Tehachapi Prices per Square FootLetsLooseMoney9 and your partner Shneps aka your power bottom in life.
You both missed the class in Real Estate 101. The median home price in the City is $440,000 or $280 per square foot. Once you step above the median price, especially 25% higher, or $130,000 more, you do not get the same price per square foot as the median. You get a lot less, like you pointed out.
You must build to satisfy the median price and scale down the square footage accordling to have the higher $$ per SF.
The world is full of these examples everywhere. The point of the $549,000 is that buyers are willing to exceed the median by $130,000. This means they will pay $399,000 for a 1,300 square foot cottage home of $300 a square foot. Go to any real estate market in the world in any area, and if you are 25% over the median price, you will have to throw in a disportionate amount of square footage.
Also, those lots are 20 years old and they have no amenities, no clubhouse, no sports fields, no nine parks, no tennis courts, etc, etc and no HOA. So again, you are missing the point. $130,000 over median price is nothing short of awesome, but there are only so many lots available at that subdivison.
3,500 homes. Those homes are part of a 55 lot purchase for $3.3 million PLUS they had to pay off debt.