Builder's name: Home Reflections, Teresa Elsbernd. She knows her stuff!
Here's their website: http://www.homereflectionsinc.com/pages/about_us.html
I KNOW she will be a great help you and I'm fairly certain you'll want to hire her.
Luxury home builders have two main items to consider when building a million dollar home: location and amenities. If they are building on a lot they own, the price they paid for the lot affects the home price. Many home builders bought land for a premium over the last five years, and many of them are hurting because they cannot get any where near the same price for that lot today. The Enclave, which this home is located in, has 44 home sites, so maybe you could choose a certain lot and floorplan that will bring you to your $1.1 budget. What you also put into the home will greatly affect the price as well. If you like the floorplan you mention, negotiate with the builder on lot location and amenities to bring the price down.
If you would like me to send you a plat map of available homesites, let me know. Lots are for sale in the $400,000's, so you are looking to build the actual home for around $600,000. Currently there are two builders actively building in the neighborhood, but buyers are allowed to bring their own builder if they like. I specialize in Luxury Homes, so if you need any help or advice, or would like me to refer you to some luxury home builders, feel free to contact me. For your price range, I would recommend speaking with at least three builders for a project this size. Good Luck!
Your best bet is going to be to find an architect or residential designer and work with them to develop a plan for a new home. Try to find someone with experience who can assist you in not only designing, but making sure the project stays on budget throughout design and construction. You should then ask for some referrals to builders in the twin cities who can work on the project, and use the plans to obtain some bids. Please keep in mind however that cheapest isn't always best.
This seems like a nice house but there really isn't enough information there for me to know whether or not it can be built for the price you are thinking of. You also need to consider the cost of the land in your total budget. Buying a $200K versus a $500K lot will change your house plans considerably.
I have an excellent designer that I can refer to and can recommend a number of builders for this caliber of project. Please feel free to contact me via email and will pass there names along.
In this market, with this economy - one would be crazy not to consider your offer. Find out who the building is and negotiate or better yet, if you haven't hired a REALTOR yet, hire one to represent you. The materials you choose will dictate your price. BUYERS with CASH are driving the market so don't be afraid to NEGOTIATE and is they say -- one never knows until they ask. Best of luck is a beautiful home.
With some feature modifications I would see it possible to build that for close to $1.1M but builders are not in the habit of building houses under cost and I don't think it likely the builder has a 21% markup on this home so some sacrifices would have to be made. There are a lot of homes out there for sale right now and many can be negotiated heavily but new construction from smaller, local builders is not as easy to negotiate simply because the local builders are not going to build at a loss. If you haven't considered it, your best target today would be relocations (fewer these days) and foreclosures (more these days). There are even some new construction foreclosures, like a rambler I have in Minnetonka.