[graciegirl]

Originally Posted by TrudyM

Number cruncher here. OK I just purchased a preowned. As I looked at houses I compared the same plan that was new construction adjusted for the lot premium or lack of it and then added the cost of the improvements the owner had made and deducted the depreciation on the appliances, heat and air etc. Many of the pre-owned on the market are sitting have been listed for many months because the price they are at is not in line with what it can be replicated for new. At least 12 of those I looked at had been purchased less than 24 months ago had a birdcage added and put back on the market for 75 to 100 thousand more than the original investment plus the improvements. That is not addressing the issue of the developers increase in what they are listing them at. I think the prices are a little high right now and will probably readjust over time. I don't think they will go down much in the long run. But if you look at those north of or close to 466 the price per square foot is much lower, because they feel in a lot of cases that they need a facelift and have been decorated in questionable taste. As with most markets if a house is priced to match its competition it will sell.

Thoughtful post.