920 Harbour Oaks, Fairview, Texas
We closed on this home today. This is another beautiful Home by JAnthony on a one acre lot. It was priced at $1.925 Million. We represented the builder on the home.
This home is very typical of the finishout you’ll see in many of their homes, and they are very, very popular. Homes by JAnthony is the largest builder in the area and currently have 52 homes under construction and in the design stage. To handle that type of business, they have to have their systems and costs down so I’ll tell you what Tony Prutch, the president of HBJA told me about their pricing.
Tony said you can estimate about $195 per sf of finished out living area as the base price, then add in the cost of the lot in Fairview (about $650K), a pool (easily $100K), landscaping and fencing. Depending on the square footage of the home, you’ll have a rough idea of where you’ll end up.
Of course, when a home buyer starts to add expensive items beyond the generous package they already provide it can really escalate the cost of a home. It’s also important to know no home builder’s material costs are fixed any longer.
Supply chain issues and escalating material costs can increase dramatically between the time the home is contracted for and the completion date. Those costs never go down and someone has to pay for them, so it becomes the responsibility of the home buyer.
If you really want to understand what’s going on in the world of home builders, you should listen to a recent interview I had with Tony. He’ll explain these things along with why it’s taking so long to complete their homes, months longer than they’ve ever experienced. Here’s the INTERVIEW
910 Quail Rise, Fairview
Our second home sale was also in Fairview and we represented the sellers. It’s located in Oakwood Estates, one of the premier developments in Fairview. To this day, we hear buyers tell us they only want to see homes in Oakwood because it has such a wonderful ambiance.
The home is on a 1 acre lot, listed at $1,225,000 and sold for quite a bit more. We knew it would with a setting like this. We had multiple offers on the home. I’m proud to say our team represented both the buyer and seller on this transaction.
As you can see, it has a completely different feel than the home above. This is a great example of how if you want a home on a treed lot in Fairview or Lucas, you are going to have to buy existing. There are no more treed lots and haven’t been in many years. They were the first to be purchased long ago.
You will always get much more for your money if you buy existing. The homes cost a lot less to build in 1996 when this home was constructed. If this lot was available without a home on it, I’d bet it would sell for at least $650K or even higher.
Although this is certainly not a tear down, there are many homes in Fairview where the lot value has just about equalled the value of the home and the lot together. That is, all value is in the land. That’s where the next push is going to be, especially when all the remaining lots are competed, and I can see that happening within 5 years.
211 Forestview, Lucas
Our third sale this week was in Lucas. I call it the sister city of Fairview because these two towns have a lot in common.
We represented the sellers on this home too. It’s also on another heavily wooded, beautiful, two acre lot. It was priced at $1,250,000 and also sold for quite a bit more than that. This is another home we had multiple offers and we knew we would. The home was built in 1997.0