Anonymous wrote:Building on a lot you already own could very well be under $1M.

We built in McLean on a lot we owned (house was already torn down). We have a nice house but chose not very fancy finishes and I don’t see how it could have been under 1M.

We have tried to price out new builds but with lot acquisition, carrying costs, materials, and builder fee, we can’t seem to build any equity beyond what a new build costs which is in the $2.2-2.4. Lot is in the $900-1MM and building is about 1.2-1.4MM and up. So unless you have to want something specific in a new build, it wasn’t worth it to wait the 18 months for a new home.

Anonymous wrote:There are good custom builders who will build for their cost +30%, and you can build a home for $1M, but it definitely won’t look like a $2M home. If you want your home to look like a $2M home, you are going to have to spend upwards of $1.2-1.3M for 5000 sq feet.

If you use one of the premier builders in the area, expect to pay another 20% reputation premium.

Would you be able to drop some names? Initials?

I wouldn't go with Classic Cottages for a number of reasons, but mostly because they do not make the best use of the square footage. Too much wasted open space, where as other popular builders are able to make more usable spaces.

There are good custom builders who will build for their cost +30%, and you can build a home for $1M, but it definitely won’t look like a $2M home. If you want your home to look like a $2M home, you are going to have to spend upwards of $1.2-1.3M for 5000 sq feet.

If you use one of the premier builders in the area, expect to pay another 20% reputation premium.

Around 2 million after everything is said and done with all the bells and whistles.

One issue from people I know who have been through it is that, even though they claimed to want a basic home, their idea of "basic" was anything but. They wanted lots of built-ins, $1000 showerheads, a surround sound system, a mini-kitchen in the basement, high-end hardwood floors in every room, etc. All that stuff adds up. I think this contributes to some of the wildly varying estimates that you'll see people report.

here is a good place to get an idea before land and permit / teardown costs, scroll down to plans w/ pricing

https://focalpointhomes.com/semi-custom/

Anonymous wrote:We tore down our old house in Arlington and had a very good Arlington builder build a new house on the lot. We did not go overboard, but our costs are close to $1.6 M. Our lot was probably worth about $900K, so the "out price" of about $2.5 M is line with spec new construction houses in our neighborhood.

Wow! I’m shocked prices have gone up so much for new builds. Thanks for sharing.

Building on a lot you already own could very well be under $1M.

Wow, new construction these days is outta control.

We tore down our old house in Arlington and had a very good Arlington builder build a new house on the lot. We did not go overboard, but our costs are close to $1.6 M. Our lot was probably worth about $900K, so the "out price" of about $2.5 M is line with spec new construction houses in our neighborhood.

Way over $1M

It is well over $1M for a 5000 sq feet new construction. It's $275-$300 per sq feet. That puts you in the $1.4-$1.5M minimum range. Everything cost more now and demand is still really high in this area.

Curious, how much does it cost to build new in Arlington approx 5,000 square feet. I know it varies based on fit/finishes, etc. What are the ranges for Classic Cottages or MR? Is it over $1M?