dang thats inexpensive..

 

I am a construction estimator.

it all depends, it can be built for 50k or it can be built for $1 billion.

i guess an average home would be 400k. that being 2 floors with a basement and driveway.

location does matter.

you own the property?

 

Just rereading this thread again an Dyhppy it begs the question:

With all the steals to be had in the foreclosure market why build? Dream home?

 

I cannot find dick in the way of a decently priced foreclosed home around me. No clue if CA is better than shitty old PA.?

I thought now would be the time to swoop down and get some cheap shit but so far no go. Everything that is being sold as a foreclosed house is going for market price (or higher it seems)...

 

Considering that the lenders must prove they've tried to get top dollar for a foreclosure or the whole foreclosure can be overturned, you won't find any steals until a lot of time has passed so they can try to get top dollar OR the ones that look like steals really aren't because they are unsaleable any other way.

Keep in mind that the houses that could be sold were already sold by the owners. It's the ones that had issues and couldn't be sold that ended up as foreclosures.

Notice that most foreclosures are on busy streets, street corners, back up to apartments, shopping centers, railroad tracks, or else have some of the most god awful floor plans you can imagine.

I have a $1,000,000 foreclosure near me. It is 6,000 square feet with 2+ acres a gorgeous pool with native rock falls, a fabulous outdoor kitchen, wrought iron back yard fencing, wonderous outdoor lighting BUT the inside is cut up into 18 rooms. Who knows what some of the rooms are for. None are of any size.

I know the builder and I was in the house a lot while it was being built. HE didn't know what some of the rooms were for. Unfortunately I never saw the house furnished so I don't know how he intended to use it, but he worked for a subprime lender and lost his job which caused him to lose his house because it was unsaleable.

It has now been appraised for $580,000 because every figures it needs massive interior demolition to be made into some kind of user friendly floor plan. Such a shame.

Buy or build where you want to build. Get what you want but have it built in a manner that will allow you to sell it when you want to.

 

In my area of Dallas, it's quite common for an older run-down 1200sq ft house from the 1920s to be purchased for $200k, demolished, and a 3000 to 4000 sq ft McMansion put in its place and offered for sale for $450k to $750k, with some going higher.

Closer to where I actually live, the 1950s houses are being purchased for high $100's, rennovated, and resold for high 200's to mid 300's.

My homeowner's policy estimates about $120/sq ft to completely reuild my house in case of a complete loss.

 

That's the rub. I have a 50-year old 2400 sq. ft. home but the replacement thru my insurance would cost 50% more and only be 2000 sq. ft. without the extras that we have (custom cabinets, all hardwood flooring, etc, etc). I'm thinking of bumping it up to include some of the nicer things because I'd hate to settle for less house for more money...

 

New construction runs anywhere from about $150 square foot and up depending on what type of finishes you want. Remodeling costs generally run higher per square foot than new.

 

Where? Not here.

I could and did do it for a lot less and mine is no where near a basic home!

 

Look at his profile. It clearly states that it costs $150/sq between Hell / Ann Arbor. I'm guessing Dexter?
http://maps.google.com/maps?f=d&hl=en&geoc...6,0.301781&z=12