Building costs in Lenoir City on Ft. Loudon (Knoxville, Smyrna: foreclosures, HOA)

[sandymwp]

Used to live in Farragut (24 years ago) and own a lot in Conkinnon Pointe. I am looking for an estimate on cost per square foot to build. Was just down there and was told by one realtor that her listing cost $200 per foot (Farragut), but have seen new construction listed with granite/stainless, etc. for about $125 per foot. We own our land, so don't have to include that in cost. I know that roof pitch, depth of home, etc. affect price, but just looking for someone who has some recent experience or knowledge.

Thanks. Looking forward to getting back to the south.

[nitneylion]

$200 seems high, think I just read that costs were from $125 to $140 per sq ft. Let us know what you were able to negotiate.

[jwoodby]

Originally Posted by sandymwp

Used to live in Farragut (24 years ago) and own a lot in Conkinnon Pointe. I am looking for an estimate on cost per square foot to build. Was just down there and was told by one realtor that her listing cost $200 per foot (Farragut), but have seen new construction listed with granite/stainless, etc. for about $125 per foot. We own our land, so don't have to include that in cost. I know that roof pitch, depth of home, etc. affect price, but just looking for someone who has some recent experience or knowledge.

Thanks. Looking forward to getting back to the south.

I am a State Licensed in Tn as a contractor and I primarily build in Blount County. The rate is about 125.00 Per Sq Ft for a "standard" home.

[goodbyehollywood]

I can't believe you'll get anywhere close to $125 for granite and stainless in a quality custom-built home. They may tell you that at first, but when you present a house plan and specify the exact amenities you want, you're likely to find that the cost escalates to $150-$200.

After talking to many builders over a two-year period to build on my own lake lot, I believe the realistic costs are more like $175-$200 for a quality home with upper mid-level amenities. Special features, fancy fixtures and cost overruns can take you higher. To bring you in lower and keep the amenities, many builders will cut corners and take shortcuts, and you don't want that. Good luck!

[john t]

It's true. Mid to Upper level construction costs in Lenoir City will run you $175-$250 per square foot. If you're building in Conkinnon Pointe it might even run higher. Some tend to tweak prices higher in those areas. I know somone who got a quote in Miller's Landing around the corner from you. It was around $175 s.f. and was a pretty basic home.

Part of Conkinnon did have a 3600 s.f. minimum home size. Build a 3600 square footer and you're looking at $630,000 - $900,000 for a quality custom home.

One cost factor to consider is the grade. Knoxville area lake properties can have a pretty steep grade. This will raise all costs.

Best of luck.

[goodbyehollywood]

Good point about the grade. I was quoted $15k-$35K for grading, and the buildable part of my lot is relatively flat. That was budgeted as an extra billable, so if the lot is steep, your costs will definitely be at the high end of the range.

Sorry this isn't better news. I was shocked at the construction costs in TN. A friend of mine just built on a lake lot in Arkansas for under $125 per foot, with the higher end amenities. But not around Knoxville.

[john t]

Yes Knoxville area construction costs are inflated. My brother had a nice home built in Smyrna TN last year, his cost were $90 s.f. with stainless, woodwork, etc. We priced his exact plan and materials in west Knox with four different contractors at $125-140 s.f.

Any price fixing going on in Knox? Seems that they're chasing retired equity bandits loaded with cash and a carpe diem attitude. Who cares about the rest of us...

[jimj]

I wonder what is driving the costs? I'll almost bet it is inflated markup from the builder being that there's so many from out of state trying to move there. I guess if I want a new house I will have to general it myself. I did that with my current house and saved about $30k if not more. It's not as hard as one might think... I do have to admit I was a little nervous at the begining but it really wasn't that bad at all.

What I do predict (see me rubbing the crystal ball, smoke everywhere,lights dimmed with strange noises) is that with new home construction slowing and financing harder to get along with foreclosures builders will have to either bring their prices back into line and not charge the "out of town primium" or they will be sitting on inventory or not getting new orders. Thankfully the market has a way of leveling itself out over time and ridding itself of shady operators.
There seems to be a healthy resale market there which is where people will flee if prices don't come back into line with reality.

[sandymwp]

I appreciate all the input. My plan is to look at quite a number of builders' existing specs and find one whose work I like, calculate cost per square foot and approach that builder with my plan. There seems to be a lot of specs sitting around right now and my guess is that there is some builder out there needing some money for interest payments. Can't believe they could all have built these without construction loans. My first husband built in Farragut in the late 70's, early 80's before he died. I know what it's like to have to make interest payments on specs just sitting for months. If need be, I can general it myself. One of my husbands subs actually started building custom homes some time after I left Knoxville, and I'm sure he would give us a hand. As far as lots go, ours has a pretty gradual slope to it. We will have a walk-out, but barring any huge amount of rock, we shouldn't be in too bad shape.

By the way, the Conkinnon Pointe HOA building requirements are that homes must have a minimum of 2400 square feet, with multistory homes having a minimum of 2000 on the first floor. As far as cutting costs goes, if need be, we can finish the basement at some point in the future.

[john t]

Hi sandymwp,

Sounds like you have a plan and definitely know what you're doing. Ok on the 2400 s.f., I thought it used to be 3600 there when we looked at property. I know that Millers Landing is 3600 s.f.

If you do all the legwork and can get together good subs you'll do ok. Much much better than a turnkey home that's for sure.

Best of luck.