31902 Apuesto
There it is, a big ‘ol piece of dirt just waiting for someone to turn their dreams into 2×4’s and stucco. If Bank of American does not like owning homes, it certainly isn’t gonna like owning a vacant lot. At least the bank does not have to keep the lawn watered, but how much liability might be associated with a non-fenced vacant lot?
Anywhooz, 31902 Apuesto Way, the featured property of our post, “Peakage Buying, (and Minor Land Baron Stuff), – 31902 Aouesto Way“, went back to the bank today with an opening bid of $799,813; with no postponements.
Ya think the CZ Master Association would let me put a double wide up there? Ya know, one of those nice ones. Or howz ’bout subdividing the 5.7 acres into 5 one acre lots and one 0.7 acre lot, and selling each new lot with a double wide included for $250,000 a piece?
But seriously folks, if no one bought 5.7 acres for $799,813, does that mean that Rancho property is now worth less than $141,000 per acre? From the aerial photo it looks like at least one acre and possibly 2 acres of the lot at 31902 Apuesto Way is buildable.
C Delroy Spuckler
July 30th, 2010
6 Sawgrass went for $650k just 6 months ago. I’m guessing this plot of land in Weatherly North is worth significantly more than Sawgrass, right?
cdcrez
July 30th, 2010
If I wanted to build a home, this lot would be worth more than $800,000 to me. I am surprised that no flipper or builder picked it up at the auction. Maybe, like me, they are surprised that it went to auction with no postponements and surprised at the price. I am certainly no expert, but $800,000 seems like way too cheap to me. This lot at 5.7 acres would seem to worth way more than 6 Sawgrass unless there is some issue which makes building on it more expensive than usual.
C Delroy Spuckler
July 30th, 2010
Its been a while since I drove past it… can’t remember if its flat, and if they’ve already graded it.
Do all the lots in the Estates have easy access to utilities?
Ya, I would think at that price it would have gotten snapped up if its a decent lot. Any idea what new construction costs? I think I remember a colleague of mine who was looking to build in Shady quoting something like $500/sqft + land. (for a house finished to Shady standards) At that price, you could build a 6000sqft home with the lot at $3.8mil.
If that sounds about right, I don’t see an 6k sqft, nicely done homes with 5 acres of land selling for anywhere near that in Coto. Hell, look at some of the stuff in Ladera asking near or above that, and those lots are like 1/2 an acre if you are lucky.
South County
July 31st, 2010
A general contractor can build a very nice home for $250 a square foot, the cost of building has come down 35% in the last 3 years and the $250/ft is not bare bones. All the large custom lots have 1 1/2″ water service some larger to the lot. The key is to keep the engineering and grading costs down. If the pad is in and certified thats good.
cdcrez
July 31st, 2010
Thanks.
C Delroy Spuckler
July 31st, 2010
Is that just the building costs, or does it count all the architectural work, the permits, everything to get me a finished house (except probably landscaping)
South County
August 1st, 2010
That is the hard costs. Permits will run from $40K-$60k. If you use a O.C. architectural firm that will run $100k- $150k, or use “off the shelf” set of plans for under $10K. Engineering fees could run up to $50K. Again the key is to move a minimal amount of dirt. In construction as in real estate you need to run the show. If you have to pay someone to hold your hand, their other hand is in your pocket.