Tucson Starter Home buy half a house : )
December 15, 2006
Post Tags: Tucson Real Estate , tucson-homes , tucson-starter-homes
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They say necessity is the mother of invention, with the median price of a new home in Tucson now over $218,000 it is estimated a household income needs to be $80,000 a year just to buy a home in Tucson. This is well beyond the income level of many families in the Tucson area.
Not to be outdone by this market developers have come up with a new concept in housing here in Tucson. Buy half the house now and when you can afford it in a few years they will come back and build the other half of the house.
With home values rising this past year at a rate of 32% and even with the slowing of the market an increase of over 15% is expected for the next several years. This makes it possible for families to use the equity in their new home to build the other half of their home in a relatively short period of time.
The price of these starter homes are in the $180,000 to $220,000 range depending on the upgrades.
Almost everyday I would go by this home as it was being built thought it looked odd from the angle I would see it while driving down the road. One day I took the camera along and shot this photo. It always looked to me like just half a house, and that is when the wacky idea came to me about building and selling just half a house.
For now, I don’t know of anyone doing this, but who knows what could possibly happen in the future.
Anybody out there think this is a good idea?
