Per the title, we are looking to build new in a growing suburban/rural town about 20 miles outside of a large metropolitan area. There's a particular subdivision that is building houses mostly in the $350-$450k range, however they have some larger sqft models that are in the $500-$550k range.
My wife and I love one of these bigger models and so we're left wondering on the old adage about avoiding the most expensive house in the area.
The question is, what's the area? Is it the subdivision/HOA, is it a 5 mile radius or even the zip code where we would want to be average?
Additional details:
They've already sold 5-10 homes (out of 100) at about $550k. Some already up, others are in the process of being built. There's also a second phase that's not started with an additional 150 lots.
~2 miles down the road there's another builder whose plans start at $550 and go into the $800k range.
Finally within a 5 mile radius, there's everything under the sun. Some very small $200k homes and others getting close but none achieving 7 digit valuations.
Guidance would be appreciated.
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source https://www.reddit.com/r/RealEstate/comments/1xgup6d/how_big_of_an_area_should_you_consider_for/
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