– Argos aka Meridian 120 South just closed their first production home. 9040 Boomtown Garson sold for $610,066 or $216/AF, apparently as an investment property. Bates Stringer has sold 2 of their model homes with lease-back agreements for an average of $903,978 or $265/SF.
– Ryder has started closing their production homes at the Pointy in Somersett. There have been 4 completed sales so far with an average price of $633,730 or $245/SF.
– D R Horton has yet to close a house at The Estates at West Meadows, but they seem to be aiming for this same price point, and are building as fast as lumber can be harvested in Canada.
– Pine Bluff in Caughlin Ranch by Homecrafters is selling as fast as they can build them. The 8 closings so far average $975,100 or $312/SF. Larger lots than the other projects.
– Toll Brothers haven’t started marketing their 165 unit
Landslides Cliffs project in Somersett yet, but it is priced from $598,000. I’ve seen the plans, and don’t expect to see any sales south of $1M. Is the market for gauche homes going to be large enough?
As a general rule of thumb, you can add at least 30% to the base price of a production home to get to a real sales price. There is ALWAYS a “lot premium” and niceties like toilet paper holders and towel bars in the bathrooms can be an extra – no joking. Approximately 30% of Reno residents can afford a home at the current median price of +/- $375,000. Maybe 10% can afford these new Californicated monsters? I do not aspire to be able to buy a $750,000 home 5′ from my neighbor’s $750,000 home with mirrored plans looking into each others bathrooms, and no way to build a pathway to my backyard without disrupting site drainage. And I never expected to be looking UP at an Interstate Highway in my (code minimum) back yard, at any price point.