New Construction $/Sqft

[Celica TVS3]

I just sold my townhouse but have yet to buy something new. I'm exploring my options right now, I have a good friend that has sub divided a 50' R2 lot in Killarney and I may be interested to buy on of the lots and build on it. Does anyone have a good idea of what current building costs for infill properties are on a $/sqft basis? Given the somewhat cooler building market, have building cost come off a bit versus last year?

I understand finishing levels will affect this figure significantly, but if anyone has a range that would be greatly appreciated. If it proves to be within my snack bracket i'll talk to some builders, but I don't want to waste anyones time yet.

Thanks guys.

[Maddog55]

One of my contractor customers (Astoria Homes) does a ton of infills. He says his prices are hitting upwards of $250/sq ft. It's senseless to be putting up a brand new house and not do it top dollar in those high value real estate areas.

Thats a house with granite tops, crown moldings, hardwood/good quality carpet, stucco ext, no cheap stuff.

[Weapon_R]

Cardel is at around $275/sqft right now.

[Celica TVS3]

Not including lot?

[2.2vtec]

Originally posted by Weapon_R
Cardel is at around $275/sqft right now.

Cardel is at 275/sqft yes but that's with pretty low finishings.

[Weapon_R]

That's with the lot and average quality finish (hardwood, maybe granite, thats about all).

[barmanjay]

ooo you want to put in an infill on 1/2 a lot

think of a double wide trailer stacked

I think you can do it for 150k

but the site would have to excavated and services installed

[Maddog55]

Originally posted by Weapon_R
That's with the lot and average quality finish (hardwood, maybe granite, thats about all).

Building prices do NOT include a lot. your per ft never includes the lot. Thats just for the building. A lot can be anywhere between 120 k and up. and obviously in-fills would be considerably more.

Barmanjay...you'll build a two story house for $150,000??!!!!
hahahahaha you're hired!!

[sputnik]

Without a lot you are still looking at $180-225/sq ft depending on the quality of your finishes.

[Antonito]

Wait longer. The prices are still going down, and imho have a long way to go yet

[Euro838]

What's going to make it go down? wages? material? profit margin? I'd understand why the housing market is going down because there's way more supply than demand right now. For new construction, I haven't heard that anyone is taking a paycut at the moment and price of material is relatively the same. So unless builders are going to reduce their amount, doesn't seem like there is going to be a price reduction for new home construction.

[Maddog55]

Originally posted by Antonito
Wait longer. The prices are still going down, and imho have a long way to go yet

While that holds true for existing homes real estate market does not affect the price of the actual building. it only affects the price of the land. Labour costs and materials stay the same. He already has the land, he's looking at the cost of putting a house on it.

[codetrap]

The insurance company appraised the cost of rebuilding my home at around $250G, (in the event it burns down). That's for a typical 1400sq foot home with attached garage.

[Antonito]

Originally posted by Maddog55


While that holds true for existing homes real estate market does not affect the price of the actual building. it only affects the price of the land. Labour costs and materials stay the same. He already has the land, he's looking at the cost of putting a house on it.

But the costs of labour have skyrocketed and are reflected in the costs to build new. And now with less houses to build, and more workers returning from up North as drilling slows, etc, etc, the wages are going to go down, and thus the costs. The drop in labour is farther behind the slowdown/drop in Real Estate, but it is coming

[Jayson]

Wescott homes is a good company... i'll talk to my brother and ask what he charges and PM you

[barmanjay]

I work by myself

so I can do it for 150,.. but it'll be a year before its done,.. LOL