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More Choosing to Build New Homes than Buy What's Left
Updated: Thursday, 26 Jan 2012, 7:41 PM MST
Published : Thursday, 26 Jan 2012, 7:41 PM MST
SCOTTSDALE - A valley home builder says sales of luxury homes in the Phoenix metro area have taken a sudden surge in recent months, despite the economic downturn. What's behind the trend?
It’s a lifestyle many of us aren’t used to, but with the market the way it is, that lifestyle is becoming much more affordable.
Custom home builder Sam Fratantoni and his wife used to entertain one serious client a month.
“We’re getting calls about once every week, 10 days, and they’re stepping up to the plate, they’re signing,” says Frantantoni.
They recently sold an 11,000 square foot north Scottsdale home.
Josie Frantantoni is a realtor and designer. She says many buyers are coming to them after looking at dozens of foreclosures and short sales.
“There’s probably multiple offers on it. And they’re tired of not getting the home, and if they do see a home that needs some work, they don’t want to do it,” she says.
In addition to home prices falling, the price of land has crashed as well – making a new build more affordable.
“They want a home, they know it’s the best time to buy a home, but what they’re not willing to do is to just buy what’s left over. At this point all the cherry picking is done.”
The Frantantoni’s say construction costs are down too, and they haven’t been this busy in years.
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