New Construction Home In Nj

I see alot of older homes being torn down in good neighborhoods in NJ (Morris county). Im wondering if it is cost effective to by a 700K house and tear it down.

I truly don't see how it could be. You would essentially be buying a piece of land for $700,000 & that is not counting the cost to tear down a house, which is expensive. There could be hazardous waste in the house (lead paint or asbestos) that has to be inspected & dealt with separately. There could be salvage companies that will deconstruct a house (there is one here in New England, they don't charge anything to deconstruct but make their money by selling the pieces). I can't imagine building a house, especially in Morris County for less than $200-$250 per sq ft. A 5000 sq ft house will be over $1,000,000 to build. So, add the $700,000 & the owner is into the house $1,700,000, probably more.
If they do that & go to sell, I don't see how they will EVER get their money back out of it, it is completely impossible. Especially now that the market is dropping & dropping fast.

2007-10-09 12:26:31 by arthur_rose

Created on September 20, 2010 using FlipShare.

Check out the website Home-Cost.com.

It gives valuable resources you need when considering all of the factors involved with home construction.

Here's the link:http://www.home-cost.com/template.php?se ctionID=5

Hope this helps.

God Bless....

2006-12-15 19:16:50 by E minawi

Price: $12.95

I am interested in a newly constructed townhouse in Gloucester County, NJ. There is no tax information listed, so I looked at other townhouses in the development, but the range was anywhere from $7000-$9000/yr, which is a large range. I would like to find out a more exact value before I purchase this home. How do I get this information if it is a new construction, with no previous year's tax information?

Contact the county or a realtor to get the tax rate in the county and then assume that the assessed value will be your purchase price.

Nice to know that someplace else also has horrible property taxes (like us in upstate NY).

good luck!

2007-12-06 06:22:35 by lisalpharmd

Price: $115.00

with the new garage door that I added $1000 to for an upgrade. Upon walk through, the bottom panels were dented and the construction person said that this has been replaced with new panels on the garage door. The construction person advised me that the bottom panels were changed and that double door garage panels dent and undent during the day because of expansion and contraction. It sounds ridiculous to me and I told him I will not close on the house until this is corrected. Did anyone ever hear of this? The house is in NJ.

Don't close on the house this is bull...Dents are not ripples or waves from heat.. I would have this verified before I closed I know that..I am a 37 year experienced painter..and have been on construction sites all my life..and even painted many of garage doors that were metal..I have never seen the heat"cause a dent"..

2008-07-23 20:02:18 by yahoouser17

I am thinking about buying a new construction home in westfield,nj. I am trying to figure out what i should offer on this home . Its a buyers market. I know that the builder spent about 350,000 for the lot a couple of years ago. The home itself I would say is a semi luxury home - 2700 sq feet. 4 br/2.5 bath . Unfinished basement , walk up attic. If i add 350k for the lot and 400k for the cost of all building materials. Thats 750k - how much profit should I add and how do I know what labor cost it took to build the home or is labor included in the per sq footage cost to build a home ? I calced the cost of building at 140 per sq footage
They are asking 1.15 million. i know its way overpriced - considering they onl;y paid 350k for the lot and its not an overly luxurious home. Homes in the area avg about 700k . most of the homes are older victorians that are very popular. this is a new home that does fir in with teh neighborhood.

What would be the price that you would say "I WOULD HAVE PAID THAT" then offer it - you don't know the labor or the overhead (ins gas employees taxes etc.) see what they are asking and answer the question above - also have your realtor do a cma. Good luck!

I love Trader Joes in Westfield!

2008-07-09 19:36:53 by Tracy727