HAHAHAHAHAAAA.... Oh... I'm sorry... that's...
I'm sorry... ahem... I just haven't heard a good joke in a while. Actually $110 PSF would be considered a good price if you can get it. The builders (the Pro's anyway) are staying plenty busy in Northwest Austin right now.
If they aren't busy and they drive a beat-up truck, I'd steer clear! I'm a contractor turned realtor, with over 21 years in the real estate industry. The prices here are dirt cheap compared to ANYWHERE else I've seen in the U.S. Los Angeles PPSF (Price Per Square Foot) to build, for example, would easily be over $200 and go up from there.
Pippa, if you can get that price to build a home, I'd sure like to see it! Because even the great Wayne Morgan would love to buy some of those deals.