Design & Decor in Chicago>Question Details

CDNBlue, Home Owner in Chicago, IL

Per Square Foot Costs of new high end construction in Chicago

Asked by CDNBlue, Chicago, IL Tue Jul 10, 2012

Can anyone tell me what a good benchmark dollar amount is for building high-end modern new construction downtown Chicago.

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Answers

4
Andy Ogorzaly’s answer
Do you mean build a single family home or are you looking for new construction high rises? Building a SFH downtown loop is pretty impossible. But there may be options in South Loop, West Loop, and Near North. However, these areas would still be pretty expensive because land is scarce. If you are willing to do a little outside of downtown, I know some nice neighborhoods where you could acquire a tear down.

If you can get a little more specific, I think we could help you better. Acquiring a lot in Gold Coast will be in the millions, whereas getting a lot in Bucktown could cost as little as $300K. Both great neighborhoods, but just let us know where you want to be!
1 vote Thank Flag Link Mon Jul 16, 2012
Andy, we're looking in Lincoln Park and would purchase a tear down corner lot or alley lot and then custom build from there. My estimate on a high-end home is $325 - $400 p/rsf in just hard & soft construction costs (excluding the land but including all fees and permits) but I'm trying to confirm this. Can you tell me if this is somewhat accurate?
Flag Mon Jul 16, 2012
Here in chicago we dont do price per square foot. We sell by comps. Each building and area is different. I would get with an agent and have them draw up a CMA for the area for you.
0 votes Thank Flag Link Tue Jul 10, 2012
I just answered your question about whether you can or can not teardown buildings in Old town, and lincoln park, and now I see your question about the cost for building a high end modern construction of a home...You know it all depends on what you consider high end......
There are all kinds of levels of construction, one is the basic property construction, roof top for use,
high ceiling basement etc. etc and then the high end finished on the inside, what kind of flooring,
how much wood work, kind and size of windows, quality of doors and all other amenities that can bring the per sq.ft. price up drastically. So you really need to sit down with a local contractor and architect to see what size of home you are talking about and what amenities you absolutely must have.. And then and only then can you get a good idea what the new construction to your desires and wishes may run you....
If I assume that you want a 3000 + sq.ft. home and fine quality would run you around 300 $ a sq.ft. then we are talking about 900 K (could it go to 400 and 500 $ sure!) + for the new construction and to that you will have to add the cost for tearing it down and the purchase of the land.....but is that what you consider high end???
So connect with an architect / contractor builder to discuss your size of construction your ceiling height, amenities, quality of floors and appliances zoned heat and A/C etc. and see what comes up with them, then I can assist you in finding the right property, right in location, right in lot size and right in your price range....

You can of course at the very same time look what is already built or is a suggested
new construction where you still have input into finishes etc. Love to hear from you and let me know what I can assist with at this time.
Below are 2 websites that let you explore some of the construction ideas and thoughts. I think it is free for the first few weeks.... Not sure how helpful they may be, I still feel you should discuss construction and pricing with a contractor/builder and then search for the right lot.

http://www.planswift.com/?utm_source=google&utm_medium=c…

http://craftsman-book.com/downloads/download.php?download_id…


Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Tue Jul 10, 2012
This is very hard to answer without knowing more about the size of the home and details regarding the finish level - $350-$500/sf is an acceptable range for very rough budgeting. I have several builders that I can recommend for this type of product.

Erik Sachs
RpV Realty LLC
esachs@rpvinc.com
773/368-5515
0 votes Thank Flag Link Tue Jul 10, 2012
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