With the economy in the toilet and lots of hungry contractors one would think one could get remodel work for cheap. I'm definitely not finding this to be true.
Everyone is still busy, and we're getting pricing well above $200/sf for remodel work lately - kitchen and bath are running $300/sf. Anyone else care to share?
Uh, totally not qualified to answer but I know of two figures off the top of my head that I've found out:
Florida-- Between $150 to 225 sq ft... homes here generally aren't old enough for full gutting but this seems to be about what the rate is overall. People are mostly gutting kitchen, bathrooms and porches.
NYC-- I actually talked to a real estate developer/property management company/landlord,
They recently hired an architect. He says they're doing partial rehabs at $275-400 sq ft currently-- that's with labor and his architect's fee.
Oh, and in Florida... you don't have access to Toto et cetera. You're pretty limited to warehouses/home depot. So... everything is kind of cheap-ish. Contractors were delighted when IKEA moved in because they could actually offer something different!
I'm on the east coast 'bout 90 east of nyc in a high end area with an abundance of second home "owners".
you definitely can find a client who will willingly shell out the $500/sf (and up......$1000/sf in some cases!!) to spend on their homes addition/renovation. the norm is around $300 - $400/sf. not including professional services/fee. if you hunt and peck - perhaps you can start at $250/sf......depending upon the site work (ground water depth and tidal/fresh water location/elevation) and governing agency involvement (the health departments grasp on new septic systems is ever increasing). the cost of delivery to the site + the cost of insuring workers has increased - materials (depending) have increased somewhat (cedar shingles from canada have stabilized though).
most of my clients are a "heinz": i just finished a 9200 sf home for a very successful local business owner for about $430/sf - not including landscaping/swimming pool/driveway (add another +/- $350,000); but now i am working on a 1000/sf addition that the owner "claims" he hasn't a dime more than $250,000 (not including the new 20x40 gunite swimming pool with an 8x8 engaged hot tub plus patio/plantings...etc......
With the economy in the toilet and lots of hungry contractors one would think one could get remodel work for cheap
I thought that we'd be seeing labor costs get squeezed, after all, most architects are working for lower fees, etc. Not so at all in a couple recent examples I can relate to. Add to that the fact that I've seen zero deflation in material costs - things like lumber are actually up - so prices are the same, or higher, since pre-recession.
OTOH, if you want to buy existing single family homes you can get a steal of a deal. You're better off moving - if you can sell your existing house. Good luck with that.
Jul 30, 10 1:03 pm ·
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Custom residential remodel cost/sf - what's your market?
With the economy in the toilet and lots of hungry contractors one would think one could get remodel work for cheap. I'm definitely not finding this to be true.
Everyone is still busy, and we're getting pricing well above $200/sf for remodel work lately - kitchen and bath are running $300/sf. Anyone else care to share?
PS where are you? I'm in Indianapolis, so mid-size midwestern city.
Uh, totally not qualified to answer but I know of two figures off the top of my head that I've found out:
Florida-- Between $150 to 225 sq ft... homes here generally aren't old enough for full gutting but this seems to be about what the rate is overall. People are mostly gutting kitchen, bathrooms and porches.
NYC-- I actually talked to a real estate developer/property management company/landlord,
They recently hired an architect. He says they're doing partial rehabs at $275-400 sq ft currently-- that's with labor and his architect's fee.
Oh, and in Florida... you don't have access to Toto et cetera. You're pretty limited to warehouses/home depot. So... everything is kind of cheap-ish. Contractors were delighted when IKEA moved in because they could actually offer something different!
I'm on the east coast 'bout 90 east of nyc in a high end area with an abundance of second home "owners".
you definitely can find a client who will willingly shell out the $500/sf (and up......$1000/sf in some cases!!) to spend on their homes addition/renovation. the norm is around $300 - $400/sf. not including professional services/fee. if you hunt and peck - perhaps you can start at $250/sf......depending upon the site work (ground water depth and tidal/fresh water location/elevation) and governing agency involvement (the health departments grasp on new septic systems is ever increasing). the cost of delivery to the site + the cost of insuring workers has increased - materials (depending) have increased somewhat (cedar shingles from canada have stabilized though).
most of my clients are a "heinz": i just finished a 9200 sf home for a very successful local business owner for about $430/sf - not including landscaping/swimming pool/driveway (add another +/- $350,000); but now i am working on a 1000/sf addition that the owner "claims" he hasn't a dime more than $250,000 (not including the new 20x40 gunite swimming pool with an 8x8 engaged hot tub plus patio/plantings...etc......
go figure!
I thought that we'd be seeing labor costs get squeezed, after all, most architects are working for lower fees, etc. Not so at all in a couple recent examples I can relate to. Add to that the fact that I've seen zero deflation in material costs - things like lumber are actually up - so prices are the same, or higher, since pre-recession.
OTOH, if you want to buy existing single family homes you can get a steal of a deal. You're better off moving - if you can sell your existing house. Good luck with that.
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