Did I get a good price?

Asked by Bob, Hobson, MT Wed May 21, 2008

I just bought a new home on the golf course in a master planned area at $1.05 per sq ft.

It has golf course and mountain views. Good price?

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Shirley Thom…, , 89048
Tue Feb 24, 2009
Dear Bob,

I will run you a Comparative Market Analysis if you like, then you can decide for yourself. Please contact us anytime!
0 votes
Don Tepper, Agent, Burke, VA
Wed May 21, 2008
I don't know Pahrump, so I can't comment on the price per se.

However, I'm not a big fan of relying heavily on price per square foot. Price per square foot is far more applicable to construction costs, and somewhat applicable to rehab costs. (Actually, it's not so great for rehabs, either, but some people use it.)

But as a retail buyer, price per square foot tells me almost nothing. Consider: The cost of top-grade bathrooms and a kitchen, versus medium-grade isn't going to greatly affect the per-foot cost. But it can make a huge difference in the desirability of a property. The property's layout--the flow from the entrance to living room, dining room, access to bedrooms, etc.--won't be reflected at all in square foot price. A 2,000 sq. ft. house is a 2,000 sq. ft. house, period. The curb appeal isn't reflected in the sq. ft. price. Great landscaping will barely have any effect on that price, but will have a significant effect on a property's desirability. How about quality of workmanship in the house?

I'm sure you're hoping to hear that you got a really good deal on your purchase. You may have. But looking at cost per square foot really isn't the determinant.
0 votes
Myke, Home Buyer, 89449
Wed May 21, 2008
I'm not overly familier with Pahrump - but, sounds good to me.
0 votes
Bob, Home Buyer, Hobson, MT
Wed May 21, 2008
It is a brand new home. Nearest comp I can see is 125.00 per sq ft, but not on the golf course and no view.

I know I am 20% below the closest comp 6 months ago with no view on not on golf course, I am just trying to make sure I price in the anticipated declines in Pahrump over the next year.
0 votes
Myke, Home Buyer, 89449
Wed May 21, 2008
simply stating the price per sqft really isn't much of an indicator. Is that price in line with other properties in the area? Does the home require a lot of work? Is it in a market that is having issues and is expected to decline?

This also says nothing of the fact that ultimately "good price" is determined mostly by the buyer. If you are happy with the home, and you feel you got a deal - then it's a good price.
0 votes
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