Reply to when new construction just sits and sits on the market...what is that a sign of?

Forum Index » Real Estate

Reply to "when new construction just sits and sits on the market...what is that a sign of?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]The "it's always price" people drive me crazy.  I feel like those posters probably wrote 5-word responses to essay questions in school and then got pissed when they didn't get credit.  "it's always price" is an incomplete answer, and a lazy one.  Show your work, people.  Why is the price incorrect for that house?  Too high compared to comps?  Too high compared for the SF or the lot size or the builder quality?  What WOULD be the correct price?

House #1 - (GM) - I live down the street from this - it is a high price for new construction in that particular location that isn't walkable to metro or much of anything, really.  (good schools, though.)  I'd look at whatever the new builds on Harrison St. across from Chestnut Hills park sold for, and add a bit because George Mason at that point is not as busy of a street as Harrison between Lee and Little Falls. (GM is not really a main road once you get North of 29, and certainly not North of Williamsburg, though the corner of GM/Wburg is a busier corner than some.)
House #2 - (Vernon) - not crazy about the location of this one - it's too close to Glebe, Old Dominion and Lee.  You lose some of the neighborhood feel when you're this close to major streets.  Also, you're only walkable to the Lee Heights shops, though there's some fun stuff there.
House #3 - (JM) -  John Marshall is a bit of a cut-through street between Williamsburg and Lee and points South of Lee (I run in this area).  People hesitate to buy on streets perceived as busy streets or commuter roads.  The neighborhood is nice, though.

At this price point, some people want to be walkable to Metro, some people will want a bigger lot (bigger than 0.25 acres) and some people will want a really great neighborhood feel a few blocks away from busy roads.  At this price point, buyers can choose to be picky, and developers need to realize that and not just build anywhere they can find a tear-down lot.

There's a new build going up next door to me and I suspect it will sit on the market for awhile because it looks hideously ugly in the architect's drawing.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics