Just curious - cost of rebuild
hello everybody – long time lurker, first time poster. We’ve just moved to NY and looking to buy a house in Flatbush in the next year or so. I’m curious as to the cost to build one of these houses from scratch. ie get an idea of what the underlying land is valued at. eg…
hello everybody – long time lurker, first time poster.
We’ve just moved to NY and looking to buy a house in Flatbush in the next year or so.
I’m curious as to the cost to build one of these houses from scratch. ie get an idea of what the underlying land is valued at.
eg What would be a ballpark to build one of these to the same specification? http://www.bhsbrooklyn.com/detail.asp?id=719448
(no particular reason for choosing that one, just that its got a floorplan and okay pictures)
I appreciate it’s one of those “how long is a piece of string” type questions but any comments would be appreciated.
On the other forums I frequent, it is customary for the newbie to buy a round at the virtual bar – so what are yo having?
I haven’t done much estimating single family homes but my experience in working on multi-family developments is substantial and those are running around $310-$320/SF for good quality rentals right now (trade cost, excluding general conditions, GC insurance and profit, contingencies, etc. – add 15%-20% for those costs). It would only be logical to expect that the economies of scale inherent in larger construction projects would mean that single family homes are more expensive (roofing serving 2 or 3 floors vs. 30 or so, more exterior wall area per SF of floor area, etc.). I would think a house of the configuration you’re citing would cost around $400/SF (again, trade cost only) and certainly more if the intention would be to replicate any period details.
Construction in New York is much more expensive than anywhere else in the nation, so the construction cost of the McMansions you’re seeing in other parts of the country is quite possibly only half of what they would cost to build here.
thank you smokychimp – I guess that explains the lack of replies!
So a 3,000 sq ft house would cost anywhere from $600k to $1.5m to build? I guess my confusion arises from McMansions across the country that have been sold for less than this but still make the developer a profit. I appreciate that a lot of these have been made on the cheap with an expensive facade thrown on hence my question.
Hmm the Chicken this is a good one. Someone will post a number ($300/foot), get flamed for being too low (I did it for $175/foot!), and then you are naive ($500 a foot minimum when all the surprises are done with).
Means Construction, the national contractor’s guide for estimating construction, currently rates (national times local multiplier) Brooklyn $180 a square foot for whatever that means for whatever construction that means.
Once you’ve got your plans down, refined, approved, you will have a much better handle on the number. Construction is an iterative process where the more you plan and the more you work the better idea of where you’re going.