Construction Cost

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gld42_IHB

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for 2 or 3 bedroom condos in southern CA, what is the estimate of cost per SF? If a project is in a framing stage, how much has the project been complete in term of percentage of the total cost?



Thanks a lot
 
[quote author="gld42" date=1249267601]for 2 or 3 bedroom condos in southern CA, what is the estimate of cost per SF? If a project is in a framing stage, how much has the project been complete in term of percentage of the total cost?



Thanks a lot</blockquote>


I am working on 3 town home projects much more complex than Ivy. The construction cost are $89/sf, $96 and $100. The highest cost is in the Bay area with city infrastructure and construction logistic.
 
Are you negotiating a milestone payment? A friend of mine warned me about the following: During the boom shady contractors would write in relatively high milestone payments for the framing. It isn't hard to do, because the framing of a structure is impressive and looks like a lot got done. But everything else--plumbing, electrical, drywall, finish work, sheathing, stucco, painting, etc--constitutes the majority of the actual costs involved. After getting the payment for the framing, these shady contractors would then disappear on to the next contract, and they were pretty much untouchable legally. Sorry I don't have an answer for you, but just a warning that it is a common pitfall to assign too high a % to this step.
 
[quote author="Daedalus" date=1249288123]Are you negotiating a milestone payment? A friend of mine warned me about the following: During the boom shady contractors would write in relatively high milestone payments for the framing. It isn't hard to do, because the framing of a structure is impressive and looks like a lot got done. But everything else--plumbing, electrical, drywall, finish work, sheathing, stucco, painting, etc--constitutes the majority of the actual costs involved. After getting the payment for the framing, these shady contractors would then disappear on to the next contract, and they were pretty much untouchable legally. Sorry I don't have an answer for you, but just a warning that it is a common pitfall to assign too high a % to this step.</blockquote>
I've never been involved in financing large tract home builder construction loans but I have financed many commercial real estate loans and have reviewed many construction budgets and certified construction construction consultant budget reviews. For wood frame structures such as retail properties, the cost of the framing would be less than the cost of the foundation, onsite sitework, electrical, plumbing, drywood/sheet rock, and exterior roofing/stucco.
 
[quote author="Daedalus" date=1249288123]Are you negotiating a milestone payment? A friend of mine warned me about the following: During the boom shady contractors would write in relatively high milestone payments for the framing. It isn't hard to do, because the framing of a structure is impressive and looks like a lot got done. But everything else--plumbing, electrical, drywall, finish work, sheathing, stucco, painting, etc--constitutes the majority of the actual costs involved. After getting the payment for the framing, these shady contractors would then disappear on to the next contract, and they were pretty much untouchable legally. Sorry I don't have an answer for you, but just a warning that it is a common pitfall to assign too high a % to this step.</blockquote>


Thanks a lot. My friend warned me the same thing: plumbing, electrical and drywall, finish work and sheathing are much more expensive. They might be over 50% of the total costs. Framing is only impressive, but might be not that much costly.
 
The framing stage include the cost of foundation, onsite work. When you review apt complex budget, what are percentage of costs for electrical, plumbing, drywall, sheet rock, roofing, stucco, painting? Thanks a lot.



[quote author="usctrojanman29" date=1249289697][quote author="Daedalus" date=1249288123]Are you negotiating a milestone payment? A friend of mine warned me about the following: During the boom shady contractors would write in relatively high milestone payments for the framing. It isn't hard to do, because the framing of a structure is impressive and looks like a lot got done. But everything else--plumbing, electrical, drywall, finish work, sheathing, stucco, painting, etc--constitutes the majority of the actual costs involved. After getting the payment for the framing, these shady contractors would then disappear on to the next contract, and they were pretty much untouchable legally. Sorry I don't have an answer for you, but just a warning that it is a common pitfall to assign too high a % to this step.</blockquote>
I've never been involved in financing large tract home builder construction loans but I have financed many commercial real estate loans and have reviewed many construction budgets and certified construction construction consultant budget reviews. For wood frame structures such as retail properties, the cost of the framing would be less than the cost of the foundation, onsite sitework, electrical, plumbing, drywood/sheet rock, and exterior roofing/stucco.</blockquote>
 
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