Price per foot for residential real estate
Hey. Have you been asleep under a rock for a while? Well, if so, you don’t realize that prices have went up on real estate. But I’m going to catch you up regardless.
So if you have been paying attention, you know that prices are up, but like you don’t maybe know exactly how much. So we’re going to take a quick spin through and look at our website and look at some prices on a per square foot basis.
So, Omkar, let’s go ahead and share the screen. I have some stuff prepared for us and I’m going to go ahead and take control of the mouse and move around. And I’m just going to look at homes in Frisco. And what I want to just look at are prices of how much these homes are on a per square foot basis. And so right in here is the price per square foot of $206 a square foot for this home.
This one is 600 and $653 a square foot. So now this is an outlier and it’s a larger home and there’s some things going on here. But that’s an intense number, right? It’s a four and one half million dollar home, $218. 206 to 20 9 to 90 7 to 55 to oh seven. I don’t see anything in here under. Right. This is crazy. Right. 224 This person put the wrong number in.
They said the house is 15,000 square foot. That’s actually how big their land is. So that’s some bad data point there. That person put in 182 cheapest house you can find on a per square foot basis. Let’s take a look and see what we’re getting for this bad boy here.
Right. So when you take a look at this house and you pull up and you look at this, how much do you think this really is? Right when you’re looking at it, if you put goggles on from the past, you kind of like, see this? You’re like, yeah, that’s a nice looking house, right? And you see it.
It’s built in 2010. It’s 3800 square feet. And you kind of like, I don’t know, 450. And then you’re like, no, wrong. 695,000. It’s like, whoa, that’s crazy. Your mind just misses things. And all of a sudden it’s been like an increase in increase and increase and things keep going up. So I just wanted you guys to see that it is crazy what the price per square foot is of homes nowadays.
And I got used to seeing things like $75 a square foot, $85 a square foot for new construction. Now it’s like $300 a square foot for standard homes. I don’t know what to say, guys. Prices are crazy compared to what they were. And I just wanted you to have a little bit of interaction with the website, see what’s going on with prices, and just recalibrate your minds on what pricing really is on a per square foot basis.
When every single thing you see is starting with a two, it’s like 200, 200 and 202 092 41 230 again that house four 181 eight Wow, that’s a real deal. We’re going to have to jump on those. Send your clients now. Anything you can find under $200,000 or $200 a square foot is crazy. You know, you look at some of these homes and I just don’t realize you look at this house, right? I don’t know.
It’s 2600 square feet and you’re like, I don’t know, it’s got a front garage and you just give like your initial number on it. It was built in 2004. Looking at that picture, I really think this house for 2600 square foot is like, I don’t know, maybe 225,000 is like what I kind of see myself and it’s not like it’s got some amazing stuff in it, right? You know, like, no, 500,000.
Ladies and gentlemen, this is a crazy world. I just want you to look at some prices real quick. We’ll come back over here and just give us a talk that prices are up for sure. And I don’t think they’re coming back down. Right. And we are here right now and we just need to stay here at this super high price point.
So if you have people that are wondering what’s going on, prices continue to go up. Supplies are in short demand and short supply. And there’s a huge demand. Tons of people are still in apartments because they still can’t even get into houses yet. So the demand is going to just continue is as long as we get to keep interest rates at something semi reasonable, we should be amazing.