New construction while not white hot is still robust check it out

[Jay Hinrichs]

Bought 24 acres 5.5 million  put all the streets and utls in and I am building 90 homes  right now we are little over half way through sales are still perking along at 2 or more a month for record prices in Canby Oregon..  with an extreme shortage of existing homes new builds are some of the only inventory.. WE chose to up scale and semi custom instead of trying to lower prices we raised them and that strategy has worked our buyers tend to be empty nesters paying cash or almost cash we still get some younger families but not like before the interest rates changed. price points when we started a few years ago for 550 to 650.  today we are 675 to 900k plus exact same houses.. Lot costs already established so things are penciling well for our project . we put a small group of investors together for this project I get all the loans personally so we usually have 7 to 12 million out on construction loans .. and I think we will wrap up sales in  24 and building in 25..   these houses are 1800 to 2500 sq ft and sell for 300 to 400 a sq ft retail.  No rentals of course. 

[Jay Hinrichs]

Another drone shot looking west.. you can see the big foot print single levels on larger lots. We went out of order building phase 3 before finishing phase 2.. but it was the right call we would not be performing nearly as well if we did not have these ultra nice single levels for our empty nester cash buying clients.. sometimes you make the right decision .. It was a tough one I had 20 lots sitting and then went and borrowed another 3 mil to build phase 3.. but had we not we would not be enjoying this great market for us..  we sold two homes last 10 days that were 2k sq ft single level 3 car garage for 800k each.. Even with all the upgrades we put in as standard ( with other builders they are upgrades) these have very nice Net Net profit margins in the order of 25% on gross sales price.  My wife and the GC  have done a spectacular job in Producing first rate product and then Lori marketing it and bringing in the contracts she is amazing.