costpersquarefootThe cost per square foot (sqft) method of pricing or appraising a house is the common practice used in the housing, banking, and appraisal industry for valuing a house. There is a lot of confusion on how this is done. First, it is the cost per heated space square foot, not the overall square footage. So things such as porches, garages, attic storage and unfinished spaces are not included in that calculation. Also, the total square footage of a house is measured from outside to outside of framing or foundation and not the inside dimensions of rooms. This is true for a brick house too, even though brick houses have an additional five inches added to each exterior wall to accommodate the brick and the air gap required between the brick and framing.

So here is the first confusing thing.

Hurricane MatthewHurricane Matthew was the first category 5 hurricane since Felix in 2007 and it caused catastrophic damage in the South Eastern United States in September 2016.  For home in low-lying areas, flooding exacted a terrible toll.  In North Carolina, damage is expected to exceed $1.5 billion. So it was good news when Summerlin Builders received a letter from one of it's clients, the Martin's about how well their home survived the storm.  

The Martin Home was built in Princeton, NC and they said that when the storm struck Johnston County, they had pounding, driving rain and wind in excess of 80 mph for about 10 hours. The Martin's reported 10 inches of rain that day. Mickey Martin said, "You could hear the wind howling and see the rain hammering the house but our little home never budged. It did not shake, rattle or sway at all. I walked from room to room checking every window and exterior door opening making sure water was not coming into our house. I can say that we remained completely dry."

