We at Piedmont Personal Builders build custom homes on owners lots, typically called “on your lot ” building. We build a few inventory or “spec” homes here and there throughout Central North Carolina, so that we have some product to show at various price points and fit and finish levels. We currently have two completed inventory custom homes available in Lewisville, NC and Greensboro, NC. One is priced at $609, 900.00 and the other is priced at $383,900.00. Both have been completed and on the market for some time now.
The higher priced home is in a very desirable, up-scale neighborhood in Greensboro called Lake Jeanette Northern Shores. It was typically an area that sold very well. Homes rarely remained on the market long. This should be especially true now, since the home is located in the very last piece of land available in the Lake Jeanette subdivision. But, because of the recession and the down turn in the real estate market, homes there are taking much longer to sell. Another custom home builder in the neighborhood has recently closed shop. Unfortunately for us and the remaining builders, he dropped the price of his home, which is next to our home, by $70,000.00. He simply wanted to get back what he had put into it. It sold quickly after that price drop. Now we and the other builders in the neighborhood are faced with the question from potential buyers, “why was that home so much less money than yours?” Of course this makes selling for the remaining builders more difficult. The other issue will be appraisal when the home does sell.
So, we do our best to market and sell this home. It seems like traffic has picked up there. But still, nothing is selling. Yes, it’s still a very interesting market. Who knows what tomorrow will bring?