Spec home's sale price reported

8 Buckthorne Lane (off Parsonage), has closed at $3.5 million. Builder paid $1.750 for the lot in September 2016, paying $100,00 over its asking price, and has had this project on the market since April 2018, when he started at $4.995. There was probably some small profit eked out at this final price, but once again. it shows that “winners” in bidding wars rarely are.

(Doing the math here, the builder seems to have used the old rule of thumb of “a third, a third a third”: 1/3 for land, 1/3 building costs, 1/3 profit and overhead when setting his initial sales price. Did he really plan on getting every penny of that? As it turned out, he got two of those thirds, the land and building costs portions, but failed to collect the final third to cover profit and overhead. That’s no way to run a railroad, or any other business.)