Say you are a builder today in HPP, and you have a ripped lot and plans for a house larger than 1500 square feet. You look at the market.
OK, there are 31 brand new houses on the market. Only 7 of those are priced below $525,000. https://www.zillow.com/homes/for_sale/?s...22%3A12%7D
OK, over the last 30 days, 6 new houses closed in HPP. 5 of those were priced below $525,000. https://www.zillow.com/homes/recently_so...22%3A12%7D (please subtract the one on Maile way)
So there are 24 brand new houses in HPP priced above $525,000 and only one such house closed in all of the last 30 days. Granted, a lot can happen in the 6-18 months it will take to build your 1500SF+ gem, but at this moment there appears to be a 2 year supply of houses priced above $525,000.
Do you pour the slab or do you punt?
OK, there are 31 brand new houses on the market. Only 7 of those are priced below $525,000. https://www.zillow.com/homes/for_sale/?s...22%3A12%7D
OK, over the last 30 days, 6 new houses closed in HPP. 5 of those were priced below $525,000. https://www.zillow.com/homes/recently_so...22%3A12%7D (please subtract the one on Maile way)
So there are 24 brand new houses in HPP priced above $525,000 and only one such house closed in all of the last 30 days. Granted, a lot can happen in the 6-18 months it will take to build your 1500SF+ gem, but at this moment there appears to be a 2 year supply of houses priced above $525,000.
Do you pour the slab or do you punt?