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anm
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anm
Posts: 20
Registered: ‎02-23-2013
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Increasing prices for new construction in eastside

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Have you guys noticed that  prices of many new construction (or presale) houses have been increasing at a staggering rate in last 2 months. Here are some examples
a. camwest-Hazelwood (e.g 11321 178th Place NE increased from 586K to 606K
b. Camwest-ParkRidge (e.g 11715 169th Place NE increased from 639K to 675k
c.  Pulte-Glenshire Hill (e.g the grove plan increased from 653K to 665K
d. Merit-Monabel (e.g 8910 125th Lane NE ) increased from 739K to 769K
 
Any idea why these builders are rapidly increasing prices even before summer ? 
 
 
Silver Contributor
bld999
Posts: 476
Registered: ‎04-15-2011
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Re: Increasing prices for new construction in eastside

Must be observed or expected demand esp. if 3 separate companies are doing it.

 

Camwest is Toll Brothers, Pulte is huge and national, Merit is local [30yrs here]  They all know how to read a market.

Redfin Agent
KathiKB
Posts: 533
Registered: ‎04-01-2009
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Re: Increasing prices for new construction in eastside

[ Edited ]

New construction pricing is a very good indication of the strength of a market. The builders will only raise prices if they really feel the market will withstand it. If they raise prices and they don't sell any homes, they are in deep doodoo--having just shot themselves in the foot. Likewise, in a down market, they will also be the last one to drop prices, and do this very reluctantly. In the north end of Seattle and the Eastside, last spring/early summer was the first time I saw prices being raised pretty much across the board with all larger builders. I have noticed steady price increases ever since.

 

 

Kathi Kelly-Billings | Redfin Seattle Senior Agent

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nothingleft
Posts: 1
Registered: ‎02-25-2013
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Re: Increasing prices for new construction in eastside

If those abcd looks increasing at staggering rate, you will faint out to see the Polygon at Issaquah Highlands. For 1630 sqft., the price was around at $460k in Dec 2012. Now that it is stunning $530k!! The first home was sold at $390k in Apr 2012 in that community. I have toured them and their floor plans are great. Exterior and the whole community looks beautiful. However, their school situation is pretty bad as they have to go across the highway(I-90) to go to Clark Elem, while the other Highlands community is assigned to Grand Ridge, which is a walking distance and have better score (10 to 7 according to Greatschools). I am guessing the reason for such a price hiks is that the recent shoppers are mostly interested in new homes and we don't have good number of new homes being built now. I hope the builders take this opportunity to build lots of new homes and the overall price eventually goes down.