All Forum Posts by: Scott Martin

Originally posted by @Joseph M.:

@Scott Martin

What are you seeing in terms of cost to build per square foot in L.A these days ?

 Joseph,

That number is all over the place right now, depending on site cost, and complexity of project.   Sticks and Bricks, 2 stories wood construction, down and dirty, you should be under 200$ a square foot.    Custom, nice finishes, no economics of scale... you could be 600$ plus a square foot.

Jordan,

Full disclosure... architect. However huge fan of mixed use and small lot developments. Also have some REI of my own. We are up and down coast, and offices north and south of LA, but do some work there (rehabbing a 6unit around the corner from the Helms bakery).

Anyways, new apartments in LA are awesome, because they are not yet in rent control nightmares.  New is often more returns than flips based on rent control and strong demand.

R3 with only 6 units... must be small lot?  We are seeing apartments that can handle more sqft but not density doing things like dual master units (two couples split unit) to help drive up returns... or even co-op housing.  In LA and all of California, it’s time to get creative!  

PM me if you want to grab a coffee and run some options... sounds like you bought in the right neighborhood to take advantage of over lay zoning.  Be careful of construction costs... things are crazy out there right now!!

Scott 

@Roanna R. There are some terms you are throwing around that are a bit vague. “Land use consultants “ means different things to different people. Due diligence for land use is not much different than due diligence for REI... you have to understand constraints, opportunities, and know who to talk to. I would consider myself (and many other architects) the right first step as to what your current/future options are. Normally for clients, we would charge about 5k to research allow uses, and come up with a site plan/building concepts that would maximize your investment. We call it a feasibility study. I’m new to BP, and not here to sell my company, but to learn about personal investments. That being said I would be happy to trade some concepts for some knowledge! I have a good friend who lives in Ashland (works at Shakespeare festival), and would love to learn more about the Oregon market. PM me if you would like to talk more Scott

@Wayne Brooks agree 100%. It all depends on how deep your footings are...and if you can put a new slab in without going under the footings (footings are thick edge of slab under exterior walls). 6k$ sounds light...

@Jared Smith yes you are on right tract. Not quite 3000 if you have internal stairs (only count that sq ft once)... and if you have external stairs have you considered a duplex? I’m a California Architect and we would always look to split a 5bed house into 2, however we don’t usually have basements out here. Scott

@Will Brown I’m an architect in California, and many of our contracts are written that way.... only because the city review process has gotten out of control. With the amount of work now, almost all cities are looking for ways to slow the process down. We always put an estimate on out TM fees, because expecting 1 day and needing 8 is a big difference and probably means we did not perform on our previous task. That is one potential reason to avoid a Fixed fee followed by time and materials. I always recommend running your civil through the Architect as a way to have another set of eyes on the fee/scope/deliverable. Good luck with your project! Scott

@Jeff Efird Jr, thanks for reaching out! I’m new to these forums, so I apologize if I should have PM back or something else. I would love to hear more about your success and trials! Would be happy to analyze zoning, or provide some plans in exchange to know more about this market and some of your insights. What’s the proper way to continue this conversation? Thanks again!

@David Semer I’m an Architect, actually based in California. However, do some out of state work from time to time. Looking to do more work in NC, as I have family there. Also looking to pick somebody’s brain about REI in that state. Would be happy to trade some work. Let me know. Scott