NEW CONSTRUCTION IN FLAGSTAFF INCREASES

It’s been years since Flagstaff has seen any appreciable increase in new construction. When the market sank, most Flagstaff builders either quit building or went belly up as it became cheaper to buy resale versus the cost to build. While resale homes are still less expensive versus building new, in general, new construction is gaining momentum as the cost to build is becoming competitive with resale. A quick glance at the numbers reveals the following:
Average price per square foot for an existing single family home in the city of Flagstaff as of March 4, 2012: $165.41 psf.
Average price per square foot for a newly constructed single family home in the city of Flagstaff as of March 4, 2012: $170.60 psf.

As you can see, the cost of building new is only 3% higher as compared with resale. Does it make sense to build new? If you feel that a new home may be in the cards for you, consider the following factors:
1. The time is takes to build new which is an average of four months.
2. New construction usually means a base priced home to which you will have to add the cost of landscaping, window coverings, upgrades, lot premium, all of which you can find in a nice resale home without having to pay for it. Often these additional costs will add up to thousands of dollars.

In sum, does new construction make sense? Probably not from a financial standpoint, but it does it you just can’t find what you like in the resale market or if you just WANT new. Many people just like the thought of a new home which has never been lived in with colors of his/her choice etc. If that scenario fits your description, go for it. If you have additional questions, would like a list of all newly constructed homes for sale, or help finding your dream home, give me a call. I know the market well and offer hassle free services. Thanks for reading. As always, your comments are welcome.