This year had the first spec homes being built within city limits in at least 4 years. Two were built by contractors and priced at about $600k, they both sold immediately at very close to the asking price.
In August an 11 unit infill development that had been foreclosed on was purchased by a national builder and the first of those homes is being completed now. All the lots are being built out simultaneously. These are 3,000 Sq Ft homes on small lots that will likely be priced in the mid $700k range and I also expect them to sell quickly.
And three days ago 5115 Ross Rd came on the MLS (# 21226704). This is a 4 BR, 3.5BA 3367 Sq Ft home on 4.310 acres priced at $1.395MM. It?s the first spec home priced over $1MM I have seen started since 2008 in this area.
This is a big change, it shows that money is available to build homes. What this means when it comes to the local market is difficult to guess because we have, and have had for years, a shortage of good quality inventory.
About Tom Stone
I am a Broker Associate and Notary public with Creative Property services (CPS) in Sebastopol Ca. My father was an Appraiser and expert witness based in Oakland Ca for many years and I grew up having the basics drilled into me. I enjoy what I do and I am good at it. I managed income property in Oakland for a number of years and was licensed to run a collection agency for more than a decade. I have also worked as a credit manager and as the senior collector at the test center of a Bank . I have been commenting for years at "Calculated Risk" and on other Real estate Blogs including the defunct "Sonoma Housing Bubble" Blog. The best job title I ever had was "Chief Garbler". My Email Address is "StoneForHomes@Gmail.com" and my cell # is (707) 364-2477, please don't call before 7 AM or after 8 PM unless we have a deal in progress.
View all posts by Tom StoneSource: http://bayarearealestatetrends.com/2012/12/03/signs-of-change-in-sebastopol-new-construction/
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