Nothing of interest to report on real estate news today – 17 price changes that still leave the properties in question over-priced, an equal number of new listings just as uninspiring, so no comment on either.
But I’m working with a client who is either going to find what he likes or build new and, to assist him in the latter effort, should it come to that, I’ve been calling around to see what a realistic price for new construction should be in this market. The answer is, a lot less than you’re being quoted. Try $115 p.s.ft. for run of the mill, basic construction, $250 for great stuff and $350 for over-the-top, sperm whale-foreskin leather-covered walls and field stone exteriors. Yes, there are builders charging twice that and more, but if you agree to pay them what they demand, you’re a chump.
This ought to give you an idea on valuing existing houses, too.