Investor · Miami Beach, FL · Member since 2015 · 22 posts · 2 votes
What's the range for rehab/remodel psf and ground-up psf for luxury homes in the Nashville Metro area? By luxury I mean homes in the 3 to 5k sf size that are being marketing as finished product for $1.2-$1.7M. Aka not super luxury but definitely not the middle-range of inventory. Curious what the range is analysis on Live-n-Flips.
Investor · Nashville, TN · Member since 2016 · 76 posts · 73 votes
9y
Viviana,
Nashville is definitely not Miami - we consider anything over a million to be luxury. Our median home price is half of what it is down in South FL. That being said, I've been building 500-900k homes for about 110 a foot. It sounds like most people are in the 110-120 range for a quality product. No clue about renovation estimates, so I can't help you there.
Investor · Miami Beach, FL · Member since 2015 · 22 posts · 2 votes
9y
@Sean Davidson Thank you! That's super helpful. And that's ground-up construction for single-family vs HPR? For single-family homes in Miami I've seen numbers ranging from $175 to $250 psf depending on how close to the water one is. But that's not uber luxury either. I'm sure some of the condo developments like the Porsche tower are closer to $350-400, I don't know , maybe highter, but then again they sell for $1,800/psf too:-)
Investor · Nashville, TN · Member since 2016 · 76 posts · 73 votes
9y
Just for clarification, HPR does not necessarily mean attached. It is just a legal means by which to build multiple houses on a lot without subdividing. That being said, that cost is for ground up and includes scraping the lot.
I'm from Miami and my dad was a GC and developer down there, so I can say first hand that it is a different world. Construction here is stick frames stacked on crawl space foundations. That is a ton cheaper than the bomb shelters that are built on slabs in Miami, especially with the price of concrete.
Condos are another ball game. What I referenced was for a standard two story home. When you start adding floors and kitchens and baths, that price can go up very quickly.