Santa Luz opinions on custom home prices and building new

[newbiz]

I have been looking at the custom homes in the santa luz area for a while, At the peak these used to sell for over 400$ a sft, a lot of them are still listed for over 400$ a sft, There have been a few sales around 275 to 300$ a sft in th epast few months, most of them being either SS or REO sales.

Most builders I have talked to have quoted about 250$ a sft for building in santaluz, with the exceptoion of two, who quoted around 180$ a sft. All of the builders did say that they were charging about 400$ a sft to build at the peak – 2003 to 2007

There is a lot of supply of land in Santa Luz, Lots of lost priced from 300k to 1.5mil. There are plenty of them under 500k.

Many lots in Santa Luz either have powerlines in the back yard or atleast have a view of power line.
All lots are about 1 acre

MelloRoos is about 1200$ for these lots and HOA is 485$. Both have to be paid, if you buy the lot. Dose not matter if you have built a home or not. Thats a bonus holding cost of almost 1700$ a month if you own a lot in Santa Luz. MelloRoos can be boughtout by paying about 100k.

with the above facts considered, what do piggs think will happen to LOT prices in the coming months and years?

Is it worth even considering building in santa luz? 300K for lot, 1.2 mil for building a 6000 sft home -total cost 1.5 mil for a 6000sft hotm, of 250$ a sft.

Construction cost was 400$ a sft, now its 200$ a sft, can it come down further?

[permabear]

newbiz, you posted this same thing a few months ago:

http://piggington.com/custom_homepinging_builders_and_architects

Are you just looking for updated opinions?

Recently it seems there are two types of lots going into escrow right now: ~$300k and $1M+. The middle range is not selling. So it’s either people “bargain hunting” or buying trophy properties.

There’s still lots of resale inventory… I can’t see lot prices going up up up given the huge carrying costs you mentioned… it seems people buying lots are building on them.

[permabear]

newbiz, you posted this same thing a few months ago:

http://piggington.com/custom_homepinging_builders_and_architects

Are you just looking for updated opinions?

Recently it seems there are two types of lots going into escrow right now: ~$300k and $1M+. The middle range is not selling. So it’s either people “bargain hunting” or buying trophy properties.

There’s still lots of resale inventory… I can’t see lot prices going up up up given the huge carrying costs you mentioned… it seems people buying lots are building on them.

[permabear]

newbiz, you posted this same thing a few months ago:

http://piggington.com/custom_homepinging_builders_and_architects

Are you just looking for updated opinions?

Recently it seems there are two types of lots going into escrow right now: ~$300k and $1M+. The middle range is not selling. So it’s either people “bargain hunting” or buying trophy properties.

There’s still lots of resale inventory… I can’t see lot prices going up up up given the huge carrying costs you mentioned… it seems people buying lots are building on them.

[permabear]

newbiz, you posted this same thing a few months ago:

http://piggington.com/custom_homepinging_builders_and_architects

Are you just looking for updated opinions?

Recently it seems there are two types of lots going into escrow right now: ~$300k and $1M+. The middle range is not selling. So it’s either people “bargain hunting” or buying trophy properties.

There’s still lots of resale inventory… I can’t see lot prices going up up up given the huge carrying costs you mentioned… it seems people buying lots are building on them.

[permabear]

newbiz, you posted this same thing a few months ago:

http://piggington.com/custom_homepinging_builders_and_architects

Are you just looking for updated opinions?

Recently it seems there are two types of lots going into escrow right now: ~$300k and $1M+. The middle range is not selling. So it’s either people “bargain hunting” or buying trophy properties.

There’s still lots of resale inventory… I can’t see lot prices going up up up given the huge carrying costs you mentioned… it seems people buying lots are building on them.

[HomeShopping]

I would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.

My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.

Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.

[HomeShopping]

I would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.

My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.

Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.

[HomeShopping]

I would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.

My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.

Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.

[HomeShopping]

I would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.

My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.

Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.

[HomeShopping]

I would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.

My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.

Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.

[Anonymous]

Would you share who are the builders who are building for 180 sq?

[Anonymous]

Would you share who are the builders who are building for 180 sq?

[Anonymous]

Would you share who are the builders who are building for 180 sq?

[Anonymous]

Would you share who are the builders who are building for 180 sq?

[Author]

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