like this. They’re still in construction on a lot of homes over there and they will eventually have to sell every one of them, one way or another.
It would be interesting to see what the retail markup will be for options at these base prices. Average mark-ups in Bressi Ranch for options and upgrades have been running just under $40,000 per unit over there, with a few units up in the $80s and even exceeding $100k. It wouldn’t surprise me if Lennar finds a way to boost their $800k loss leaders back up to $900k by the time they close. I’m sure they’ll try, anyway.
