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.

 

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