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Unread 04-10-2007, 10:08 AM
 
197 posts, read 666,189 times
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Default Price per square ft. new construction East TN

Hi....after a few weeks of research on main websites regarding properties for sale in East TN (more specifically from East Knox Co. up to Morristown / Greenevile / Rogersville area), basically East Knox Co. / Jefferson Co. / Hambler Co. / Greene Co.

My analisis is based on new homes or two years old homes on land that measures between 0.5 < 0.9 acres, this means, subdvision size lots.

It's a good suggestion that can easily point out homes that are out of the price reality for an specific area, for example, the average price I found using about 200 homes is $86.00 per sq. ft. and I believe this is a fair price for the area. (Of course, I'm not counting the homes for sale in Farragut or West Knox Co.).

I found however homes for sale for up to $110.00 per sq. ft. and those builders / sellers are out of the reality in my opinion.

Time will tell what homes will sit in the market longer.
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Unread 04-10-2007, 11:02 AM
 
Location: Orange County New York
31 posts, read 112,512 times
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Hoosier07, I think your assessment is close. I am in the preliminary stages of talking to builders, and they are telling me the average cost for new construction is $76.00 - $86.00 per SF turn key. Of cause the more luxuries you add the higher the cost will be. Keep in mind this does not include the land.
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Unread 04-10-2007, 11:07 AM
 
197 posts, read 666,189 times
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Quote:
Originally Posted by ML10950 View Post
Hoosier07, I think your assessment is close. I am in the preliminary stages of talking to builders, and they are telling me the average cost for new construction is $76.00 - $86.00 per SF turn key. Of cause the more luxuries you add the higher the cost will be. Keep in mind this does not include the land.
Well, the average I'm posting is including the land (which is not much) because I'm considering homes in subdvisions, but just for the record, the $86.00 per sq. ft that I got as an average is including the land, basically I calculated it taking into consideration sales prices without negotiation and the homes have nice ammenities such as a 2 car garage attached, range & microwave and dishwasher included, some hardwood floor and tiles, deck and ready to move conditions. Ah, the homes have mountain views but are NOT lake front properties or anything like that.
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Unread 04-10-2007, 12:22 PM
 
197 posts, read 666,189 times
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Just an additional comment, I could found very nice homes for a price per sq. ft of $ 80.00. Which means the $ 86.00 is already a stretch to the upper side.
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Unread 04-10-2007, 01:18 PM
 
141 posts, read 614,893 times
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For that area (which, BTW, is cheaper than the areas south and east of Knoxville), you are probably right on.

In Maryville/Blount/West Knox you will be paying around $100 per sq foot and up. Sevier is probably a little more reasonable.
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Unread 04-10-2007, 01:43 PM
 
Location: Midtown Memphis
5,256 posts, read 8,261,185 times
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We built in Greene for around $80-$86. (Forgive me, I forget now!)
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Unread 04-10-2007, 04:32 PM
 
197 posts, read 666,189 times
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Quote:
Originally Posted by jabogitlu View Post
We built in Greene for around $80-$86. (Forgive me, I forget now!)
Yep, you bet, that's the average I've seen, of course, there's people asking $110.00 - $120.00 thinking they will make a lot of money, I doubt it. You can find very good homes starting at $80.00 sq. ft. and my max. for the perfect house would be $90.00 per sq. ft, that's for East Knox Co. I know West of Knox Co. the price is higher, not sure about other areas such South and North.
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Unread 04-13-2007, 10:49 PM
 
197 posts, read 666,189 times
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I did the same research in Indiana (Indianapolis area) and found that the price per sq. ft. here is average $75.00. It makes sense to me.
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Unread 05-23-2007, 09:18 PM
 
2 posts, read 23,433 times
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Post Please HELP Building in southeast maryville

I just hired a builder to build a 2000 sqft home with 2 car garage 400 sqft and he estimated at $120-140 per sqft. am I getting ripped off???

First time we talked he told me that he would charge 20% commision to help me save in getting everthing at cost and overseeing all subcontractor's work. he told me it would come about 110-120/sqft. after signing the contract he told me prices have gone up to the above mentioned plus his 20%!

Please help what should i do? arod291@yahoo.com
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Unread 05-24-2007, 04:17 AM
 
197 posts, read 666,189 times
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Keep in mind that Maryville is more expensive than East Knox Co. but not to the extreme of Farragut with their McMansions.

I believe that the absolute max. should be around $120.00 for a very nice home with crawn space or basement and hardwood floors, tiles, crown molding, etc.

Go to realtor.com or any other real state web site and check the prices of newly constructed homes, divide the full price of the home (that most likely includes the lot) by the total square feet and you can print that out and discuss with your builder.....I saw several houses (new nice homes) selling for around $90 to $100.00 per sq. feet.

I'm looking at a house (ranch with walk out basement), last home built in a established subdvision, East Knox Co. (Carter Area) and the asking price is $100.00 per sq. feet. Again, it's a very nice home, includes appliances (except refrigerator), walkout basement, nice lot (no lake / no woods). I believe it's too expensive for the area and in case my transfer go through and the home did not sell, I will make an offer around $90.00 per sq. ft.

Take this into consideration and check the prices at new home subdvisions in Maryville, good luck !

It's interesting because some builders try to take advantage of people moving from areas where home prices are so high (CA, NY, NJ, FL) that they just look the overall price. On this same neighborhood I'm looking at, a house was sold for a couple from NY that paid the full price ($125 per sq. feet) and thought it was a great deal, which most likely was for them, but this attitude will spoil the builders and make housing less affordable for the locals or people moving from less advantaged areas (IN, IL, OH) to name a few. I'm on this boat too. :-) Indianapolis house prices are soooo cheap.
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