Real Estate Investor · Denver, CO · Member since 2011 · 74 posts · 24 votes
All- I am a experienced rehabber...I have renovated 50+ homes over the years. I now looking to get into new builds as our market in Denver is becoming really strong. Inventory is extremely low right now.
Curious what others are seeing for general price per sq foot cost? I understand each market is different; however I want to get a general idea.
My belief is that I can do it for around $125-140 per foot.
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
Jon,
We get our land from investors who have accumulated vacant lots from tax deeds over the years. This keeps our land costs very low. Once our due diligence (quiet title, title check, field explorations) is complete on the land we start the design and construction process. We do mostly everything in-house. I do all the engineering and plans, my dad builds it, installs solar, and lists it on the market. This is what keeps all our costs down. We have all the licenses to do it mostly in-house (P.E., G.C., Roofing Contractor, Solar Contractor, Real-estate broker.)
Obviously when you say "net zero" this is highly dependent on individual usage and other factors. We will educate all our future buyers on how to consume less which will help their home become "net zero". You give them the amount of energy that the solar is expected to produce over the year (pvwatts) and you compare it to an estimated usage. This is very approximate but you can get ballpark numbers.
We just started but our first house is about 90% complete and we have 2 more houses in the beginning of the construction phase with 18 more in the pre-design phase and on the drawing board.
This first house we haven't listed on MLS yet, but I put it on zillow a few weeks ago and we have received a swarm of attention. Depending on the area the house is built, we are shooting for around $80 to $90/sqft for sale. I understand this is a big range but we are just starting and should be able to narrow it down soon. Also, the $55/sqft cost to build is a little conservative based on the numbers so far for the first house. We are expecting to come in around $52 or $53/sqft including the solar and all the added energy efficient appliances, HVAC, and building materials.
Investor · Aurora, CO · Member since 2009 · 200 posts · 74 votes
12y
I don't have good estimates like some of the solid rehabbers here do. I would note that construction costs are up at the moment due to the flooding in Sept. Contractors seem to have plenty of work for the time being.
Real Estate Investor · Denver, CO · Member since 2011 · 74 posts · 24 votes
12y
We are now really focused on new builds in Denver. Our cost to build is about 100-125 per foot. The main challenge we see right now is with foundation contractors is that their pricing is going up and getting on their schedule is very, very challenging. One of our foundation guys is not even taking on new clients due to the amount of work he has.
We are now really focused on new builds in Denver. Our cost to build is about 100-125 per foot. The main challenge we see right now is with foundation contractors is that their pricing is going up and getting on their schedule is very, very challenging. One of our foundation guys is not even taking on new clients due to the amount of work he has.
On my last project (just finished) the foundation contractors were so backed up that my GC and his own guys did the piers themselves. Saved us a couple of weeks.
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
We are building single family homes here in florida for around $55/sqft. They are stick framed and come with a 5kw photovoltaic solar system as well as a solar hot water heater included in the price. They are close to net zero energy homes and are being built as energy efficient as possible without driving the cost too high.
I think the cost really depends on the type of construction and all the smaller finishes that go into the house (windows, doors, flooring, trim, appliances, fixtures, cabinets,etc.) Obviously you can't build the same house in Florida for the same price in Southern California, so location is also a big factor as well.
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
We are building single family homes here in florida for around $55/sqft. They are stick framed and come with a 5kw photovoltaic solar system as well as a solar hot water heater included in the price. They are close to net zero energy homes and are being built as energy efficient as possible without driving the cost too high.
I think the cost really depends on the type of construction and all the smaller finishes that go into the house (windows, doors, flooring, trim, appliances, fixtures, cabinets,etc.) Obviously you can't build the same house in Florida for the same price in Southern California, so location is also a big factor as well.
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
Jon,
We get our land from investors who have accumulated vacant lots from tax deeds over the years. This keeps our land costs very low. Once our due diligence (quiet title, title check, field explorations) is complete on the land we start the design and construction process. We do mostly everything in-house. I do all the engineering and plans, my dad builds it, installs solar, and lists it on the market. This is what keeps all our costs down. We have all the licenses to do it mostly in-house (P.E., G.C., Roofing Contractor, Solar Contractor, Real-estate broker.)
Obviously when you say "net zero" this is highly dependent on individual usage and other factors. We will educate all our future buyers on how to consume less which will help their home become "net zero". You give them the amount of energy that the solar is expected to produce over the year (pvwatts) and you compare it to an estimated usage. This is very approximate but you can get ballpark numbers.
We just started but our first house is about 90% complete and we have 2 more houses in the beginning of the construction phase with 18 more in the pre-design phase and on the drawing board.
This first house we haven't listed on MLS yet, but I put it on zillow a few weeks ago and we have received a swarm of attention. Depending on the area the house is built, we are shooting for around $80 to $90/sqft for sale. I understand this is a big range but we are just starting and should be able to narrow it down soon. Also, the $55/sqft cost to build is a little conservative based on the numbers so far for the first house. We are expecting to come in around $52 or $53/sqft including the solar and all the added energy efficient appliances, HVAC, and building materials.
Real Estate Investor · Lutz, FL · Member since 2013 · 5 posts · 4 votes
12y
Kevin Martin would u show us your zillow ad , so i could see what you build for this price please? I recently build as a homeowner in Tampa a custom home with impact 8' high doors , high end 2 kitchens , 5br, 3ba, 2 livingrooms , seperated for rent near university, on cheap land but huge and everything including landscapping with 100 new trees, septic, underground electricity, cost me $115 per square.
I looking to build small 8000 sqf strip plaza soon in Clearwater, wondering what cost per sqf I should expect currently in comercial projects ?
To Craig , in my area you can find plenty of concrete guys with no work. Not much build here so far... Maybe offer them accommodation they fly over to see Rockies ;)...
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Welcome to BiggerPockets Tom Jerry. Your new home slums nice. I'd also like to hear more about your planned strip center. You are probably looking at higher costs with that because of many additional city requirements for commercial.
Real Estate Investor · AL · Member since 2013 · 40 posts · 1 vote
12y
Anybody have a rough idea what it would cost to finish the inside of a house ? It's finished on the outside but inside it's just bones, no electrical & some plumbing. 1,550sqft. Going for semi nice should be in the 150-175 range when completed. Located in AL
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
@Tom
The link to our Zillow listing is below. Keep in mind the $55/sqft is the cost for material and labor. This does not include the cost of the land or builders overhead and profit. We have all the experience and most of the licenses to design, build, and sell everything in-house. The exceptions would be, electrical, plumbing, and HVAC.
We have been building in Florida for many years and we know who and where to go to get the best prices on materials and labor. Also, even though are houses come with a lot of the upgrades (granite, wood flooring, solar, energy efficient stainless steel appliances, EE windows, etc.) we are not building luxury homes or custom homes with everything higher end. The $115/sqft doesn't surprise me for a big custom home with high end finishes.
@Craig P. Your $125-140 psf numbers are right on for Denver. A bit cautious, but when I look at new builds I use $120 psf for Denver.
Ignore all the $55psf talk about Denver, its not possible here. If you get creative, you can build quite the place for $120 psf.
Since your talking duplex that will retail for low 200's psf, I assume urban construction near highlands? Sunnyside?
We are not doing single family anymore, but I would be curious what your actual numbers come back at when all said and done. Please keep us posted.
Thanks Grant. I agree $55 per foot is not possible here. I think in the metro you would be challenged to do anything less than about $90 and that would be a house w/out a basement.
We have several urban in-fill projects going...One is in the Highlands and one in LoHi. We just finished a new build in Whittier. Our duplex is through mechanicals so we are pretty far along.
Real Estate Investor · Lutz, FL · Member since 2013 · 5 posts · 4 votes
12y
Few years back I seen commercial plaza was around $40 psf. for a shell with parking (site work) . I aware about fire sprinkler system, underground grease separator , retention pond , slightly higher permit fees, higher utility connection fees, impact fees, in my area most commercial contractors prices are almost the same like residential, etc... But you do not have to finish anything inside (exept the utility) which is the highest cost and I think cost psf should still be lower than residential. Anybody have good advise with recent commercial situation in Florida would be great!
Suwanee, GA · Member since 2013 · 8 posts · 1 vote
12y
I was thinking - the only things that would change are the labor, land, and permit fees. I have national labor multipliers that I use in commercial construction estimating. I just need to breakdown labor from material costs in all those divisions. I will probably start a spreadsheet and work on this further. I'll post results.
edit: I can apply a location multiplier to the whole project to get accurate location costs. I'll post the file here when I'm done and you guys can critique it.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Approval times vary widely as well. I'm waiting on a permit I applied for 10 months ago. Consulting, architectural, and other soft costs keep running up in the interim.
I was thinking - the only things that would change are the labor, land, and permit fees.
Why do you think material costs wouldn't change?
First, even the same materials cost different amounts in different locations. In general, materials cost more the further north and the further inland you go -- many materials enter the country through southern ports and it costs money to transport them to points further away.
Second, different locations require different sets of materials. If you're estimating insulation costs, you'll find that the R-13 material costs that are standard in Georgia are going to be considerably less than the R-30 material costs standard in Michigan. Another example -- I've found that framing requirements in Georgia will generally allow Douglas Fir while Maryland counties often require Southern Yellow Pine -- the two aren't equivalent in price. Not to mention stuff like extra materials when siding and roofing in the north (ice protection and insulated materials). There are lots of other examples.
Suwanee, GA · Member since 2013 · 8 posts · 1 vote
12y
Excellent points. I'm taking total cost data for what it costs to build an apartment unit in about 40-50 US cities and putting it on the spreadsheet. That should take into account most location differences. Any city requests, make them now before I'm done with it.
Jacksonville, FL · Member since 2013 · 226 posts · 115 votes
12y
We are building a commercial building here in Jacksonville for about $60/sqft. This includes materials, labor, and builders overhead and profit. The price is for the building only and does not include the civil work or the demo for the existing building. The civil and the demo are priced separate because these are always site dependent. The proposed building will be steel framed construction with typical shallow foundations and slab on grade.
Also, we received our demo permit for this property in 1 week.
Natick, MA · Member since 2013 · 86 posts · 47 votes
12y
I'm new at this and would love to make new construction a big part of my strategy (inventory levels are extremely low right now in my area (Boston market) and there are a surplus of qualified buyers ready to pull the trigger, multiple offers everywhere).
For a newbie, This tool looks great, may not be perfect but I think the multipliers would definitely help get the cost in range for your local market. Would this tool work for calculating single family development? Also, what does "Finished Lot Cost" mean? Is that the cost of purchasing the land/lot?
You might consider getting two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. You have some great ones out there.