Building Condominums

[Jay L.]

I was curious to see if anyone has experience with financing and developing a  condominium building? This is in a amazing location, by the way!

The plans for this property call for 6 Luxury Units, each around 1800 Sqft.

Land Cost: $250,000

Build Cost: $1,850,000.

• The overall square footage of the building (including the ground-floor parking area) is 14,800. Taking this times $125/SF gives us an estimated construction cost of $1,850,000.

Total Cost: $2,100,000

Being a Realtor, I pulled comps for Condominiums in the Area, which show an average sell price of $253 SqFt and average days on market being 55.

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I think we could sell every single one of these 6 units at $505,000, and move them very aggressively at $485,000. 

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Total Sales: $3,030,000

Total Cost: $2,100,000

= $930,000 Net 

Anyone accomplished something like this before?

Hoping someone can give me some guidance for lending or partners.

Thanks!