Lifestyle-YOU CAN HAVE IT ALL
Surprisingly it is a little know and recognized fact that one of the silver lining to the foreclosure market is in residential property, is the fact that construction prices have come down to pre millennium prices. If you’re a nostalgic person one way to take a trip back to the mid 1990’s memory lane is to build a new custom home these days. Most people are shocked when they hear this but believe it or not it is true. I shall demonstrate with a recent bidding of project for a retire couple that owned a lot in north Scottsdale, AZ. We had designed a house for them in 2005. The house was Pioneer/ Ranch style and at that time in 05 the house bid out at about $1,300,000.00 dollars with every thing included. To my surprise I got a call this past January, and it was the client from 05. I was glad to hear from them and surprised after so many years. After catching up they asked me to rebid the plans for the house we designed in 05. I was happy to comply and did so. To my amazement the finish bid came back at approximately $750,000.00 dollars about a 40% reduction from the 05 price. Even I was surprised. The client was of course was thrilled to hear this news and after some financial arranging is ready to proceed with the construction of the project.
As a point of interest to those prospective home buyers this news should give pause to those buyers just seeking a foreclosure deal. Yes those deals are out there but with some real and dangerous consequences. Most buyers don’t have the time or the expertise to find the qualified inspectors to verify the true conditions of these so called foreclosure deals. Often these properties contain serious mold, insect infestations, structural cracks and other deteriorations that in the end significantly reduce the value of the foreclosure deal.
It is my considered experience that these so called “can’t miss” foreclosure deals are anything but and more time than not are a much lower value than new construction. Although new constructions time to occupy is longer it is not that much longer, a case in point, a foreclosure house needs to be mold abated which can take 3-6 months and often destroys the very finishes you loved about he original house.
Although new construction may take a few months longer, just think about what you get for those extra few months, full warrantee, the latest finishes, new appliances, and new mechanical, electrical, and plumbing equipment. Landscaping to your taste. The knowledge and comfort of knowing that no one else has used anything in the house, like a new car-that’s a great feeling.
WZ Design Studio is strategically place to help our clients take advantage of this once in lifetime market condition. WZ has a great reputation and over 15 years of experience in the design of luxury custom homes I the southwest region. We have a complete and qualified staff to handle your custom home project needs. WZ also associates with some of the most qualified contractors that are honest and maintain premier quality even in this market. This contractor guarantee their price based on our plans and can actually save you up to 40% on your project over prices that existed just a few years ago. If you need to discuss your dream home ideas, please feel free to call us at 480-443-0192. See us on the web at wzdstudio.com, email at jim@wzdstudio.com
