Re: Get it Under Contract and Market it? - Posted by Sean
Posted by Sean on October 20, 2003 at 13:33:58:
I am not looking for an OK on this deal, I am just asking a relatively general question, that I am hoping will be answered by someone with some experience in the custom home/high end pretty house business.
I am in Pittsburgh, PA, not trying to be secretive, or withhold information. I am simply curious if people playing with the custom pretty (higher end) homes are able to get top dollar for T/B’s where new and similiar construction is still going on.
I have no issues in my junker/retail finding T/B’s willing to pay premium to get into my houses, ie finding those people with money, or credit, but rarely both that want to own a home.
However this scale of house in my area, is a pretty prime piece of property in a very prime area. New custom construction is being built today on the same street for just a few dollars more than this guy has a mortgage on it for. I am just curious if those who are active in this market if they have any issues getting top dollar for one of these homes, when brand new can be had down the street. For me to make a deal like this one work for me, I’d be looking at an ultimate retail price of somewhere in the 350ish +/- range… when new construction on the same street in fact right next door is still going on and is in the 330 range. Now obviously in the higher end, prices are all over the map, there are homes in the 420 range as well close by… I am just curious if the clientele for this type of home are going to be just as willing to pay a premium for a Lease to Own as buyers in the more modest homes… or are they more likely to just go down the block to buy new, making it difficult to find the “motivated buyer” for lack of a better term that needs, appreciates, and has a big enough down payment for the home I have.
My junker/retail I often have buyers lining up, I don’t want to find myself with overexpectations that’s all.