I don't have a concise answer for you but generally speaking, new construction, or in this case, a tear down replacement; does have a higher value. There are many factors that determine its value; number of competing properties, location, quality of materials used, upgrades, etc. More often than not, it comes down to what the builder "needs to get" to recoup his costs. Will he get it? Only time will tell. He has already reduced the price and will most likely have to reduce further. As you said, you can get a lot more value in Rockland.
A buyer's agent can give you a comparative market report of homes before you even look at them. Many things are taken into consideration when pricing a home including year built, schools, amenities, lot size and location. In this case this house is brand new and is 2650 sq ft. If the house sold by sq ft this one would be about $315.09 per sq foot based on the asking price of $800,000. If you took another 4 bedroom and it was listed for $500,000 but only had 1500 sq feet you would be paying $357.17 per sq ft. It's all a matter of preference and having the right real estate agent. Remember .....it's just an asking price. If you have any more questions, don't hesitate to contact me.
Also, you need to compare sq ft. carefully. In terms of a bilevel or raised ranch, the town assessor may not have listed both floors in the sq ft figures. In the case of my listing, it only respresents one floor. To know a home, you need to see it.
If I can help you in any way, please do not hesitate to email me or call.
Prudential Rand Pearl River