Appraisers are hitting us with $88/sq. ft. for existing average homes, and going up from there. New homes in the Lennar subs like the Vistas, Highlands, and a couple of others are getting as high as $128/sq. ft. (Stoneridge). The homes at this level are considered perfect in construction, and have upgrades of some sort.
As more and more builders come on line, I feel it will be hard to top the $130/sq.ft. mark, due to competition.
$100 per foot is a great price. I see lots of new listings topping this figure, and they are getting offers. I was showing in D'Andrea and Lennar yesterday, Wingfield and Spanish Springs this whole week, Double Diamond/Damonte Ranch new homes last week. Both Mike and Clark are right.
You need to compare apples to apples, oranges to oranges, and don't wind up with a lemon.