25 Beechcroft
Another Beechcroft spec house
This house is on the other side of Beechcroft from # 16, also a spec house, that started at $8.5 million and finally sold last week for $6.2. Undeterred by his competitor's loss, this past June this builder raised his own project's price to $7.950 from $ $7.5 million (which in turn, was an increase from the original price of $7.2). He paid $2.950 for the land back in July 2007 so I suppose he's stuck at a high price, but the sale price for the place across the street can't be encouraging.
Assuming a $400 per square foot construction cost ($3.6 million and adding in land cost of $2.950, this guy has $6,550,000 into the house before he begins considering pools, landscaping, conveyance taxes, commissions, overhead, etc. Not much wiggle room there, so he'd better hope for a (very) strong housing recovery, starting soon.