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Average condo building cost

R

rogerl

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Can anyone tell me where to find or tell me what I could use as a rough range estimate for cost per square foot for building a condo?

This would be in Ottawa with cement floors and wall separations, 4 storeys, with a 1 level underground parking.

I know the devil is in the detail but I just want find a ballpark range to try and have a rough idea of the potential cost.



Thank you in advance.
 
land plus $125 to $240/ft depending on quality plus soft costs sch as marketing/sales, landscaping, engineering, financing !



4 stories has likely an elevator.



Get a local builder to give you a quote once you have some drawings and idea of specs.



btw: how much is an average car ?
 
Median not average might be $19,722 before freight, tax, pdi for 2009 stats



[quote user=ThomasBeyer]

btw: how much is an average car ?
 
[quote user=housingrental]Median not average might be $19,722 before freight, tax, pdi for 2009 stats


Exactly .. but some cars can be had for as low as $10,000 and some cost over $100,000 ! Ditto with condos !
 
[quote user=ThomasBeyer][quote user=housingrental]Median not average might be $19,722 before freight, tax, pdi for 2009 stats


Exactly .. but some cars can be had for as low as $10,000 and some cost over $100,000 ! Ditto with condos !





That's true enough, but he did specify four storey apartment style with cement construction, and asked for a price per square foot. If I asked for the average base price of a mid size sedan from a non-luxury domestic brand that would narrow that car price down quite a bit.
 
Thank you all.

Thomas when does your range include underground parking?



Here is what I am doing.

We have a building that we could sell for $1M. It is very old and we wanted to know if it would be worthwhile putting it down and build condos.

If I use your max cost per sq ft for estimating I get the following.



Square foot (3 floors) excluding parking: 19,000

# of 1bd units: 8 unit sale price $250k

# of 2bd units: 10 --- $350k

# parking spots: 20 --- $15k



Estimated cost 19000 X 240 = $4,6M

Estimated revenue: $5.8M

Profit: $1.2M



And this only includes building costs.

One major component I am missing is what do we do with the ownership of the building with management etc...?

Does this calculation make sense? If so, there is not much point getting into this.
 
On the other hand, 19000*150 = 2.85 million, which would leave nearly 3 million for profit/soft costs, which probably makes it worth doing.



Try going to construction sites for buildings of similar design to what you're considering, and look for a sign saying who the general contractor is. I bet they'd be willing to discuss doing a project for you, or at least be able to come up with a cost that considers local conditions.



Regards,



Michael
 
Thanks Michael I will do that.



The reason I used the high estimate is because this building is considered heritage, which means we have to preserve a good portion of it and I know that this means added cost. But you are correct, I will contact a contractor to get a better idea.
 
[quote user=rogerl]Does this calculation make sense? Missing are: demolition costs, building/planning/engineering costs, financing costs and condo sales/marketing costs of around 6%.



Step 1: get some specific drawings/plans that the city would approve .. for maybe 20,000 !

Step 2: run this by 3 potential builders for an idea of cost based on some interior and exterior specs.

Step 3: assess the money situation (cash down plus construction draw mortgage)

Step 4: assess the resale value with 3 competent realtors

Step 5: make a decision / refine your plan
 
This post is correct

[quote user=ThomasBeyer][quote user=housingrental]Median not average might be $19,722 before freight, tax, pdi for 2009 stats


Exactly .. but some cars can be had for as low as $10,000 and some cost over $100,000 ! Ditto with condos !
 
This is also correct

I thought my first post was a good one, I read your response as you agree

Thomas wants to, but can't find the inner strength to agree with any of my posts anymore :)



[quote user=bizaro86][quote user=ThomasBeyer][quote user=housingrental]Median not average might be $19,722 before freight, tax, pdi for 2009 stats


Exactly .. but some cars can be had for as low as $10,000 and some cost over $100,000 ! Ditto with condos !





That's true enough, but he did specify four storey apartment style with cement construction, and asked for a price per square foot. If I asked for the average base price of a mid size sedan from a non-luxury domestic brand that would narrow that car price down quite a bit.
 
This a great situation to lose money and go belly up under.... as I've witness many developers experience......Make sure all those lines are crossed well, and multiple reputable contractors have bid somewhat near prices of who you are going with, before spending a cent moving forward on anything.......





[quote user=rogerl]Thanks Michael I will do that.



The reason I used the high estimate is because this building is considered heritage, which means we have to preserve a good portion of it and I know that this means added cost. But you are correct, I will contact a contractor to get a better idea.
 
Thank you for all your comments.

My feeling throughout this is that I am not in the business of building condos, with the additional headache of having to merge with a heritage building which too me spells the possibility of cost overruns mixing/fixing old with new.



I know this needs much prep work, but our potential profit will have to be much higher than the value of the sale of the current building, let alone we lose rent for the duration of the construction. I think it would be safer for us to sell and invest somewhere else, or just renovate and hold, we have some math to do.



Thanks again.
 
[quote user=rogerl]we have some math to do.


indeed .. some very precise math on cost and revenues !!



tearing down existing structures works usually only if the additional zoning is far higher than the current structure, i.e. tear down a 3 story building and build one with 6
 
Just curious what city this is in? I'd give a kidney to sell my 1 bed apartment style condo for $250k!
 
[quote user=kfort]Just curious what city this is in? I'd give a kidney to sell my 1 bed apartment style condo for $250k!




Downtown Ottawa.

Hope you are not serious about the kidney!
 
[quote user=kfort]Just curious what city this is in? I'd give a kidney to sell my 1 bed apartment style condo for $250k!



You've got to remember those are new. I've got a few 2 bedrooms in Calgary I'd be willing to sell for 250k, but you couldn't touch a new condo in those neighbourhoods for that price.
 
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