It's a 3 Bed 3 Bath new construction home in which we love the area and think there is going to be a lot of appreciation in the area as it matures.

As time went on, prices came down because buyers saw the challenges with rebuilding--trade labor, insurability, not knowing what will be built on adjacent lots (like one lot where the owner built a house that looked like a concrete mushroom and that devalued the adjacent new construction homes built to more conforming architecture), and so on.The weakness with moratoriums such as these is that it is now illegal to offer less than FMV as of 1/6/25--but what was FMV on 1/6/25? 

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.

Don't buy beyond your means when it comes to construction.

While most of his experience is with new construction rather than remodels, he’s already given me a few pointers and is looking into potential referrals for me.

In my experience it cannot be used as construction funding. 

There are also other new construction homes on our street facing the same issue.So, I’m kind of stuck with this property, which is why I’m exploring ways to cut my losses and exit cleanly.

Cost of construction is expensive and about to get worse.

Cost approach A straightforward method that adds the cost of the land to the cost of building construction.

The nicest, most expensive housing should almost always be new construction.