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Buying A Lot and Construction Costs

Started by Lookin2Buy
over 15 years ago
Posts: 14
Member since: Mar 2010
Discussion about
Hi...I've been looking out east for awhile and totally turned off by what I can afford comfortably in this economy ($650K to $800k). Prices are still so high for garbage (and I mean garbage) properties. I've started thinking about perhaps buying a lot (quarter to half acre) and building my own house. I'm sure land/lot prices are equally as inflated as the shacks under a million, but does anyone have a sense of (1) how to price land (versus just offering them half of asking because that's usully about right these days! LOL) and (2) what construction costs are in the Hamptons? I've heard from $150/sf to $250/sf. Thanks so much!
Response by BobF
over 15 years ago
Posts: 61
Member since: Oct 2008

if you can get $150 per sq foot for construction I would be shocked...I think its more like $250-450 at the moment. Best of luck mate

Also...I would say the days of offering for half the ask are gone...its starting to become more of a sellers market (this is the hard realization I have come to after about a year of looking).

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Response by holly1
over 15 years ago
Posts: 36
Member since: Aug 2010

dear looking2buy. If you are in a good position to buy, take heart. YOu will find what you want. You can low ball on an ugly starter ranch. and build your dream home for another 200g. It will be important to oversee the construction. Look at least once a week with at least 2 different brokers. persistence will pay off. good luck

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Response by Lookin2Buy
over 15 years ago
Posts: 14
Member since: Mar 2010

okay...thanks so much for your comments. :)

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