I drove and walked all over 4S today during my lunch break (yes, in the rain). I had not realized just how big 4S really is. Thankfully it was a slow day at work.
At $700K, these 3,000 sqft homes would be WAY over-priced. Even at $600K they’re still a bit too high. $550K and they get really interesting. Definitely under $200/sqft.
Well, thanks everyone for your thoughts.[/quote]
I purchased new construction in Northern 4S a little over a year ago ~$200/sqft.
Here’s my take from what I’ve seen actually living here.
In the Northern side, all the new construction (and there has been a lot of it, and more still going) is being purchased by people putting 20-50% down. At today’s rates, that puts mortgages in the $2-3,000 range for 3,500sq/ft+ homes. I don’t think you are going to see much distress there, and this price point appears to be extremely attractive.
In the Southern side, a lot of it was purchased before prices went to the moon. Fair amount of staying power.
The areas that were built during the crazy days got slammed a few years ago (4ClosureRanch). There’s been a lot of strong hands taking over for the weak. I’m sure there is more distress, but I believe the opportunity to really get a huge price reduction has mostly passed.
A lot of dual income high earning families, what appears to be a pretty attractive price point based on sales/demand, and low interest rates for the foreseeable future.
For someone looking for nice home in a good school district, that plans on staying there for many years IMHO it’s a pretty safe bet.
