Home Buying in Chicago>Question Details

darthreal, Both Buyer and Seller in Chicago, IL

What is the cost difference in a build vs buy scenario for a 3500sf single family home in the West Town area assume the lot cost is around $300K?

Asked by darthreal, Chicago, IL Fri Nov 16, 2012

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Darthreal-

New Construction:

Lot cost = $300,000
At $160-170/sf, 3500sf home = $560,000-$595,000

Total Cost around $860,000-$895,000 to build.

Existing Home Purchase:

Active single family homes in West Town (south of Division, north of Grand, east of Western) as follows: $600,000-$800,000 will get you a gut rehab building or new construction on a short lot less than 3100sf, $850,000-$950,000 will get you newer construction, full lot, 4000+ sf.

Unless you are really dead set on building your home, you can usually get the most out of this market buying an existing home. I have a background in construction and development in the city, I would love to help out with your search. My contact info is below.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
1 vote Thank Flag Link Fri Nov 16, 2012
It all depends on the cost of the land you find vs the cost of the existing property. It can be cheaper to build however you need to find that lot that allows you to build what you want on it.

Consult with my team as our firm works with majority of the Premier developers in Chicago.




Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
0 votes Thank Flag Link Sun Nov 18, 2012
send me an email at jmichaels@remax.net and I will set you up with a free consultation with one of my resources to talk directly with
0 votes Thank Flag Link Fri Nov 16, 2012
I live in East Village and have watched the new construction in the area with great interest. Builders are buying lots for around 200K and selling them for 800 - 900K with really nice finishes. There are several available right now. Noah Properties has been very active and is selling 3200 sq ft homes for 800K.

The issue with building your own home is that on the plus side you get what you want but it's an enormous time commitment and lots of headaches. You would want to use a designer to keep you from doing something dumb also.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Fri Nov 16, 2012
This depends wildly on the type of constructions, upgrades, etc. It will most likely be more expensive to build then buy .I would speak to a builder to see what they would charge. Thats the best way to find out.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Fri Nov 16, 2012
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