Building new home vs buy existing in COS (Colorado Springs, Woodmoor: for sale, custom home)

[lonestar9918]

I really have no idea what the cost per sq ft is like for new construction in CO. In Texas it ranges from maybe $70/sq ft for a "spec home" with no extras or upgrades...to $110/sq ft for all the latest energy saving features, granite, hardwood, stonework, upgrades etc.

What does it cost to build on your own property in D-38 or D-20 areas? Looking at something around 3000 sq ft.

Is it totally cost prohibitive to build there vs buying existing as in some areas?

[Marcy1210]

I don't know what the cost per sq. ft. is now, but we built back in 1991 as opposed to buying an existing home. The main reason was that every resale home we looked at needed something; either the paint or wallpaper was hideous, the flooring was in need of replacement, kitchen wasn't right....something needed changing. We figured that if we bought a resale, and then fixed it the way we wanted, we'd put an extra $50K+ or more into it (in 1991 dollars) above the sale price. If we built (semi-custom in a subdivision of new homes), we could choose our colors, make minor changes to the building plans, and choose upgrades if we wanted. By the time we added up the costs of buying and fixing up to building and getting what we wanted (plus it was all new), we pretty much came out even. I don't know if that's so true these days, but I enjoyed the experience of watching our house grow, and knowing we chose everything from carpet to light fixtures to where to put all the electrical outlets and how many.

[Bideshi]

I would take into consideration that the builders will be busy rebuilding from the fires for some time to come.

[ryanek9freak]

I think in today's housing market, there are so many good homes on the market that it would be both stupid, and morally reprehensible to build new. There are literally thousands of homes for sale in the area, more than a few I'm sure would have everything you're looking for. Why not just save the money and just change what you don't like?

[Mike from back east]

Building new here would probably land you in the $100-150 sq/ft range, depending on builder and finish.

I agree that there are thousands of good quality, late model homes on the market that are available with many of them vacant and ready for a new occupant.

Use the map-based search on ppar.com to zero in on nicer hoods in your preferred school districts, you can learn to use the site in minutes. It also has a zip code based search, as does realtor.com

[Maynerd]

Most new homes in Colorado Springs look soul-less. Many developments appear to be made from cookie cutters, and they generally have no mature trees at all.

Older neighborhoods, even from the 70s and 80s, seem to have more personality. Trees, shade, established parks.

I moved here in 1995. I bought a home built in 1971. And yes, I've done a lot of upgrades to it......flooring, kitchen cabinets, patio, bathrooms.....but over close to two decades, those upgrades were at a reasonable rate, not all at once.

If I had it to do all over again, there's NO WAY I would have gone with a new home instead. Your mileage may vary.

[vfrpilot]

I agree with the posters recommending resale. I've seen some really nice custom homes here in Woodmoor on 1/2 acre wooded lots sell for around $100 or less per square foot. There's even been homes in King's Deer sell for a bit more per square foot, but you get a 2.5 acre lot. And the homes are upscale with 3+ car garages and landscaping, no low end stuff there.
Even if you build, there is no guarantee that you'll be happy with the finished product.

[Jcelmer]

I don't know anything about D38, but our recent home search did include D20. Avg. price of homes is 80-120/sq.ft for existing homes. (Although i believe price point would also change this. Our range was about 180-240). I like modern homes, so the ones we were interested in were typically 2005 and newer. However, we found homes for as low as $62/sq.ft. These were certainly all short sales.

we ended up putting in an offer much further east. 3000sqft/62 per sq.ft. - so there is good value to be had. Any new construction that I saw, like Mike said, was well above 100/sq.ft. But that includes really specific 'needs' and many upgrades - If i bought new, it was gonna be perfect.

I think this city offers really good options for both new and used properties

[MrsMac]

We couldn't find an existing home that would work for us (we wanted something more "Nantucket cottage" than "mountain getaway") so we built a new home in Northgate near Discovery Canyon Campus. We did a ton of upgrades (granite, hardwood, tile, case molding, spa tub, etc) and it ended up being about $112 a square foot. (Its an Energy Star rated home, too, so our utility bills have been much lower than in our 2004 built rental!) Homes in our development range from about $90 to $ 150 a square foot on average. I LOVE our house and I'm so glad we didn't go the "buy existing and renovate" route again. I know exactly what is in my walls and the finishes and layout are perfect because we chose everything.

[lonestar9918]

Originally Posted by ryanek9freak

I think in today's housing market, there are so many good homes on the market that it would be both stupid, and morally reprehensible to build new. There are literally thousands of homes for sale in the area, more than a few I'm sure would have everything you're looking for. Why not just save the money and just change what you don't like?

Ryanek9freak - I read a lot of what you post about CO here, and always appreciate your insight. But "morally reprehensible" to build new? Isn't that a BIT strong? lol
Maybe you really feel that way but to judge ppl building new as behaving immorally or something...come on man, that's extreme.

That being said..I probably won't be able to afford to build new in COS anytime soon, so I will be clear of moral contempt lol