For new, high-quality homes that aren't overly large or complex ("Pretty Good Houses"), coastal Maine, I'm seeing $300/sf and up. Just a few years ago the starting point was $200/sf. Then add sitework, garages, porches, basements, etc. My clients are having a hard time spending $800K to $1M for what to them seems like a relatively modest house. Builders are having a very hard time getting subcontractors to show up so schedules are wacky.
We are 100% commercial firm in flyover USA and prices are coming in at the higher range of estimates we generate in house and with cost consultants. We are generally bumping up any and all numbers at the beginning of a job to be on the safe side. Even having done these things, we are still having to navigate a lot of denial and anger from clients.
How are construction costs/timelines coming in lately?
Just curious how people’s projects are coming in during this very busy time.
I’ve had a few come in high lately:
Commercial fit out, budgeted $850,000, came in at $1.3 million
Office fit out,
Residential addition, budgeted
OMG Big Green Head the phone interface is so problematic! This refreshed and deleted everything I had typed.
Supposed to say:
Office fit out, budgeted $75/sf, came in at $150/sf
Residential addition, budgeted $500k, came in at $650k.
This is for western Colorado, 2018/2019 construction.
Middle school, new. 1000,000 sf
Budgeted $380/sf, came in $382/sf
noice... then again, if I had 380/sf for our schools I'd be ecstatic. Different county school systems are pegging from $180/SF to $250/SF.
For new, high-quality homes that aren't overly large or complex ("Pretty Good Houses"), coastal Maine, I'm seeing $300/sf and up. Just a few years ago the starting point was $200/sf. Then add sitework, garages, porches, basements, etc. My clients are having a hard time spending $800K to $1M for what to them seems like a relatively modest house. Builders are having a very hard time getting subcontractors to show up so schedules are wacky.
We are 100% commercial firm in flyover USA and prices are coming in at the higher range of estimates we generate in house and with cost consultants. We are generally bumping up any and all numbers at the beginning of a job to be on the safe side. Even having done these things, we are still having to navigate a lot of denial and anger from clients.
Closing out a job that's 1.5 years old that came in 20% under. Recently, bidding things coming in at 150% of estimates.
Northern Virginia screws up all the averages in our state.
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