Appraisals before and after construction

[Zac Ammons]

I've been building custom homes for the last 5 years. I've recently become interested in development in a nearby city. These developments are not new by any means. I've recently started scouted lots in these areas and have been blown away at what the homes are selling at. However, I've run into something that seems to be confusing me. I do not have my realtors license so I do not have access to MLS. So I've recently just been going to the local appraisals website to dog up some information on comps in the area. I've found that the homes that are sold and people are occupying are appraising at 150 to 160 a sq ft. The ones in the process of building are appraising at 109 to 115 a sq ft. And the lots that have been bought by builders only have a land value appraised at 35%. Here's my question: First of all, could someone make more sense of the above to me? Am I wrong looking at the local appraisal district website? Are the buyers getting mortgages having to come up with the extra cost out of pocket because the homes are only appraising for 115 a sq ft but selling for 160 a sq ft?