What Does it Cost to Build a High Rise Condo?
With listing prices around $1000/square foot, you might be wondering, just how much does it cost to build a high rise condo building downtown like Nexus? Cobbling together a few news sources, here’s a partial picture:
- $151m – cost to build 590,349 square feet @ $256/square foot (source)
- $15m – land acquisition cost (source)
- ?? – architectural, engineering, etc
- ?? – sales & marketing
- ?? – insurance
On the income side, we know they sold 75% of the building for $200m with the remaining units starting at $800k+.
And if you’re a Nexus buyer, and read the fine print of your contract, this means that the developer secured their general contractor before their June 31, 2017 deadline, and they sold more than 285 units before their December 31st, 2018 deadline. So full steam ahead!