Oct 21, 2010
New England Patriots quarterback Tom Brady and supermodel Gisele Bundchen are into new construction. Now the roof is on, their custom built 22,000-square-foot Los Angeles home is almost finished.
The house includes eight-bedrooms, an elevator, a lagoon-shaped pool with spa, six-car garage, and a covered bridge connecting two parts of the house. The home is estimated to cost $20 million to build and its 3.5-acre plot of land another $11 million.
Custom-built homes now comprise a surprising 30 percent of the US housing market. That’s up from 20 percent during the boom years, says Donna Reichle, a spokesperson for America’s National Association of Home Builders.
The reason for the gain may be related to scarce access to credit by home builders. Custom built homes generally require less borrowing as the purchaser is already in place before construction begins.