What is luxury home builder Pat Neal up to?He attracted a lot of press when he started selling Key West-style cottages in a gated community-Forrest Creek for just $122,900. The homes drew accolades from those worried about a shortage of affordable housing, but after just three weeks prices have increased 10%. Since the launch on Feb. 28, the builder has twice raised prices, adding $13,000 to the cost of the homes. In a real estate market where prices are falling, it's hard to believe.The prices are likely to continue rising. Neal said he wants to increase the price to around $150,000 before offering the homes in other communities. "We are trying to see if we can sell the homes close to a normal price so we can have some return," Neal said. "A new line of homes always has an exciting ...
Comments
2