Builders, what is the cost per square foot of construction in your area? Excluding any land costs, site prep.
- What types of finishes does that include? (quartz/granite, solid wood cabinets, hardwood flooring/engineered, tile, etc.)
- Especially interested in upscale areas of California, Oregon (Bend).
- Do you do any of the work yourselves, or sub all of it out?
- How much are you paying for land?
@Lynn Currie @John Blackman @Will Barnard @Jay Hinrichs @J Scott and all others!
80 to 120 a foot.. SDC fee's are the big variable.. in Charleston they are 5k in Lake Oswego they are 45k. 1/4 to 1/5 of gross sales price is what we look to pay for the lot or less.
I don't break out vertical costs only, so mine is an all-in development cost minus land.
$150 a foot gets me a solid, higher-end spec build that includes custom (painted) cabinets, wood flooring, good tile, grohe fixtures, Bosch or equivalent, nice tubs in all bathrooms, quartz countertops, solid doors, foam insulation, nicer windows, etc.
Where is warrants it and I put in even higher-end windows, and an appliance package upgrade. Maybe to $165 a foot?
For custom, all bets are off. We go much higher for some, or stay in the $150 range for our more budget conscience clients.
All work is sub'd out.
Land cost for most of my projects is about $600k right now.
@Karen Margrave For new construction duplexes, I'm running $85-105/ft2 for 2/1-2/2 units (~2000ft2 total). The higher end of that range was for a project where the units were more like two separate houses than one common house. That's using a GC and not doing much of the work myself (I only do tile work and TV/internet wiring myself), in New Orleans.
The finishes are as follows; prefinished real 3/4" hardwood flooring (nail down), solid wood cabinets (flat packs from China), prefab 2CM granite counters (with SS undermount sinks), Frigidaire SS appliances, ceramic tile floors in bathrooms, ceramic tile tub surrounds, basic door hardware, recessed lighting living areas, smooth texture walls, builder grade interior doors and trim (door casing, baseboard and shoe molding only, no crown or window casing), painted hardiplank siding, builder grade vinyl windows, basic roof, fiberglass batt insulation.
Our land costs are pretty cheap compared to west coast. Most of my projects have been in the $4-13/ft2 range for land costs. But there are nicer areas around me where land is in the $25-35/ft2 range (I just cant get a good return on rental properties there).
@Jay Hinrichs I hear you on the fees, there through the roof here, as are land costs. What do you think the building costs are in Bend, about the same as where you are?
I suspect band is the same... they have to build for snow load but they don't need storm drains like we do in the web foot territory
I am not in one of your specified locations above but I'll throw this out to you as food for thought. A medium income market house with cedar fencing; minus the land and landscaping cost, I can build for between $52-60/sf.
$50/-55sf = formica in rental units built close to the $52-55/sf
$55-60 = Granit Counters or 2cm Granite plus custom marble counters in bathrooms unless Buyer selects full granite option if the have time to do so prior to fabrication.
25 year 3 tab roof shingles/ 5:12 pitch/ brick fronts & mailbox with rear and side elevations hardi-siding/ 9' plate line/ vaulted to 11' in great room areas and kitchen (open concept plans)/ Stained Concrete Floors/ Pre-Fab Cabinets/ Chrome Fixtures/ Wall have batt insulation/ Attic blow in insulation/ std vinyl windows/ Fiberglass shower tub units and also a garden tub with wall tile/ all Chrome appliances but no refer/ std 3.25 base/ std doors - nothing upgraded/ no fireplaces/ 10x15' rear patios/ 2 car garage/ traditional style homes....
Land cost here was cheaper when I first got into this market. It have now doubled within past 2+ years. All of my research pointed to some serious land appreciation costs coming to this area. I still have an infill lot I purchased from tax assessors office I paid $1,075(all utilities to the site). When I bought it 2 years ago it was easily worth $6k retail. Now I could sell it for $10-11k...... When I do finally build on this lot and sell the house, I see myself easily making $27-28K net..... Land within the city limits has sky-rocketed I my partner and I made some good move gobbling up a bunch of infill and another 22 acres or so of raw land.... one 18+ acre plot (which the city just annexed into the city!!!) with a house on it that is paying for this purchase and we are out of pocket about $400 per month.....
I sub out EVERYTHING!!! Have a solid team on the ground that allows me to run 95% of my business from a internet connection.
Hope some of this helped!
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