All Forum Posts by: Karen Margrave

Even though someone may have survived through Covid, the materials used on those jobs was probably already being held in inventory somewhere. Now that we've come 2 years down the line, and those inventories have been depleted, manufacturers are having to kick up production with fewer employees that are getting paid more, and everything costs more. Many of the materials used in construction (lighting, plumbing, finish hardware, cabinets, etc.) come from China, and are sitting on ships out in the ocean. Add to that the truckers that have gone out of business due to the new environmental regulations requiring them to upgrade trucks or retire, and you have the perfect storm for higher material and labor costs along with delays in construction. 

Not speaking specifically to this job posted, but new construction in general. It's a very different world than we had 2 years ago, and I don't see it getting better any time soon. 

This market is off the rails! We're getting a lot of people from out of the area relocating here, which puts added pressure on our already crushed market. At the same time, I think the interest rate hikes are getting people off the fence, and it seems like there's more inventory coming on, not at steals but at least there's a few things to sell. The rental market is the same, crazy high rents, which is great for investors, because even at todays prices they can make their mortgage payments. What are your thoughts? Are you getting in or out of the market? 

It will depend on the terms of the agreement that you did when you bid on the house. Go back and look at it and see what it says regarding EMD.

As to all of you saying you don't get EMD back, that's rarely the case in CA. When you put in your EMD you have inspection period, appraisal period, loan contingency, etc. The inspection period by default is 17 days on inspections. If anytime during that time a buyer decides to opt out, basically for any reason, they get their EMD back. At the end of inspections, buyers can do a Request for Repairs for things found in the inspection. The seller can agree to do them, or not. The sellers not even required to respond. However; even then, the buyer can cancel. If the appraisal comes in short, the buyer has the option of covering the gap between appraisal and loan with their own funds, asking the seller to reduce the price, or backing out of the deal.

I would caution people to be careful what you are signing and make sure you understand the terms. Those are contracts, and when you sign, you're saying you will do what is set out in the contract. Do your homework. Know what values are. 

Thank you for your help! Look forward to seeing you there. 

Great floor plans and style. I'm not seeing you getting them done for $170 s.f. though. Materials costs are pretty close everywhere, and have doubled if not tripled on lumber. Has the builder done a take off on a program like Xactimate or ? that actually prices out materials? The good news is, even if you go over, it appears there's a healthy profit margin that can be reduced and still not be underwater. I'd wait until you're doing finish work to actually price and list them, and know for certain what costs are. You can still market and have a website for them to generate leads, but hold off on pricing, just generate buzz. I'll be looking forward to seeing the progress. Best of luck. 

It's pretty hard to sue an appraiser. The cost of suing anyone is usually far more than you'll get, and takes up valuable time. Sometimes you have to know when to walk away.

Your post is confusing. You have tenants but they own their mobiles? So they're renting space from you? Is he paying the rent? Is he doing anything illegal? You can't just evict people because you think they act strange, there has to be an actual cause. If there's too much traffic, do you have limitations in the lease as to parking, etc.? I'm not sure how you can limit frequency of visitors, or time, etc. You may need to consult with a real estate attorney. 

Sorry, I didn't realize the post was 3 mos old. I will say, it's a beautiful modern styled home, and I'm sure will be very popular.  

I have no idea what building costs are where you live. In CA you couldn't touch anything like that for construction costs that low, just average homes are $300 s.f. to build. The framing, etc. on the pop out alone would cost a fortune, and then the huge custom windows. 

We did some projects that were modern styled too, a duplex in San Clemente (planned with the wood, etc. facing, but costs just didn't make sense)  in 2016 that was 3 stories, with a tandem garage. It didn't have an elevator though. We also did a few 3000+ homes, modern style. One had 3 decks and an elevator from ground level to top floor. Even then, they cost far more to build than what you're quoting, but CA is the extreme. 

I'm not going to give you any advice, as it seems you've already made up your mind and are moving forward, and others have covered what I would have. I will be watching to see how yours comes out. Good luck. 

If we could get everyone to agree that rocks hold value, they would. Whether it's the dollar, or Bitcoin unless there's something tangible that backs them, the only value they actually have is what is perceived and agreed upon. Why we moved away from the gold standard is perplexing. 

In reality, the most valuable commodity on earth right now is water, and that's why all the billionaires are buying up all the farms and orchards. Water will be what wields true power in the future, and the water barons are quickly amassing it. 

As to Bitcoin it's still something that will be able to be tracked by the governments. The fear of government is the new technology that will allow for money to be put into a system they cannot control and track. If you let your mind wander you can see the complete collapse of the existing financial system world wide, then what? 

If you've had an HVAC guy go over, did they measure the output of the furnace? I agree with @Nathan Gesner  Do the utility companies do audits there? That could tell you if there's a need for sealing up areas, replacing windows with more energy efficient ones, etc. Many areas have grants and rebates available for making homes energy efficient. You might want to check into getting a new mini split system and have one unit on each floor. Are there high ceilings? If so a fan set to push down warmer air in winter and draw up cooler air in summer might help too. Good luck.