Wide Eye
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I am a little perplexed as to how this developer can make much money on these townhouses.
Assuming 9 units sell at $350k each. The total revenue from the deal would be $3,150,000
Lets say they got the land for $600k and assuming the townhouses cost $100 per square foot all in with selling and holding cost included in that figure. The total cost of these units would be $3,120,000. (2800 SF * 9 Units * $100/sf = $2,520,000 + $600,000 for land)
I used $100 per SF because the article mentions the addtion of high end finishes. I am not sure if that number is right on, too high or too low.
I must be missing something. Either the units will have to be built for substantially less than $100 psf or the units will have to sell for over $350K (Even at $400 k per unit the numbers are still not that great.
Any homebuilders out there want to set me straight.
I'm not a home builder and I'm not working in the industry. However, my husband and I happened to talk to the sales staff of this mid-rise. We were told that a two bedroom unit is sold at around $500K. There might be some one bedroom units with study being sold at high $300K, but nothing is under $300K. As of mid March of this year, a lot of the units have been sold out. We've also heard that the owner of the building (or the builder, whoever that may be),is going to live in this mid-rise once it's done! By the way, the monthly maintenance fee is $600, which is lower than the $800 maintenance fee of Greenway Plz. We've also talked to the sales people of the brand new town house complex next to this mid-rise. The town houses are very small (2-2) but being sold at close to $300K. Because of the price and the lack of parking on the street, we decided to move out of the loop.
Spring Branch Real Estate
in Katy and Points West
Posted
Anything bad happened in Frostwood (the subdivision)? I thought it's a nice and safe neighbourhood. Would appreciate if you may share more details.