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]]> http://idahobusinessreview.com/2011/01/19/37406/comment-page-1/#comment-45579 Jim Paulson Wed, 26 Jan 2011 18:47:09 +0000 http://idahobusinessreview.com/?p=37406#comment-45579 Lot prices have dropped drastically from their peak allowing new home prices to come down considerably. With lower lot prices, builders can justify building smaller homes too. When they were paying $100k for a lot in 2005, they pretty much had to build and sell for about $300K. Traditionally, the cost of the lot is about 1/4 or 1/3 of the total value. Now with lot prices down below development costs alone, prices are incredibly low and at a level that is not sustainable since no one will go out and purposely develop lots to sell at this price again. Buyers need to look at the economic principles of supply and demand; replacement cost, etc., and they will realize that we have over corrected in price and that prices will be increasing on these types of properties this year. I have seen brand new homes in Ada County being built and sold starting at about $100k for a 3 bedroom home. That makes it cheaper than rent, so investors are starting to buy again which will also cause an increase in demand and pricing. Lot prices have dropped drastically from their peak allowing new home prices to come down considerably. With lower lot prices, builders can justify building smaller homes too. When they were paying $100k for a lot in 2005, they pretty much had to build and sell for about $300K. Traditionally, the cost of the lot is about 1/4 or 1/3 of the total value. Now with lot prices down below development costs alone, prices are incredibly low and at a level that is not sustainable since no one will go out and purposely develop lots to sell at this price again. Buyers need to look at the economic principles of supply and demand; replacement cost, etc., and they will realize that we have over corrected in price and that prices will be increasing on these types of properties this year. I have seen brand new homes in Ada County being built and sold starting at about $100k for a 3 bedroom home. That makes it cheaper than rent, so investors are starting to buy again which will also cause an increase in demand and pricing.

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