As the others have noted, it really depends on what you are building, where and the finishes. I'd figure more in the $350-$450+ per square foot range to be safe. (and it isn't that hard to spend significantly more) Hillsides are more expensive, if you are replacing an existing building with a driveway and utilities, etc, you may be able to use some of the footprint. Don't forget about landscaping, hardscapes etc because that can easily add hundreds of thousands of dollars. Make sure your contractor and architect are familiar with building codes, etc for LAH because you can avoid costly mistakes. Get referrals for some good local companies like Kansky, Mehus, Kelly, SJR Ventures, Bob Daily, Komo, etc.
Good luck. Owen Halliday