Salamonie Lake Topics: Home Pricing

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	Name:	noagenda -
	Subject:	Home Pricing
	Date:	8/10/2006 12:16:22 PM

Their is a newly constructed spec house for sale in our cove that is deeded and has approx. 220 feet of WF, with seawall and pire, and is appox. 2000 sq. ft with an additional storage unit.

The place was on the market for $815K a few months ago, dropped to $780K a few weeks ago and now is $729,000. Clearly overpriced to begin with. My think is the lot is worth $400,000 with improvements. That means approx. $160/sq. ft for the house. versus $200/sq/ft to start.

Call me crazy, but I see several of these homes, most on lease lots, in the $200/sq ft range. And I am not talking 5-star stuff here.

Feels like the market is getting less than expected.