Starting Prices are High for Heights Homes
Today’s reality: Heights land prices are way up; multiple homes are being squeezed onto smaller lots.
I recently sold a 6000 SF lot in Sunset Heights (actually 2 lots-each 3000 SF) for $325,000. That’s $54/SF! A year ago you could have bought in premier Woodland Heights for that price.
After a builder pays $170K/lot (after demo, etc.) he cannot build an inexpensive home on the lot.
The least expensive new home sold last month was by ANC Builders. They sold their last home on W 28th St for $310K. They are now starting on their phase II. The identical home is now under construction at $349.9K. 518 W 28th St. Building costs continually go up of course, but land costs have sky-rocketed. The ANC home is a 1984 SF 3/3.5/2. Lot size is not specified, so it’s small.
There is a huge building boom going on now. A lot of it is in locations that no one would have considered building just two years ago. Whole blocks are being transformed.
Brooke Smith is an area that is bucking the trend of higher density. Land is not cheap there anymore (see my previous post on Brooke Smith land prices) but several builders have built gorgeous 1 story bungalows. It is rare to see one story homes being built inside the loop. It’s cheaper to build up, not out onto expensive land.
The two bungalows shown here are by Wiseman Builders: 1107 Tabor St. and 407 Enid St. These are quintessential Craftsman bungalows on full lots. They are similar to my little 1907 bungalow in Woodland Heights except they are designed for modern living: well insulated, energy efficient, and actually have closets. I am happy to see bungalows being built again. They start at just over $500K.
Disclaimer: None of these are my listings. I do like to promote homes that are cool, or represent a good value. The links above should be good as long as these homes are available.