New construction while not white hot is still robust check it out

New construction while not white hot is still robust check it out

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

Bought 24 acres 5.5 million  put all the streets and utls in and I am building 90 homes  right now we are little over half way through sales are still perking along at 2 or more a month for record prices in Canby Oregon..  with an extreme shortage of existing homes new builds are some of the only inventory.. WE chose to up scale and semi custom instead of trying to lower prices we raised them and that strategy has worked our buyers tend to be empty nesters paying cash or almost cash we still get some younger families but not like before the interest rates changed. price points when we started a few years ago for 550 to 650.  today we are 675 to 900k plus exact same houses.. Lot costs already established so things are penciling well for our project . we put a small group of investors together for this project I get all the loans personally so we usually have 7 to 12 million out on construction loans .. and I think we will wrap up sales in  24 and building in 25..   these houses are 1800 to 2500 sq ft and sell for 300 to 400 a sq ft retail.  No rentals of course. 

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Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes
3y

@Jay Hinrichs

Congratulations on your success and thank you for the information on your market and development performance

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  • Jay HinrichsBusiness Member
    OP
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y
    Quote from @Roarke Van Brunt:
    Quote from @Jay Hinrichs:
    Quote from @Roarke Van Brunt:

    Nice job Jay!  The company I work for finished up a comercial project not to far away and I took the time to drive thorugh the neighborhood, and it looks fantastic!  Who did you guys work with on the excvataion/utilites for the site work if you don't mind me asking?


    Thanks Roarke,

    My first bp member drive by :)   dirt work was done by Canby X.  they treated me very well. they bid pretty strong for projects in their home town.. Plus their relationship with the city and Canby Utility company goes along way as well.

    I have worked with Canby X.  They really know their AHJ's well, they stay very competitive in area they condiser theirs and do good work.  I found them good to work with as well.


     Agreed Doug Sprague is a great guy to work with along with all the others in his company as you know its a family gig. Danny ran phase 1 and 2 and Jason phase 3. we are just sticking with what has worked for us so far providing the highest quality with extras galore without advertising stripped home and then trying to upgrade .  

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