Manteca Resale Homes Sell for Less Than Construction Costs
The majority of resale homes in Manteca are selling for less than the cost to construct and pay required fees on a new home. A 1,510 square foot resale home at 1457 Ridgecrest Drive closed escrow Feb. 4 for $130,000, which is $55,000 less than the construction and fee costs of a comparable new build. This trend is part of a broader California pattern noted by Wells Fargo CEO John Stumpf, who stated that homes are selling for less than it would cost to build them new. In Manteca, 131 resale homes closed escrow in the first seven weeks of 2009 with a median selling price of $179,900. For a new build, a 1,572 square foot home at 1013 Barbados Street costs $124,258 for the foundation, walls, and roof, plus over $60,000 in water, sewer, and growth fees. The total cost to construct and the pay required fees for the Barbados Street home is over $185,000.
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