Quick Question - Building a home on a lot in Charlotte

[Eric Baum]

Hi All,

I just had an offer accepted on a SFH in Charlotte. What I liked about this property aside from the deal economics of the existing home, is there is a very large lot and there is enough room to build another home on the lot and it would fit very naturally with the other houses / neighborhoods. I am just slowly evaluating what and when I might want to take advantage of that since I essentially have a zero cost plot of land for it.

The neighborhood values are around $120,000 - $135,000 and my team believes that build costs to put a comparable home (3/2 1200-1400 square feet)  on lets say a .25 lot would be around $55 a foot.  For anyone with experience in Charlotte, does that seem reasonable?

Thanks,

Eric