After looking for a house in the Hamptons for nearly two years, and finding mostly overpriced homes in need of major renovation, we decided to consider building. We found several acceptable lots, and then began searching for a builder. Our budget for the completed home (including lot) is about $1.6-7 million. We would like a house that is in the 2800-3000 square foot range, and have been told by... [more]
After looking for a house in the Hamptons for nearly two years, and finding mostly overpriced homes in need of major renovation, we decided to consider building. We found several acceptable lots, and then began searching for a builder. Our budget for the completed home (including lot) is about $1.6-7 million. We would like a house that is in the 2800-3000 square foot range, and have been told by many that our budget is not unreasonable for that size home. However, after placing calls with 2 well-known builders (who have built homes in that size range that we like), we cannot even get them to return our calls. We are getting discouraged with the whole process, and thought that in today's market, most builders would be anxious to build. We are professional people and all cash buyers. Apparently we were wrong. Has anyone out there had a good experience with a builder for this type of home? And if so, would they share the name of the builder?
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Response by Waiter11
almost 15 years ago
Posts: 27
Member since: Sep 2007
I just completed my home in 2010. Your price point would afford you a home in the 5000sf range if you should so desire. My builder was fantastic. On site every day and honest. It really matters who your builder is as even though he doesn't really build the house he watches or doesn't the sub's who could care less about you or your home. His name is Vincent Miller and he builds one house at a time. 631.428.4230. I can promise you he will return your call, and will always do so. If you would like more info let me know..
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Response by cnfsdbyr
almost 15 years ago
Posts: 20
Member since: Jul 2009
The way the process usually works is - 1) you buy the land, 2) you hire an architect, and 3) you look for a builder. The architect will be able to work with you and your budget to put together a plan that takes advantage of your site - views, light, etc and works within your budget. Then you can take that plan to several builders and have them bid on it. Calling builders with out the land and plans in hand is hard for them and for you - without plans that spell out the level of fixtures and features of the home, the conversation is somewhat theoretical.
But that being said, your budget is very reasonable, depending on what you expect to pay for the land and what level of details you want to put in the house. The level of fixtures and features in the house can be very different from one house to the next, but you should expect to pay between $250 and $400 a square foot - so between 700k and 1.2mm for the structure for a 2800-3000 sq foot structure. You should be able to find a nice piece of land for under $1mm, but it may not be in the best neighborhood. $250/foot will get you bare bones (for the Hamptons, but high end for the rest of the country), and the price can move up substantially from there - an extra 25k for sub-zero appliances, $40k for a pool, and extra masonry chimney for 25k, en-suite bathrooms at 10-15k a pop, 50k for landscaping, and you'll quickly be up to $1mm+ for the structure.
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Response by Lkgsoh
almost 15 years ago
Posts: 106
Member since: Aug 2009
Need Advice - I think you are in over your head a bit. I assume you are not in the contracting/building business. There is no way you can spend $1.6M to build a brand new 3000 sq foot house plus the cost of the land - unless MAYBE you buy land in a very marginal area. It will cost you all in $1M EASY to just build the house, pool and landscaping. And I am not sure you are going to find any great pieces of property for $500K.
I agree with cnfsdbyr - the process is to buy the land, then hire an architect to draw up plans, and then send out plans to contractors/builders for bids. You will get nowhere starting with the contractors. And I cannot stress enough all of the hidden costs - engineers, surveyors, expeditors, etc. and PLEASE budget 20% over whatever the GC bids. Trust me you will need it because inevitably all these problems come up.
I think for your budget you are much better off buying a house in the low $1M - there are tons of "contemporaries" out there that would look great with some TLC - and then spending $500K fixing it up. You just need vision!
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Response by NeedAdvice
almost 15 years ago
Posts: 50
Member since: Oct 2009
Thank you all very much for your helpful commentary. I am definitely not in the contracting/building business, although I have built homes in other parts of the country. In those cases, the builders had various basic floor plans which you could modify as you wished. It was far simpler! The land we are looking at seems attainable for about 700K, and one builder commented he could build a house we liked (including pool) for around 800K so we thought our price range was not too far off the mark. But we have heard about all the hidden costs, and of course, we know the price depends highly on finishes. I think we have some more thinking to do. Once again, I really appreciate your time and good counsel.
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Response by EspressoRoyale
almost 15 years ago
Posts: 8
Member since: Oct 2011
Hi. I can point you in the direction of a builder who has done @18homes in the area. They have increased in scale and budget over the years, but he's a good guy who may be able to point you in the right direction. I do agree you'll need an architect. Please contact me: acortes at agenciegroup dot com
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Response by cnfsdbyr
almost 15 years ago
Posts: 20
Member since: Jul 2009
Best of luck. You'll find building a house here is quite a bit different than the rest of the country, but very rewarding. Hiring your own architect, rather than using stock plans is the way is is (mostly) done here, and leads to some really great homes (and quite a few stinkers too - there are some really big name architects designing some piss ugly houses -- hopefully the gamrbrel roofed mega-mansion will die soon). I really like Lkgsoh comment about renovating a contemporary... there are a lot of really great floor plans in some of those houses, but they just need some love. (ie, remove the formica)
I just completed my home in 2010. Your price point would afford you a home in the 5000sf range if you should so desire. My builder was fantastic. On site every day and honest. It really matters who your builder is as even though he doesn't really build the house he watches or doesn't the sub's who could care less about you or your home. His name is Vincent Miller and he builds one house at a time. 631.428.4230. I can promise you he will return your call, and will always do so. If you would like more info let me know..
The way the process usually works is - 1) you buy the land, 2) you hire an architect, and 3) you look for a builder. The architect will be able to work with you and your budget to put together a plan that takes advantage of your site - views, light, etc and works within your budget. Then you can take that plan to several builders and have them bid on it. Calling builders with out the land and plans in hand is hard for them and for you - without plans that spell out the level of fixtures and features of the home, the conversation is somewhat theoretical.
But that being said, your budget is very reasonable, depending on what you expect to pay for the land and what level of details you want to put in the house. The level of fixtures and features in the house can be very different from one house to the next, but you should expect to pay between $250 and $400 a square foot - so between 700k and 1.2mm for the structure for a 2800-3000 sq foot structure. You should be able to find a nice piece of land for under $1mm, but it may not be in the best neighborhood. $250/foot will get you bare bones (for the Hamptons, but high end for the rest of the country), and the price can move up substantially from there - an extra 25k for sub-zero appliances, $40k for a pool, and extra masonry chimney for 25k, en-suite bathrooms at 10-15k a pop, 50k for landscaping, and you'll quickly be up to $1mm+ for the structure.
Need Advice - I think you are in over your head a bit. I assume you are not in the contracting/building business. There is no way you can spend $1.6M to build a brand new 3000 sq foot house plus the cost of the land - unless MAYBE you buy land in a very marginal area. It will cost you all in $1M EASY to just build the house, pool and landscaping. And I am not sure you are going to find any great pieces of property for $500K.
I agree with cnfsdbyr - the process is to buy the land, then hire an architect to draw up plans, and then send out plans to contractors/builders for bids. You will get nowhere starting with the contractors. And I cannot stress enough all of the hidden costs - engineers, surveyors, expeditors, etc. and PLEASE budget 20% over whatever the GC bids. Trust me you will need it because inevitably all these problems come up.
I think for your budget you are much better off buying a house in the low $1M - there are tons of "contemporaries" out there that would look great with some TLC - and then spending $500K fixing it up. You just need vision!
Thank you all very much for your helpful commentary. I am definitely not in the contracting/building business, although I have built homes in other parts of the country. In those cases, the builders had various basic floor plans which you could modify as you wished. It was far simpler! The land we are looking at seems attainable for about 700K, and one builder commented he could build a house we liked (including pool) for around 800K so we thought our price range was not too far off the mark. But we have heard about all the hidden costs, and of course, we know the price depends highly on finishes. I think we have some more thinking to do. Once again, I really appreciate your time and good counsel.
Hi. I can point you in the direction of a builder who has done @18homes in the area. They have increased in scale and budget over the years, but he's a good guy who may be able to point you in the right direction. I do agree you'll need an architect. Please contact me: acortes at agenciegroup dot com
Best of luck. You'll find building a house here is quite a bit different than the rest of the country, but very rewarding. Hiring your own architect, rather than using stock plans is the way is is (mostly) done here, and leads to some really great homes (and quite a few stinkers too - there are some really big name architects designing some piss ugly houses -- hopefully the gamrbrel roofed mega-mansion will die soon). I really like Lkgsoh comment about renovating a contemporary... there are a lot of really great floor plans in some of those houses, but they just need some love. (ie, remove the formica)