Home Buying in Dallas>Question Details

Penn Elmore, Other/Just Looking in Dallas, TX

Irving Tx new home is $100/sq ft too high?

Asked by Penn Elmore, Dallas, TX Wed May 16, 2007

I'm trying to figure out the correlation on price per sq ft on new homes vs old homes while including the location factor. There doesn't seem to be a correlation to me. Some older homes are $90-$120 per sq ft and most new homes are between $85-$110 per sq ft. What's the correlation here? Why would the newer homes be as expensive as the older homes which should be more expensive?

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11
You have received some good answers, but one very important matter has not been addressed. You need a buyer's representation agreement with an agent who can find the right home for you with the least effort on your part and answer your questions.
1 vote Thank Flag Link Tue Apr 29, 2008
holy macro... this question is a year old!!! who dug up this thread? lol
0 votes Thank Flag Link Tue May 6, 2008
The answer to your question is: THERE IS NONE!

Price per square foot is a byproduct of price and size, not a foundation of cost.
0 votes Thank Flag Link Tue May 6, 2008
I agree with David there are too many factors to go by sq. ft. price. Buying a home by the square foot is like buying a car by the pound. Two cars may weigh the same but can be 50K apart. Even the architecture of a house will change the price per sq. ft. A master on the main will cost more to build than a master up de to the fact that the cost associated with the larger foundation.

Good luck!
0 votes Thank Flag Link Tue Apr 29, 2008
I would need more info. about the areas, and etc. You can 't comp a general question being more specific. All Dallas real estate varies in pricing per sq. ft. it also depends on the deed restrictions and subdivision. Las Colinas can be more per sq. ft. than the older side of Irving, vs. Hackberry Creek, Valley Ranch.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 29, 2008
Las Colinas (an area of Irving) has new homes priced at $175-$200/sq ft.
0 votes Thank Flag Link Thu Dec 27, 2007
Penn,

It is entirely too difficult to do what your trying to do, I think you need to be more concerned with the actual comp values of the particular neighborhoods your looking into. If you take an 1800 sq. ft. home that is loaded and an identical 1800 sq. ft. home that is bare and they are side by side in the same neighborhood, how can you compare sq. footage pricing? Because they are two different products. Feel free to contact if you have questions regarding this.
0 votes Thank Flag Link Tue Aug 14, 2007
Penn,
Newer homes have the most current designs, while older homes have wonderful charm...but as the old saying goes it's "location, location, location." Instead of just looking at the price per sq. ft. in general, I would recommend contacting a realtor and requesting a Comparative Market Analysis (CMA) for the particular area(s) you are interested in. Your realtor should be able to provide a CMA for any specific subdivision, so that you can look at the prices of the homes for sale and compare them to the prices that homes actually sold for recently. That will really be your best indicator of what a home is worth.

If you have any other questions, please don't hesitate to call me at 214-418-0180. I am happy to help.

Melissa Hailey
Coldwell Banker, Jane Henry Realtors
0 votes Thank Flag Link Tue Jul 10, 2007
$100/sqft. It will depend on the neighborhood, builder and the finish out of the home. I would be surprised to see much in Irving less than about $75/sqft for a new home, but there are also homes selling for double that. If you can share with me the exact neigbhorhood or builder, I can give you a better idea of prices.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Jun 7, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You can't compare new homes versus old homes. They are two different animals, what you need are the last 6 months of sales for the new homes to see if the price per sq ft is too high.
0 votes Thank Flag Link Thu May 24, 2007
What neighborhood is it in? And what is the sqft of the property? The land cost has varies so much depending on location. If you email me the subdivision name, year property was built and the sqft of the house I'll answer your question with clarity. Coleen Area Realtor
Web Reference: http://www.coleen.com
0 votes Thank Flag Link Mon May 21, 2007
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