Custom house building costs?

[rkp]

An amazing property hit my redfin alert the other day:http://www.redfin.com/CA/Irvine/36-Boulder-Vw-92603/home/5957606

This house is gorgeous and completely out of my price range but it got me dreaming and wondering about costs of building such a house on cheaper land.  We always hear that building costs are around $100-$150 a sq ft so assuming the higher end, would such a house cost $1.5M to build? 

There are multiple acre lots in trabuco canyon that can be had for around $300K.  I wouldnt need a 10,000 sq ft house...something like 5000 sq ft would still be a mansion for us.  If I can build it for $750K and then add in the cost of the land, I am right around $1M.  Seems like a good deal if you are ok living in the boons. 

Anyone build custom and have experience? 

 

[Irvinecommuter]

You never ever ever want to build your own home...it is a nightmare so many horrible stories.  Pretty much always ending up costing significantly more and taking much more time than planned.

Construction loans are also a terrible thing. 

 

[irvinehomeowner]

Whoever designed that house must hate FCBs.

 

[homer_simpson]

9s are actually good numbers too in Chinese culture.

 

[iacrenter]

Nice estate! So sad... Even if you give me that home for free, I can't afford the property taxes.  Per Redfin $130k in 2011.

 

[rkp]

Whoever designed that house must hate FCBs.

i doubt it.  it was an asian designer.  i looked up the architect mentioned in the description and he has an interview featuring the house: https://www.youtube.com/watch?v=smrUozu4A3w

totally understand that its a lot of work and understand the financing aspect.  but still curious to costs involved and process.  some of the land deals in trabuco canyon come with 3-5 lots.  maybe become a mini developer and build 5 houses, sell 4 and live in one with profits

 

[irvinehomeowner]

Where did you hear building costs was $100-150/sft?

 

[OCgasman]

Where did you hear building costs was $100-150/sft?

I agree with IHO.  That's absurdly low.  Maybe sorta in the ballpark if you're building a moderate home in the Midwest or any other area where land is cheap.  But, if you can afford to buy land and build a custom home in SoCal, you're not gonna go with low cost Home Depot items for fixtures, flooring, appliances, etc.  Custom homes in SoCal will be well north of $500/sq ft because the people that are building them are ultra wealthy and can afford marble, specialized windows, 4 car garages to park their Ferraris.  People building custom homes aren't the hi middle class making $500k, they're clearing 7 figures.

 

[irvinehomeowner]

Yep... I don't think rkp is aware of the difference between the building cost of a custom home and a builder's new home tract.

 

[test]

Underground garage.

 

[irvinehomeowner]

Whoever designed that house must hate FCBs.

i doubt it.  it was an asian designer.  i looked up the architect mentioned in the description and he has an interview featuring the house: https://www.youtube.com/watch?v=smrUozu4A3w

My bad... the designer IS an FCB.

He also is my hero... 6-car garage!!!

 

[irvinerealtor]

To the batcave!

 

[irvinehomeowner]

To the batcave!

I wonder if I can get one of those garage rack companies to do this for me.

 

[paperboyNC]

Yep... I don't think rkp is aware of the difference between the building cost of a custom home and a builder's new home tract.

I only think that the $100-$150 per sqft is the marginal cost of adding square footage. There is a lot of cost to make the driveway, put in water / sewage lines, electric lines, road improvements (if required), permits, architectural drawings, appliances, etc.

If your marginal cost of building is $150/sq ft is means that adding a 3rd story 200 sq ft room with no plumbing / fixtures (like they do in the casero homes) will cost the builder $30,000 while they can sell it for $300/sq ft or $60,000.

My insurance company thinks the cost to re-build my current home in Irvine is $200/sq ft for what it's worth.

 

[Morbo]

My bad... the designer IS an FCB.

He also is my hero... 6-car garage!!!

Meh. That's not a 6 car WIDE garage. Teemu laughs at that tiny garage.
http://msn.foxsports.com/video?videoid=7e2cf972-42b6-400a-84d8-f5cb1406d3bd&src=v5:share:sharepermalink:&from=sharepermalink

 

[iacrenter]

My bad... the designer IS an FCB.

He also is my hero... 6-car garage!!!

Meh. That's not a 6 car WIDE garage. Teemu laughs at that tiny garage.
http://msn.foxsports.com/video?videoid=7e2cf972-42b6-400a-84d8-f5cb1406d3bd&src=v5:share:sharepermalink:&from=sharepermalink

LOL, I love his last statement in the interview: "Everyone has to have a limousine" in their garage.

 

[vinhster]

You can call up some local architects who will often be more than happy to give you rough guidelines for pricing for new construction.  The ranges I've seen vary widely, from about $120-$150 at the low end (think cheap floors, trim, and appliances), up to over $400/sq. ft...  and it can go way up from there due to exotics materials and stuff.

I was talking with one of the TNC sales guys at the Grove @LR when it first opened, and he said a good rule of thumb for building a custom home in shady canyon was $300-$500/sq ft on top of the land cost.