nolimits76
Well-known member
I’m guessing that $150/sf is similar to example 2. And I think that’s a solid example for the fully finished part of your build.What I’ve seen in our local market is $150/sq ft for most builds. There seems to be threshold where that amount drops. Over 3500sq ft it typically drops to 135/sq ft give or take. Those figures go mainly for new builds including the lots.
To me, the real question is the value of the garage build. It shouldn’t be as high as your main living space. It might be worth talking with a few builders in the area to get a better representation. But with it being attached you won’t have a second driveway, utility runs, etc that a traditional detached building will have.
So I’m thinking the $135/sf number may still be too high on your BLENDED build. It really hinges on the garage portion but I see it as follows. Hopefully this is right as it’s less cash for you.
1. Only 2,000sf is high finish build @ $150/sf.
2. Not sure exactly what finished shops go for in that area but they should be less than the main house. Again your situation is unique because no second drive, additional utility runs, etc. For grins, say $100/sf.
3. You already bought/financed land so you need to discount yourself for that portion. For a nice manicured city lot with typical HOA I am going to guess that is $25-30k of that $150/sf number. Divide that back out through 2,000sf and you get a credit of roughly $12.50/sf on the finished portion netting a $137.50/sf price.
4. Assuming your 4,000sf total remains split evenly at 50/50:
$137.50/sf x 50% (0.50) = $68.75/sf
$100.00/sf x 50% (0.50) = $50.00/sf
$68.75/sf + $50/sf = $118.75/sf blended
Haha, and I guess in the big scheme if you use $135/sf average price and discount back the value of the city lot you get nearly the same number. At least close enough for estimating purposes.
$135/sf - $12.50/sf = $122.50/sf
