I don’t know how useful that $/sq.ft. measure is. $210/sq.ft. for a 3200 sq.ft. house is one thing, $210 for a 2500 sq.ft. house is quite another. We should look at total prices.
Right now a basic 4S McMansion, a Chanteclair or a lightly optioned Silhouette, costs around 650K. You need 130K income to prequalify with 20% down. (I actually ran the numbers with a sales agent at Silhouette in early September, she told me that they’d want to see debt to income less than 40% based on 6.5% interest rate) That’s the biggest thing that keeps people out of 4S Ranch. Not many families make that kind of money, especially single-income families.
Maybeck can drop their largest plans to 200/sq.ft., but it won’t make much impact, because it does not lower the entry barrier.
Every 50k off the entry price lowers the income requirement by 10K and bring lots more potential buyers. At 200 per sq.ft., Silhouette 1 could be had with 100K income. There are probably hundreds of single-income engineer families in San Diego in 100K-130K income bracket. Fewer than 20 houses are left in remaining phases of Silhouette.
