Reply to How do teardowns work, and do they really 'work'?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We purchased a tear down in Arlington in 2008. The lot was a quarter acre on an okay street. We paid $340k. We built a new home with NDI. The site work cost us about $60k, but that was on the low end for site work. The base price of the new house was $220k. We spent about $40k on upgrades, I think.  Would have liked to have had another $20-$30k for additional upgrades.

So, total cost was about $660,000. We got a four bedroom, three 1/2 bath house with a screened in porch and one-car garage. Granite in kitchen and hardwood floors on the first floor.  We specifically chose a design which we thought would not stand out like a sore thumb on the street. We've had a LOT of compliments from people in the neighborhood, so I think we did ok in that regard.

Our house is now appraised over $750,000. [/quote]

How many SQRFT and which model? $60k seems a bit high, is that because of arlington zoning costs?[/quote]

House was 2400 sf and we've now finished the basement so probably 3000 sf total.

NDI recommended we budget about $80,000 for site work. Permits are Definately expensive. They are now telling clients to plan for even higher than that. We lucked out bc we were building in 2008 and things were cheap. The tree guys, demolition guys, etc were desperate for work. And we had no significant issues with our lot. [/quote]

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