Depending on what size the new construction is, $700K is not what the comps are showing for Jeff Park and Norwood Park.
I just did a CMA about a month ago for a client in those areas for new construction/recent rehab and the results were definitely not near that price.
If you want a new construction, I agree with Ian, it depends on how long you want to live there as to whether it is worth it for you. But I would recommend not paying that high.
1) How long you are going to live in the house
2) Drive in the neighbourhood and talk to potential neighbours.
3) Look at the asking price of the new versus houses already there.
On my website there are some pricing by the sf to give you a rough idea of costs...noting that we do not have basements down in Louisiana