With all the news about Moratoriums and foreclosures sky-rocketing many spec. home builders are "keeping cautious in this market".
It's no wonder that many of our beloved DU custom home builders like Ryan Homes and Birch Street have slowed or halted their projects. The question remains- Can spec. homes in the DU/Platt Park neighborhood sell
Here is some information for those of you who are thinking about doing a spec. home- DU/Platt park is selling. In fact, if you are a home buyer looking to purchase something "newer" or at least remodeled in the DU/Platt Park neighborhood for between $400K to $600K, we agents might have a hard time finding anything to show you. The need seems to be more for detached single family homes of smaller square footage than pre-real estate market crash period of homes in the 3000+ square foot range.
We recently sold this particular spec. home for $399K (1400 sq. feet) which translates to about $275 per square foot. In fact, this home was under contract well before its completion date. The median price for new construction in DU/Platte park is $266 per square foot and most of the current inventory are attached units of approximately 2100 square feet vs. single family homes. There are currently only 16 attached "new builds" (selling for $253 per square foot- median days on market are 100) and NO active single family detached homes for under 3000 square feet in the DU/Platt park neighborhoods.
Ok yes- in order to sell a spec. home in the DU/Platt Park area you need to make sure you work with an excellent realtor who knows how to market (yes- it's a shameless advert)- but the question remains When will we realtors have better inventory in this area? This is a call to action to get those babies built so we can all join together and get them sold!
For additional information about the DU/Platt Park neighborhood visit our site. Cheers
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